\u3000\u3 China Vanke Co.Ltd(000002) 352 S.F.Holding Co.Ltd(002352) )
The performance in 2021 is in line with expectations
In 2021 S.F.Holding Co.Ltd(002352) completed a total of 10.55 billion pieces, an increase of 29.7%; The operating revenue was 207.2 billion yuan, an increase of 34.5%; The net profit attributable to the parent company was 4.27 billion yuan, down 41.7%, in line with expectations. The decline in profits was mainly due to the increased investment in network resources such as venues, equipment and transportation capacity at the beginning of the year, the increase in the number of employees and subsidies during the Spring Festival, and the expiration of anti epidemic related tax relief. With the optimization of operation and management, the company’s performance has been repaired quarterly and moved towards steady growth.
High growth in multiple businesses
In 2021, the revenue of S.F.Holding Co.Ltd(002352) time effective express service was 96.16 billion yuan, an increase of 7.3%. Under the high base, the year-on-year growth rate of revenue was slightly slower; Economic express business revenue was 32.27 billion yuan, an increase of 54.7%; The revenue of express business was 23.25 billion yuan, an increase of 25.6%; The revenue from cold transportation and pharmaceutical business was 7.8 billion yuan, an increase of 20.1%; The business income of emergency delivery in the same city was 5 billion yuan, an increase of 59.1%; The revenue from supply chain and international business was 39.2 billion yuan, an increase of 199.8%. In addition to the time express business, other businesses have achieved high growth.
Rich resources and strong ability
By the end of 2021, S.F.Holding Co.Ltd(002352) active monthly settlement customers (enterprise users) had reached 1.64 million, and the annual revenue had increased by 25% year-on-year; The number of individual members reached 491 million, with a year-on-year increase of 23%. In 2021, the total cargo volume of S.F.Holding Co.Ltd(002352) aviation was 1.92 million tons, with 86 full cargo aircraft, 95000 operation and management trucks, 20000 sea routes, more than 168000 cooperative terminal outlets, 442 express and express stations and 2119 operation and management warehouses. These resources are the guarantee for S.F.Holding Co.Ltd(002352) to provide efficient and fast logistics services.
Clear strategy and strong competitiveness
S.F.Holding Co.Ltd(002352) is the largest express logistics integrated service provider in China and the fourth largest in the world. We have always adhered to the long-term and forward-looking strategic deployment, which can accurately seize the opportunity, continuously expand the scale and continue to lead the industry S.F.Holding Co.Ltd(002352) occupies an absolute leading position in China’s time effective express market. The revenue scale of express transportation ranks first in China’s LCL express industry for two consecutive years, and cold transportation ranks first in the “top 100 list of China’s cold chain logistics” for three consecutive years. The same city has grown into the largest independent third-party instant distribution service platform in China S.F.Holding Co.Ltd(002352) has long-term strategic vision, forward-looking business layout and innovative product capability. It is expected to break through the competition and realize the Evergreen Foundation.
Raise the profit forecast for 202223
Considering the acquisition of Kerry Logistics in 2021 and the high growth of many businesses, the EPS forecast for 202223 was raised to 1.33 and 1.86 yuan, and the EPS forecast for 2024 was increased to 2.17 yuan, maintaining the “buy” rating.
Risk tip: the demand for time effective express delivery is lower than expected, the growth rate of economic express delivery demand slows down, a large amount of investment leads to a significant increase in costs, and the epidemic affects the demand for express delivery
