SF Holding(SZ:002352)2024-04-30 15:44Financial Performance - In 2023, the company achieved a total business volume of nearly 12 billion parcels, with a year-on-year growth of 16.2% excluding Fengwang [1] - Revenue reached 258.4 billion CNY, a decrease of 2.5% year-on-year, primarily due to the decline in international shipping prices [1] - Domestic express logistics revenue amounted to 191.1 billion CNY, with a year-on-year increase of 11.3% [1] - The net profit attributable to shareholders was 8.23 billion CNY, reflecting a year-on-year growth of 33.4% and a net profit margin of 3.2%, up by 0.9 percentage points [1] Q1 2024 Performance - In Q1 2024, the company maintained steady growth, achieving a total volume of 2.97 billion parcels, with a year-on-year increase [2] - Revenue for Q1 2024 reached 65.3 billion CNY, with a year-on-year growth of 8.2% [2] - The net profit attributable to shareholders for Q1 2024 was 1.91 billion CNY, up 11.1% year-on-year, with a net profit margin of 2.9%, an increase of 0.1 percentage points [2] Business Segment Analysis - The domestic express logistics segment continues to expand, with revenue growth of 11.3% in 2023 and 7.9% in Q1 2024 [2] - The supply chain and international segments saw a revenue decline of 31.7% in 2023 due to normalized demand and pricing in international shipping [2] - In Q1 2024, the supply chain and international business segments achieved a year-on-year growth of 6.4% [2] Cost and Profitability - Gross profit margin improved from 12.5% in 2022 to 12.8% in 2023, driven by sustainable development and optimized revenue structure [2] - The net profit margin for 2023 was 3.2%, an increase of 0.9 percentage points from 2022, while Q1 2024 saw a net profit margin of 2.9% [3] Cash Flow and Capital Expenditure - The company maintained a stable cash flow, with a net operating cash flow increase of 10% year-on-year in Q1 2024 [3] - Capital expenditure in 2023 was 13.5 billion CNY, approximately 5% of revenue, with a focus on investment return rather than merely reducing investment amounts [6] Strategic Initiatives for 2024 - The company aims to enhance customer service and logistics market share through five strategic initiatives, including transitioning from product to industry solutions and strengthening international service capabilities [4] - Emphasis on technology integration and green solutions to create competitive advantages and meet diverse customer needs [4] Shareholder Returns - The cash dividend payout ratio was increased to 35% in 2023, with an expected dividend of 0.6 CNY per share, a 140% year-on-year increase [3] - The company plans to gradually increase the dividend payout ratio from 2024 to 2028 based on the 2023 level [3] Challenges and Responses - The company faces challenges in international market expansion, requiring tailored strategies for different countries and leveraging external partnerships [5] - The operational efficiency of the Ezhou hub is expected to improve as more clients recognize its value, enhancing inventory efficiency and transportation capabilities [5]