According to the Research Report of Citic Securities Company Limited(600030) , considering that S.F.Holding Co.Ltd(002352) is in the upward cycle of capacity investment this year, the overall performance will be under pressure. However, by the second half of the year, some new capacity investment and four networks financing materials will gradually take effect, and the company’s performance is expected to improve year-on-year. At the same time, after the last period of a new round of capacity investment (2020h2 ~ 2021), it is expected that the company will enter a ramp up period of capacity utilization with improved cost next year, And with the consolidation of Kerry Logistics, the company’s performance will be significantly repaired. Under the segment valuation method, 25 times PE for time effective business and 1.5 times PS for other businesses are given. It is estimated that the company’s target market value is about 400 billion yuan, maintaining the “buy” rating.
(interface News)
