SF Holdings (002352) 2018 Performance Evaluation: Single Ticket Price Maintains Stable New Business Momentum

SF Holdings (002352) 2018 Performance Evaluation: Single Ticket Price Maintains Stable New Business Momentum
Event: The company announced its 2018 annual report and expected to achieve revenue of 909.4 percent, an increase of 27 per year.6%; realized business volume 38.700 million pieces, an annual increase of 26.8%, with an average ticket income of 23.18 yuan, basically the same.Net profit attributable to mother is 45.600 million, deducting non-attributed net profit of 34.800 million, basically in line with expectations. Traditional business grew steadily.Revenue from the aging segment was 53.4 billion yuan, an increase of 14.3%. In the future, the value of aging products will be further enhanced, core competitiveness will be further reduced, and the income of aging products will promote rapid increase. Revenue from economic products will be US $ 20.4 billion, an increase of 37.6%, which is about 15 mergers higher than the overall growth rate of the market, and the cumulative customer complaint rate decreased by 37 compared with the same period last year.5%. New business development momentum is strong.In 2018, the company’s new business income increased by 76% over the same period of the previous year, and its revenue accounted for 13% of the previous year.7% to 18.9%.Looking at the breakdown, the express business revenue was US $ 8.1 billion, an annual growth rate of 83%, maintaining a high growth rate. The average daily volume was close, exceeding expectations. The major customers for cooperation were Huawei, Midea, Hisense, Vipshop and other companies.The overall revenue of the cold transportation and pharmaceutical business reached 4.2 billion, an increase of 85%, and the business maintained rapid growth; the international and intra-city distribution business revenue growth rates were 29% and 172%, respectively, and the company’s comprehensive logistics network layout was optimized. Investment suggestion: The company has a unique and scarce smart logistics network. The “Three Networks + Ground Network + Information Network” three-in-one combination, plus a highly expanded implementation of the relevant information network, has created the company’s most unique and scarce among domestic counterparts.Huge network resources, deep digging moat.As the company’s business volume increases steadily, new business layout continues to deepen, and performance is expected to grow steadily, maintaining a “Buy” rating. Risk Warning: The industry’s growth rate is lower than expected, and risks 成都桑拿网 such as labor and fuel costs are rising sharply

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