Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [4][6]. Core Insights - The company reported a significant increase in revenue and net profit for Q3 2024, with revenue reaching 72.45 billion yuan, a year-on-year growth of 12.07%, and net profit of 2.81 billion yuan, up 34.59% year-on-year [4][5]. - The company has demonstrated resilience in its operations, achieving a volume of 3.229 billion parcels in Q3 2024, reflecting a 14.37% increase year-on-year, despite external pressures [5]. - The company has announced substantial dividend plans, including a mid-term dividend of 1.92 billion yuan and a special dividend of 4.8 billion yuan, totaling over 6.7 billion yuan, showcasing its commitment to shareholder returns [5]. - The ongoing IPO process for the Hong Kong market is expected to enhance the company's international business capabilities and create further growth opportunities [5]. Financial Summary - For the fiscal year 2024, the company is projected to achieve total revenue of 290.917 billion yuan, with a year-on-year growth rate of 12.6% [7]. - The net profit for 2024 is estimated at 10.027 billion yuan, reflecting a growth rate of 21.8% compared to the previous year [7]. - The earnings per share (EPS) is expected to reach 2.08 yuan in 2024, with a consistent upward trend projected for the following years [7][9].

Investment Rating - The report maintains a "Buy" rating for the company, with a target EPS forecast of 2.13, 2.52, and 2.88 for the years 2024, 2025, and 2026 respectively, corresponding to PE ratios of 20.20X, 17.08X, and 14.93X [3][7]. Core Insights - The company reported a total parcel volume of 9.428 billion, representing a year-on-year increase of 9.08% for Q1-Q3 2024. The total revenue reached 206.861 billion yuan, up 9.44% year-on-year, while the net profit attributable to shareholders was 7.617 billion yuan, reflecting a 21.59% increase compared to the previous year [3]. - The company has introduced a special dividend plan, proposing a cash dividend of 10 yuan per 10 shares, amounting to an estimated total of 4.8 billion yuan for shareholders [2][3]. - The company continues to focus on sustainable development, with steady revenue growth across its business segments. The revenue from express logistics and supply chain businesses reached 149.847 billion yuan and 50.736 billion yuan, respectively, with year-on-year growth of 7.61% and 15.36% [3]. Financial Performance Summary - For Q1-Q3 2024, the company achieved a gross profit margin of 13.96%, an increase of 0.97 percentage points year-on-year, supported by ongoing optimization of its network structure [3]. - The operating costs for Q1-Q3 2024 were 197.592 billion yuan, a year-on-year increase of 7.92%. The quarterly operating costs for Q1, Q2, and Q3 were 63.130 billion yuan, 65.599 billion yuan, and 68.863 billion yuan, respectively [3]. - The company has also enhanced its operational efficiency through lean management and technological empowerment, with sales expenses, management expenses, R&D expenses, and financial expenses showing varied changes in their expense ratios [3]. Capacity and Infrastructure Development - The company has significantly improved its capacity at the Ezhou Huahu Hub, with 55 domestic cargo routes and 13 international cargo routes operational as of mid-2024, connecting 40 cities domestically and reaching 15 international stations. The international cargo throughput at this hub increased by over 50% compared to December 2023 [3].

证券代码：002352 证券简称：顺丰控股 公告编号：2024-098 顺丰控股股份有限公司 2024 年中期分红及回报股东特别分红权益分派实施公告 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。 特别提示： 1、根据《中华人民共和国公司法》、《深圳证券交易所上市公司自律监管指引第 9 号— —回购股份》等相关规定，顺丰控股股份有限公司（以下简称"公司"）通过回购专用证券账 户（以下简称"回购专户"）持有的公司股份不享有参与本次利润分配的权利。 2、公司 2024 年中期分红权益分派方案为：以实施分配方案时股权登记日（2024 年 11 月 6 日）的总股本 4,816,186,983 股减去公司回购专户股份 20,771,358 股后的 4,795,415,625 股为 基数，向全体股东每 10 股派 4.0 元人民币现金（含税），本次不进行公积金转增股本、不送 红股。 公司回报股东特别分红权益分派方案为：以实施分配方案时股权登记日（2024 年 11 月 6 日）的总股本 4,816,186,983 股减去公司回购专户股份 20,771,358 股后的 4, ...

Investment Rating - The report maintains a "Buy" rating for SF Holding (002352.SZ) [2] Core Views - In Q3 2024, SF Holding achieved revenue of 725 billion RMB, a year-on-year increase of 12.1%, and a net profit attributable to shareholders of 28 billion RMB, up 34.6% year-on-year [2] - The company experienced double-digit growth in parcel volume, with a total of 3.229 billion parcels delivered in Q3, representing a 14.37% increase year-on-year [2] - The supply chain and international segments saw significant revenue growth of 27.22%, driven by rising international shipping rates and stable cargo volumes [2] - The company has improved its profitability, with a gross margin increase of 2.2 percentage points to 14.1% in Q3 2024, and a net profit margin increase of 0.6 percentage points to 3.9% [2] - SF Holding announced a mid-term dividend plan, proposing a cash dividend of 4 RMB per 10 shares, totaling approximately 19.2 billion RMB, and a special dividend of 10 RMB per 10 shares, totaling around 48 billion RMB [2] Financial Summary - For the first three quarters of 2024, SF Holding reported total revenue of 206.9 billion RMB, a 9.4% increase year-on-year, and a net profit of 7.6 billion RMB, up 21.6% year-on-year [2] - The company has revised its net profit forecasts for 2024-2026 to 10.3 billion RMB, 12.1 billion RMB, and 14.3 billion RMB, respectively, reflecting ongoing operational improvements [2] - The report highlights a consistent focus on lean resource planning and cost control, which has contributed to the company's operational efficiency [2][6]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][4][8] Core Views - The company has shown significant growth in its financial performance, with a revenue of 206.86 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.4%. The net profit attributable to shareholders reached 7.62 billion yuan, up 21.6% year-on-year [1][4] - The revenue growth rate has improved sequentially, driven by stable growth in express delivery and accelerated growth in international business. The revenue growth rates for Q1, Q2, and Q3 of 2024 were 7.0%, 9.1%, and 12.1%, respectively [1][4] - The company's gross profit for Q3 was 10.243 billion yuan, a year-on-year increase of 32.3%, with a gross margin of 14.14%, up 2.16 percentage points year-on-year [1][7] - Capital expenditures have been on a downward trend, with 6.85 billion yuan in capital expenditures for the first three quarters of 2024, a decrease of 1.62 billion yuan year-on-year, which is beneficial for improving profitability [1][7] Financial Summary - For 2024, the company is expected to achieve a net profit of 10.03 billion yuan, with a year-on-year growth of 21.8%. The projected net profits for 2025 and 2026 are 11.63 billion yuan and 13.63 billion yuan, respectively, with growth rates of 16.0% and 17.2% [2][8] - The company's revenue is projected to be 284.51 billion yuan in 2024, with a growth rate of 10.1%, and is expected to reach 348.34 billion yuan by 2026 [2][8] - The company's return on equity (ROE) is forecasted to improve from 10.2% in 2024 to 12.0% in 2026 [2][8]

证券时报记者 康殷 10月29日晚间，顺丰控股(002352)发布2024年第三季度报告，前三季度营收达到2068.61亿元，净利润达 到76.17亿元。 其中，第三季度业绩实现强劲增长，营业收入达到724.51亿元，同比增长12.07%；归母净利润28.10亿 元，同比增长34.59%，归母净利润率为3.88%，较上年同期提升0.65个百分点；扣非归母净利润达25.95 亿元，同比增长40.98%，扣非归母净利润率为3.58%，较上年同期提升0.73个百分点。 顺丰控股2024年第三季度总件量达成32.29亿票，同比增长14.37%。在时效服务方面，公司始终保持领 先于行业的服务竞争力、拓展新兴产业客群和新业务场景，同时以更高性价比服务渗透至更多生产和消 费领域的物流市场，做大业务规模，实现速运物流板块收入同比增长7.57%。 受益于国际海运运费上升且货量稳定，国际空运需求增加，顺丰国际货运及代理业务收入实现较高同比 增长；同时公司持续深化业务融通，不断开拓供应链及国际市场，实现供应链及国际板块收入同比增长 27.22%。 值得注意的是，顺丰控股坚持精益化资源规划与成本管控，实现业务增长与规模效益双提升的良 ...

证 券 研 究 报 告 顺丰控股（002352）2024 年三季报点评 强推（维持） 24Q3 归母净利同比增长 35%，业绩超预期，看好公 公司研究 物流 2024 年 10 月 29 日 目标价：53 元 当前价：43.05 元 司净利率可持续提升，持续强推 | --- | --- | --- | --- | --- | --- | --- | --- | |-------|----------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------|----------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report is optimistic about the company's transformation into a comprehensive logistics provider, highlighting its extensive logistics business development and positioning as Asia's largest integrated logistics service provider [1] - The company achieved a net profit attributable to shareholders of 7.617 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 21.59%, with a single-quarter net profit of 2.810 billion yuan, up 34.59% year-on-year [1] - Revenue is expected to grow steadily, with a year-on-year increase of 9.44% in the first three quarters and 12.07% in the third quarter [1] - Profit margins are anticipated to improve due to reduced capital expenditures and operational optimizations, with a net profit margin of 3.68% in the first three quarters, up 0.37 percentage points year-on-year [1] - The company is expected to enhance shareholder returns, with a proposed dividend payout ratio of 35.1% for 2023, an increase of 15.4 percentage points year-on-year [1] Summary by Sections Financial Performance - The company reported total revenue of 258.409 billion yuan in 2023, with a year-on-year decrease of 3.4%, and is projected to reach 284.124 billion yuan in 2024, reflecting a growth rate of 10.0% [2][4] - The net profit attributable to shareholders for 2023 was 8.234 billion yuan, with a year-on-year growth of 33.4%, and is expected to reach 9.726 billion yuan in 2024, growing by 18.1% [2][4] - The gross profit margin is projected to improve from 12.8% in 2023 to 13.1% in 2024 [2][4] Future Outlook - The company is expected to achieve net profits of 9.726 billion yuan, 11.729 billion yuan, and 14.194 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 21.32, 17.68, and 14.61 [2] - The establishment of the Ezhou Airport hub is anticipated to empower international business, significantly expanding the company's long-term value potential [1]

本公司及董事全体成员保证公告内容真实、准确和完整，公告不存在虚假记 载、误导性陈述或者重大遗漏。 证券代码：002352 证券简称：顺丰控股 公告编号：2024-097 顺丰控股股份有限公司 2024 年第一次临时股东大会决议公告 6、公司董事、监事、高级管理人员出席了本次会议，见证律师列席了本次会议。 7、本次股东大会的召开符合《公司法》、《公司章程》等法律、法规及规范性 文件的规定。 8、参加本次股东大会表决的股东及股东授权代表共计 2,380 名，代表股份数量 为 3,149,450,768 股，占公司有表决权股份总数的 65.6798%。其中： 特别提示： 1、本次股东大会无否决提案的情况； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、现场会议召开时间：2024 年 10 月 29 日下午 15：00 开始。 2、召开地点：深圳市南山区科技南一路深投控创智天地大厦 B 座会议室。 3、召开方式：本次会议采取现场投票和网络投票相结合的方式，并通过深圳证 券交易所交易系统和互联网投票系统提供网络投票平台。 4、召集人：公司董事会。 5、主持人：董事长王卫先生主持本次会 ...

上海澄明则正律师事务所 法律意见书 本所依据本法律意见书出具日之前已经发生或存在的事实及中国现行法律、 法规及规范性文件发表法律意见。 本所同意将本法律意见书作为公司本次股东大会公告的法定文件，随公司其 他公告一并提交深圳证券交易所审查并予公告。 本所律师已经对公司提供的与本次股东大会有关的文件、资料及证言进行审 查判断，并据此出具法律意见。 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责精神，对公司 本次股东大会的相关法律问题发表如下意见： 一、本次股东大会的召集、召开程序 上海澄明则正律师事务所 关于顺丰控股股份有限公司 2024 年第一次临时股东大会的法律意见书 致：顺丰控股股份有限公司 上海澄明则正律师事务所（以下简称"本所"），接受顺丰控股股份有限公 司（以下简称"公司"）的委托，指派本所律师出席公司 2024 年第一次临时股 东大会（以下简称"本次股东大会"），并根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股东大会规则》（以下简称"《股东大会规则》"）以及《顺丰控股 股份有限公司章程》（以下简称"《公司章程》"） ...