SF Holding(002352)2024-10-31 06:44Investment Rating - The report maintains a "Buy" rating for the company, with a target EPS forecast of 2.13, 2.52, and 2.88 for the years 2024, 2025, and 2026 respectively, corresponding to PE ratios of 20.20X, 17.08X, and 14.93X [3][7]. Core Insights - The company reported a total parcel volume of 9.428 billion, representing a year-on-year increase of 9.08% for Q1-Q3 2024. The total revenue reached 206.861 billion yuan, up 9.44% year-on-year, while the net profit attributable to shareholders was 7.617 billion yuan, reflecting a 21.59% increase compared to the previous year [3]. - The company has introduced a special dividend plan, proposing a cash dividend of 10 yuan per 10 shares, amounting to an estimated total of 4.8 billion yuan for shareholders [2][3]. - The company continues to focus on sustainable development, with steady revenue growth across its business segments. The revenue from express logistics and supply chain businesses reached 149.847 billion yuan and 50.736 billion yuan, respectively, with year-on-year growth of 7.61% and 15.36% [3]. Financial Performance Summary - For Q1-Q3 2024, the company achieved a gross profit margin of 13.96%, an increase of 0.97 percentage points year-on-year, supported by ongoing optimization of its network structure [3]. - The operating costs for Q1-Q3 2024 were 197.592 billion yuan, a year-on-year increase of 7.92%. The quarterly operating costs for Q1, Q2, and Q3 were 63.130 billion yuan, 65.599 billion yuan, and 68.863 billion yuan, respectively [3]. - The company has also enhanced its operational efficiency through lean management and technological empowerment, with sales expenses, management expenses, R&D expenses, and financial expenses showing varied changes in their expense ratios [3]. Capacity and Infrastructure Development - The company has significantly improved its capacity at the Ezhou Huahu Hub, with 55 domestic cargo routes and 13 international cargo routes operational as of mid-2024, connecting 40 cities domestically and reaching 15 international stations. The international cargo throughput at this hub increased by over 50% compared to December 2023 [3].