SF Holding(SZ:002352)2024-09-02 09:08Investment 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].