華泰金融(HK)：給予順豐同城(09699.HK)“買入”評級 目標價13.20港元
華泰金融(HK)9月17日發布公告。We attribute SF Intra-city’s (SFIC) fast scale expansion and NPM enhancement in 2024 ytd to: 1) deepened penetration in non-food delivery scenarios; 2) expansion in lower-tier cities; 3) economies of scale and network effect. SFIC was included in the Hong Kong Stock Connect on 10 September 2024, boding well for stock liquidity ramping up, in our view. As it launched the‘SoFast’service in Hong Kong in July and operating cost could potentially rise at the early stage, we adjust our 2024/2025/2026 net profit forecasts from RMB188/336/460mn to RMB160/336/ 455mn. We maintain our SOTP-based target price of HKD13.20, with intra-city/last-mile delivery services based on 0.84/0.6x 2024E PS (unchanged), 20/0% above their peers’medians on Bloomberg consensus, factoring in SFIC’s brighter earnings growth and profitability prospects than its peers. Maintain BUY.
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