Group 1 - HSBC has lowered the target price for SF Express (09699.HK) to HKD 14 while maintaining a "Buy" rating [1] - The report suggests that the market has overestimated the cost pressures due to intense competition in the food delivery market, while underestimating the revenue growth momentum of SF Express [1] - The order volume during this year's Labor Day increased by 87% year-on-year, with last-mile orders rising by 102% year-on-year [1] Group 2 - HSBC has raised its revenue forecasts for 2025 and 2026 by 11% to 15%, reflecting improvements in on-demand delivery penetration and increased market concentration [1] - Despite intensified competition in the domestic instant retail sector, it is believed that the cost per order will remain stable or slightly decrease, contributing to sustained profitability for the company [1] - However, due to the lower profit margins associated with last-mile deliveries, net profit forecasts for 2025 and 2026 have been reduced by 4%, with a new net profit estimate of HKD 4.52 billion for 2027 [1]
汇丰降顺丰同城目标价至14港元 维持买入评级