Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Insights - The company reported a total parcel volume of 6.24 billion pieces in H1 2024, representing a year-on-year increase of 6.3% [1]. - In H1 2024, the company achieved operating revenue of 134.4 billion yuan, up 8.1% year-on-year, and a net profit attributable to shareholders of 4.81 billion yuan, an increase of 15.1% year-on-year [1]. - The company continues to implement a sustainable development strategy, with steady revenue growth across all business segments [1]. - The gross profit margin improved to 13.9% in H1 2024, reflecting operational optimization and cost reduction efforts [1]. - The company has opened 55 domestic and 13 international cargo routes at the Ezhou hub, enhancing its supply chain service capabilities [2]. - The company has executed two share repurchase programs in H1 2024, demonstrating confidence in its long-term development [2]. - Earnings per share (EPS) forecasts for 2024, 2025, and 2026 are projected at 2.03, 2.41, and 2.76 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 17.94X, 15.11X, and 13.19X [2][6]. Financial Summary - In H1 2024, the company reported operating costs of 115.78 billion yuan, a year-on-year increase of 7.65% [1]. - The company’s sales, management, and financial expenses were 1.47 billion yuan, 8.97 billion yuan, and 0.893 billion yuan, respectively, with year-on-year changes of +5.61%, +0.29%, and -9.92% [1]. - The company’s total assets are projected to reach 2,901.7 billion yuan by 2026, with a net profit forecast of 13.28 billion yuan [7].

证券研究报告 非金融公司|公司点评|顺丰控股（002352） 深化高质量经营，Q2 业绩同增 18% glzqdatemark1 证券研究报告 |报告要点 公司发布 2024 年半年报。20242024H1，公司实现营收 1344.10 亿元，同比增长 8.08%，实现 归母净利润 48.07 亿元，同比增长 15.10%。其中 2024Q2 公司实现营收 690.69 亿元，同比增 长 9.08%，实现归母净利润 28.95 亿元，同比增长 17.87%。 |分析师及联系人 SAC：S0590522120002 李蔚 李天琛 请务必阅读报告末页的重要声明 1 / 5 顺丰控股(002352) 深化高质量经营，Q2 业绩同增 18% 股价相对走势 -30% -17% -3% 10% 2023/9 2023/12 2024/4 2024/8 顺丰控股 沪深300 相关报告 1、《顺丰控股（002352）：经营提质增效，分 红率有望持续提升》2024.03.28 2、《顺丰控股（002352）：Q3 单价同环比双 升，业绩保持稳健增长》2023.10.31 扫码查看更多 事件 公司发布 2024 年半年报。202 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's cost reduction and efficiency improvement through multi-network integration and operational model transformation are continuously being realized, leading to a positive outlook on profit margin recovery and performance elasticity [1][8] Summary by Relevant Sections Recent Performance - In H1 2024, the company achieved an operating revenue of 134.41 billion yuan, a year-on-year increase of 8.08%, and a net profit attributable to shareholders of 4.81 billion yuan, up 15.10% year-on-year [3][4] - The business volume reached 6.214 billion parcels, a year-on-year increase of 14.55% (excluding Fengwang), with an average revenue per parcel of 15.93 yuan, down 4.96% year-on-year [2][3] Profitability Analysis - The company's gross margin improved to 13.86%, an increase of 0.34 percentage points year-on-year, while the net profit margin rose to 3.58%, up 0.22 percentage points year-on-year [4][6] - In Q2 2024, the gross margin was 14.51%, reflecting a year-on-year increase of 1.32 percentage points, with a net profit margin of 4.19%, up 0.31 percentage points year-on-year [5][6] Business Segments - Revenue from various business segments in H1 2024 included: - Timely express: 59.19 billion yuan (+5.6% YoY) - Economic express: 13.25 billion yuan (+9.3% YoY) - Freight: 17.55 billion yuan (+16.1% YoY) - Same-city instant delivery: 3.96 billion yuan (+18.5% YoY) - Supply chain and international: 3.12 billion yuan (+8.1% YoY) [6][7] Future Outlook - The company is expected to maintain steady growth with projected revenues of 285.08 billion yuan, 314.05 billion yuan, and 345.36 billion yuan for 2024, 2025, and 2026 respectively, each reflecting a 10% year-on-year growth [8][9] - The net profit attributable to shareholders is forecasted to be 9.91 billion yuan, 11.27 billion yuan, and 12.87 billion yuan for the same years, indicating a growth rate of 20%, 14%, and 14% respectively [8][9]

顺丰控股（002352.SZ） 优于大市 持续降本增效，盈利能力提升 2024 年二季度公司业绩实现较快增长。2024 年上半年营收 1344.1 亿元（同 比+8.1%），归母净利润 48.1 亿元（同比+15.1%），扣非归母净利润 41.5 亿元（同比+12.0%）；2024 年二季度单季营收 690.7 亿元（同比+9.1%）， 归母净利润 29.0 亿元（同比+17.9%），扣非归母净利润 24.9 亿元（同比 +13.8%）。 时效快递增长稳健，经济快递及快运业务实现较快增长。2024 年上半年，虽 然宏观经济增长承压，但是公司不断拓展更多新兴产业客群和新场景，促使 时效快递件量实现了 10%的稳健增长，时效快递收入实现了 5.6%的增长。此 外，上半年经济快递业务和快运业务收入增长表现较优，剔除掉丰网业务的 影响，公司经济快递收入同比增长达到 15.6%，高于快递行业整体增速；得 益于直营和加盟"双品牌"同步发力，公司快运业务收入同比增速达到 16.1%。 精益管理推动降本增效，公司盈利能力稳步提升。公司二季度盈利能力同比 实现提升，主要得益于，1）公司 23 年二季度剥离了短期无法盈利的丰网业 ...

Investment Rating - The report maintains a "Strong Buy" rating for SF Holding (002352) with a target price of 49.7 yuan, implying a 50% upside potential from the current price [1][3] Core Views - SF Holding's Q2 2024 net profit attributable to shareholders reached 2.9 billion yuan, up 18% YoY, exceeding expectations [1] - The company's H1 2024 revenue grew 8.1% YoY to 134.4 billion yuan, with Q2 revenue increasing 9.1% YoY to 69.1 billion yuan [1] - SF Holding's express delivery business showed resilience, with time-sensitive express revenue growing 5.6% YoY to 59.2 billion yuan, outpacing GDP growth [1] - The company's logistics and heavy goods division contributed 4.8 billion yuan in net profit, up 16.4% YoY, with a net profit margin improving to 5% [1] Financial Performance - SF Holding's H1 2024 net profit margin improved to 3.6%, with Q2 net profit margin reaching 4.2% [1] - The company's gross margin in Q2 2024 increased by 1.3 percentage points YoY and QoQ to 14.5% [1] - SF Holding's H1 2024 operating cash flow reached 26.6 billion yuan, with free cash flow of 13.5 billion yuan [11] Business Segments - Time-sensitive express delivery: 59.2 billion yuan revenue, +5.6% YoY [1] - Economy express delivery: 13.3 billion yuan revenue, +9.3% YoY [1] - Freight: 17.6 billion yuan revenue, +16.1% YoY [1] - Cold chain: 5.1 billion yuan revenue, -5.2% YoY [1] - Same-city delivery: 4.0 billion yuan revenue, +18.5% YoY [1] - Supply chain and international business: 31.2 billion yuan revenue, +8.1% YoY [1] Strategic Outlook - SF Holding aims to optimize its domestic product matrix, enhance cost efficiency, and improve customer experience [1] - The company is accelerating its international network layout, leveraging its Asian advantages to build a second growth curve [1] - The Ezhou hub has opened 55 domestic and 13 international routes, serving over 30 clients across high-end industries [1] Valuation and Forecast - The report raises SF Holding's 2024-2026 net profit forecasts to 9.86 billion, 11.71 billion, and 13.91 billion yuan respectively [1] - The company's 2024-2026 EPS is projected at 2.1, 2.4, and 2.9 yuan, with P/E ratios of 16x, 14x, and 12x [1] - SF Holding's target market capitalization is estimated at 239.5 billion yuan based on 2024 forecasts [1]

业绩 2024 年 8 月 28 日，顺丰控股发布 2024 年半年度报告。2024H1 公 司实现收入 1344 亿元，同比上升 8.1%；归母净利为 48.1 亿元， 同比增长 15.1%；其中 Q2 公司实现收入 691 亿元，同比上升 9.1%； 归母净利为 29.0 亿元，同比增长 17.9%。 经营分析 坚持可持续健康发展，速运物流业务票均收入提升。2024H1 公司 收入为 1344 亿元，同比上升 8.1%，完成件量 62.4 亿票，同比增 长 6.3%，分业务看：（1）速运物流业务收入 990 亿元，同比增长 7.6%，其中业务量同比增长 6.5%，票均收入同比增长 1.1%，主要 系公司 2023 年 6 月出售丰网，促进票均收入同比回升；（2）供应 链及国际分部收入为 312 亿元，同比上升 8.1%，主要得益于国际 空海运需求回稳及运价同比提升，公司不断开拓供应链及国际市 场。（3）其他非物流业务收入 42 亿元，同比增长 19.7%，主要系 公司提供端到端供应链服务链条中涉及采购环节业务增长。 降本增效效果显著，H1 盈利能力同比改善。2024H1 公司持续优化 营运模式，调优网络结 ...

业绩 2024 年 8 月 28 日，顺丰控股发布 2024 年半年度报告。2024H1 公 司实现收入 1344 亿元，同比上升 8.1%；归母净利为 48.1 亿元， 同比增长 15.1%；其中 Q2 公司实现收入 691 亿元，同比上升 9.1%； 归母净利为 29.0 亿元，同比增长 17.9%。 经营分析 坚持可持续健康发展，速运物流业务票均收入提升。2024H1 公司 收入为 1344 亿元，同比上升 8.1%，完成件量 62.4 亿票，同比增 长 6.3%，分业务看：（1）速运物流业务收入 990 亿元，同比增长 7.6%，其中业务量同比增长 6.5%，票均收入同比增长 1.1%，主要 系公司 2023 年 6 月出售丰网，促进票均收入同比回升；（2）供应 链及国际分部收入为 312 亿元，同比上升 8.1%，主要得益于国际 空海运需求回稳及运价同比提升，公司不断开拓供应链及国际市 场。（3）其他非物流业务收入 42 亿元，同比增长 19.7%，主要系 公司提供端到端供应链服务链条中涉及采购环节业务增长。 降本增效效果显著，H1 盈利能力同比改善。2024H1 公司持续优化 营运模式，调优网络结 ...

| --- | --- | |----------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------| | 证券研究报告 | [Table_Title] 顺丰控股（002352.SZ）2024 年中报点评： | | 公司研究 | 24H1 盈利同比稳增 15%，利润率有望持续回 | | [Table_ReportType] 公司点评报告 | 升 | | [Table_StockAndRank] 顺丰控股(002352) | | | 投资评级 买入 | [Table_ReportDate] 2024 年 08 月 28 日 | | 上次评级 买入 | [Table_S 事件：顺丰控股 ummar 发布 2024 年中期报告。2024 年上半年，公司实现归母净利 | | | 润 48.06 亿元，同比增长 15.1%；实现 ...

Company Overview - SF Holding is the largest logistics service provider in Asia and the fourth largest globally, with a strong market presence in express delivery, freight, cold chain, and supply chain services[12]. - The company reported a significant market share in domestic express delivery, leading in five segments including express, freight, cold chain, same-city delivery, and supply chain[12]. - SF Holding ranks 415th in the Fortune Global 500, reflecting its significant scale and industry leadership[12]. - The company has maintained the number one position in customer satisfaction for express services in China for 15 consecutive years[13]. - SF Holding aims to replicate its successful domestic strategies in international markets, leveraging its recognized brand and cost advantages to drive growth[12]. - The company plans to continue expanding its influence in Asia and globally, focusing on becoming the preferred logistics partner for businesses and individuals[12]. Financial Performance - Total revenue for the first half of 2024 reached CNY 134.4 billion, an increase of 8.1% compared to the same period last year[15]. - Net profit attributable to shareholders was CNY 4.81 billion, reflecting a growth of 15.1% year-on-year[16]. - Basic earnings per share increased to CNY 1.00, up 16.3% from the previous year[16]. - The express and large parcel segment generated revenue of CNY 96.82 billion, up 7.51% year-on-year[23]. - The same-city instant delivery segment saw revenue growth of 18.08%, totaling CNY 4.02 billion[23]. - The supply chain and international segment reported revenue of CNY 32.91 billion, an increase of 8.69%[23]. - The company reported a gross profit of CNY 18.6 billion, a 10.8% year-on-year increase, with a gross profit margin of 13.9%, up 0.4 percentage points[35]. - The company’s total assets decreased slightly by 0.7% to CNY 219.9 billion[15]. - The net asset return rate improved to 5.23%, an increase of 0.51 percentage points compared to the previous year[22]. Operational Highlights - The total number of parcels delivered reached 1.34 billion, marking a significant increase from previous periods[17]. - The company’s express delivery business achieved a revenue of 59.19 billion yuan, a year-on-year increase of 5.6%[41]. - The average delivery time for same-city services was maintained at 4-6 hours, expanding to 274 cities in the first half of 2024[41]. - The company enhanced its air freight service capabilities, increasing the number of direct delivery cities to 147, with next-day delivery success rate improving by 11 percentage points year-on-year[43]. - The company has established a logistics network that integrates cold chain capabilities for food and pharmaceuticals, enhancing service penetration in the market[71]. Strategic Initiatives - The company emphasizes sustainable development and long-term strategic planning to capture growth opportunities in the logistics sector[12]. - SF Holding plans to enhance its technology capabilities to support smart supply chain solutions[24]. - The company aims to accelerate industry transformation by shifting from a traditional "selling products" model to a "selling solutions" model for various industry clients[30]. - The company is focusing on enhancing its supply chain capabilities to meet the diverse needs of clients in a competitive market[30]. - The company is exploring new business opportunities in the pharmaceutical sector, including vaccine logistics and clinical research organization (CRO) collaborations, to capture market growth[53]. Market Trends and Challenges - The logistics industry is significantly impacted by global macroeconomic conditions, with expectations of moderate growth in 2024 and potential challenges from inflation and weak consumer demand in developed countries[132]. - The e-commerce market's growth has shifted from explosive to normalized, leading to intensified competition in the logistics sector and a decline in average revenue per shipment for major express companies[133]. - The logistics revenue from the automotive, home appliances, e-commerce, and industrial manufacturing sectors grew by over 20% year-on-year in the first half of 2024[30]. - The company faces risks from fuel price fluctuations, which significantly impact transportation costs and profit levels[138]. - The company is optimizing network layout and increasing the use of new energy vehicles to mitigate fuel cost volatility risks[138]. Environmental and Social Responsibility - The company has completed the construction of rooftop photovoltaic power stations in 21 industrial parks, with a total installed capacity exceeding 89 MW, generating over 42.5 million kWh of renewable energy in the first half of 2024[146]. - The company has reduced paper usage by approximately 23,000 tons and plastic usage by about 82,000 tons in the first half of 2024 through its green packaging initiatives[147]. - The company aims to improve its carbon efficiency by 55% by 2030 compared to 2021 levels and reduce the carbon footprint of each parcel by 70%[146]. - The company has committed to achieving net-zero greenhouse gas emissions across its value chain by 2050 as part of its participation in the Science Based Targets initiative (SBTi)[146]. - The company has been recognized on the Fortune China ESG Impact List for three consecutive years (2022-2024), being the only express logistics company on the list[146]. Shareholder and Capital Management - The company does not plan to distribute cash dividends or issue bonus shares for the reporting period[3]. - The company has repurchased a total of 28,240,207 shares for approximately RMB 1 billion at an average price of RMB 35.41 per share, representing 0.59% of the total share capital[172]. - The company plans to issue H shares and apply for listing on the Hong Kong Stock Exchange, with the application submitted on June 28, 2024[176]. - The company has a second share repurchase plan with a total amount between RMB 5 billion and RMB 10 billion, with a maximum repurchase price of RMB 53 per share[174]. - The total number of ordinary shareholders at the end of the reporting period is 196,384, with a total shareholding of 2,661,927,139 shares, accounting for 55.27% of the company's total share capital[187].

重要内容提示： 1、交易概况：鉴于国际经济、金融环境波动等多重因素的影响，全球货币 汇率、利率波动的不确定性增强，为防范汇率及利率波动风险，降低市场波动对 公司经营及损益的影响，顺丰控股股份有限公司（以下简称"公司"）及控股子 公司拟将 2024 年度外汇套期保值交易额度由原来的不超过人民币 40 亿元或等 值外币增加至不超过人民币 100 亿元或等值外币。公司将在遵守国家政策法规的 前提下，不以投机为目的，严守套期保值原则，开展与日常经营及投融资活动相 关的外汇套期保值业务。 2、交易品种：主要包括远期、掉期、期权及相关组合产品等。 3、交易场所：主要通过银行等金融机构（非关联方）进行。 证券代码：002352 证券简称：顺丰控股 公告编号：2024-075 顺丰控股股份有限公司 关于增加 2024 年度外汇套期保值交易额度的公告 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。 4、审议程序： 公司于 2024 年 3 月 26 日召开第六届董事会第十二次会议及第六届监事会 第八次会议审议通过了《关于 2024 年度使用自有资金开展外汇套期保值业务的 议案》 ...