SF Holding(002352) Xinda Securities·2024-10-13 07:00Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company has announced a mid-year dividend plan and a special dividend totaling over 6.7 billion RMB, reflecting a strong commitment to shareholder returns [1]. - The company is expected to maintain steady growth in its express delivery business, with new business segments contributing positively to profitability [2][3]. - The company is successfully transforming into a comprehensive logistics leader, expanding into various emerging sectors while improving operational efficiency and profitability [2]. Summary by Relevant Sections Dividend Plans - The mid-year dividend is set at 4 RMB per 10 shares, totaling approximately 1.92 billion RMB, which is about 40% of the company's net profit for the first half of 2024 [1]. - A special dividend of 10 RMB per 10 shares is expected to total around 4.8 billion RMB, indicating a steady increase in the dividend payout ratio [1]. Financial Performance - The company's net profit for 2023 is projected to be 8.2 billion RMB, with a year-on-year growth of 33.4% [4]. - Revenue for 2024 is expected to reach approximately 284.1 billion RMB, with a growth rate of 10% [4]. - The company’s gross margin is anticipated to improve from 12.8% in 2023 to 13.0% in 2024 [4]. Future Outlook - The company’s net profit forecasts for 2024, 2025, and 2026 are 9.67 billion RMB, 11.64 billion RMB, and 14.13 billion RMB, respectively, with corresponding PE ratios of 20.8, 17.3, and 14.2 [3]. - The company is expected to enhance its overseas financing capabilities and accelerate international business expansion through its H-share listing [1].