Core Insights - The company has successfully navigated the challenge of balancing revenue growth and profit margins, achieving a continuous increase in gross margin for seven consecutive years while outpacing market revenue growth [1][2] - The company anticipates maintaining its growth momentum in 2024, with a projected doubling of net profit to 132 million yuan, establishing itself as the only consistently profitable player in the third-party delivery industry [2][4] Group 1: Business Performance - The company reported a significant increase in active merchants, reaching 650,000 in 2024, with a strong growth in key accounts (KA) and a market share that remains competitive [1][2] - The number of active consumers exceeded 23 million, with a notable increase in repurchase rates, contributing to revenue growth and enhancing order density in various business districts [1][2] - The active rider count reached 1 million last year, with a significant year-on-year increase in high-income riders [1] Group 2: Business Segments - The company’s three business segments (ToB, ToC, and last-mile delivery) are expected to drive sustained growth, with the ToB segment expanding its customer base by over 7,500 stores last year [2][3] - The ToC segment has introduced exclusive delivery products that strengthen its position in the high-end market, aiding consumer business development [2][3] Group 3: Market Trends - The ongoing competition in the food delivery sector is intensifying, with major players like Meituan and JD.com heavily investing in the market, indicating a shift towards a broader range of products beyond just food [4][5] - The company believes that the current food delivery battle is just the beginning, with future expansions into grocery, pharmacy, and other sectors expected to drive significant growth [4][5] Group 4: Strategic Focus - The company aims to maintain its unique third-party positioning and comprehensive business model, focusing on enhancing service quality and building a robust rider ecosystem [5][6] - The company plans to leverage customized logistics solutions to cater to various verticals, including grocery and pharmaceuticals, while integrating warehousing and delivery services to enhance efficiency [5][6] Group 5: Long-term Outlook - The company is positioned in a long-term growth sector, with increasing consumer demand for convenience and instant delivery aligning with modern lifestyle trends [6][7] - The industry is expected to see an influx of new players, driven by the need for diverse channels and the ongoing trend of brand concentration in the supply side [6][7]

Core Viewpoint - The market is witnessing a shift in perception towards third-party instant delivery platforms, with SF Express (顺丰同城) emerging as a key beneficiary amidst the competitive landscape of food delivery giants like JD, Meituan, and Alibaba [1][2] Group 1: Market Dynamics - The ongoing battle for the instant retail market, initially focused on food delivery, has revealed two main issues: the inability of self-owned logistics from platforms to meet diverse delivery demands and the need for merchants to avoid being tied to a single delivery platform [2] - SF Express, as a neutral third-party delivery platform, is positioned to capitalize on these challenges by providing services across multiple platforms, thus enhancing operational efficiency for merchants [2] Group 2: Competitive Landscape - The market for neutral logistics has been disrupted in 2024, with Dada Group being privatized by JD and Flash Delivery facing significant losses, highlighting the scarcity of leading third-party players [3] - In contrast, SF Express has demonstrated strong and sustained profitability, with a 27% year-on-year revenue increase to 15.7 billion yuan and a doubling of net profit, solidifying its position as the only consistently profitable player in the sector [3] Group 3: Future Outlook - The stock performance of SF Express reflects a market re-evaluation of the value of third-party instant delivery services, driven by the increasing demand for multi-scenario fulfillment and the company's strong brand presence [3] - Analysts predict continued growth for SF Express, with expectations of increased revenue in 2025 and 2026, supported by a 40% year-on-year increase in daily usage of its rider platform [4]