Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [6][9]. Core Insights - The company achieved a revenue of RMB 284.42 billion in 2024, representing a year-over-year increase of 10.07%. The net profit attributable to shareholders was RMB 10.17 billion, up 23.51% year-over-year [7]. - The express and large parcel segment accounted for 70.4% of the company's revenue, with a significant increase in volume and profit margins [2][10]. - The company is focusing on international expansion, with over 9,100 international cargo flights in 2024, a 19% increase from the previous year [7][10]. Financial Performance - The company reported a net profit of RMB 10.17 billion for 2024, with a projected growth of 16.35% for 2025, reaching RMB 11.83 billion [9][11]. - The earnings per share (EPS) for 2024 is RMB 2.11, with expectations to grow to RMB 2.37 in 2025 [9][11]. - The dividend payout for 2024 is expected to be approximately RMB 41.04 billion, with a dividend yield of 5.31% [7][9]. Business Segments - The express and large parcel segment generated RMB 200.16 billion in revenue, with a net profit of RMB 10.98 billion, reflecting a 29.91% increase year-over-year [7][10]. - The supply chain and international business segment saw a revenue increase of 17.72% year-over-year, although it recorded a net loss of RMB 1.32 billion due to restructuring [7][10]. - The same-city delivery segment achieved a revenue of RMB 9.01 billion, with a remarkable net profit growth of 161.80% [10]. Market Position - The company maintains a strong competitive edge with a leading fleet of 110 aircraft and over 100,000 delivery vehicles, positioning it as a dominant player in the logistics sector [10]. - The report highlights the company's robust logistics network and its strategic focus on international markets, which are expected to drive future growth [10].
顺丰控股（06936）：2024年净利润增长超两成，经营效率持续提升点评