【环球网财经综合报道】一键下单，即时达——近年来我国即时配送行业迅猛崛起。2023年订单量达420亿 单，用户规模超7亿人次，2024年订单规模预计突破480亿单，正加速向千亿级迈进。 《2024年中国即时配送行业趋势白皮书》指出，行业高速增长源于供需两端协同变革：流量渠道多元化与 即时零售业态融合，餐饮供给扩容、全品类覆盖及下沉市场数字化，催生增量空间；C端配送场景与时段延 伸，倒逼服务时效与品质升级；AI、无人机等新技术应用，则显著提升运营效率与响应速度。多维度创新 合力驱动行业跃迁。 在此过程中，顺丰同城以稀缺的独立第三方定位广泛连接上游流量及需求，通过细化全场景服务模式、推 进AI智能化和无人配送技术等多方面持续引领行业发展。4月28日，顺丰同城发布2024年度ESG报告，从责 任治理、绿色运营、员工发展、骑手关怀、社会贡献及服务创新六大维度，系统展现了可持续发展实践成 果。 AI+无人技术赋能，构建高效绿色配送网络 作为中国规模最大的第三方即配平台，顺丰同城积极响应国家"双碳"战略，将绿色可持续发展理念深度融 入核心运营体系。在配送领域，顺丰同城不仅采用环保电动载具，更依托城市物流系统（CLS）与A ...

目錄 | 公司簡介 | 2 | | --- | --- | | 公司資料 | 3 | | 財務摘要 | 5 | | 主席報告 | 6 | | 管理層討論及分析 | 10 | | 企業管治報告 | 28 | | 董事、監事及高級管理層 | 49 | | 董事會報告 | 56 | | 監事會報告 | 81 | | 獨立核數師報告 | 83 | | 綜合全面收益表 | 87 | | 綜合財務狀況表 | 89 | | 綜合權益變動表 | 91 | | 綜合現金流量表 | 93 | | 綜合財務報表附註 | 94 | | 財務概要 | 167 | | 釋義 | 168 | 基於配送，不止於配送。未來，順豐同城還將繼續作為同城優質生活服務的探索者和同城即時配送升級優化的迭代 者，不斷進行創新和資源整合，探索「即時配送+」新模式和「順豐同城+」新生態，滿足客戶多元化需求，提升服務 體驗，不斷促進即時配送行業高質量發展，以優質服務為消費者和社會創造價值，讓商業更繁榮，人們生活更美好。 1 該排名乃基於弗若斯特沙利文2024年中國的獨立第三方即時配送訂單量。訂單量的計算考慮了市場參與者獨立獲取的訂單數 量，不包括關聯方的訂單。 ...

但理论与现实又一次错位，2024年Q4之后顺丰同城股价反而经历了明显的横行周期，这让我们不得不重新审视上述框 架：我们和市场，究竟是谁错判了企业？造成顺丰同城股价波动的"罪魁祸首"究竟是哪些？ 本文核心观点： 其一，2024下半年顺丰同城股价的低迷主要源自"定性"与实际的错位，先被大环境所累，后被京东杀入外卖市场殃 及，运气确实差了一些； 其二，在企业实际经营中又着实不错，积极抓住了连锁KA客户，尤其成为高成长茶饮赛道的重要合作商，奠定了未 来的增长潜力； 其三，市场调整对企业的定性应该为时不远，美团和京东"搏杀"提高中立第三方配送企业权重，行业竞争加剧对配送 企业不是"利空"，而是"利多"。 在即时零售以及餐饮连锁化多重利好作用下，我们对同城配送是抱以厚望的。2024年又恰逢顺丰同城正式进入盈利周 期（行业首个盈利企业），无论是站在"内在价值"角度抑或是追逐"热门板块"，企业在资本市场都是应该得到积极反 馈的。 股价下行：受大环境和小气候所拖累 2023年可谓是即时零售的"大年"，京东，阿里，美团，抖音等巨头均将该业务视为重要战略方向，这一方面极大延伸 了该业务的参与品类（从餐饮外卖，药品外延至日用百货，甚 ...

在物流端，顺丰同城与永辉超市、联华超市等多家商超零售品牌保持密切合作，保障配送范围全覆盖和 高峰期订单全接起，同时针对商超货品种类多、体积大、重量沉、需求具有分散性等打造出严格的规范 化配送流程，保障外贸商品"线上下单，平均一小时急送全城"。 此外，凭借第三方平台中立、开放的特性，顺丰同城已与抖音、阿里、微信等平台达成全生态合作。这 种开放的合作模式支持一站式接入全渠道生态，通过智能化调度、定制化服务帮助外贸企业集中资源和 节省成本，进一步实现优化经营、扩大单量、提升利润。 业内人士指出，"出口转内销"本质是供应链的重构，需要商流、物流、信息流的高效协同。在这一转型 过程中，电商平台和零售巨头发挥着前端渠道支撑作用，而以顺丰同城为代表的即时配送平台则扮演着 零售物流基础设施的角色。这种新型合作模式不仅解决了出口企业触达国内消费者的难题，更通过高效 的物流服务建立起消费者的信任，为传统外贸商品转化为适销对路的"内需爆品"搭建快车道。 当前，我国内需市场不仅庞大，且正处于稳步复苏阶段。数据显示，在消费品以旧换新加力扩围等政策 拉动下，1-2月份，社会消费品零售总额83731亿元，同比增长4.0%，增速比上年全年加 ...

近期，"对等关税"靴子落地，此次加征关税的范围和幅度远超市场预期，导致全球资本市场出现巨震，寻找避险资产成为投资焦点。 回顾今年，以科技为核心的中国资产迎来了价值"重估时刻"，中国科技股涨势远超美股。不过美股大跌与关税战、自身涨幅过大有关，中国科技资产的估值 仍处于历史底部，下跌空间有限，中国资产重估还远未结束。 目前科技股的机会点，会在自主创新逻辑和内需逻辑。具体来看，2024年我国消费对GDP增长贡献率高达44.5%，消费作为终极需求，在科技不断赋能下， 带来了效率革命，所产生的增长动能或许最为强劲，在市场波动中形成了"安全垫"。 作为现代消费社会里重要的"水电煤"，并且集合了AI、无人配送、低空经济等技术应用的即时配送行业，近些年迅猛发展，就很好地佐证了这一点。 根据沙利文《2024年中国即时配送行业趋势白皮书》，去年中国即配行业订单规模达482.8亿单，同比增长17.6%，2030年行业有望达到千亿级别规模，其 中，AI技术应用将助力配送进一步提效。 根据独立第三方即时配送服务平台——顺丰同城发布的2024年财报，公司全年总收入157.46亿元，同比增长27.1%；全年净利润1.32亿元，同比大幅增长 ...

证券研究报告·海外公司点评·软件服务(HS) 顺丰同城（09699.HK） 2024 年年报点评：利润稳健释放，看好 2025 年继续成长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 12,390 | 15,746 | 19,602 | 23,622 | 27,874 | | 同比(%) | 20.69 | 27.09 | 24.49 | 20.51 | 18.00 | | 归母净利润（百万元） | 50.60 | 132.46 | 247.34 | 362.38 | 491.45 | | 同比(%) | 117.63 | 161.80 | 86.73 | 46.51 | 35.62 | | EPS-最新摊薄（元/股） | 0.06 | 0.14 | 0.27 | 0.40 | 0.54 | | P/E（现价&最新摊薄） | 147.46 | 56.33 | 30.16 | 20.59 | 15.18 | [ ...

Core Insights - The instant delivery industry is transitioning from "rapid expansion" to "high-quality development," driven by demand upgrades and technological revolutions [1] - SF Express City (顺丰同城) serves as a model for high-quality breakthroughs in the instant delivery sector, showcasing significant financial growth in its 2024 annual report [1] Financial Performance - In 2024, SF Express City achieved revenue of 15.75 billion yuan, a year-on-year increase of 27% [1] - Gross profit reached 1.07 billion yuan, up 35% year-on-year, while net profit soared to 130 million yuan, marking a 162% increase [1][3] - The company maintained a gross margin of 6.8% and doubled its net margin from 0.4% to 0.8% [3] Business Strategy - SF Express City focuses on "high-quality healthy growth," enhancing its market share among key accounts (KA) and improving customer acquisition efficiency for small and medium-sized businesses [4] - The company introduced a one-on-one "exclusive delivery" service and expanded its "hourly delivery" capabilities for urban logistics [4][5] Service Segmentation - In 2024, revenue from same-city delivery services reached 9.121 billion yuan, a 23.5% increase, with business-to-business (B2B) and business-to-consumer (B2C) segments growing by 28.1% and 12.2%, respectively [4] - The last-mile delivery service generated approximately 6.625 billion yuan, reflecting a 32.5% growth [4] Market Expansion - The company is actively targeting the lower-tier retail market, with county-level coverage exceeding 1,300 locations and a 121% year-on-year revenue growth in these areas [7] - SF Express City launched its "SoFast" service in Hong Kong, tapping into a growing demand for online delivery services, with the market expected to grow by 12.2% in 2024 [7] Technological Advancements - The company is leveraging AI and unmanned delivery technologies to enhance operational efficiency, achieving a 95% on-time delivery rate and an average delivery time of 22 minutes for orders within 3 kilometers [9] - SF Express City has integrated AI capabilities into its logistics operations, collaborating with various AI model providers [9] Social Responsibility and Long-term Vision - The company established a rider care fund of 5 million yuan and a 30 million yuan public welfare fund to enhance rider welfare and safety [10] - In 2024, SF Express City repurchased nearly 200 million HKD worth of shares, demonstrating its commitment to long-term growth and shareholder value [11] Future Outlook - The instant retail market is projected to grow from 600 billion yuan in 2023 to 1.2 trillion yuan by 2025, positioning SF Express City as a benchmark for efficiency and value in the industry [12]

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company's performance exceeded expectations with a revenue increase of 27% and a net profit increase of 162% for 2024, reaching revenue of 15.8 billion and net profit of 130 million [1][5] - The growth in profit is attributed to an increase in order volume and optimization of the business structure, with high-quality customers contributing more to revenue [1] - The company is expanding its coverage in lower-tier cities, with a revenue growth of 121% in these markets, and has improved its customer structure by deepening cooperation with key accounts [2][3] Financial Performance - For 2024, the company reported a gross margin of 6.8% and a net margin of 0.84%, with a sales expense ratio of 1.5% and a management expense ratio of 4.0% [1] - The forecast for net profit from 2025 to 2027 is 257 million, 409 million, and 560 million respectively, with growth rates of 94%, 59%, and 37% [4][5] - The projected P/E ratios for 2025, 2026, and 2027 are 30, 19, and 14 respectively [4] Revenue Breakdown - The company's same-city delivery revenue reached 9.12 billion, accounting for 58% of total revenue, with To B revenue at 6.69 billion (up 28%) and To C revenue at 2.43 billion (up 12%) [2] - Last-mile delivery revenue grew by 32% to 6.62 billion, representing 42% of total revenue, driven by an increase in e-commerce return rates and enhanced delivery capabilities [2] Market Expansion - The company has expanded its coverage to over 2,300 cities and counties, with more than 1,300 in third-tier and below markets [2] - The company has achieved full-scenario coverage in sectors such as dining and pharmacies, with tea delivery revenue increasing by 73% [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 13.50, indicating a potential upside of 49.5% from the current price of HKD 9.03 [2][12]. Core Insights - The company is expected to see revenue growth driven by the demand for same-city delivery services, with projected growth rates of 23% for 2025 and 21% for 2026. However, the average delivery revenue per order may slightly decline year-on-year due to changes in order structure [2][6]. - Profit margins are anticipated to improve due to economies of scale, with management forecasting a profit margin of at least 2% by 2027, approaching the industry norm of 3-5% [2][6]. - The company reported a significant increase in net profit for 2024, with a year-on-year growth of 289% to RMB 79 million, driven by scale effects, customer structure optimization, and operational efficiency improvements [6][7]. Financial Projections - Revenue is projected to reach RMB 19,350 million in 2025, with a growth rate of 22.9% compared to the previous year. The revenue from same-city delivery services is expected to be RMB 11,316 million, while last-mile delivery is projected at RMB 8,034 million [5][13]. - The gross profit for 2025 is estimated at RMB 1,374 million, with a gross margin of 7.1% [5][13]. - Adjusted operating profit is expected to be RMB 293 million in 2025, with an adjusted operating margin of 1.5% [5][13]. Market Position and Performance - The company has shown resilience in its market position, with a market capitalization of approximately HKD 6,571.76 million and a 52-week high of HKD 12.60 [4][12]. - The average daily trading volume is reported at 0.69 million shares, indicating active trading interest [4][12]. - The stock has experienced a year-to-date change of -2.80%, reflecting market volatility [4][12].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 13.50, indicating a potential upside of 49.5% from the current price of HKD 9.03 [2][12]. Core Insights - The company is expected to experience significant growth in revenue, with projections of 23% and 21% growth for the fiscal years 2025 and 2026, respectively, driven by demand for same-city delivery services and an increase in order volume [2][6]. - The management anticipates that profit margins will continue to improve, aiming for a margin of at least 2% by 2027, approaching the industry norm of 3-5% [2][6]. - The report highlights a notable trend of scalable profit growth, with a substantial increase in net profit expected in 2024, driven by operational efficiencies and an expanding customer base [6][7]. Financial Projections - Revenue is projected to reach RMB 19.35 billion in 2025, with a growth rate of 22.9% compared to the previous year [5][13]. - The gross profit is expected to be RMB 1.374 billion in 2025, reflecting a gross margin of 7.1% [5][13]. - Adjusted net profit is forecasted to be RMB 269 million in 2025, with an adjusted net profit margin of 1.4% [5][13]. Market Performance - The company's stock has a 52-week high of HKD 12.60 and a low of HKD 8.40, with a current market capitalization of approximately HKD 6.57 billion [4][12]. - The average daily trading volume is reported at 0.69 million shares [4]. Revenue Breakdown - The report indicates that the same-city delivery service revenue is expected to be RMB 11.316 billion in 2025, with a growth rate of 24% [7][13]. - Last-mile delivery revenue is projected to reach RMB 8.034 billion in 2025, with a growth rate of 21% [7][13]. Cost Structure - The total operating costs are expected to be RMB 17.977 billion in 2025, leading to a projected operating profit of RMB 274 million [7][13]. - The report outlines a focus on cost management and operational efficiency to enhance profitability [6][7]. Conclusion - The report presents a positive outlook for the company, emphasizing its growth potential in the same-city delivery market and the expected improvement in profit margins over the coming years [2][6][7].