SF Holding(002352) 证券时报网·2025-01-27 04:06Core Viewpoint - SF Holding successfully listed on the Hong Kong stock market in November 2024, becoming the first logistics company in the express delivery industry to achieve an "A to H" listing, marking a new milestone in its internationalization journey [1] Group 1: Company Overview - Founded in 1993, SF Holding has grown into a leading logistics enterprise in Asia over 31 years, recognized as the largest integrated logistics service provider in China and Asia by revenue in 2023, and the fourth largest globally [1] - SF Holding's logistics ecosystem includes a wide range of services such as express delivery, economy express, freight, cold chain, pharmaceuticals, same-city instant delivery, international express, international freight forwarding, and supply chain services, providing end-to-end solutions for both domestic and international clients [1] - The company leads in various segments, including express delivery, freight, cold chain, same-city instant delivery, and supply chain services in China, and ranks first in Asia for express delivery, less-than-truckload freight, same-city instant delivery, and international business [1] Group 2: Financial Performance - In the first three quarters of 2024, SF Holding achieved a revenue of 206.86 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 [3] - The company announced a mid-term dividend plan in October 2024, distributing 4 yuan per 10 shares, totaling approximately 1.92 billion yuan, which accounts for 40% of its net profit for the first half of 2024 [4] - SF Holding's board has set a shareholder return plan for the next five years (2024-2028), indicating a gradual increase in cash dividend payout ratio from 35% in 2023, reflecting confidence in future performance [3][4] Group 3: International Expansion - SF Holding is actively pursuing an internationalization strategy, aligning with the trend of supply chain and value chain restructuring, and has successfully won over 40 cross-border supply chain cooperation projects in Asia in the first half of 2024 [5] - The company reported a 27.22% year-on-year revenue growth in its supply chain and international business segments in Q3 2024, indicating strong momentum in international markets [6] - The establishment of Ezhou Huahu International Airport, which has become the fastest-growing cargo hub in China, supports SF Holding's logistics capabilities, with 31,800 cargo flights and a total cargo throughput of 1.025 million tons in 2024 [6]