Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve a revenue of 86 million yuan in H2 2024, representing a year-on-year growth of 30%, and a net profit of 0.69 million yuan, with a year-on-year increase of 100% [7] - The company's revenue for 2024 is projected to be 155 million yuan, reflecting a year-on-year growth of 25%, and a net profit of 1.35 million yuan, indicating a year-on-year increase of 167% [7] - The company benefits from an increase in cooperative clients and maintains a competitive advantage in the KA same-city delivery business, which is expected to grow by 30% year-on-year in H2 2024 [7] - The last-mile delivery service is anticipated to see a 30% year-on-year revenue growth in H2 2024, driven by increased collaboration with major clients and enhanced service penetration [7] - The company is expanding into lower-tier markets, with county-level revenue growing by 51% year-on-year in H1 2024, and has entered the Hong Kong market under the "SoFast" brand [7] - The report adjusts the net profit forecast for 2024-2026 to 1.35 million yuan, 2.73 million yuan, and 4.53 million yuan respectively, while maintaining a "Buy" rating [7] Financial Summary - Total revenue for 2022 was 10,266 million yuan, with a year-on-year growth of 25.57%, and is projected to reach 22,130 million yuan by 2026 [1] - The company reported a net profit of (286.90) million yuan in 2022, expected to turn positive with 50.60 million yuan in 2023 and grow to 452.75 million yuan by 2026 [1] - The latest diluted EPS is projected to increase from (0.31) yuan in 2022 to 0.49 yuan in 2026 [1] - The P/E ratio is expected to decrease from 148.28 in 2023 to 16.57 by 2026, indicating improved profitability [1]

Investment Rating - The report maintains an "Outperform" rating for the company [3][4]. Core Views - The company is expected to see significant growth in its revenue and net profit, with a projected net profit of 1.28 billion, 2.56 billion, and 4.61 billion for 2024E, 2025E, and 2026E respectively, reflecting year-on-year growth rates of 171.01%, 99.97%, and 80.03% [4][5]. - The company is benefiting from strong demand in the instant delivery sector, particularly in the tea and coffee markets, with a 51% year-on-year revenue growth in lower-tier markets and a 60% increase in tea delivery revenue [4][5]. - The expansion of the company's operational capacity and the increase in order density are expected to enhance profitability as scale effects are realized [4]. Financial Data and Profit Forecast - Revenue (in million) is projected to grow from 12,400 in 2023 to 22,364 in 2026, with a compound annual growth rate (CAGR) of approximately 20.33% [2]. - Net profit is expected to turn positive in 2023 with 47 million, reaching 461 million by 2026, indicating a strong recovery trajectory [2]. - Earnings per share (EPS) is forecasted to increase from 0.06 in 2023 to 0.50 in 2026 [2].

Investment Rating - Buy rating with a target price of HKD 14.9, implying a 55.6% upside from the current price of HKD 9.57 [1][16] Core Views - The company's revenue grew 19.6% YoY to RMB 6.87 billion in H1 2024, with order volume increasing over 30% YoY [3][7] - Net profit reached RMB 62 million, a 105.1% YoY increase, with net profit margin improving to 0.9% [3][7] - Same-city delivery revenue grew 19.2% YoY to RMB 4.04 billion, while last-mile delivery revenue increased 20.3% YoY to RMB 2.84 billion [3][9] - The company benefits from the rapid growth of the tea beverage market in lower-tier cities, with registered tea-related enterprises up 6.1x YoY [3][10][12] - The company's scale effect continues to drive profitability, supported by its extensive delivery network and efficient data algorithms [3][14][16] Business Performance - Non-meal delivery scenarios grew rapidly, with revenue up 32.4% YoY in H1 2024 [8] - Coverage in county-level markets expanded to over 1,200 counties, with revenue from these areas growing 51% YoY [8] - The company added over 6,000 new partner stores and increased its active merchant base to 550,000, up 45% YoY [8] - Revenue from consumer delivery grew 20.1% YoY to RMB 1.163 billion, driven by an expanding active user base and higher repurchase rates [8] Market Position - The company is a leading independent third-party instant delivery platform, with a strong position in the tea beverage delivery market [12] - During the 2024 Double 11 shopping festival, the company's daily delivery orders increased 43% YoY, with categories like beauty, beverages, and convenience stores seeing over 100% growth [13] - Last-mile delivery orders during Double 11 grew 160% YoY, and external cooperation orders increased 149% YoY [13] Growth Drivers - Deepening cooperation with key accounts (KA) and leveraging synergies with SF Holding for last-mile delivery [14][16] - Expanding commercial scenarios in lower-tier cities to further enhance scale effects [14][16] - The company's PS ratio for 2024 is estimated at 0.9x, reflecting its strong market position and commercial potential [16]

Revenue Growth - Revenue from continuing operations increased by 19.6% from RMB 5,749.2 million in H1 2023 to RMB 6,878.5 million in H1 2024, with order volume growing over 30% year-on-year[9]. - Revenue from intra-city delivery services rose by 19.2% from RMB 3,388.0 million in H1 2023 to RMB 4,038.0 million in H1 2024[10]. - Last-mile delivery service revenue increased by 20.3% from RMB 2,361.2 million in H1 2023 to RMB 2,840.5 million in H1 2024[10]. - Revenue from non-food scenarios in intra-city delivery services grew by 32.4% to RMB 1,665.6 million in H1 2024[12]. - Revenue from merchant-oriented same-city delivery reached RMB 2,874.1 million, a year-on-year increase of 18.8%[13]. - Revenue from consumer-oriented same-city delivery was RMB 1,163.9 million, reflecting a year-on-year growth of 20.1%[17]. - Revenue from same-city express services, such as "pick-up" and "same-day delivery," doubled compared to the same period last year, indicating strong growth in these segments[18]. - Revenue from major customer SF Holding's subsidiary reached RMB 2,855,518 thousand for the six months ended June 30, 2024, up from RMB 2,355,281 thousand in the same period of 2023, representing an increase of approximately 21.2%[108]. Profitability - Net profit attributable to owners was RMB 62.2 million, representing a 105.1% year-on-year increase, surpassing the total net profit level of 2023[10]. - Gross profit for continuing operations reached RMB 473.3 million with a gross margin of 6.9%, up from RMB 383.4 million and 6.7% in the same period last year[10]. - Operating profit for the six months ended June 30, 2024, rose to RMB 62.6 million, compared to RMB 28.6 million for the same period in 2023[23]. - Basic and diluted earnings per share for the six months ended June 30, 2024, were RMB 0.07, compared to RMB 0.05 for the same period in 2023[24]. - The profit attributable to the company's owners from continuing operations for the six months ended June 30, 2024, was RMB 62,174,000, compared to RMB 44,576,000 for the same period in 2023, reflecting a 39.5% increase[123]. Cash Flow and Financial Position - Operating cash inflow was RMB 99.2 million, reflecting a 189.0% year-on-year growth[10]. - Cash and cash equivalents as of June 30, 2024, were RMB 1,452.7 million, a slight decrease from RMB 1,501.1 million as of June 30, 2023[38]. - Net cash generated from operating activities for the six months ended June 30, 2024, was RMB 99.2 million, significantly higher than RMB 34.3 million for the same period in 2023[40]. - Total assets as of June 30, 2024, amounted to RMB 4,261.2 million, compared to RMB 4,199.7 million as of December 31, 2023[25]. - The company's total equity as of June 30, 2024, was RMB 2,906,081 thousand, down from RMB 2,981,094 thousand, a decrease of about 2.5%[85]. Operational Efficiency - The company aims for high-quality and healthy growth, optimizing operational efficiency and cost management[9]. - The urban logistics system (CLS) enhances operational efficiency through AI decision-making and big data analysis, optimizing order and rider matching[20]. - The company expanded its network to enhance operational efficiency during peak times, achieving a service timeliness rate of approximately 95%[15]. - The "hourly delivery" service volume doubled, significantly boosting revenue from this service[17]. - The on-time delivery rate improved to 95%, reflecting a 5% increase from the previous reporting period[176]. Employee and Rider Management - The number of active merchants on the platform reached 550,000, representing a year-on-year growth of 45%[13]. - The number of active riders on the platform exceeded 970,000 as of June 30, 2024, with a 20% increase in the number of mid-to-high income riders compared to the previous year[19]. - The company has implemented a special fund of RMB 5 million for rider welfare, conducting over 5,000 offline care activities during the reporting period[19]. - The company is committed to enhancing rider experience and safety through regular satisfaction surveys and the establishment of standardized safety protocols[19]. - The total remuneration for key management personnel was RMB 7,900,000 for the six months ended June 30, 2024, compared to RMB 5,348,000 for the same period in 2023, reflecting an increase of approximately 47.5%[164]. Research and Development - Research and development expenses increased by 24.2% to RMB 51.2 million for the six months ended June 30, 2024, from RMB 41.2 million in the same period of 2023, reflecting higher R&D investments[31]. - Investment in new technology development increased by 30%, focusing on enhancing delivery efficiency and customer experience[176]. Share Repurchase and Corporate Governance - The company repurchased a total of 18,904,200 H-shares from November 30, 2023, to July 26, 2024, demonstrating the board's long-term confidence in business development[22]. - The company has adopted a corporate governance code and has complied with all applicable provisions, except for the separation of the roles of Chairman and CEO[50]. - The employee incentive plan adopted on April 19, 2023, grants trust beneficial ownership rights to Chen Xiwen[54]. - The company aims to align employee interests with those of shareholders to enhance cohesion and maximize company value through the incentive plan[60]. Future Outlook - The company expects revenue growth to continue at a rate of 25% for the second half of 2024, driven by new product launches and market expansion[176]. - A strategic acquisition of a logistics firm is anticipated to be finalized by Q3 2024, expected to enhance operational capabilities[176]. - The company plans to expand its market presence in third-tier cities, targeting a 10% increase in market share by the end of 2024[176].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 13.20 [7][8]. Core Views - The company has achieved rapid growth in scale and improved net profit margins due to increased penetration in non-food delivery scenarios, active expansion into lower-tier markets, and the realization of scale and network effects driven by technology [2][3]. - The company has been included in the Hang Seng Composite Index and the Hong Kong Stock Connect, which is expected to enhance stock liquidity [2]. - The company has launched the "SoFast" brand in the Hong Kong instant delivery market, although initial operational costs may increase [2]. Financial Performance Summary - For the first half of 2024, the company reported total revenue of RMB 6.9 billion, a year-on-year increase of 20%, with order volume growing over 30% [4]. - Gross profit increased by 23% to RMB 470 million, with a gross margin improvement of 0.2 percentage points to 6.9% [4]. - The net profit attributable to the parent company grew by 105% to RMB 62 million, with a net profit margin increase of 0.4 percentage points to 0.9% [4]. - The company’s operating cash flow increased by 189% to RMB 99 million [4]. Revenue Projections - The company’s revenue is projected to grow from RMB 12.39 billion in 2023 to RMB 14.84 billion in 2024, reflecting a growth rate of 19.82% [6][15]. - The net profit attributable to the parent company is expected to increase significantly from RMB 50.6 million in 2023 to RMB 159.95 million in 2024, representing a growth of 216.14% [6][15]. Market Trends - The demand in lower-tier markets is growing rapidly, with county-level income increasing by 51% year-on-year in the first half of 2024 [3]. - The online and offline integration is enhancing the penetration of instant retail markets, with significant growth in categories such as tea delivery, which saw a 60% increase in revenue [3]. Valuation Methodology - The target price of HKD 13.20 is based on a segmental price-to-sales (PS) valuation method, with the same valuation as previously estimated [11]. - The company’s city delivery service is valued at HKD 8.9 based on 0.84x 2024E PS, reflecting a 20% premium over the median valuation of comparable companies [11]. Key Financial Metrics - The company’s earnings per share (EPS) is projected to improve from RMB 0.06 in 2023 to RMB 0.17 in 2024 [6][15]. - The return on equity (ROE) is expected to rise from 1.69% in 2023 to 5.24% in 2024 [6][15].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][8]. Core Insights - The growth path of the company is clear, with continued improvement in profitability [2][4]. - The company achieved a revenue of 6.902 billion yuan in H1 2024, representing a year-on-year increase of 20.05%, and a net profit attributable to shareholders of 62 million yuan, up 105.10% year-on-year [3][4]. - The report highlights the deepening of KA cooperation and rapid revenue growth across various segments [4][6]. Summary by Sections Revenue Performance - In H1 2024, the company's same-city delivery revenue reached 4.038 billion yuan, a year-on-year increase of 19.2%, with To B revenue at 2.874 billion yuan, up 18.83% [4]. - The last-mile delivery revenue was 2.841 billion yuan, growing 20.3% year-on-year, with daily average package volume exceeding one million [4][5]. Profitability Improvement - The gross margin for H1 2024 was 6.9%, an increase of 0.2 percentage points year-on-year, while the overall expense ratio decreased by 0.28 percentage points to 6.26% [5]. - The net profit margin attributable to shareholders improved by 0.38 percentage points to 0.90% due to expense optimization [5]. Growth Forecast - The company is expected to achieve revenues of 14.962 billion yuan, 17.856 billion yuan, and 20.968 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21%, 19%, and 17% [8][9]. - The net profit attributable to shareholders is projected to be 142 million yuan, 273 million yuan, and 418 million yuan for the same years, with growth rates of 181%, 92%, and 53% respectively [8][9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 12.89, based on a current price of HKD 10.86 [1][3]. Core Insights - The company reported a revenue of RMB 6.88 billion for the first half of 2024, representing a year-on-year growth of 19.6%. The net profit doubled compared to the same period last year, with a growth rate of 105.1% [2][3]. - The company's core business shows resilience, with a strong order volume growth exceeding 30% year-on-year. Revenue from same-city delivery services increased from RMB 3.39 billion in the first half of 2023 to RMB 4.04 billion in the first half of 2024, a growth of 19.2% [2][3]. - The company has optimized its business structure, achieving significant improvements in revenue from same-city delivery to merchants, which reached RMB 2.87 billion, up 18.8% year-on-year [2][3]. - The company is focusing on understanding consumer needs and capturing new market opportunities, with revenue from consumer-oriented same-city delivery growing by 20.1% year-on-year to RMB 1.16 billion [2][3]. Summary by Sections Financial Performance - The company achieved a gross profit of RMB 470 million and a gross margin of 6.9%, up 0.2 percentage points from the previous year. The net profit margin was 0.9% [2]. - The average delivery time for orders within 3 kilometers was 22 minutes, with a service quality achievement rate of approximately 95% [2]. Revenue Projections - The company expects to continue benefiting from market opportunities in local retail and third-party instant delivery services, projecting revenues of RMB 10.27 billion, RMB 12.40 billion, and RMB 15.15 billion for 2024, 2025, and 2026, respectively [4][9]. - The projected net profits for the same years are RMB 0.51 billion, RMB 1.50 billion, and RMB 2.80 billion, with EPS expected to be RMB 0.06, RMB 0.16, and RMB 0.31 [4][9]. Valuation - The report suggests that a price-to-sales (P/S) valuation is more appropriate, with the company's 2024 valuation at 0.6 times, compared to an average of 1.01 times for comparable companies [3][10]. - The report anticipates further profit elasticity release as the company focuses on high-quality growth and profitability enhancement [3][10].

[ T able_StockInfo] 2024 年 08 月 28 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：10.86 港元 顺丰同城（9699.HK）交通运输 目标价：12.89 港元 净利同比翻倍增长，预计 9 月进入港股通 基础数据 [Table_BaseData] 52 周区间(港元) 6.37-12.6 3 个月平均成交量(百万) 0.51 流通股数(亿) 9.17 市值(亿) 99.63 [Table_Summary 事件：顺丰同城公布 ] 2024年半年报。2024年上半年公司实现营收 68.8亿元， 同比增长 19.6%。公司毛利及毛利率分别为 4.7亿及 6.9%，较去年同期毛利率 6.7%上涨 0.2pp。净利润及净利润率分别为 0.6亿元及 0.9%，较去年同期净利 润同比翻倍增长，增速达 105.1%，公司盈利能力持续提升。 业务凸显良好韧性，实现核心业务健康可持续增长。公司订单量与去年同期相 比实现强劲增长超过三成，同城配送服务的收入从 2023 年上半年 33.9 亿元增 长 19.2%至 2024 年上半年 40.4 亿元。充分发挥运力网络的弹性和成本 ...

Investment Rating - The report maintains a **Buy** rating for SF Intra-City (9699 HK) with a target price of HKD 13.50, implying a potential upside of **+24.3%** [1] Core Views - Revenue growth momentum is expected to continue, driven by an expanding merchant and consumer base, deeper penetration into county-level markets, and broader service scenarios [1] - Full-year revenue is projected to grow **20% YoY to RMB 14.9 billion**, with adjusted net profit revised upward by **9.2% to RMB 156 million**, reflecting a net margin of **1.0%** [1] - The company is set to be included in the Hang Seng Index on September 9 and is expected to be added to the Stock Connect program in September [1] 2024 H1 Performance - Revenue reached **RMB 6.9 billion**, up **20% YoY**, slightly below the expected **22%** [1] - Net profit doubled YoY to **RMB 67 million**, with a net margin of **1%**, driven by strong order volume growth (**+30% YoY**), improved business structure, and operational efficiency gains [1] - Gross profit increased **23% YoY**, with gross margin slightly improving to **6.9%** [1] Business Highlights Intra-City Business - Revenue grew **19% YoY**, with merchant and consumer segments increasing by **19%** and **20%**, respectively [1] - Expansion into retail scenarios, including partnerships with KA clients (adding **6,000+ stores**), and growth in active merchants (**+45% YoY**) and consumers (**+18% YoY**) [1] - County-level revenue surged **50%+ YoY**, with non-meal revenue (e.g., beverages, supermarkets, baked goods, pharmaceuticals, and cosmetics) growing **32%**, now accounting for **58%** of total revenue (vs. **52%** last year) [1] Last-Mile Delivery - Revenue increased **20% YoY**, with further penetration into SF Express's order volume [1] - E-commerce parcels continue to drive demand, with same-day and half-day delivery scenarios seeing revenue double YoY [1] Financial Forecasts - Revenue for 2024E is revised down by **-1.6% to RMB 14.9 billion**, while 2025E and 2026E forecasts remain unchanged at **RMB 17.97 billion** and **RMB 21.11 billion**, respectively [3] - Gross margin for 2024E is adjusted to **6.8%** (from **7.1%**), with 2025E and 2026E margins stable at **7.3%** and **8.1%**, respectively [3] - Adjusted net profit for 2024E is raised by **9.2% to RMB 156 million**, with net margins of **1.0%**, **2.0%**, and **3.3%** for 2024E, 2025E, and 2026E, respectively [3] Industry Coverage - The report covers multiple companies in the internet and education sectors, with **Buy** ratings for companies like Baidu (BIDU US), Bilibili (BILI US), and Tencent Music (TME US) [6] - SF Intra-City is categorized under the logistics sector, with a **Buy** rating and a target price of HKD 13.50 [6] Financial Ratios and Metrics - Gross margin is expected to improve from **6.4% in 2023** to **8.1% in 2026E** [7] - ROE is projected to increase from **1.7% in 2023** to **17.0% in 2026E**, reflecting improved profitability [7] - The company's liquidity remains strong, with a current ratio of **2.7** in 2024E, improving to **2.9** by 2026E [7]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Hangzhou SF Intra-city Industrial Co., Ltd. 杭州順豐同城實業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9699） 中期業績公告 截至2024年6月30日止六個月 杭州順豐同城實業股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公 司及其附屬公司（統稱「本集團」）於截至2024年6月30日止六個月（「報告期間」）的 業績連同截至2023年6月30日止六個月的比較數字。除另有界定者外，本公告所 用詞彙與本公司所刊發日期為2021年11月30日的招股章程（「招股章程」）所界定 者具有相同涵義。 於本公告中，「我們」指本公司及（除非文義另有規定）本集團。 | --- | --- | |-------|------------------------------------------------------------------- ...