| 2025 年 07 月 10 日 | | | --- | --- | | 赵旭东 | | | H70556@capital.com.tw | | | 目标价(元) | 16.0 | 公司基本信息 | 产业别 | | 交通运输 | | --- | --- | --- | | A 股价(2025/7/9) | | 12.70 | | 上证指数(2025/7/9) | | 3493.05 | | 股价 12 个月高/低 | | 19.01/11.64 | | 总发行股数(百万) | | 3420.23 | | A 股数(百万) | | 3420.23 | | A 市值(亿元) | | 434.37 | | 主要股东 | | 上海圆通蛟龙 | | | | 投资发展(集 | | | | 团)有限公司 | | | | (30.31%) | | 每股净值(元) | | 9.15 | | 股价/账面净值 | | 1.39 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 2.1 -0.9 | -8.3 | | 近期评等 | | | | 评等 | | --- | | 前日收盘 | | 出刊日期 | | 产品 ...

Core Viewpoint - SF Holding's stock closed at 48.15 yuan, with a rolling PE ratio of 23.23 times, and a total market capitalization of 243.769 billion yuan, indicating a stable position within the logistics industry [1] Company Summary - SF Holding's main business is comprehensive express logistics services, including time-sensitive express, economy express, freight, cold chain, pharmaceutical delivery, same-city instant delivery, international express, international freight and agency, and supply chain [1] - In the first quarter of 2025, the company achieved operating revenue of 69.85 billion yuan, a year-on-year increase of 6.90%, and a net profit of 2.234 billion yuan, a year-on-year increase of 16.87%, with a sales gross margin of 13.30% [1] Industry Summary - The average PE ratio for the logistics industry is 25.36 times, with a median of 28.91 times, placing SF Holding at the 30th position in the industry ranking [2] - The company has received multiple international awards and national-level case certifications in logistics technology for 2024 and is the only Chinese representative to reach the finals of the 2025 Franz Edelman Award, the highest award in global operations and management science [1]

从行业市盈率排名来看，公司所处的物流行业行业市盈率平均25.21倍，行业中值27.20倍，顺丰控股排 名第30位。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13顺丰控股22.9723.702.562409.97亿行业平均 25.2127.591.91171.60亿行业中值27.2027.091.7156.04亿1东航物流7.947.811.16209.87亿2物产中大 8.759.190.69282.95亿3中国外运9.869.460.93370.55亿4中谷物流10.2111.091.75203.50亿5韵达股份 10.6610.150.95194.25亿6圆通速递11.1610.921.35438.08亿7嘉友国际12.1111.682.55149.11亿8厦门象屿 13.0513.981.16198.41亿9密尔克卫14.0414.571.8782.34亿10浙商中拓14.4812.450.9345.92亿11安通控股 14.8019.411.08118.48亿12中创物流14.9115.281.5938.62亿 资金流向方面，7月2日，顺丰控股主力资金净流出8851.87万元，近5日总体 ...

Core Viewpoint - SF Holding's stock closed at 49.15 yuan, down 2.27%, with a rolling PE ratio of 23.39 times and a total market value of 245.39 billion yuan [1] Company Summary - SF Holding specializes in comprehensive express logistics services, including time-sensitive express, economy express, freight, cold chain, pharmaceutical delivery, same-city instant delivery, international express, international freight and agency, and supply chain services [1] - In Q1 2025, the company achieved operating revenue of 69.85 billion yuan, a year-on-year increase of 6.90%, and a net profit of 2.23 billion yuan, up 16.87%, with a gross profit margin of 13.30% [1] Industry Summary - The average PE ratio for the logistics industry is 25.14 times, with a median of 26.82 times, placing SF Holding at 31st in the industry ranking [1][2] - The company has received multiple international awards and national-level case certifications in logistics technology and is the only Chinese representative to reach the finals of the 2025 Franz Edelman Award [1]

Core Insights - SF Airlines, a subsidiary of SF Group, is transforming its operations with the launch of international routes and an increase in long-haul wide-body aircraft, establishing a strong foundation for international market expansion [2][4] - The company reported a revenue of 25.113 billion yuan in May 2023, marking an 11.34% year-on-year increase, with international and supply chain business revenue reaching 5.732 billion yuan, up 5.02% [3] - SF Airlines has established its first overseas branch in Belgium and signed a cooperation agreement with Etihad Airways to enhance its international logistics capabilities [5][6] Operational Developments - SF Airlines has executed 9,100 international cargo flights in 2024, expanding its international route network to 70, including new routes to Bangalore, Islamabad, and Frankfurt [4] - The airline's network now covers over 110 cities globally, including more than 70 domestic and 40 international cities, extending services to the Middle East and Oceania [4] - The establishment of a representative office in Belgium aims to improve operational quality and strengthen competitiveness in the European market [5] Strategic Partnerships - SF Airlines has signed a cargo joint venture agreement with Etihad Airways to create a seamless shared network, enhancing operational efficiency and service quality [6][7] - The partnership focuses on high-value products, including electronics and temperature-sensitive medical goods, aiming to improve competitiveness through collaborative pricing and service standards [7] - Etihad Airways is increasing its presence in the Chinese market, particularly at the Ezhou Huahu Airport, to enhance its logistics capabilities and create a two-way trade channel [8] Fleet and Infrastructure - SF Airlines currently operates a fleet of approximately 90 aircraft, with 30% being long-haul wide-body cargo planes, including the largest fleet of Boeing 767-300 in China [9] - The introduction of the Boeing 737-800BCF signals a modernization of the narrow-body fleet, enhancing operational capacity and efficiency [9]

登录新浪财经APP 搜索【信披】查看更多考评等级 3、以上收入不含公司其他非物流业务收入。 公司2025年5月速运物流业务、供应链及国际业务合计收入为人民币251.13亿元，同比增长11.34%。其 中：（1）速运物流业务收入同比增长13.36%，业务量同比增长31.76%，保持良好增长态势，主要得益 于公司推进落实激活经营策略，加大对前线业务的授权与激励，助力业务实现较快增长；同时今年各大 电商平台618促销周期较去年提前，带动5月寄递需求增加。（2）国际货运代理业务的收入受到部分流 向的国际贸易关系波动影响，但公司依托全球网络优势与多元业务布局，灵活应对市场变化，积极挖掘 新需求，助力供应链及国际业务实现稳健增长。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 根据《深圳证券交易所上市公司自律监管指引第3号一一行业信息披露》的规定，顺丰控股股份有限公 司（以下简称"公司"）现披露2025年5月业务经营简报情况如下： ■ 注： 1、速运物流业务：主要包括公司的时效快递、经济快递、快运、冷运及医药、同城即时配送业务板 块。 2、供应链及国际业务：主要包括公司 ...

Group 1: Overview of Nicaragua and Nauru's Shipping Services - Nicaragua, located in Central America, has a developed shipping industry due to its long coastline, while Nauru, a small island in the Pacific, offers basic shipping services through regional cooperation [1] - Both countries provide various shipping services, including container transport, bulk cargo transport, and special cargo transport [1] Group 2: Advantages of Door-to-Door Shipping Services - Door-to-door shipping services combine transportation and delivery, eliminating intermediaries and providing significant convenience for businesses [3] - Compared to pure shipping services, door-to-door options are more cost-effective as they reduce multiple transfers and storage costs [3] - These services typically shorten transportation time, enhancing cash flow for businesses [3] Group 3: Overview of FED/UPS International Express Services - FED and UPS are renowned international express companies offering delivery services from Nicaragua and Nauru to various global destinations [5] - Their express services are known for efficiency and speed, catering to businesses with time-sensitive shipments [5] - These companies provide reliable logistics systems and strict tracking mechanisms to ensure safe delivery of goods [5] - Customizable services are available, allowing businesses to select options like expedited delivery and scheduled dispatch [5] Group 4: Considerations for Choosing Shipping Methods - Businesses should consider the nature, quantity, and value of goods when selecting the appropriate shipping method [7] - Different destinations may require different shipping methods, necessitating an assessment of customs and tax policies in the destination country [7] - Transportation costs must be weighed against the value of goods to determine the most suitable shipping option [7] - For time-sensitive goods, faster shipping methods like international express services may be necessary [7] Group 5: Summary and Recommendations - Nicaragua and Nauru's shipping and express services offer various options for businesses [7] - Businesses should consider factors such as cargo nature, destination, transportation costs, and time requirements when making shipping decisions [7] - Establishing long-term partnerships with reliable logistics providers is crucial for ensuring smooth transportation of goods [7] - Efficient utilization of international logistics services can enhance supply chain management and improve business competitiveness [7]

参会人员:蛇口海事局、蛇口海关、各主要靠泊SCT港区航商、船舶代理、危险品"两员"从业人员 本次会议就船载危险货物谎报、瞒报进行警示与宣贯，介绍整治方案、锂电池运输规范等，提示台风防 范工作。 打击国际海运危险品谎报瞒报-飞时达国际快递公司 百日行动方案:5月15日一9月20日开展打击船载危险货物谎报瞒报百日行动，总体要求全覆盖、零容 忍、严执法、重实效。 寄国际快件，就搜索：飞时达国际快递公司，官方授权代理商，价格优惠高达80%。飞时达国际快递公 司代理EMS、DHL、UPS、FedEx等进出口业务，文件货物价格1-2折优惠。运输：文件包裹、液体粉 末、食品药品、膏状软膏、私人物品国际货运服务、国际包裹递送、国际货物递送、国际物流运送、国 际海运水陆路、国际空运水陆路SAL、航空大包国际搬家、行李国际托运服务。联合国际运输物流公司 海陆空货运服务网络遍及全球世界各地，为客户提供最专业的快递服务。 打击国际海运危险品谎报瞒报-飞时达国际快递公司 深圳蛇口海事局召开打击船载危险货物谎报瞒报"百日攻坚"行动宣贯会，以下是会议纪要，烦请查收。 会议时间:2025年6月12日10:00-11:30 锂电池运输规范:交 ...

Core Viewpoint - The article provides a comprehensive overview of the international express customs clearance process and highlights important considerations for ensuring smooth and legal transportation of goods. Group 1: International Express Customs Clearance Process - Preparation of customs documentation is essential before sending international express shipments, including invoices, packing lists, transport contracts, and certificates of origin [2] - Different customs declaration methods are available based on the nature and value of the goods, including formal and simplified declarations [2] - Submission of customs information is done through the international express company or customs broker, who assists in filling out the customs declaration form [2] - Customs review involves assessing the submitted information, with potential requests for additional documentation if the initial submission is insufficient [2][3] - Payment of taxes and fees may be required based on customs regulations, which must be settled after customs approval [3] Group 2: Important Considerations for Customs Clearance - Understanding prohibited items is crucial to avoid sending restricted goods that could lead to detention or legal issues [4] - Accurate completion of customs information is vital for smooth clearance, ensuring the authenticity and correctness of all documentation [9] - Choosing the appropriate customs declaration method is important to prevent delays or increased costs [9] - Timely payment of any required taxes and fees is necessary to avoid delays or additional charges [9] - Maintaining communication with the express company throughout the customs process is essential for professional guidance and support [9]

Investment Rating - The report maintains a "Strong Buy" rating for ZTO Express [4][3]. Core Views - The company reported a business volume of 8.54 billion pieces in Q1 2025, a year-on-year increase of 19.1%, but market share decreased by 0.4 percentage points to 18.9% [1]. - The focus for 2025 will shift towards increasing market share, with a target business volume of 40.8 to 42.2 billion pieces, representing a year-on-year growth of 20-24% [1]. - The company experienced a decline in single-ticket revenue, dropping from 1.36 CNY in Q1 2024 to 1.25 CNY in Q1 2025, primarily due to increased subsidies and a decrease in single-ticket weight [2]. - Operating expenses significantly decreased to 283 million CNY in Q1 2025 from 735 million CNY in Q1 2024, largely due to government subsidies and tax refunds [2]. - The competitive landscape is intensifying, with a strategy shift back to prioritizing market share, which may lead to slower profit growth in the short term [3]. Financial Projections - The projected net profit for 2025 is 9.52 billion CNY, with corresponding P/E ratios of 10.9X, 9.2X, and 8.2X for 2025, 2026, and 2027 respectively [3]. - Revenue is expected to grow from 38.42 billion CNY in 2023 to 49.90 billion CNY in 2025, reflecting a growth rate of 12.68% [8]. - The net profit margin is projected to be 19.24% in 2025, with a return on equity (ROE) of 15.94% [8].