Investment Rating - The report maintains an "Outperform" rating for the company [3][4]. Core Views - The company is expected to see significant growth in its revenue and net profit, with a projected net profit of 1.28 billion, 2.56 billion, and 4.61 billion for 2024E, 2025E, and 2026E respectively, reflecting year-on-year growth rates of 171.01%, 99.97%, and 80.03% [4][5]. - The company is benefiting from strong demand in the instant delivery sector, particularly in the tea and coffee markets, with a 51% year-on-year revenue growth in lower-tier markets and a 60% increase in tea delivery revenue [4][5]. - The expansion of the company's operational capacity and the increase in order density are expected to enhance profitability as scale effects are realized [4]. Financial Data and Profit Forecast - Revenue (in million) is projected to grow from 12,400 in 2023 to 22,364 in 2026, with a compound annual growth rate (CAGR) of approximately 20.33% [2]. - Net profit is expected to turn positive in 2023 with 47 million, reaching 461 million by 2026, indicating a strong recovery trajectory [2]. - Earnings per share (EPS) is forecasted to increase from 0.06 in 2023 to 0.50 in 2026 [2].
顺丰同城：即时配送全场景单量高增，上调盈利预测