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港股异动 | 顺丰同城(09699)盘中涨超8% 无人车物流加速落地 机构称公司仍为外卖补贴战受益者
智通财经网· 2025-09-16 03:58
智通财经APP获悉,顺丰同城(09699)盘中涨超8%,截至发稿,涨6.09%,报14.29港元,成交额1.35亿港 元。 消息面上,据中国邮政官网信息,9月初,中国邮政速递物流股份有限公司发布2025年无人车租赁集中 采购项目招标公告,总规模高达7000台创下行业纪录。值得注意的是,6月3日,顺丰同城宣布无人车运 营规模已增至200台,服务网络覆盖全国38个主要城市,5月全国月度活跃路线已突破万条,且已在跨城 公域、私域物流实现盈利。 交银国际发布研报称,顺丰同城上半年收入102亿元人民币,同比增49%,高于该机构预期16%,其中 同城/最后一公里配送业务分别增43%/57%,超预期得益于餐饮外卖和即时零售行业快速增长带来配送 需求增加。该行认为,顺丰同城仍是外卖补贴战的受益方之一,在未来补贴回归理性,业务空间仍大, 考虑到长期其与顺丰的业务协同持续加深,无人车配送规模化落地持续降低成本,该机构维持公司"买 入"评级,上调目标价至15.4港元。 ...
兴证国际:维持顺丰同城(09699)“增持”评级 利润端仍具增长空间
智通财经网· 2025-09-11 02:11
Group 1 - The core viewpoint of the report maintains a "buy" rating for SF Express, with expectations for continued revenue growth driven by deepening in key accounts, expansion in mid-tier markets, and penetration in lower-tier markets [1] - The company is projected to achieve revenue growth of 33.6%/23.6%/17.7% for the years 2025-2027, with adjusted net profit growth of 88.4%/71.9%/51.2% during the same period [1] Group 2 - In the first half of 2025, the company achieved operating revenue of 10.24 billion yuan, a year-on-year increase of 49%, with revenue from B-end and C-end same-city delivery services reaching 4.5 billion and 1.3 billion yuan respectively, showing growth rates of 55% and 13% [2] - The number of active merchants on the B-end platform reached 850,000, a year-on-year increase of 55%, with significant growth in non-food categories such as tea, supermarkets, pharmaceuticals, and maternal and infant products [2] Group 3 - The last-mile delivery business generated revenue of 4.5 billion yuan in the first half of 2025, reflecting a year-on-year growth of 57%, driven by deep collaboration with SF Group's trunk network and increased demand during peak periods [3] - Daily average order volume in the collection segment increased by 150% year-on-year, supported by the rise in e-commerce parcel delivery and various local logistics scenarios [3] Group 4 - The company reported a gross margin of 6.7% and a net profit of 137 million yuan in the first half of 2025, representing a year-on-year increase of 120%, with a net profit margin of 1.3%, up 0.4 percentage points [4] - Profitability improvements are attributed to scale effects from increased order volume, enhanced network density, and cost reductions from refined management practices [4]
兴证国际:维持顺丰同城“增持”评级 利润端仍具增长空间
Zhi Tong Cai Jing· 2025-09-11 02:09
Core Viewpoint - The report maintains a "Buy" rating for SF Express (09699), highlighting continued revenue growth driven by deepening key account (KA) engagement, mid-tier expansion, and penetration into lower-tier markets, with profit growth supported by increased order density, AI scheduling, and the scaling of unmanned vehicles [1] Group 1: Revenue Growth - In H1 2025, the company achieved operating revenue of 10.24 billion yuan, a year-on-year increase of 49% [2] - Revenue from B-end same-city delivery services, C-end same-city delivery services, and last-mile delivery business reached 4.5 billion, 1.3 billion, and 4.5 billion yuan respectively, with year-on-year growth of 55%, 13%, and 57% [2] - The number of active merchants on the B-end platform reached 850,000, a 55% increase year-on-year, with county-level merchants doubling their daily order volume [2] Group 2: Last-Mile Delivery Growth - Last-mile business revenue in H1 2025 was 4.5 billion yuan, reflecting a 57% year-on-year increase [3] - Growth was driven by deep collaboration with SF Group's trunk network, with rapid increases in e-commerce parcel delivery scale and proportion [3] - Daily order volume in the collection segment increased by 150% year-on-year during peak periods such as nights, holidays, and shopping festivals [3] Group 3: Profitability Improvement - The company's gross margin in H1 2025 was 6.7%, with a net profit of 137 million yuan, representing a 120% year-on-year increase [4] - The net profit margin improved by 0.4 percentage points to 1.3% [4] - Profitability enhancement was primarily due to scale effects from increased order volume, improved network density, and cost reductions from refined management [4]
顺丰同城(09699.HK):盈利高增长 期待成长逻辑持续兑现
Ge Long Hui· 2025-09-05 19:36
Core Viewpoint - SF Express's performance in H1 2025 shows significant growth in revenue and profit, driven by strong demand in the ToB delivery and last-mile logistics sectors, benefiting from the rapid expansion of the food delivery and instant retail industries [1][2][3] Financial Performance - In H1 2025, the company achieved revenue of 10.236 billion yuan, a year-on-year increase of 48.81% - The net profit attributable to shareholders was 137 million yuan, up 120.43% year-on-year - Adjusted net profit reached 160 million yuan, reflecting a 138.97% increase year-on-year [1] Business Segments - The ToB delivery and last-mile business experienced high growth, with same-city delivery order volume increasing by over 50% year-on-year, contributing to a revenue increase of 43.11% to 5.779 billion yuan - ToB delivery revenue was 4.467 billion yuan, up 55.42% year-on-year, with significant growth in the food delivery segment, particularly tea delivery, which saw a 105% increase [1] - ToC delivery revenue was 1.312 billion yuan, a 12.71% increase year-on-year, with "one-to-one exclusive delivery" revenue tripling, indicating rapid growth in lower-tier markets [1] Last-Mile Business - Last-mile business revenue reached 4.457 billion yuan, a year-on-year increase of 56.92% - The volume of collected items increased by over 150% year-on-year, with rapid growth in e-commerce delivery scale [1] Profitability and Cost Management - The company's gross margin was 6.65%, a slight decrease of 0.23 percentage points year-on-year - Overall improvement in expenses led to a decrease in the expense ratio by 0.85 percentage points to 5.41% - The net profit margin attributable to shareholders increased by 0.44 percentage points to 1.34%, with adjusted net profit margin at 1.6%, up 0.60 percentage points year-on-year [2] Market Position and Growth Potential - The company is leveraging its brand strength and neutral positioning to penetrate diverse scenarios in the local life market, with continued expansion of its market share - The integration with the group's network is expected to further boost volume, while technology-driven cost reductions and refined management are anticipated to sustain the release of scale effects [2] Revenue and Profit Forecast - Projected revenues for 2025-2027 are 22.096 billion yuan, 28.475 billion yuan, and 35.542 billion yuan, representing year-on-year growth of 40%, 29%, and 25% respectively - Expected net profits for the same period are 298 million yuan, 515 million yuan, and 900 million yuan, with year-on-year growth of 125%, 73%, and 75% respectively - Corresponding PE ratios are projected at 42.46, 24.53, and 14.06 [3]
国海证券晨会纪要-20250905
Guohai Securities· 2025-09-05 01:30
Group 1: SF Express (顺丰同城) / Logistics - The company achieved revenue of 10.236 billion yuan in H1 2025, a year-on-year increase of 48.81%, and a net profit of 137 million yuan, up 120.43% year-on-year [3][4] - The ToB delivery and last-mile business saw significant growth, with a 50%+ increase in same-city delivery orders, driving revenue to 5.779 billion yuan, a 43.11% increase year-on-year [4] - The company’s gross margin was 6.65%, slightly down by 0.23 percentage points, while the net profit margin improved by 0.44 percentage points to 1.34% [5][6] Group 2: China Everbright Environment (光大环境) / Environmental Governance - The company reported a revenue of 14.304 billion HKD in H1 2025, a decrease of 8% year-on-year, and a net profit of 2.207 billion HKD, down 10% year-on-year [8][9] - Operating service revenue increased by 5% to 9.943 billion HKD, accounting for 70% of total revenue, while construction service revenue fell by 49% [9][10] - The company’s gross margin improved significantly to 44.26%, up 5.53 percentage points year-on-year, and the net margin increased to 19.44%, up 0.84 percentage points [10] Group 3: Fenbi (粉笔) / Education - The company reported a revenue of 1.492 billion yuan in H1 2025, a decrease of 8.5% year-on-year, and a net profit of 227 million yuan, down 18.39% year-on-year [11][12] - The AI question-answering system is expected to become a new growth engine, with significant potential for revenue increase [13][14] - The company forecasts revenues of 2.525 billion yuan, 2.618 billion yuan, and 2.793 billion yuan for 2025-2027, with a "buy" rating [14] Group 4: HuiLiang Technology (汇量科技) / Advertising Marketing - The company achieved total revenue of 938 million USD in H1 2025, a year-on-year increase of 47%, and a net profit of 32.28 million USD, up 340% year-on-year [15][17] - The average daily advertising requests increased from over 200 billion in H1 2024 to over 300 billion in H1 2025, indicating strong client engagement [18] - The company forecasts revenues of 2.211 billion USD, 2.747 billion USD, and 3.301 billion USD for 2025-2027, with a "buy" rating [18] Group 5: Focus Media (分众传媒) / Advertising Marketing - The company reported total revenue of 6.112 billion yuan in H1 2025, a year-on-year increase of 2.43%, and a net profit of 2.665 billion yuan, up 6.87% year-on-year [20][21] - The gross margin improved to 68.3%, up 3.2 percentage points year-on-year, while the net margin reached 43.4%, up 2.3 percentage points [21][22] - The company plans to distribute a cash dividend of 1 yuan per 10 shares, with a cash dividend ratio of 25.5% [20] Group 6: Tungsten Industry / Industry Research - The report highlights a tightening supply of tungsten due to regulatory constraints and declining ore grades, with limited new projects expected [27][28] - The demand for tungsten is projected to grow, driven by applications in hard alloys and the semiconductor industry, with significant projects like the Yarlung Tsangpo River hydropower project expected to boost demand [28][29] - The strategic importance of tungsten is increasing due to export controls and tariffs, leading to a potential revaluation of tungsten resources [29] Group 7: Great Wall Motors (长城汽车) / Passenger Vehicles - The company reported total revenue of 92.33 billion yuan in H1 2025, a year-on-year increase of 1%, and a net profit of 6.34 billion yuan, down 10.2% year-on-year [31][32] - The company’s Q2 2025 revenue reached 52.32 billion yuan, a year-on-year increase of 7.7%, with a significant increase in net profit [32][33] - The company forecasts revenues of 225.3 billion yuan, 278.5 billion yuan, and 312.5 billion yuan for 2025-2027, with a "buy" rating [34] Group 8: Dongfang Tower (东方铁塔) / Agricultural Chemical Products - The company achieved revenue of 2.148 billion yuan in H1 2025, a year-on-year increase of 8.51%, and a net profit of 493 million yuan, up 79.18% year-on-year [35][36] - The company’s Q2 revenue was 1.193 billion yuan, a year-on-year increase of 10.20%, with a significant increase in net profit [37][38] - The company forecasts revenues of 4.926 billion yuan, 5.145 billion yuan, and 5.372 billion yuan for 2025-2027, with a "buy" rating [39] Group 9: Yipule (易普力) / Chemical Products - The company reported revenue of 4.713 billion yuan in H1 2025, a year-on-year increase of 20.4%, and a net profit of 409 million yuan, up 16.4% year-on-year [42][43] - The company’s Q2 revenue was 2.703 billion yuan, a year-on-year increase of 26.4%, with a significant increase in net profit [43][44] - The company’s performance is driven by high-quality development and market investment [44]
顺丰同城:2025年上半年经调净利润1.6亿元 同比增长139%
Mei Ri Jing Ji Xin Wen· 2025-08-28 09:09
Core Viewpoint - SF Holding (09699.HK) reported strong mid-year performance with significant revenue and profit growth [2] Financial Performance - Revenue reached 10.236 billion, representing a year-on-year increase of 48.8% [2] - Net profit was 137 million, showing a year-on-year growth of 120.4% [2] - Adjusted net profit amounted to 160 million, reflecting a year-on-year increase of 139% [2]
顺丰同城:上半年净利润1.37亿元,同比增长120.4%
Xin Lang Cai Jing· 2025-08-28 09:05
Group 1 - The core viewpoint of the article highlights that SF Express achieved significant growth in its mid-term performance, with a revenue of 10.236 billion yuan, representing a year-on-year increase of 48.8% [1] - The net profit for the period was 137 million yuan, showing a remarkable year-on-year growth of 120.4% [1] - The adjusted net profit reached 160 million yuan, reflecting a substantial year-on-year increase of 139% [1]
顺丰同城:上半年净利润1.37亿元 同比增长120.4%
Di Yi Cai Jing· 2025-08-28 08:48
Group 1 - The company reported a revenue of 10.236 billion yuan for the first half of 2025, representing a year-on-year growth of 48.8% [2] - The net profit for the same period was 137 million yuan, showing a significant year-on-year increase of 120.4% [2] - The net profit margin improved to 1.3%, compared to 0.9% in the same period last year [2]
港股异动 | 顺丰同城(09699)涨超5% 拟向白犀牛智达增资9954万元 加码无人配送商业部署
智通财经网· 2025-07-31 02:14
Core Viewpoint - SF Express City (09699) shares rose over 5%, reaching HKD 17.88 with a trading volume of HKD 31.3867 million, following the announcement of a capital increase agreement involving significant investments in White Rhino Group [1] Group 1: Investment Details - SF Express City announced a capital increase agreement where its wholly-owned subsidiary, Shun Da Tong Hang, and its controlling shareholder, SF Holding, will invest a total of RMB 129.54 million in White Rhino Zhida [1] - After the capital increase, Shun Da Tong Hang will hold a 15.81% stake in White Rhino Zhida, while SF Investment will hold a 9.04% stake [1] Group 2: Strategic Implications - The White Rhino Group possesses strong technological knowledge and product capabilities in the low-speed unmanned vehicle sector, which complements the company's business model and enhances last-mile delivery solutions [1] - The anticipated transaction from the capital increase is expected to accelerate the commercial deployment of unmanned delivery solutions within the company's operations, thereby improving service efficiency and supporting long-term business growth [1]
新闻概要:全球业务贡献持续增长 拉拉科技瞄准市场
BambooWorks· 2025-04-08 09:10
Key takeaways: ▶ 这家同城物流企业表示,随着国际业务成为主要增长引擎,公司计划今年开拓中东市场,继续 扩张版图 申请文件援引弗若斯特沙利文(Frost & Sullivan)数据显示,2024年中国同城货运市场总交易额(GTV)达 2,580亿美元,而国际同城货运市场规模约为其三倍,其中东南亚和拉美市场合计贡献1,240亿美元。 财务数据显示,公司去年营收同比增长19%至15.9亿美元(2023年为13.3亿美元),同期GTV增长18%至111 亿美元。海外业务增速更快,去年营收从2023年的1.17亿美元增长28%至1.49亿美元,占总营收比重从8.8% 提升至9.3%。 截至去年,公司在全球400多个城市拥有约1,670万月活跃商户和170万月活跃司机。 随着规模和运营效率提升,拉拉科技毛利率从2022年的53.7%攀升至去年的57.8%,令公司的经调整非国际 财务报告准则(non-IFRS)口径盈利,由2023年的3.91亿美元,去年增至28%至5.01亿美元。 Bamboo Works 咏竹坊 专注于报道中概股新闻。用高质量的中英文内容帮助中国企业讲好中国股 事,触达全球投资者。 我们 ...