SF Holding(002352)2024-10-30 08:01Investment Rating - The investment rating for the company is "Outperform the Market" [3][4][8] Core Views - The company has shown significant growth in its financial performance, with a revenue of 206.86 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.4%. The net profit attributable to shareholders reached 7.62 billion yuan, up 21.6% year-on-year [1][4] - The revenue growth rate has improved sequentially, driven by stable growth in express delivery and accelerated growth in international business. The revenue growth rates for Q1, Q2, and Q3 of 2024 were 7.0%, 9.1%, and 12.1%, respectively [1][4] - The company's gross profit for Q3 was 10.243 billion yuan, a year-on-year increase of 32.3%, with a gross margin of 14.14%, up 2.16 percentage points year-on-year [1][7] - Capital expenditures have been on a downward trend, with 6.85 billion yuan in capital expenditures for the first three quarters of 2024, a decrease of 1.62 billion yuan year-on-year, which is beneficial for improving profitability [1][7] Financial Summary - For 2024, the company is expected to achieve a net profit of 10.03 billion yuan, with a year-on-year growth of 21.8%. The projected net profits for 2025 and 2026 are 11.63 billion yuan and 13.63 billion yuan, respectively, with growth rates of 16.0% and 17.2% [2][8] - The company's revenue is projected to be 284.51 billion yuan in 2024, with a growth rate of 10.1%, and is expected to reach 348.34 billion yuan by 2026 [2][8] - The company's return on equity (ROE) is forecasted to improve from 10.2% in 2024 to 12.0% in 2026 [2][8]