On April 11, S.F.Holding Co.Ltd(002352) ( S.F.Holding Co.Ltd(002352) ) released the performance forecast for the first quarter and the business briefing in March. It is estimated that the profit in the first quarter of 2022 will be 950 million yuan to 1.1 billion yuan, and the loss in the same period of last year will be 989 million yuan, which is expected to turn loss into profit.
After deducting non profits, S.F.Holding Co.Ltd(002352) net profit will be 850 million yuan to 1 billion yuan. According to this prediction range, in the first quarter of this year, S.F.Holding Co.Ltd(002352) ‘s performance after deduction of non-profit is expected to exceed the profit level of the same period before the epidemic (2019).
In addition, according to the latest monthly data, the business volume fluctuated in S.F.Holding Co.Ltd(002352) 3 month and the revenue of express logistics business decreased year-on-year due to the closure and control of the epidemic in some cities in China. However, after consolidating Kerry Logistics, the revenue of S.F.Holding Co.Ltd(002352) first quarter reached 59.797 billion yuan, a year-on-year increase of more than 40%, creating the best first quarter revenue in history.
first quarter performance continued to repair trend
In the first quarter of 2021, S.F.Holding Co.Ltd(002352) suffered a large loss in a single quarter for the first time. SF & Fung comprehensively sorted out resources and improved the quality of revenue end by optimizing product and customer structure.
Throughout 2021, S.F.Holding Co.Ltd(002352) performance was lower than before and higher than before. By the fourth quarter of last year, the net profit after deduction of non-profit was 1.5 billion yuan, an increase of nearly 50% year-on-year.
In 2022, S.F.Holding Co.Ltd(002352) continued the trend of quarterly profit recovery last year. In the first quarter of this year, S.F.Holding Co.Ltd(002352) performance improvement also benefited from the focus on core logistics strategy; Actively optimize the product structure and reduce the number of products with low gross profit; Continue to promote the integration of four networks and strengthen the resource integration of sites and lines.
In addition, S.F.Holding Co.Ltd(002352) consolidated Kerry Logistics is also an important reason for the rebound in performance. At the end of September last year, SF completed the merger of Kerry Logistics, a leading international freight forwarding company.
“The development momentum of Kerry Logistics’s international freight forwarding business may continue. In 2021, even affected by the epidemic control in Asia Pacific, Europe and the United States, Kerry Logistics’s international freight forwarding business will still make remarkable achievements. In the future, with the gradual control of covid-19 pneumonia and the liberalization of control in various countries, Southeast Asia may contribute more to its business.” A securities practitioner who has long studied the field of logistics said.
single ticket revenue increased year-on-year for five consecutive months
On the same day, the latest operating data released by S.F.Holding Co.Ltd(002352) showed that driven by the rapid growth of supply chain and international business income, SF’s total revenue in March reached 18.866 billion yuan, an increase of nearly 30% year-on-year.
The express transportation business realized a year-on-year decrease of 12.463 billion yuan, of which logistics revenue decreased by 12.45; 7%; The business volume was 803 million tickets, a year-on-year decrease of 7.91%. The decline of SF’s business volume is mainly due to the company’s initiative to optimize the product structure and reduce the number of low gross profit products since the second half of 2021. The strategy has been reflected in the revenue side. The company’s single ticket revenue in March continued to increase year-on-year and month on month. The single ticket revenue in that month reached 15.52 yuan, with a year-on-year increase of 2.24%, which has increased year-on-year for five consecutive months.
It is worth mentioning that since March, China’s epidemic has rebounded, some cities have shown a complex situation, and S.F.Holding Co.Ltd(002352) ‘s network operation has also been subject to fluctuations. At the annual performance briefing in 2021, senior executives of the company said that the number of outlets affected by management gradually decreased in late March, and the impact of the epidemic in March was generally controllable.
In the fight against the epidemic, it is understood that in March, SF Airlines opened the “Shenzhen = Hong Kong” route, using B767300 all cargo aircraft to ensure the transportation of Inbound express and epidemic prevention materials, and opened the Shenzhen Hong Kong freight route with a 30 minute route. In order to ensure the transportation of living materials in Shanghai, SF urgently opened a rush aid route, flew directly to Shanghai from Inner Mongolia Autonomous Region, quickly supplied fresh materials for the local people in Shanghai, and delivered nearly 400 tons of beef and mutton to Shanghai in four days.
As a member of the UAV commando team of East China UAV base, SF ark 40 UAV is mainly used for logistics distribution at the end of the city, transporting vegetables, fresh food, antigen reagents, emergency drugs and other materials for residents. From April 5 to 10, Shunfeng UAV has helped deliver more than 1500 emergency supplies in Jinshan District, with a flight mileage of more than 560 kilometers. In addition, SF meets the needs of metro platform, and Shanghai SF has established a special transportation capacity support team in the same city to send nearly 1000 orders to consumers every day. Previously, thousands of employees of Shanghai Shunfeng turned into volunteers to invest in the transportation of people’s livelihood materials and the “last mile” distribution of the community.
S.F.Holding Co.Ltd(002352) said in the latest announcement that the company will further improve the epidemic prevention and control measures in the links of collection, transfer, transportation and dispatch, and make every effort to ensure the transportation and last kilometer distribution of residents’ living necessities during the epidemic by relying on the end-to-end diversified logistics service capacity.
