Company Overview - The company provides supply chain logistics services primarily for multinational manufacturing enterprises, with revenue contributions from comprehensive logistics services and trunk transportation services being 77.22% and 22.78% respectively in 2024 [4][28] - The comprehensive logistics services include customs assistance, material transportation, and warehousing, which help clients avoid investments in self-built logistics and warehouses, enhancing efficiency in import and export operations [6][28] - The trunk transportation service focuses on large-volume, long-distance transport using main highways, optimizing logistics planning based on clients' supplier distribution and production processes to achieve just-in-time (JIT) delivery [6][28] Financial Performance - The company's revenue has shown consistent growth, with figures of 808 million yuan in 2022, 835 million yuan in 2023, and projected 1.028 billion yuan in 2024, reflecting a year-on-year increase of 23.20% [10][33] - Profit figures also increased from 102 million yuan in 2022 to 128 million yuan in 2023, and further to 169 million yuan in 2024, indicating a growth rate of 32.44% [11][33] - The gross profit margin improved from 19.95% in 2022 to 24.95% in 2024, while the net profit margin rose from 13.92% to 16.54% during the same period [11][33] Client Base - The top five clients accounted for a significant portion of revenue, with Maersk contributing 44.19% and Beijing Benz 21.44% in the first half of 2025 [30] - The company has established long-term relationships with major clients such as Beijing Benz, Tetra Pak, and Maersk, which contribute to revenue stability [18][39] Industry Context - The third-party logistics market in China has grown from approximately 749.9 billion yuan in 2012 to an estimated 2.4099 trillion yuan in 2024, indicating a robust growth trajectory [15][35] - The logistics industry is characterized by a fragmented competitive landscape, with various companies specializing in different sectors, making it challenging for any single entity to dominate the market [15][37] - The entry barriers in the third-party logistics sector are high due to the significant capital required for establishing transportation systems, warehousing facilities, and information technology systems [37][38]

Core Viewpoint - The company, Shimon Co., Ltd. (001220.SZ), is set to be publicly offered on the Shenzhen Stock Exchange, focusing on integrated supply chain logistics services for the manufacturing industry [1]. Group 1: Company Overview - Shimon Co., Ltd. was established in 2010 and specializes in providing comprehensive logistics services, including supply chain logistics and trunk transportation services [1]. - The company has developed strong resource integration capabilities and logistics experience, particularly in key ports like Tianjin and Shanghai, making it a representative enterprise in the container land transportation logistics sector in North China [4]. Group 2: Financial Performance - The projected operating revenues for Shimon Co., Ltd. from 2022 to 2024 are 8.08 billion yuan, 8.35 billion yuan, and 10.28 billion yuan, respectively, with net profits of 1.12 billion yuan, 1.33 billion yuan, and 1.7 billion yuan [5]. - The company has a stable customer base, including leading firms in the automotive, packaging, and lithium battery sectors, which supports steady revenue growth [5]. Group 3: Market Position and Competition - The logistics market in China is characterized by intense competition, with most companies offering traditional services. Shimon Co., Ltd. differentiates itself by providing integrated logistics solutions that combine various resources [4]. - The company has established long-term partnerships with industry leaders such as Beijing Benz, Beijing Hyundai, and Tetra Pak, enhancing its competitive edge [4]. Group 4: Investment Details - The initial public offering (IPO) price is set at 28.00 yuan per share, with an institutional pricing of 29.26 yuan per share, and a market capitalization of 19.38 billion yuan [2]. - The company’s earnings per share (EPS) is projected at a price-to-earnings (P/E) ratio of 15.29, compared to the industry average of 14.64 [2].

Group 1 - The company, Shimon Co., focuses on multinational manufacturing in sectors such as automotive, lithium batteries, and packaging, providing comprehensive logistics services [2] - The company has a total market value of 1.938 billion yuan and an issuance price of 28 yuan per share, with a price-to-earnings ratio of 15.29 [2] - The company has a core management team with extensive experience in customs declaration, which enhances efficiency and reduces logistics costs [2][3] Group 2 - The company's revenue composition includes 75.59% from supply chain comprehensive logistics services and 24.41% from trunk transportation services [3] - The company reported revenues of 1.028 billion yuan in 2024, representing a 23.20% increase, and 835 million yuan in 2023, with a 3.30% increase [3] - The fundraising will be directed towards expanding supply chain operations, constructing an operations center, and supplementing working capital [3]

Investment Rating - The report maintains a "Buy" rating for key companies in the transportation sector, including SF Holding, Spring Airlines, and China Eastern Airlines, among others [2][3]. Core Insights - The report highlights the recovery of the aviation industry as flight volumes increase, with domestic flights reaching 89,086 flights from January 10 to January 16, 2026, a 2.7% increase from the previous week [29]. - SF Holding is noted for its high safety margin and low valuation, with a current PE ratio of 18X, indicating potential for valuation recovery as market conditions improve [6][24]. - The logistics company Shimon Holdings is preparing for its IPO, showcasing strong resource integration capabilities and a stable revenue growth trajectory [46][48]. Summary by Sections SF Holding - SF Holding has a substantial cash reserve, with cash accounting for 14.2% to 20.5% of its market value from 2022 to 2024, providing a strong support for its stock price [9]. - The company is expected to achieve a shareholder return rate of 3.8% in 2025 and 2026, with dividend yields projected at 2.57% and 2.88% respectively [12][15]. - The current valuation is at a ten-year low, suggesting a potential for recovery as demand in the mid-to-high-end express market improves [21][24]. Aviation Sector - The aviation industry is emerging from a low season, with flight utilization rates improving to 7.89 hours per day, which is 92.6% of the levels seen in 2019 [30]. - The upcoming Spring Festival travel season is anticipated to boost passenger numbers, with a projected 5.39 billion travelers expected on railways, marking a 5% year-on-year increase [6][29]. - The average ticket price for domestic economy class has increased by 3.5% year-on-year, indicating a recovery in pricing power [39]. Logistics Sector - Shimon Holdings is recognized for its strong resource integration and stable revenue growth, with expected revenues of 9.2 billion yuan in 2025, despite a projected decline due to client revenue drops [48][51]. - The company has established long-term partnerships with major clients, ensuring a stable business model and low replacement risk [46][47]. - Revenue from the supply chain logistics service segment is expected to contribute significantly to overall earnings, with a projected revenue of 3.4 billion yuan in the first half of 2025 [48]. Express Delivery Industry - The express delivery sector is experiencing a gradual improvement in pricing, with single ticket revenue for major companies like SF Holding and Yunda showing positive trends [59][62]. - The overall express delivery business volume has increased by 5% year-on-year, indicating robust demand despite a slight decline in revenue [59]. - The report emphasizes the importance of monitoring the performance of express delivery companies as they adapt to market conditions and pricing strategies [80].

Company Overview - Shimon Co., Ltd. (001220.SZ) is a leading integrated supply chain logistics service provider in China, with significant market potential due to the rapid growth of third-party logistics services[1] - The company is projected to achieve revenue and net profit of CNY 1.028 billion and CNY 170 million, respectively, in 2024[1] Financial Performance - Revenue and net profit from 2022 to 2024 are expected to grow at compound annual growth rates (CAGR) of 12.81% and 22.96%, respectively[7] - The company's gross margin has steadily increased, reaching 24.95% in 2024, with the core logistics service gross margin at 30.06%[11] Market Position and Client Base - Shimon Co. has established long-term partnerships with major global clients such as Mercedes-Benz, Maersk, and Tetra Pak, enhancing customer loyalty[5] - The company’s revenue from its top five clients accounted for 87.03% of total revenue, with Maersk contributing 44.19% in the first half of 2025[16][19] Industry Trends - The total social logistics cost in China is projected to grow from CNY 9.4 trillion in 2012 to CNY 19 trillion by 2024, indicating increasing logistics demand[20] - The third-party logistics market in China is expected to expand from CNY 749.9 billion in 2012 to CNY 2.4099 trillion in 2024, reflecting a robust growth trajectory[21] Competitive Landscape - The logistics industry is highly competitive, with significant barriers to entry in the manufacturing logistics sector, where resource integration capabilities are crucial[22] - Shimon Co. operates as an independent automotive logistics provider, facing competition from both automotive manufacturers' logistics arms and smaller transport-focused firms[24] IPO and Fundraising - The company plans to issue 23.0725 million shares, representing 25% of the total post-IPO share capital, with a fundraising target of CNY 708 million[27] - The funds will be allocated to enhance transportation network capabilities and improve operational efficiency through technology upgrades[27] Valuation Metrics - As of January 16, 2026, comparable companies in the "G54 Road Transportation" sector have an average PE ratio of 22.73 for 2024, with Shimon Co. projected to have a PE ratio of 6.14 based on its 2024 earnings[30][31] Risk Factors - Potential risks include changes in US-China tariff policies, particularly affecting logistics services for lithium batteries, which accounted for 44.19% of revenue in the first half of 2025[32] - Downstream industry fluctuations, particularly in the automotive and packaging sectors, could adversely impact the company's performance due to their correlation with macroeconomic conditions[33]

Investment Rating - The investment rating for the company is "Buy," indicating an expected relative increase of over 15% in the next 6-12 months compared to the relevant market index [36]. Core Insights - The company, Shimon Co., focuses on providing customized, integrated, and embedded supply chain logistics solutions for multinational manufacturing enterprises, particularly in the automotive, lithium battery, and packaging sectors [29][30]. - The company has shown significant revenue growth from 2022 to 2024, with projected revenues of 808 million, 835 million, and 1.028 billion yuan, representing year-over-year growth rates of 41.27%, 3.30%, and 23.20% respectively [9][33]. - The company has a strong client base, including leading firms such as Mercedes-Benz, Hyundai, Tetra Pak, and Maersk, which has contributed to its revenue growth, particularly in the lithium battery logistics sector [29][30]. Financial Performance - The company achieved a net profit of 112.5 million, 133 million, and 170.1 million yuan from 2022 to 2024, with year-over-year growth rates of 65.42%, 18.22%, and 27.88% respectively [9][33]. - For the first nine months of 2025, the company reported revenues of 661 million yuan, a decrease of 11.30% compared to the same period in 2024, and a net profit of 109 million yuan, down 9.15% [9][30]. Industry Overview - The logistics industry is a critical service sector that integrates transportation, warehousing, freight forwarding, customs, trade, and information technology, significantly influenced by economic changes and manufacturing trends [17][20]. - The logistics market in China has been expanding, with the total social logistics amount projected to grow from 177.3 trillion yuan in 2012 to 360.6 trillion yuan in 2024 [20][23]. - The third-party logistics market in China has also seen rapid growth, increasing from 749.9 billion yuan in 2012 to 2.4099 trillion yuan in 2024, indicating a robust market outlook [23][20].

Investment Rating - The investment rating for the company is "Buy," indicating an expected increase in stock price relative to the market index by more than 15% over the next 6-12 months [36]. Core Insights - The company, Shimon Co., focuses on providing customized, integrated, and embedded supply chain logistics solutions for multinational manufacturing enterprises, particularly in the automotive, lithium battery, and packaging sectors. It has established a strong client base, including leading companies like Mercedes-Benz and Maersk [29][30]. - The company has shown significant revenue growth from 2022 to 2024, with projected revenues of 808 million, 835 million, and 1.028 billion yuan, representing year-over-year growth rates of 41.27%, 3.30%, and 23.20%, respectively. Net profit is expected to grow from 112.5 million to 170.1 million yuan during the same period [9][33]. - The company is actively expanding its customer base and has secured new contracts with global leaders in packaging and automotive parts, which is expected to strengthen its market position [30]. Financial Performance - The company achieved revenues of 808 million yuan in 2022, with a net profit of 112.5 million yuan, and is projected to reach 1.028 billion yuan in revenue and 170.1 million yuan in net profit by 2024, reflecting a growth trajectory [5][9]. - For the first nine months of 2025, the company reported revenues of 661 million yuan, a decrease of 11.30% compared to the same period in 2024, with net profit declining by 9.15% [9]. Industry Overview - The logistics industry is a critical service sector that integrates transportation, warehousing, freight forwarding, customs, trade, and information technology. It is influenced by economic changes and manufacturing trends [17]. - China's logistics industry has been expanding, with the total social logistics volume projected to grow from 177.3 trillion yuan in 2012 to 360.6 trillion yuan in 2024, indicating a robust market environment [20][23]. - The third-party logistics market in China has also seen rapid growth, with its size increasing from 749.9 billion yuan in 2012 to 2.4099 trillion yuan in 2024, showcasing significant potential for further development [23]. Competitive Positioning - Compared to its peers, Shimon Co. has a lower revenue scale but maintains a competitive gross profit margin of 24.95%, which is above the industry average of 21.53% [33][34]. - The company is positioned as a representative integrated supply chain logistics enterprise in China, leveraging its extensive experience and client relationships to enhance operational efficiency and reduce costs for its customers [29][30].