SF Holding(002352)2024-10-30 08:31Investment Rating - The report maintains a "Buy" rating for SF Holding (002352.SZ) [2] Core Views - In Q3 2024, SF Holding achieved revenue of 725 billion RMB, a year-on-year increase of 12.1%, and a net profit attributable to shareholders of 28 billion RMB, up 34.6% year-on-year [2] - The company experienced double-digit growth in parcel volume, with a total of 3.229 billion parcels delivered in Q3, representing a 14.37% increase year-on-year [2] - The supply chain and international segments saw significant revenue growth of 27.22%, driven by rising international shipping rates and stable cargo volumes [2] - The company has improved its profitability, with a gross margin increase of 2.2 percentage points to 14.1% in Q3 2024, and a net profit margin increase of 0.6 percentage points to 3.9% [2] - SF Holding announced a mid-term dividend plan, proposing a cash dividend of 4 RMB per 10 shares, totaling approximately 19.2 billion RMB, and a special dividend of 10 RMB per 10 shares, totaling around 48 billion RMB [2] Financial Summary - For the first three quarters of 2024, SF Holding reported total revenue of 206.9 billion RMB, a 9.4% increase year-on-year, and a net profit of 7.6 billion RMB, up 21.6% year-on-year [2] - The company has revised its net profit forecasts for 2024-2026 to 10.3 billion RMB, 12.1 billion RMB, and 14.3 billion RMB, respectively, reflecting ongoing operational improvements [2] - The report highlights a consistent focus on lean resource planning and cost control, which has contributed to the company's operational efficiency [2][6]