SF Holding(002352) 华福证券·2024-11-07 14:08Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company reported a significant improvement in profitability, with a year-on-year increase in net profit of 34.6% for Q3 2024, driven by revenue growth and effective cost management [2][4] - The company is preparing for an H-share listing and has announced special dividends totaling approximately 48 billion RMB, alongside a mid-term dividend of 4 RMB per share [4][5] - The company's core logistics and supply chain segments are expected to continue driving growth, with a forecasted net profit of 95 billion RMB for 2024 [5][6] Summary by Sections Financial Performance - In Q3 2024, the company achieved operating revenue of 72.45 billion RMB, a year-on-year increase of 12.1%, and a net profit of 2.81 billion RMB, up 34.6% [2][3] - For the first three quarters of 2024, the company reported total revenue of 206.86 billion RMB, reflecting a 9.4% increase year-on-year, with net profit rising by 21.6% to 7.62 billion RMB [2][3] Operational Highlights - The company handled 3.23 billion express parcels in Q3 2024, a 14.4% increase year-on-year, indicating strong operational performance [3] - The logistics segment's revenue grew by 7.6%, while the supply chain and international business segments saw a substantial revenue increase of 27.2% [3][4] Profitability Metrics - The gross profit for Q3 2024 was 10.24 billion RMB, with a gross margin of 14.1%, an increase of 2.2 percentage points year-on-year [4] - The net profit margin for Q3 2024 was 3.9%, up 0.7 percentage points from the previous year [4] Future Outlook - The company is expected to maintain its competitive edge through its direct sales network and lean management practices, with projected net profits of 95 billion RMB, 110 billion RMB, and 129 billion RMB for 2024, 2025, and 2026 respectively [5][6] - The company aims to enhance its international presence and operational efficiency, positioning itself for sustained growth in the logistics sector [5][6]