里昂发表研究报告指，顺丰同城上半年业绩表现强劲，收入及纯利分别增长49%及120%，净利润率由 去年同期的0.9%提升至1.3%，主要来自于关键客户增长、外卖价格竞争带动订单量强劲增长及与顺丰 控股在最后一公里配送加强合作的驱动。里昂将顺丰同城2025至2027年净利润预测上调4%至34%，以 反映对同城配送及最后一公里配送服务更快收入增长预期，预期公司凭借稳健的物流能力，可捕捉到持 续增长的市场需求，目标价从10.8港元上调至16.2港元，维持"跑赢大市"评级。 ...

Core Viewpoint - The report from Credit Lyonnais indicates that SF Express's performance in the first half of the year was strong, with revenue and net profit increasing by 49% and 120% respectively, driven by key customer growth and enhanced cooperation with SF Holdings in last-mile delivery [1] Financial Performance - Revenue increased by 49% year-on-year [1] - Net profit surged by 120% year-on-year [1] - Net profit margin improved from 0.9% in the same period last year to 1.3% [1] Future Outlook - Credit Lyonnais raised the net profit forecast for SF Express for 2025 to 2027 by 4% to reflect expectations of faster revenue growth in urban and last-mile delivery services [1] - The company is expected to capture ongoing market demand due to its robust logistics capabilities [1] Target Price Adjustment - The target price for SF Express was increased from HKD 10.8 to HKD 16.2 [1] - The rating was maintained at "Outperform" [1]

智通财经APP获悉，里昂发布研报称，顺丰同城(09699)上半年业绩表现强劲，收入及纯利分别增长49% 及120%，净利润率由去年同期的0.9%提升至1.3%，主要来自于关键客户增长、外卖价格竞争带动订单 量强劲增长及与顺丰控股(06936)在最后一公里配送加强合作的驱动。里昂将顺丰同城2025至2027年净 利润预测上调4%至34%，以反映对同城配送及最后一公里配送服务更快收入增长预期，预期公司凭借 稳健的物流能力，可捕捉到持续增长的市场需求，目标价从10.8港元升至16.2港元，维持"跑赢大市"评 级。 ...

里昂发布研报称，顺丰同城(09699)上半年业绩表现强劲，收入及纯利分别增长49%及120%，净利润率 由去年同期的0.9%提升至1.3%，主要来自于关键客户增长、外卖价格竞争带动订单量强劲增长及与顺 丰控股（002352）(06936)在最后一公里配送加强合作的驱动。里昂将顺丰同城2025至2027年净利润预 测上调4%至34%，以反映对同城配送及最后一公里配送服务更快收入增长预期，预期公司凭借稳健的 物流能力，可捕捉到持续增长的市场需求，目标价从10.8港元升至16.2港元，维持"跑赢大市"评级。 ...