SF Holdings (002352) Annual Report Commentary Report: Li Bing looks forward to long-term growth

SF Holdings (002352) Annual Report Commentary Report: Li Bing looks forward to long-term growth
Event SF disclosed the 2018 annual report: the company achieved business volume in 18 years38.6.9 billion votes, an increase of 26 in ten years.8%, with an average ticket income of 23.18 yuan / ticket, basically the same as last year; revenue 909.4.3 billion, an increase of 27 previously.6%, net profit attributable to mother 45.5.6 billion, previously downgraded to 4.57%, deducting non-net profit 34.8.4 billion, previously downgraded by 5.92%, earnings per share is 1.03 yuan / share.The company plans to pay dividends to all shareholders for every 10 shares2.1 yuan (including tax). Main business: Traditional aging parts grew steadily, and new businesses quickly increased in volume. In 2018, the company’s main business maintained a rapid growth momentum. Among them, the company’s cornerstone business maintained steady and rapid growth, with a growth rate of 14.3% of revenue from new 南宁桑拿 business growth through 65.5% to 58.7%; The economic express delivery business increased volume rapidly through capacity enhancement, with a growth rate of 37.6%.In terms of new business, express transportation and cold transportation continued to maintain a rapid growth of more than 80%. Express transportation broke through the 8 billion revenue barrier, which became the company’s new growth momentum, and the city’s distribution increased by 172.2%, revenue exceeded 10 billion. Finance: Preliminary gross profit growth14.At the 2% cost end, the company grew 31 in 18 years.17%, weighting the cost that is expected to have the greatest impact is beyond cost, with an annual increase of 41.7%, accounting for 53.0%, we think that the main reasons behind it include the increase in the cost of trunk and branch transportation, transit, warehouse management outsourcing, and the cost of external personnel.Affected by this, the company’s overall gross profit margin fell2.15 up to 17.92%, total gross profit increased by 14 per year.2%.The up-conversion of the company’s 2B logistics business increased the sales expense ratio slightly, but the overall control was appropriate.Company leaders non-recurring gains and losses10.7.2 billion, which is close to the amount in 2017, of which mainly the disposal of investment income of subsidiaries8.08 billion. 18 years is the year that SF continues to improve its industrial layout and strengthen its network capabilities.We understand from the six dimensions of the consignee, outlet, fleet, vehicle, land, and airport. 1) Dispatchers: The total number of dispatchers is 29.140,000 people; 2) Network: stock 1.560,000 self-operated outlets +0.260,000 Express Express franchise outlets; 3) Aviation: As of the date of the annual report, there are 50 all-cargo aircraft (767: 5, 757: 27, 747: 1, 737: 17).There are first-mover advantages at the moment, currently 136 pairs of moments; 4) Vehicles: The company’s transportation capacity is still improving in 18 years, and the number of trunk and branch vehicles has increased by 17%; 5) Land: SF holds 6,173 acres of logistics site land, which has gradually increased 46.1%, the current net book value of the logistics site is 10.2 billion; 6) Airport: According to the requirements of the Hubei Provincial Government, the foundation will be laid in 2018, the image will be produced in 2019, and it will be basically completed in 2020, and will be put into operation in 2021. Investment advice In the long run, the company’s increased competitive advantage in the express delivery industry, deep aging parts barriers, and clear path to comprehensive logistics service providers, we reduced the company’s 19-20 years of non-recurring gains and losses,Change 19-20 profit forecast from 56.6, 67.3 Adjust to 47.1, 55.900 million, maintain BUY rating. Risk warning: New business development is less than expected; rapid change in demand for commercial pieces