SF Holding(002352) 新浪财经·2025-04-29 12:45Core Insights - The company reported a revenue of 69.85 billion yuan in Q1 2025, representing a year-on-year increase of 6.9%, and a net profit attributable to shareholders of 2.23 billion yuan, up 16.87% year-on-year [1] - The net cash flow from operating activities was 4.06 billion yuan, indicating a strong cash flow position [2] Business Segments - The company achieved a total parcel volume of 3.56 billion pieces in Q1 2025, a year-on-year growth of 19.7%, driven by a robust logistics service capability and a diverse product matrix [3] - Revenue from express logistics, which includes various delivery services, grew by 7.2% year-on-year, while supply chain and international business revenue increased by 9.9% year-on-year due to enhanced international network capabilities [3] Cost and Efficiency - The company improved resource utilization and reduced costs, achieving a gross profit of 9.29 billion yuan in Q1 2025, an 8.0% increase year-on-year, with a gross margin of 13.3% [4] - Management expense ratio decreased by 0.6 percentage points, while the net profit margin increased to 3.2%, up 0.3 percentage points year-on-year [4] Capital Operations - The company completed a share buyback program, repurchasing 23.27 million shares for approximately 859 million yuan, which represents 0.47% of the total share capital [5] - The Southern SF Logistics REIT raised 3.29 billion yuan and was listed on the Shenzhen Stock Exchange, enhancing asset liquidity [5] Profit Forecast - The core express business is expected to remain stable, with the opening of Ezhou Airport likely to expand the express business scale and improve profitability [6] - The company forecasts net profits attributable to shareholders of 11.73 billion, 13.61 billion, and 15.72 billion yuan for 2025-2027, corresponding to P/E ratios of 18.4, 15.8, and 13.7 times, respectively [6]