SF Holding(002352) 中信建投·2025-03-31 11:39Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential relative price increase of over 15% in the next six months [5]. Core Insights - The company benefited from rising international shipping rates and stable cargo volumes, leading to a 17% year-on-year growth in supply chain and international segments, contributing to a total revenue increase of 10.1% [1][2]. - Cost optimization measures have resulted in a significant improvement in gross margin, reaching 13.9%, the highest level in five years, supporting over 10 billion yuan in net profit attributable to shareholders [1][19]. - The company has reduced capital expenditures to below 10 billion yuan, marking a historical low of 3.3% of revenue, reflecting a focus on core logistics operations and efficient resource management [28]. Financial Information - In 2024, the company achieved total revenue of 284.42 billion yuan, a year-on-year increase of 10.1%, with net profit attributable to shareholders approximately 10.17 billion yuan, up 23.5% [2][25]. - Operating costs increased by only 8.7%, resulting in a gross profit of 39.6 billion yuan, a significant year-on-year growth of 19.5% [20][25]. Business Highlights - The total volume of packages handled reached 13.26 billion, a year-on-year increase of 11.4%, with a notable growth of 15.3% when excluding divested businesses [3][4]. - The international freight and agency business saw substantial revenue growth, driven by increased demand for international air freight and stable shipping volumes [1][3]. Revenue Structure - The core express delivery segment generated revenue of 206 billion yuan, growing by 7.7%, while the supply chain and international business segments experienced a significant revenue increase of 17.5% [13][18]. - The international freight forwarding segment grew by over 30%, and international express services saw growth exceeding 20% [13]. Cost Management - The company implemented effective cost control measures, resulting in a gross margin of 13.9%, an increase of 1.1 percentage points from the previous year [19][20]. - Operating expenses for 2024 were 26 billion yuan, reflecting a growth of 4.9%, with a comprehensive expense ratio decreasing to 9.2% [25][26]. Capital Expenditure and Cash Flow - The company reported a significant improvement in operating cash flow, which increased by 21.1% year-on-year, with free cash flow reaching 22.3 billion yuan [28][30]. - Capital expenditures were reduced to 9.34 billion yuan, representing a 25.1% decrease and the lowest proportion of revenue in history [28]. Shareholder Returns - The company allocated 10.66 billion yuan for dividends and share buybacks in 2024, with a 42% increase in regular dividends [32]. - The share buyback program is ongoing, with a significant portion of previously repurchased shares already canceled, indicating a commitment to enhancing shareholder value [32].