证券代码：002352 证券简称：顺丰控股 公告编号：2024-088 顺丰控股股份有限公司 关于 2022 年股票期权激励计划首次授予股票期权第二个行权期 及预留授予股票期权第一个行权期行权条件成就的公告 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。 重要提示： 1、公司 2022 年股票期权激励计划首次授予股票期权第二个行权期符合行权 条件的激励对象共 1,222 名，涉及的可行权的股票期权数量为 792.7390 万份，占 公司目前总股本的 0.1646%；预留授予股票期权的第一个行权期符合行权条件的 激励对象共 31 名，涉及的可行权的股票期权数量为 24.1313 万份，占公司目前 总股本的 0.0050%；行权价格均为 41.593 元/股。 2、本次股票期权行权采用自主行权模式。 3、本次行权事宜需在中国证券登记结算有限责任公司深圳分公司的手续办 理结束后方可行权，届时将另行公告，敬请投资者注意。 顺丰控股股份有限公司（以下简称"公司"或"顺丰控股"）于 2024 年 10 月 10 日召开第六届董事会第十五次会议及第六届监事会第十一次会议审议通 ...

证券代码：002352 证券简称：顺丰控股 公告编号：2024-079 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。 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 2024 年 4 月 29 日召开第六届董事会第十三次会议审议 通过了《关于 2024 年第 2 期回购股份方案的议案》，本次回购的资金总额不低 于人民币 5 亿元且不超过人民币 10 亿元，回购价格不超过人民币 53 元/股，回 购期限为自公司董事会审议通过回购方案之日起 12 个月内。 公司自 2024 年 4 月 30 日起开始实施回购。截至 2024 年 9 月 30 日，公司通 过股份回购专用证券账户以集中竞价方式累计回购公司股份 20,771,358 股，回购 总金额约为人民币 758,008,350.88 元（不含交易费用），回购股数占公司目前总 股本 0.43%，平均成交价为 ...

好的那各位投资人大家下午好啊我这里是广发交运的徐可和周渊宇啊今天我们两个呢一起给大家汇报一下啊我们现在这个啊看多顺丰控股的啊这个推荐逻辑啊那顺丰控股的深度报告呢其实我们是发发在这个三天以前刚好发在呢 这个市场片底部的这样的一个位置啊但整天报告的一个一个筹备呢其实已经有一段时间啊那么我们这个虽然看到最近公司呢是在跟着整个顺周期的一个板块在反弹啊但其实呢这个反弹之外呢啊这个我们也已经看到公司在基本面上啊有了更多的支撑那么这种反弹的延续为反转啊他是有更多种的可能性啊这是我们推荐顺风的一个大的前提 好,那我今天的话呢,主要还是先简单介绍一下我们现在推荐顺风的三个核心思路和逻辑。第一个思路是转型,我们看到顺风它是一个利空促进的这样的一个逻辑,会极大地受益于整个顺周期板块的这样的一个反弹,以为顺风的一个十条街业务,它是和我们国家的经济周期、产业周期高度相关的。 第二个就是中期去看的话我认为顺丰的一个管理优化和降本增效依然是有空间的换句话说就是顺丰的不仅在收入端有体现为正周期的属性在成本端的顺丰体现为物流公司的主流它具备向管理提交利润的这样一个能力不管收入接下来向上向下发生什么样的变化顺丰的利润率在过去三年一直延续着一个不 ...

Investment Rating - The report assigns an "Overweight" rating to SF Holdings (002352 SZ) with a target price of 41 13 yuan per share [4] Core Views - SF Holdings is a leading integrated logistics company in China with a 30-year history and a strong brand presence The company has diversified into express delivery cold chain and international logistics achieving a 23% CAGR in revenue over the past five years [2] - The company's time-sensitive express delivery business is positioned in the high-end market with a steep pricing curve supported by its advanced infrastructure including Ezhou Airport and a large fleet of aircraft [2] - SF's international business is in its early stages but has shown promising growth through strategic acquisitions such as Kerry Logistics and the integration of aviation resources The company is transitioning from a light to a heavy asset model expanding its global coverage [2] - The report forecasts EPS for 2024-2026 to be 2 06 2 37 and 2 68 yuan per share respectively with a 20x PE valuation for 2024 [2] Financial Performance - Revenue is expected to grow from 267 49 billion yuan in 2024E to 350 57 billion yuan in 2026E with a CAGR of 11 4% [3] - EBITDA is projected to increase from 28 14 billion yuan in 2024E to 35 02 billion yuan in 2026E [3] - Net profit attributable to shareholders is forecasted to grow from 6 17 billion yuan in 2024E to 12 90 billion yuan in 2026E with a CAGR of 13 2% [3] - ROE is expected to improve from 7 2% in 2022A to 12 2% in 2026E [3] Business Segments Time-Sensitive Express Delivery - SF's time-sensitive express delivery business is the core of its operations contributing 60% of the express logistics revenue in 2023 The company has refined its product offerings to cater to high-end customers with a focus on improving pricing power [47] - The company has achieved a leading position in the domestic time-sensitive express market with a 63 5% market share in 2022 [45] - SF's pricing strategy is becoming more sophisticated with a steeper pricing curve similar to international players like UPS [54][55] International Business - SF's international business has grown rapidly with revenue increasing from 13 42 billion yuan in 2020 to 62 86 billion yuan in 2023 representing a CAGR of 67 3% [30] - The acquisition of Kerry Logistics has strengthened SF's presence in Southeast Asia and expanded its international logistics capabilities [27] - The company is transitioning from a light to a heavy asset model in its international operations aiming to capture a larger share of the global logistics market [2] Cost Optimization and Efficiency - SF has implemented a multi-network integration strategy to optimize costs and improve efficiency The company has achieved significant cost reductions in transportation and labor costs with a 7 75% decrease in transportation costs as a percentage of revenue in 2023 [36] - The company's net profit margin has improved from 1 93% in 2022H1 to 3 19% in 2023 driven by cost optimization and operational efficiency [47] Strategic Assets - Ezhou Huahu Airport a key strategic asset for SF has been operational since 2022 and serves as a major hub for the company's logistics network The airport is expected to enhance SF's time-sensitive delivery capabilities and support its international expansion [61][62] - SF's fleet of aircraft is a critical asset enabling the company to maintain its competitive edge in the time-sensitive express delivery market [40] Market Position and Future Outlook - SF is the largest integrated logistics service provider in Asia and the fourth largest globally The company has established a leading position in multiple logistics segments including express delivery cold chain and international logistics [13] - The company's long-term growth is expected to be driven by its international business which offers significant market potential in global logistics [30] - SF's focus on cost optimization and efficiency improvements is expected to support its profitability in the medium term while its international expansion will drive long-term growth [33]

证券代码：002352 证券简称：顺丰控股 公告编号：2024-078 顺丰控股股份有限公司 2024年8月快递物流业务经营简报 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。 根据《深圳证券交易所上市公司自律监管指引第 3 号——行业信息披露》的 规定，顺丰控股股份有限公司（以下简称"公司"）现披露 2024 年 8 月业务经 营简报情况如下： | 项目 | 2024 | 年 | 8 月 | 2023 年 | 8 月 | 同比变动 | | --- | --- | --- | --- | --- | --- | --- | | 1、速运物流业务 | | | | | | | | 营业收入（亿元） | | | 163.46 | | 150.54 | 8.58% | | 业务量（亿票） | | | 10.43 | | 9.10 | 14.62% | | 单票收入（元） | | | 15.67 | | 16.54 | -5.26% | | 2、供应链及国际业务 | | | | | | | | 营业收入（亿元） | | | 66.35 | | 52.18 | 27.16 ...

Investment Rating - The report maintains a "Strong Buy" rating for SF Holding (002352) with a target price of 49.7 CNY, representing a 37% upside from the current price of 36.12 CNY [2][7]. Core Views - Since 2022, SF Holding's net profit margin has been continuously improving, with Q2 2024 performance exceeding expectations. However, the company's valuation has declined, reflecting market concerns about the sustainability of this net profit margin improvement [5][11]. - The report analyzes net profit margin sustainability through three dimensions: cost, revenue, and international business [5][6]. Cost Analysis - The company has achieved significant cost reductions, with cost savings from multi-network integration exceeding 6 billion, 8 billion, and 11 billion CNY from 2021 to 2023, respectively, and approximately 6 billion CNY in H1 2024 [5][19]. - The operational model transformation supports ongoing cost reductions, categorized into "1+3": multi-network integration, optimization of capacity, transfer, and terminal links [25][26]. - The rising labor costs for delivery personnel are being addressed through a shift from cost centers to revenue expansion, enhancing employee engagement and operational efficiency [5][6]. Revenue Analysis - The demand for time-sensitive express delivery remains resilient, with revenue growth rates of 6.8%, 9.2%, and 5.6% in 2022, 2023, and H1 2024, respectively, all exceeding GDP growth [5][6]. - The company has the highest market share in time-sensitive express delivery, which drives incremental demand through quality improvements and product diversification [5][6]. International Business Analysis - The international business segment is viewed as a high-margin opportunity, with significant growth potential driven by China's industrial upgrades and the need for global logistics service providers [5][6]. - SF Holding has established a competitive advantage with the largest fleet of dedicated cargo aircraft in the domestic market, enhancing its international service capabilities [5][6]. - The report anticipates that the profitability of the international business segment will enter an upward trajectory [5][6]. Financial Projections - The report maintains profit forecasts, expecting net profits of 9.86 billion, 11.71 billion, and 13.91 billion CNY for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 18, 15, and 13 [7][8]. - The company plans to increase its dividend payout ratio from 20% to 35% in 2023, with a commitment to gradually increase the payout ratio from 2024 to 2028 [7][8].

证券代码：002352 证券简称：顺丰控股 公告编号：2024-077 公司本次发行上市尚需取得香港证券及期货事务监察委员会和香港联交所 等相关政府机关、监管机构的核准和/或批准，该事项仍存在不确定性。公司将 根据该事项的进展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 顺丰控股股份有限公司 董 事 会 二○二四年九月十四日 1 顺丰控股股份有限公司 关于香港联交所审议公司发行 H 股的公告 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"）正在进行申请发行境外上市 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，香港联交所上市委 员会于2024年9月12日举行上市聆讯，审议公司本次发行上市的申请。 公司本次发行上市的联席保荐人已于2024年9月13日收到香港联交所向其发 出的信函，其中指出香港联交所上市委员会已审阅公司的上市申请，但该信函 不构成正式的上市批准，香港联交所仍有对公司的上市申请提出进一步意见的 权力。 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨顺丰控股（002352.SZ） [Table_Title] 精益管理促进降本，盈利能力稳步提升 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 2024Q2 ，公司实现营业收入 690.7 亿元，同比增长 9.1% ；实现归母净利润 29.0 亿元，同比增 | | | 长 17.9% 。二季度公司件量实现稳健增长，单价同比下降。多元业务中，大件货量增速亮眼， 国际及供应链营收同 ...

Investment Rating - The report maintains a "Buy" rating for SF Holding (002352 SZ) [3][5] Core Views - SF Holding achieved revenue of 134 41 billion yuan in 2024H1, up 8 1% YoY, with net profit attributable to shareholders of 4 81 billion yuan, up 15 1% YoY [2] - The company's express delivery volume grew 6 3% YoY to 6 24 billion pieces in 2024H1, with adjusted growth of 14 3% after excluding Fengwang [2] - SF Holding's profitability improved significantly, with gross profit up 10 8% YoY to 18 63 billion yuan and gross margin increasing by 0 4 percentage points to 13 9% [2] - The company's capital expenditure decreased by 26 0% YoY to 6 17 billion yuan in 2024H1, indicating a peak has passed [2] Business Segment Performance - Time-sensitive express business revenue grew 5 6% YoY to 59 19 billion yuan in 2024H1 [2] - Economy express business revenue increased 9 3% YoY to 13 25 billion yuan [2] - Freight business revenue rose 16 1% YoY to 17 55 billion yuan [2] - Cold chain and pharmaceutical business revenue declined 5 2% YoY to 5 06 billion yuan [2] - Intra-city delivery business revenue surged 18 5% YoY to 3 96 billion yuan [2] - International and supply chain business revenue grew 8 1% YoY to 31 20 billion yuan [2] Financial Projections - Revenue is expected to grow from 291 46 billion yuan in 2024E to 368 52 billion yuan in 2026E [4] - Net profit attributable to shareholders is projected to increase from 9 45 billion yuan in 2024E to 12 92 billion yuan in 2026E [4] - EPS is forecasted to grow from 1 96 yuan in 2024E to 2 68 yuan in 2026E [4] - ROE is expected to improve from 9 1% in 2024E to 10 5% in 2026E [8] Valuation Metrics - Current P/E ratio stands at 21 2x for 2023A, expected to decrease to 13 5x by 2026E [8] - P/B ratio is 1 9x for 2023A, projected to decline to 1 5x by 2026E [8] - The stock's current price is 36 68 yuan with a market capitalization of 176 65 billion yuan [5]

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 2024 年 4 月 29 日召开第六届董事会第十三次会议审议 通过了《关于 2024 年第 2 期回购股份方案的议案》，本次回购的资金总额不低 于人民币 5 亿元且不超过人民币 10 亿元，回购价格不超过人民币 53 元/股，回 购期限为自公司董事会审议通过回购方案之日起 12 个月内。 公司自 2024 年 4 月 30 日起开始实施回购。截至 2024 年 8 月 31 日，公司通 过股份回购专用证券账户以集中竞价方式累计回购公司股份 15,425,458 股，回购 总金额约为人民币 563,265,108.66 元（不含交易费用），回购股数占公司目前总 股本 0.32%，平均成交价为 36.52 元/股（最高成交价为 37.88 元/股，最低成交价 为 33.79 元/股）。本次回购符合相关法律法规的要求，符合既定的回购方案。 二、其他说明 证券代码：002352 证券简称：顺丰控股 公告编号：20 ...