SF Holdings (002352): Transformation pains, transformation starts

SF Holdings (002352): Transformation pains, transformation starts
Event Description SF Holdings disclosed its 18-year financial report: In 2018, the company’s revenue increased by 27 in ten years.6% to 909.400 million US dollars, attributable net profit drops by 4 each year.6% to 45.600 million, deducting non-attributable net profit fell 5 year by year.9% to 34.80,000 yuan, the corresponding EPS is 1.03 yuan; of which, the fourth quarter achieved revenue growth of 20.2% to 255.700 million, the attributable net profit increases by 35 each year.8% to 15.30,000 yuan, deducting non-attributable net profit fell by 36 each year.9% to 6.600 million; a cash dividend of 2 per 10 shares is proposed.1 yuan (including tax). Increasing proliferation of incident comment aging parts, new business continued to expand.In the fourth quarter, the company’s revenue growth rate was down 9 from the previous quarter.3pct to 20.2%, mainly due to macroeconomic impact, due to the penetration of the growth rate of aging parts.In 2018, the company’s revenue growth momentum gradually shifted from time-effect parts to new businesses, and diversification progressed rapidly: continuous expansion, economic parts business costs increased, and rapid demand growth stimulated; gradually, new services such as express, cold transportation, same-city distribution and international partsAchieved rapid growth in the rapid production capacity. In the end, the company’s new business revenue in 2018 increased by 75 per year.9%, revenue increased by 5 compared to 2017.2 points to 18.9%. Cost pressure is increasing, and Q4 profit pressure is under pressure.In the fourth quarter, the company continued to replenish its new business network resources, but its business volume growth speed improved rapidly, and its gross profit margin dropped by 2.4pct; Expense rate budget. Due to the increase in management expenses and financial expenses in the fourth quarter, the expense rate of the company increased slightly by 0.5 points to 13.0%; in the end, the company deducts the non-attributable net interest rate to increase and replace.3pct (deductible non-attributable net profit can be exchanged).9%), the profit is further under pressure, and the attributable net profit increases by 35 each year.8%, because the logistics industry park in the fourth quarter after the assets securitization of investment income.10,000 yuan. Exploiting cost potential and expanding new business benefits 返回码: 500 网站打不开?重查 have gradually started to open year by year.The company is in the painful period of transition from direct delivery to integrated logistics, but in the past two years, the accumulated scientific and technological strength that has spent billions of dollars will gradually be transformed into cost-side improvements.As a low net profit, high turnover direct sales model, the company’s cost-side potential and new business revenue increase are expected to increase the flexibility of the profit side. Maintain the “overweight” rating.The competitive advantages created by the company’s superior brand advantages, capital investment and technological innovation are expected to become the long-term value targets of the stock.It is expected that the company’s latest diluted EPS1 for 2019-2021 will be 1.10 yuan, 1.39 yuan and 1.76 yuan, 佛山桑拿网 corresponding to PE is 33, 26 and 20 times.(1. The EPS in the estimation model on the last page of the report uses the latest equity calculation, and according to the consideration of dividend distribution, the 2018 ROE conversion adjustment in the estimation model) Risk warning: 1. Short-term profitability dragged down by excessive capital expenditure; weak macroeconomics has driven down the demand for business express delivery; intensified competition in the industry has caused new business earnings to fall short of expectations.