According to Securities Star News, on April 30, 2024, SF Holdings (002352) announced that the company would accept institutional research on April 30, 2024, with the participation of China Southern Fund, JPMorgan Chase, Yuanzhi Credit Suisse, Haitong Securities, and individual shareholders.
The details are as follows:
Q: The company is currently the largest integrated logistics service provider in China and Asia, and the fourth largest in the world, and in the 2025 strategic goal, it will also speed up international business development, complete the global smart supply chain layout, and ensure that the business scale and company value are among the top in Asia and the world. Could the company please introduce the challenges encountered in the process of promoting the international business layout, and what measures will be taken to deal with these challenges?
Answer: First, the overseas market is very large, and it is necessary to adopt "one country, one policy", and the business entry points of different countries are different, and local conditions need to be adapted; second, in the process of going out, we should leverage our strength to seek multi-dimensional cooperation from the outside, including the resource side, the customer side, etc., so as to quickly establish overseas capabilities; third, we should combine domestic export talents and overseas local talents to ensure the landing effect.
At present, many customers have production capacity to go overseas, including many customers served by SF, and SF's domestic talents have also been exported in many countries, and the company will seize the existing good opportunity to accompany customers to go overseas.
Q: Since it was put into operation in the third quarter of last year, has the operation of the Ezhou hub met expectations?
A: The Ezhou hub hub was officially put into operation in September last year, and some customers are still waiting to see the value of the hub. Cost is one of the most important considerations for customers, and the Ezhou hub can help customers improve inventory efficiency and achieve efficient transportation by airline next morning, which is a huge attraction for customers with time requirements, large inventory categories and high single ticket value.
Recently, it has also been reported in the news that the port of Ezhou Huahu Airport has passed the acceptance of the national acceptance team and is officially open to the public, which also means that Ezhou Huahu Airport has officially become an international airport. In the future, the Ezhou hub will not only be China's transshipment center, but also China's gateway, and the company will actively promote the Ezhou hub to create more value.
Q: Has the company's capital expenditure peaked and can the trend be maintained in the future?
A: The company's capital expenditure peaked in 2021, when the amount of capital expenditure was close to 20 billion yuan. With the commissioning of the Ezhou hub, capital expenditure has peaked in recent years, and the company is committed to maintaining a healthy level, with the company's capital expenditure in 2023 amounting to 13.5 billion yuan, accounting for about 5% of revenue. In the future, the company will pay more attention to the input-output ratio, not simply reducing the investment amount, but giving full play to the investment value. In recent years, the company's investment strategy has become more stable, focusing more on investment returns, and following economic trends and customers is the responsible attitude of operators.
Q: SF Express has been in the low-altitude economic layout for many years, what is the latest development?
A: The company began to lay out the field of logistics drones in 2013, and obtained the world's first drone aviation operation (pilot) license in 2018. At present, Fengyi logistics drones have achieved normal operation in the Greater Bay Area, with an average daily takeoff and landing of 800 to 2,000 flights, and an average daily transportation order volume of more than 12,000 tickets. In addition, the second and third generation of logistics drones launched by the company are more competitive than the first generation.
SF Express is relatively mature in terms of technology, cargo volume, customer demand, and operation mode in the field of low-altitude economy, but it still needs policy support. The company's logistics drones to achieve the current unit scale is inseparable from the good policy environment created by the Shenzhen Municipal Government, and the future development of SF in the field of low-altitude economy not only depends on the improvement of its own capabilities, but also needs further support from policies. In addition, Shenzhen is the country's vanguard in the field of low-altitude economy, and the company's logistics drones can be further replicated and promoted in other parts of the country after achieving certain results in Shenzhen.
Q: As a labor-intensive express delivery industry, how does the company balance intelligent development and employment?
Answer: The application of intelligent technology helps the company reduce costs and increase efficiency. At present, the company's technology application is more to reduce the labor intensity and improve the efficiency of employees, so that the position can play a greater role, rather than replace the job. For example, the application of unmanned vehicles in the connection scenario can make the express mail faster and closer to the little brother, helping the little brother to better complete the last mile mission. The company's service emphasizes temperature and speed, and the temperature needs to be solved by people, and the door-to-door service of the courier brother helps to establish a deeper connection between people with customers, which I cannot be replaced, and there will be no great changes in a short time. Technology can help employees reduce simple and repetitive tasks, promote more employees to enter the industry, help employees achieve skill advancement, become more professional talents, and enhance the value of their positions, which is also the support and foundation of the company's strategy.
Q: What other ways can the company improve its share price performance than buybacks?
A: The company will continue to increase revenue and profits, so that investors have more confidence in the company. It takes time to achieve the company's strategic goals, and the company will strive to shorten the investment reporting cycle, improve revenue, profit and service quality, increase the company's value, and maintain the stability of the company's stock price.
Q: What is the impact of the implementation of the new express delivery regulations on SF?
Answer: The implementation of the new express delivery regulations means that the industry is moving towards high-quality development.
First, the implementation of the new regulations will not impact SF's existing business, but will benefit SF, which has always insisted on door-to-door service.
Second, SF Express has always insisted on door-to-door delivery, providing personalized delivery services for different customers, paying attention to consumer needs and paying attention to the welfare of Xiaoge.
Third, the new regulations emphasize the importance of "user consent", which shows that consumer choice plays a key role in this chain, and in the medium to long term, consumer choice can lead e-commerce platforms to provide differentiated express product choices, and even allow consumers to choose their own express delivery companies, this trend change will accelerate, and leading service companies will benefit in the long run.
The main business of SF Holding (002352) is integrated express logistics services.
According to the first quarter report of SF Holdings in 2024, the company's main revenue was 65.341 billion yuan, up 7.03% year-on-year, net profit attributable to the parent company was 1.912 billion yuan, up 11.14% year-on-year, non-net profit was 1.657 billion yuan, up 9.21% year-on-year, debt ratio was 54.64%, investment income was 201 million yuan, financial expenses were 440 million yuan, and gross profit margin was 13.17%.
A total of 14 institutions have rated the stock in the last 90 days, with 11 having a buy rating and 3 having an overweight rating, with an average institutional price target of 45.17 over the last 90 days.
Here's the detailed earnings forecast information:
Margin data shows that the stock has a net financing inflow of 656 million in the past three months, with an increase in the financing balance, and a net outflow of 11.9317 million with a decrease in the balance of securities borrowing and lending.
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