交通运输 | 证券研究报告 — 行业周报 2025 年 8 月 27 日 强于大市 交通运输行业周报 原油运价持续回暖，白云机场上半年净利润同 比大幅增长 航运方面，原油运价持续回暖，欧美线集运运价继续下跌。航空方面，上半 年我国新开国际航空货运航线数量同比增长超 50%，白云机场上半年实现 净利润 7.50 亿元。物流与交通新业态方面，前 7 个月邮政行业业务收入超 万亿元，顺丰控股 7 月业务量 13.77 亿票。 核心观点 ①原油运价持续回暖，美线集运运价继续下跌。8 月 21 日，上海航运交 易所发布的 CTFI报 1154.72 点，较 8月 14日上涨 8.5%。本周 VLCC市场 中东航线 9 月上旬货盘开始收尾，成交量持续增加；大西洋和美湾航线活 跃度明显提升，成交运价不断回暖。船东延续上周挺价情绪，租家仍通过 私下寻盘降低货盘曝光程度，避免市场过热。目前，整体可用运力仍然足 够，尽管 OPEC+9 月增产确认，但供给端增加可能更大程度上会对油价产 生影响，间接才影响到需求端。欧线集运方面，本周运输市场供需基本面 略显疲软，市场运价继续下跌。8 月 22 日，上海港出口至欧洲基本港市 场运价为 ...

格隆汇8月19日丨顺丰控股(002352.SZ)公布，公司2025年7月速运物流业务、供应链及国际业务合计收 入为人民币248.47亿元，同比增长9.95%。其中：速运物流业务收入同比增长14.97%，业务量同比增长 33.69%，保持良好增长态势，主要得益于公司深化落实激活经营策略，加大对前线业务的授权与激 励；同时提升运营保障的投入，强化标准产品及综合物流服务能力，持续渗透生产制造和生活消费各类 物流场景，有效满足客户多元化业务需求。 ...

Core Insights - SF Holding announced that the combined revenue from express logistics, supply chain, and international business for July was RMB 24.847 billion, representing a year-on-year growth of 9.95% [1] - The express logistics business revenue grew by 14.97% year-on-year, with a business volume increase of 33.69% [1] - The international freight market demand has softened due to fluctuations in international trade, and sea freight prices have significantly declined from last year's high levels [1]

Core Insights - SF Holding (002352.SZ) reported a total revenue of RMB 24.847 billion for its express logistics, supply chain, and international business in July 2025, representing a year-on-year growth of 9.95% [1] - The express logistics business generated revenue of RMB 18.657 billion, showing a year-on-year increase of 14.97%, with a total volume of 1.377 billion parcels, up by 33.69% year-on-year [1] Business Performance - The express logistics business maintained a strong growth momentum, attributed to the company's implementation of activation strategies and increased authorization and incentives for frontline operations [1] - The company enhanced its operational support investments, strengthened standard product offerings, and improved comprehensive logistics service capabilities [1] - SF Holding continued to penetrate various logistics scenarios in manufacturing and consumer sectors, effectively meeting diverse customer needs [1]

Core Viewpoint - The company reported a significant increase in revenue and business volume for June 2025, indicating strong growth in its logistics and supply chain operations [1][2]. Group 1: Financial Performance - The total revenue for June 2025 reached RMB 262.54 billion, representing a year-on-year growth of 13.43% compared to RMB 231.45 billion in June 2024 [1]. - The express logistics business revenue grew by 14.24% year-on-year, with business volume increasing by 31.77% [1]. - The supply chain and international business revenue increased by 10.93% year-on-year, contributing to the overall growth [1]. Group 2: Business Strategy - The growth in express logistics is attributed to the company's implementation of activation strategies, increased authorization and incentives for frontline operations, and high-quality service during peak e-commerce promotional seasons [1][2]. - The company leveraged its global network advantages and diversified business layout to adapt to market changes and explore new demands, which supported the growth of supply chain and international operations [2].

Core Viewpoint - SF Holding (002352.SZ) reported significant growth in its express logistics and supply chain businesses, driven by strategic adjustments and global network advantages [1] Group 1: Express Logistics Business - The express logistics business generated revenue of 19.962 billion yuan in June 2025, representing a year-on-year increase of 14.24% [1] - The business volume reached 1.460 billion tickets, showing a year-on-year growth of 31.77% [1] - The average revenue per ticket was 13.67 yuan, which is a decrease of 13.32% compared to the previous year [1] Group 2: Supply Chain and International Business - The supply chain and international business achieved revenue of 6.292 billion yuan, reflecting a year-on-year increase of 10.93% [1] - Growth in this segment is attributed to the company's global network advantages and diversified business layout [1]

Core Insights - SF Holding reported a revenue of 19.381 billion yuan for its express logistics business in May 2025, representing a year-on-year growth of 13.36% [1] - The total business volume reached 1.477 billion shipments, showing a significant increase of 31.76% year-on-year [1] - The average revenue per shipment was 13.12 yuan, which reflects a decline of 13.97% compared to the previous year [1] - The supply chain and international business generated a revenue of 5.732 billion yuan, marking a year-on-year increase of 5.02% [1] - Overall, the company's total revenue amounted to 25.113 billion yuan, with a year-on-year growth of 11.34% [1]

上天天基金APP搜索【777】领 98 元券包 ，优选基金10元起投！限量发放！先到先得！ 4月28日晚间，顺丰控股（002352）披露了2025年首份"成绩单"，一季度公司实现营业收入 698.50亿元，同比增长6.90%；实现总件量35.6亿票，同比增长19.7%；归母净利润实现22.34亿 元，同比增长16.87%，再创上市以来的新高；归母净利润率达到3.2%，同比提升0.3个百分 点。 此外，通过数字化系统优化流程、智能工具精准调度资源，实现管理效率的显著提升。这一系 列举措成效逐步显现，公司主要费用率持续改善，其中管理费用率下降0.6个百分点，研发费用 率下降0.1个百分点，财务费用率基本持平，以精细化运营为业绩增长筑牢坚实基础。 启动新一轮股份回购 4月28日晚间，顺丰控股还披露了新一期的回购方案。据公告，公司计划以自有资金通过二级市 场以集中竞价方式回购部分A股社会公众股份，将用于未来拟推出的A股员工持股计划或股权激 励计划。本次回购的资金总额不低于5亿元且不超过10亿元，回购价格不超过60元/股。 值得一提的是， 知名基金经理张坤管理的易方达蓝筹精选混合型证券投资基金"空降"了顺丰控 股前十大 ...

Group 1 - The core viewpoint of the news is that SF Holding reported strong financial performance for Q1 2025, with significant growth in revenue and net profit, marking a record high for quarterly net profit since its listing [1] - The company achieved operating revenue of 69.85 billion yuan, a year-on-year increase of 6.90%, and a net profit attributable to shareholders of approximately 2.23 billion yuan, up 16.87% year-on-year [1] - The net profit margin reached 3.2%, indicating improved profitability [1] Group 2 - The express logistics and supply chain and international business segments both saw revenue growth, increasing by 7.2% and 9.9% respectively, with a total parcel volume of 3.56 billion, a year-on-year increase of 19.7% [1] - Gross profit for Q1 was 9.29 billion yuan, an increase of 8.0% year-on-year, with a gross profit margin of 13.3% [1] - Management expense ratio decreased by 0.6 percentage points, and R&D expense ratio decreased by 0.1 percentage points [1] Group 3 - SF Holding announced a new share repurchase plan, intending to buy back A-shares with a total amount not less than 500 million yuan and not exceeding 1 billion yuan, at a price not exceeding 60 yuan per share [1] - The repurchased shares will be used for future employee stock ownership plans or equity incentive plans [1] Group 4 - As of the end of Q1, E Fund Blue Chip Select Fund became the tenth largest shareholder of SF Holding, holding approximately 35 million shares, representing 0.7% of the total shares [2] - SF Holding also entered the top ten holdings of E Fund Quality Select Fund for the first time, accounting for about 4.96% of the portfolio [2] - The fund manager, Zhang Kun, began building a position in SF Holding in the second half of 2024 and significantly increased holdings in Q1 2025, with E Fund Quality Select holding 16.3 million shares valued at approximately 703 million yuan [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown steady growth in domestic operations and is expanding its international business opportunities [1] - The first quarter of 2025 demonstrated resilience in operations with a revenue increase of 6.9% year-on-year, and a net profit growth of 16.87% [2][3] - The company is focusing on cost reduction and quality improvement, leading to a slight increase in net profit margins [3] - The logistics revenue increased by 7.2% year-on-year, while supply chain and international revenue grew by 9.9% [4] - The peak of capital expenditure has passed, resulting in a significant increase in free cash flow by 55.6% [5] - The company is expected to maintain strong profit growth in the coming years, with projected net profits of 119.11 billion, 142.57 billion, and 168.45 billion for 2025, 2026, and 2027 respectively [6] Financial Summary - In Q1 2025, the company achieved total revenue of 698.50 billion, with a year-on-year growth of 6.9% [2] - The net profit attributable to the parent company for Q1 2025 was 22.34 billion, reflecting a year-on-year increase of 16.87% [2] - The company’s operating cash flow for Q1 2025 was 40.62 billion, down 14.21% year-on-year [5] - The projected revenue for 2025 is 315.54 billion, with a growth rate of 10.9% [7] - The projected net profit for 2025 is 11.91 billion, with a growth rate of 17.1% [7] - The company’s gross margin is expected to improve to 14.0% by 2025 [7]