Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [1][2]. Core Views - The company is expected to achieve a net profit of 10.17 billion RMB in 2024, representing a year-on-year increase of 23.5%, with a net profit margin of 3.6%. The outlook for the company's net profit margin is positive, indicating a sustained improvement [1][5]. - The target price is set at 56.3 RMB, with the current price at 42.04 RMB, suggesting a potential upside of approximately 34% [2][5]. - The company has shown resilience in its core express delivery demand, maintaining growth above GDP levels despite macroeconomic pressures. The transition from selling products to providing industry solutions is expected to enhance service penetration [5][10]. - The company has implemented operational changes that have reduced costs and improved efficiency, including a new operational model that has shortened the average distance for delivery personnel by 38% [5][10]. - The international business segment is anticipated to contribute positively to profits, with significant growth in air cargo throughput at Ezhou Airport [5][10]. Financial Summary - In 2024, the company achieved total revenue of 284.42 billion RMB, a year-on-year increase of 10.1%. The express logistics segment generated revenue of 205.8 billion RMB, up 7.7% [5][6]. - The company reported a quarterly net profit of 2.55 billion RMB in Q4 2024, reflecting a year-on-year increase of 29.6% [5][9]. - The company plans to distribute a total cash dividend of approximately 4.104 billion RMB for the year, with a payout ratio of 40% [5][10]. - The company’s operating data indicates a total express delivery volume of 13.26 billion pieces in 2024, an increase of 11.5% year-on-year [5][9]. - The company’s financial forecasts for 2025 to 2027 predict a net profit of 11.67 billion RMB, 13.70 billion RMB, and 15.60 billion RMB, respectively, with corresponding EPS of 2.34, 2.75, and 3.13 RMB [6][11].

Core Viewpoint - SF Holding (002352.SZ; 6936.HK) reported a strong financial performance for 2024, with revenue reaching 284.4 billion yuan, a year-on-year increase of 10.1%, and net profit of 10.2 billion yuan, up 23.5%, marking a historical high since its A-share listing. However, losses in the supply chain and international business raise concerns for future growth [1][2]. Financial Performance - In 2024, SF Holding achieved revenue of 284.4 billion yuan, a 10.1% increase year-on-year, and net profit of 10.2 billion yuan, reflecting a 23.5% growth [2]. - The gross profit margin improved from 12.82% to 13.93% [2]. - Despite revenue growth, the supply chain and international business reported a loss of 132 million yuan, indicating ongoing challenges in these segments [2]. Business Segment Analysis - The supply chain and international business generated revenue of 70.49 billion yuan, a 17.5% increase, but continued to incur losses due to restructuring and market pressures [2]. - The core express delivery business faced increased competition, with revenue of 122.21 billion yuan, a 5.8% increase, while the business volume grew by 11.8%, leading to a 3.4% decline in average price per shipment [2]. - The market share of SF Holding in the express delivery sector is 7.57%, below the industry average growth rate of 21.5% [2]. Highlights and Challenges - Same-city instant delivery emerged as a bright spot, with revenue growing by 27.1% to 15.75 billion yuan and net profit increasing by 161.8% to 133 million yuan, driven by an increase in active merchants and coverage in e-commerce returns [3]. - However, the company faces strong competition from rivals like Jitu and Tongda, which are aggressively penetrating the market through price wars [3]. International Expansion - SF Holding made significant strides in its international strategy by becoming the first A+H listed company in the express logistics sector, marking a milestone in its capital market internationalization [4]. - Despite rapid expansion in Southeast Asia and Japan, the company continues to face profitability challenges in overseas markets, with unclear profit models leading to short-term losses [4]. Future Outlook - The company plans to enhance its market position through technological innovation and diversified strategies, focusing on high-efficiency express delivery and air logistics network development [4]. - SF Holding aims to optimize its supply chain and international business to turn losses into profits and strengthen its competitive edge [4]. - In the capital market, the company is taking measures such as cash dividends and share buybacks to boost investor confidence, with operating cash flow reaching 32.19 billion yuan, a 21.1% increase [5].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - The company achieved a revenue of 284.4 billion RMB in 2024, a year-on-year increase of 10.1%, and a net profit attributable to shareholders of 10.17 billion RMB, up 23.5% year-on-year, slightly exceeding expectations [1] - The core express logistics business saw a volume increase of 11.5% to 13.26 billion parcels, with revenue from same-city instant delivery rising 22.4% to 8.87 billion RMB [2] - The international and supply chain business grew by 17.5% to 70.49 billion RMB, driven by a significant increase in international express revenue and cross-border e-commerce customer numbers [3] - Operational optimization led to a gross margin increase of 1.1 percentage points to 13.9%, with a decrease in cost ratios contributing to improved profitability [4] - The company has adjusted profit forecasts for 2025 and 2026, projecting net profits of 11.80 billion RMB and 14.18 billion RMB respectively, with an EBITDA of 34.90 billion RMB for 2025 [5] Summary by Sections Domestic Operations - The express logistics business experienced a volume increase of 11.5% to 132.6 billion parcels, with revenue from time-sensitive, economical, and express services growing by 5.8%, 8.8%, and 13.8% respectively [2] - The same-city delivery segment saw a revenue increase of 22.4% to 8.87 billion RMB, with net profit soaring by 161.8% to 130 million RMB [2] International and Supply Chain - The international and supply chain segment's revenue increased by 17.5% to 70.49 billion RMB, with international express revenue growing over 20% and cross-border e-commerce customers increasing by 24% [3] - The company’s domestic cargo volume accounted for 31.1% of the national air cargo transport volume, with international flights increasing by 19% to 9,100 flights [3] Operational Efficiency - The company implemented operational optimizations that improved gross margins and reduced cost ratios, leading to a net profit margin increase of 0.4 percentage points to 3.6% [4] - Future strategies include enhancing logistics network intelligence and promoting smart supply chain applications to sustain cost reductions and efficiency improvements [4] Financial Projections - The company has slightly adjusted its profit forecasts for 2025 and 2026, with projected net profits of 11.80 billion RMB and 14.18 billion RMB respectively, and an EBITDA of 34.90 billion RMB for 2025 [5] - The target prices for A-shares and H-shares are set at 48.70 RMB and 51.30 HKD respectively, reflecting a premium over comparable companies [5][9]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 顺丰控股(002352) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_Author] 匡培钦 执业编号：S1500524070004 邮 箱：kuangpeiqin@cindasc.com 交运行业首席分析师 秦梦鸽 执业编号：S1500524110002 邮 箱：qinmengge@cindasc.com 交运行业分析师 相关研究 [Table_OtherReport] 顺丰控股（002352.SZ）深度分析：国 内业务稳步增长，国际业务打开空间 顺丰控股（002352.SZ）价值分析：中 短期业绩维持相对高增，长期价值空 间可期 顺丰控股（002352.SZ）点评：公司发 布中期及特别分红，看好公司价值提 ➢ 精益经营助力利润率稳步提升，2024 年扣非归母净利率同比+0.45pct。 2024年公司归母净利率约3.58%，同比+0.39pct；扣非归母净利率约3.22%， 同比+0.45pct；其中 24Q4 归母净利率约 3.29% ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 顺丰控股(002352) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_Author] 匡培钦 相关研究 [Table_OtherReport] 顺丰控股（002352.SZ）深度分析：国 内业务稳步增长，国际业务打开空间 顺丰控股（002352.SZ）价值分析：中 短期业绩维持相对高增，长期价值空 间可期 顺丰控股（002352.SZ）点评：公司发 布中期及特别分红，看好公司价值提 升 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 顺丰控股（002352.SZ）点评：利润及现金流 维持高增，看好盈利效率带来的价值提升 [Table_ReportDate] 2025 年 03 月 29 日 [Table_S 事件：公司ummar发布 2024 年年报，2024 年实现营业收入 2844.20 亿元，同比 +10.07%， ...

业绩 2025 年 3 月 28 日，顺丰控股发布 2024 年年度报告。2024 年公司 实现收入 2844 亿元，同比上升 10%；归母净利为 102 亿元，同比 增长 23.5%；其中 Q4 公司实现收入 776 亿元，同比上升 12%；归 母净利为 26 亿元，同比增长 30%。 经营分析 时效件增速具备韧性，经济件增速超行业平均。2024 年公司收入 同比上升 10%，完成件量 133 亿票，同比增长 11.3%，分业务看： （1）时效快递：2024 年收入增速 5.8%，高于国内 GDP 增速， 件量同比增长 12%；（2）经济快递：2024 年收入（不含丰网）同 比增长 11.8%，件量同比增长 18%。（3）快运板块：2024 年收入 同比增长 13.8%，其中货量同比增长超 20%。（4）同城板块：收 入实现超 22% 的突破性增长，净利润同比增长 162%。（5）供应链 及国际板块：2024 年收入同比增长 17.5%，国际快递收入同比增 速超过 20%。 坚持精益化管控提升管理效益，全年盈利能力同比改善。2024 年 公司不含 KLN 人工成本占比占收入比同比上升 0.8pct，运力成本 ...

外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 达0.61%。 对于社保基金，本期新披露持有顺丰控股的社保基金共计1个，即全国社保基金一一二组合。 2025年3月29日，顺丰控股(002352.SZ)发布2024年年度报告。截至2025年3月28日，共有317个机构投资 者披露持有顺丰控股A股股份，合计持股量达33.85亿股，占顺丰控股总股本的67.88%。其中，前十大 机构投资者包括深圳明德控股发展有限公司、香港中央结算有限公司、招商局先进技术开发(深圳)有限 公司、深圳市玮顺企业管理有限公司、宁波顺达丰润创业投资合伙企业(有限合伙)、中国工商银行股份 有限公司–华泰柏瑞沪深300交易型开放式指数证券投资基金、中国建设银行股份有限公司–易方达沪深 300交易型开放式指数发起式证券投资基金、全国社保基金一一二组合、嘉实沪深300ETF、交银新生活 力灵活配置混合，前十大机构投资者合计持股比例达65.06%。相较于上一季度，前十大机构持股比例 合计下跌了4.75个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计7个，主要包括泓德优选成长混合、泓德致远混 合A ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002352 证券简称：顺丰控股公告编号：2025-014 顺丰控股股份有限公司 关于2025年度对外担保额度预计的公告 ■ 截至本公告披露日，顺丰控股股份有限公司（以下简称"公司"）及控股子公司对外担保总额度超过公司 最近一期经审计净资产100%，其中对子公司的担保总额度占对外担保总额度的比例为97%，对合并报 表外参股公司的担保总额度占对外担保总额度的比例为3%。本次担保预计存在对资产负债率超过70% 的子公司提供担保的情形。提醒广大投资者充分关注担保风险。 一、担保情况概述 为满足公司及下属公司日常经营和业务发展资金需要，保证公司业务顺利开展，2025年度，公司（含控 股子公司）拟在下属公司申请银行授信及日常经营需要时为其提供担保，担保金额上限为人民币500亿 元。公司（含控股子公司）遵循审慎经营原则，开展授信及对外担保时，有相应明确的授权体系及制度 流程支撑。对外担保额度有效期为公司2024年年度股东大会审议通过之日起，至2025年年度股东大会召 开之日止。董事会提请股东大会授权公司财务负责人负责具体组织实施并签署相关合同及转授权文件， 并授 ...

Business Overview - In 2024, the total business volume reached 13.33 billion parcels, a year-on-year increase of 11.3% [2] - Revenue for 2024 was CNY 284.4 billion, up 10.1% year-on-year [2] - International revenue growth outpaced domestic, with express logistics revenue at CNY 205.8 billion (up 7.7%) and supply chain & international revenue at CNY 70.5 billion (up 17.5%) [2] Financial Performance - EBITDA profit reached CNY 32.7 billion, a year-on-year increase of 11.0%, with an EBITDA margin of 11.5% [2] - Net profit attributable to shareholders was CNY 10.2 billion, up 23.5%, with a net profit margin of 3.6% [2] - The company returned CNY 10.66 billion to shareholders through dividends and share buybacks [2][17] Operational Efficiency - Labor costs as a percentage of revenue (excluding KLN) increased by 0.8 percentage points [10] - Transportation costs as a percentage of revenue (excluding KLN) decreased by 0.8 percentage points [10] - Other operating costs as a percentage of revenue (excluding KLN) decreased by 1.2 percentage points [10] Strategic Initiatives - The company aims to enhance operational agility by empowering frontline decision-making and transitioning from management to service-oriented headquarters [3] - Focus on industry transformation and expanding supply chain capabilities to improve market penetration [3] - Emphasis on cross-border logistics and tailored solutions for clients [3] Growth Segments - Time-sensitive express revenue grew by 5.8%, with a parcel volume increase of 12% [5] - Economic express revenue (excluding Fengwang) increased by 11.8%, with parcel volume up 18% [5] - Fast freight revenue grew by 13.8%, with a volume increase exceeding 20% [6] International Expansion - The international business is positioned as a second growth curve, with international revenue growth exceeding domestic growth by over 2 times in 2024 [28] - The company has secured over 100 overseas supply chain projects, enhancing its cross-border capabilities [7][29] ESG Commitment - The company improved carbon efficiency by 9.3% in 2024, with a 12% reduction in carbon footprint per parcel [18] - Recognized for its ESG practices, ranking high in various international ratings [18] Future Outlook - The company plans to maintain a dual focus on high-end express and economic segments to drive growth [20] - Continuous investment in technology and operational efficiency to enhance service quality and reduce costs [22] - Anticipates stable revenue growth and profitability improvements in 2025 [25]

证券代码：002352 证券简称：顺丰控股 公告编号：2025-013 顺丰控股股份有限公司 关于变更 A 股回购股份用途并注销的公告 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。 基于对未来发展前景的信心和对自身价值的高度认同，为切实维护广大投资 者利益、增强投资者信心、提高长期投资价值，顺丰控股股份有限公司（以下简 称"公司"）于 2025 年 3 月 28 日召开第六届董事会第十九次会议审议通过了 《关于变更 A 股回购股份用途并注销的议案》，公司董事会同意将 2024 年第 2 期 A 股回购股份方案的回购股份用途从"用于员工持股计划或股权激励"变更 为"用于注销并减少注册资本"，本次变更事项尚需公司股东大会审议通过后方 可生效。具体情况如下： 一、A 股回购股份方案及实施情况 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 股份用于员工持股计划或股权激励，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 ...