Core Viewpoint - SF Holding is preparing for its IPO in Hong Kong, having passed the listing hearing on November 10, and is recognized as the largest integrated logistics service provider in China and Asia by revenue in 2023, and the fourth largest globally [1] Group 1: Market Position - According to a report by Frost & Sullivan, SF Holding leads in five logistics segments in China and four in Asia, offering comprehensive logistics services including express delivery, freight, cold chain logistics, same-city real-time delivery, supply chain solutions, and international logistics [1] - As of June 30, 2024, SF Holding has a vast global delivery network covering 202 countries and regions, operating 99 aircraft and over 186,000 vehicles, making it the largest air and land transport fleet in Asia [1] - The company holds 4,199 patents and patent applications, emphasizing its technology-driven approach and continuous innovation [1] Group 2: Financial Performance - In the logistics sub-sectors in China, SF Holding holds market shares of 11.7% in express delivery, 1.7% in less-than-truckload freight, 2.2% in cold chain logistics, 13.8% in same-city instant delivery, and 3.2% in end-to-end supply chain solutions, with express delivery being its flagship product at a 63.9% market share in 2023 [2] - For the first three quarters of 2024, SF Holding reported revenue of 206.861 billion yuan and a net profit of 7.617 billion yuan, with Q3 revenue reaching 72.451 billion yuan, a year-on-year increase of 12.07%, and a net profit of 2.810 billion yuan, up 34.59% year-on-year [2]

顺丰控股股份有限公司 关于刊发境外上市外资股（H 股）发行聆讯后资料集的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 顺丰控股股份有限公司（以下简称"公司"）正在进行发行境外上市外资 股（H股）股票并在香港联合交易所有限公司（以下简称"香港联交所"）主 板挂牌上市（以下简称"本次发行上市"）的相关工作。 2023年8月21日，公司向香港联交所递交了本次发行上市的申请，并于同日 在香港联交所网站刊登了申请资料。2024年6月28日，按照本次发行上市的时间 安排并根据香港联交所的相关规定，公司更新递交了本次发行上市的申请，并 于同日在香港联交所网站刊登了更新申请资料。 2024年5月31日，中国证券监督管理委员会就公司本次发行上市出具《关于 顺丰控股股份有限公司境外发行上市备案通知书》（国合函〔2024〕1156号）。 2024年9月12日，香港联交所上市委员会举行上市聆讯，审议了公司本次发行上 市的申请。关于本次发行上市的相关进展具体内容详见公司在巨潮资讯网披露 的公告。 根据本次发行上市的安排，公司按照有关规定在香港联交所网站刊登本次 发行上市聆讯后资 ...

证券代码：002352 证券简称：顺丰控股 公告编号：2024-100 顺丰控股股份有限公司 关于控股股东部分股份解除质押和办理质押的公告 截至本公告披露日，明德控股所持股份质押情况如下： 本公司及董事会全体成员保证信息披露的内容真实、准确、完整, 没有虚假记载、误导 性陈述或重大遗漏。 顺丰控股股份有限公司（以下简称"公司"）近日收到控股股东深圳明德控 股发展有限公司（以下简称"明德控股"）的通知，获悉其所持有的公司部分股 份解除质押以及办理质押，具体事项如下： 一、 股东股份解除质押和办理质押的基本情况 | 股东名 | 是否为控股股东 | | 本次解除质押 | 占其所持 | 占公司总 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 称 | 或第一大股东及 | | 股份数量 | 股份比例 | 股本比例 | 质押起始日 | 质押解除日 | 质权人 | | | 其一致行动人 | | （股） | | | | | | | 明德控 | | | | | | 2022 年 4 | 2024 年 11 | 平安银行股 | | 注 | | 是 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company reported a significant improvement in profitability, with a year-on-year increase in net profit of 34.6% for Q3 2024, driven by revenue growth and effective cost management [2][4] - The company is preparing for an H-share listing and has announced special dividends totaling approximately 48 billion RMB, alongside a mid-term dividend of 4 RMB per share [4][5] - The company's core logistics and supply chain segments are expected to continue driving growth, with a forecasted net profit of 95 billion RMB for 2024 [5][6] Summary by Sections Financial Performance - In Q3 2024, the company achieved operating revenue of 72.45 billion RMB, a year-on-year increase of 12.1%, and a net profit of 2.81 billion RMB, up 34.6% [2][3] - For the first three quarters of 2024, the company reported total revenue of 206.86 billion RMB, reflecting a 9.4% increase year-on-year, with net profit rising by 21.6% to 7.62 billion RMB [2][3] Operational Highlights - The company handled 3.23 billion express parcels in Q3 2024, a 14.4% increase year-on-year, indicating strong operational performance [3] - The logistics segment's revenue grew by 7.6%, while the supply chain and international business segments saw a substantial revenue increase of 27.2% [3][4] Profitability Metrics - The gross profit for Q3 2024 was 10.24 billion RMB, with a gross margin of 14.1%, an increase of 2.2 percentage points year-on-year [4] - The net profit margin for Q3 2024 was 3.9%, up 0.7 percentage points from the previous year [4] Future Outlook - The company is expected to maintain its competitive edge through its direct sales network and lean management practices, with projected net profits of 95 billion RMB, 110 billion RMB, and 129 billion RMB for 2024, 2025, and 2026 respectively [5][6] - The company aims to enhance its international presence and operational efficiency, positioning itself for sustained growth in the logistics sector [5][6]

公 司 点 评 报 告 公 司 研 究 | --- | --- | |----------------------------|------------| | | | | | | | ＃市场数据 marketData ＃ | | | 市场数据日期 | 2024-11-01 | | 收盘价（元） | 45.33 | | 总股本（百万股） | 4816.19 | | 流通股本（百万股） | 4788.77 | | 净资产（百万元） | 90625.4 | | 总资产（百万元） | 214021.55 | | 每股净资产 ( 元 ) | 18.82 | ＃相关报告 relatedReport＃ 《【兴证交运】顺丰控股 2024 年 中报点评：运营变革逐步度过过 渡期，成本改善效果释放》2024- 08-30 《【兴证交运】顺丰控股 2023 年 报点评：速运本部收入增长 10%，保持耐心关注供给端进化 引领需求破局》2024-03-29 《【 兴 证 交 运 】 顺 丰 控 股 （002352.SZ）跟踪报告：低空经 济迎政策利好、顺丰无人机布局 迎应用契机》2024-02-12 ＃分析师： emailAuthor ...

Investment Rating - The report maintains a "Buy" rating for SF Holding (002352 SZ) [1][3] Core Views - SF Holding achieved revenue of 206 861 billion yuan in the first three quarters of 2024, a year-on-year increase of 9 44%, with net profit attributable to shareholders of 7 617 billion yuan, up 21 59% year-on-year [1] - In Q3 2024, the company's revenue reached 72 451 billion yuan, a year-on-year increase of 12 07%, with net profit attributable to shareholders of 2 810 billion yuan, up 34 59% year-on-year [1] - The company's express delivery volume in Q3 2024 reached 3 229 billion pieces, a year-on-year increase of 14 37% [1] - SF Holding announced a special dividend plan of 10 yuan per 10 shares and a mid-term dividend plan of 4 yuan per 10 shares, with total dividends expected to reach 6 72 billion yuan [1] Financial Performance - The company's gross profit margin in Q3 2024 was 14 14%, an increase of 2 16 percentage points year-on-year [1] - Operating cash flow in Q3 2024 reached 8 83 billion yuan, a year-on-year increase of 23 5% [1] - The company's sales, management, R&D, and financial expense ratios in the first three quarters of 2024 were 1 1%, 6 5%, 0 9%, and 0 7% respectively, showing a stable or declining trend [1] Business Segments - The express logistics segment revenue increased by 7 57% year-on-year in Q3 2024, driven by improved service competitiveness and expansion into new customer groups and business scenarios [1] - The supply chain and international segment revenue grew by 27 22% year-on-year in Q3 2024, benefiting from rising international shipping rates and increased air freight demand [1] Valuation and Forecast - The report forecasts SF Holding's net profit attributable to shareholders for 2024-2026 to be 10 33 billion yuan, 11 32 billion yuan (down 7 3%), and 13 48 billion yuan (down 4 2%) respectively [1] - The company's P/E ratio for 2024-2026 is expected to be 21x, 20x, and 16x respectively [2] - The company's ROE (diluted) for 2024-2026 is projected to be 10 40%, 10 60%, and 11 64% respectively [2] Market Data - SF Holding's total market capitalization is 221 978 billion yuan, with a total share capital of 4 816 billion shares [3] - The stock's 52-week high and low prices are 49 38 yuan and 32 41 yuan respectively [3] - The stock's 3-month turnover rate is 28 82% [3]

2024 年 11 月 01 日 评级：买入(维持) | --- | --- | --- | |--------------|-------|-----------------------------------------| | | | | | 研究所： | | | | 证券分析师： | | 祝玉波 S0350523120005 | | | | zhouyb01@ghzq.com.cn | | 联系人 | ： | 史亚州 S0350124060026 shiyz@ghzq.com.cn | | 联系人 | ： | 张晋铭 S0350124040003 | | | | zhangjm02@ghzq.com.cn | 最近一年走势 | --- | --- | --- | --- | |---------------------|-----------|-------|------------------| | 相对沪深 300 \n表现 | 表现 \n1M | 3M | 2024/10/31 \n12M | | 顺丰控股 | -0.7% | 27.4% | 15.5% | | 沪深 300 | -3.2% | ...

证券代码：002352 证券简称：顺丰控股 公告编号：2024-099 顺丰控股股份有限公司 关于回购公司股份的进展公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 （2）中国证监会及深圳证券交易所规定的其他情形。 1 2、公司未在下列交易时间进行回购股份的委托：（1）开盘集合竞价；（2） 收盘集合竞价；（3）股票价格无涨跌幅限制的交易日内。 3、公司回购股份的价格低于公司股票当日交易涨幅限制的价格。 4、关于回购事项具体内容及历史进展详见公司于 2024 年 4 月 30 日、2024 年 5 月 6 日、2024 年 6 月 1 日、2024 年 7 月 2 日、2024 年 7 月 20 日、2024 年 8 月 1 日、2024 年 9 月 3 日、2024 年 10 月 9 日在巨潮资讯网（www.cninfo.com.cn） 上披露的公告。 一、回购进展 继 2024 年 4 月 26 日完成 2024 年内第 1 期人民币 10 亿元的回购方案后， 基于对未来发展前景的信心和对自身价值的高度认同，顺丰控股股份有限公司 （以下简称"公司"）于 2 ...

证券研究报告 非金融公司|公司点评|顺丰控股（002352） Q3 业绩同增 35%，盈利能力稳步提升 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月31日 证券研究报告 |报告要点 公司发布 2024 年三季报。2024 年前三季度，公司实现营收 2068.61 亿元，同比增长 9.44%， 其中第三季度实现营收 724.51 亿元，同比增长 12.07%；前三季度公司实现归母净利润 76.17 亿元，同比增长 21.59%，其中第三季度实现归母净利润 28.10 亿元，同比增长 34.59%。 |分析师及联系人 曾智星 李蔚 SAC：S0590524100004 SAC：S0590522120002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年10月31日 顺丰控股(002352) Q3 业绩同增 35%，盈利能力稳步提升 | --- | --- | --- | |----------------------------|-------|---------------| | | | | | 行 业： | | 交通运输/物 ...