According to the research report released by Huatai Securities Co.Ltd(601688) , SF city (09699) "buy" rating was given for the first time, with a target price of HK $19.1. It is estimated that its operating revenue will increase from 8.18 billion yuan to 17.46 billion yuan in 2021-23, with a compound growth rate of 46%, mainly considering the high endogenous growth rate of the industry; Assuming that the company's market share expands, it is expected to turn loss into profit in 2023.
The report mentioned that takeout has cultivated consumers' habit of using real-time distribution, and new scenes such as local retail, near-field e-commerce and new field services have emerged, supporting the strong growth of industry demand. SF's local advantages are brand awareness, service quality and multi scene integration mode. The bank expects the company's net losses of 923 million and 381 million yuan in 2021 and 2022 (the same below), but driven by the network and scale effect, it is expected to achieve a profit of 74 million yuan in 2023.
The bank said that the real-time distribution service is the "hourly" logistics foundation, and the industry is expected to maintain a high outlook. According to the market survey and prediction, the delivery order volume and local retail have entered the mature stage and rapid development stage respectively; Near field e-commerce and near-field services are at an early stage with great growth potential. In addition, in the context of antitrust, the bank believes that the company, as a third-party distribution service provider, will benefit from a fairer logistics competition environment.
