20230829-西南证券-顺丰同城-09699.HK-第三方即时配送服务商龙头_上半年扭亏为盈_7页_1mb

Summary of Anping Technology Report

• Key Performance: In the first half of 2023, the company achieved revenue of 57.49 billion Hong Kong dollars, a 28.8% increase year-over-year, with gross profit and margin at 3.83 billion Hong Kong dollars and 67%, respectively, setting a new record. Net profit turned profitable at 30.31 million Hong Kong dollars, reflecting a turnaround and improved profitability over six consecutive years.

• Business Growth: Strong resilience driven by diversified order structures and regional distribution, with notable growth in personal business, non-meal categories, and lower-tier cities. Active merchant scale on the platform reached 380,000 (up 272%) and active consumers exceeded 18.5 million (up 503%), indicating robust user and market expansion.

• Technology and Efficiency: Advanced technology systems enable efficient order matching and smart operations across multiple scenarios, contributing to financial improvements. Open platform infrastructure supports partners' O2O digital transformation, fostering an ecosystem for sustainable growth.

• Network Expansion: Enhanced delivery capacity through a summer recruitment drive adding over 860,000 couriers (up 233% YoY within 12 months), maintaining stable service quality amid varied demand.

• Financial Projections: Revenue is expected to grow from 13 billion Hong Kong dollars in 2023 to 23.35 billion Hong Kong dollars in 2025, with higher EPS and PE ratios. PS valuation indicates a target price of approximately 1,188 Hong Kong dollars for 2024 based on 6x multiple, maintaining "Buy" recommendation.

• Risks: Potential challenges include macroeconomic volatility, delivery network constraints, and slower-than-expected business expansion.