SF Holding(002352) 华创证券·2025-04-29 04:03Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation of outperforming the benchmark index by over 20% in the next six months [1][25]. Core Insights - The company reported a revenue of 69.85 billion, a year-on-year increase of 6.9%, with express logistics revenue at 51.81 billion, up 7.2% year-on-year [1]. - The net profit attributable to shareholders for Q1 2025 was 2.23 billion, reflecting a year-on-year growth of 16.9% [1]. - The report highlights a continuous improvement in net profit margin, which reached 3.2%, an increase of 0.3 percentage points year-on-year [1]. Financial Performance Summary - Revenue and Growth: The company achieved a revenue of 698.5 billion in Q1 2025, with a year-on-year growth of 6.9%. The express logistics segment contributed 518.1 billion, growing 7.2% year-on-year [1]. - Profitability: The net profit for Q1 2025 was 22.3 billion, up 16.9% year-on-year, with a net profit margin of 3.2%, which is an increase of 0.3 percentage points from the previous year [1]. - Operational Metrics: The express business volume reached 3.54 billion, marking a year-on-year increase of 19.7%. However, the average revenue per ticket decreased by 10.5% to 14.63 yuan [1]. - Cost Management: The gross profit for Q1 2025 was 9.29 billion, with a gross margin of 13.3%, which is an increase of 0.1 percentage points year-on-year. The operating expense ratio decreased by 0.7 percentage points to 8.9% [1]. Shareholder Returns - The company announced a share repurchase plan for A-shares, with a total amount not less than 500 million and not exceeding 1 billion yuan, at a price not exceeding 60 yuan per share [2].