DHL供应链：高盛炉边谈话（英）-23页_4mb

DHL Supply Chain Summary

Core Content

DHL Supply Chain is a global leader in contract logistics, operating in a market valued at approximately €220 billion, growing at 4-6% annually. The company is positioned to outperform market growth due to its strong focus on e-commerce, digitalization, and strategic product offerings. With a revenue of ~€13.7 billion in the 12-month rolling period and ~€1.5 billion in e-commerce revenue in 2021, DHL Supply Chain delivers a robust financial profile. The company has a YTD Sept EBIT margin of 5.0% and an EBITDA margin of 11.2%, reflecting strong operational efficiency.

Main Points

Market Leadership

• DHL Supply Chain is the largest contract logistics player in a €220B market, with a revenue of ~€13.7B in the 12-month rolling period.
• It is more than twice the size of its closest competitors, with a strong reputation as an innovative 3PL provider according to Gartner.
• The company operates in over 50 countries with more than 1,500 locations and 15M square meters of storage space.

Financial Strength

• DHL Supply Chain reported ~€1.5B in e-commerce revenue in 2021.
• It has a high contract retention rate of 94%+ and signed over €1B in new business in 2021.
• The company has a strong Net Promoter Score (NPS) and maintains a high level of customer satisfaction.

Customer Value Proposition

• DHL Supply Chain offers a truly global reach and modular solutions tailored to complex supply chains.
• It serves a diverse customer base, including global blue-chips and rising stars such as Samsung, Wayfair, Zalando, and SpaceX.
• The company emphasizes flexibility, speed, sustainability, and resilience as key differentiators.

Operational Efficiency

• The company's standardized back-end operations via the Operations Management System First Choice drive efficiency and margin improvements.
• Automation and digitalization are central to its strategy, with over 3,000 digitalization projects in progress, focused on 12 core technologies.
• Examples of digital initiatives include assisted picking robots and transport analytics, which improve productivity and reduce emissions.

Key Trends and Drivers

Structural Growth Drivers

• Growing GDP
• Increasing complexity in customers' supply chains and higher outsourcing shares
• Rising e-commerce and circular economy demands

E-commerce Growth

• e-commerce revenue is growing rapidly, with ~€1.5B in 2021.
• ~20% of retail sales are online or omnichannel, and ~40% of e-commerce consumers expect same-day delivery.
• DHL Supply Chain is well-equipped to meet these demands with its extensive infrastructure and digital capabilities.

ESG Commitment

Environmental

• DHL Supply Chain is committed to clean operations and climate protection.
• Initiatives include net-zero carbon warehouses, reducing transport emissions, and CoGreen sustainable solutions.
• ~85% of its warehouse electricity is green.

Social

• The company is a great place to work, with industry-leading OHS standards and a strong focus on diversity and inclusion.
• It has a lower Lost Time Injury Frequency Rate (~66%) compared to the industry average and has received the Top Employer award for the fifth consecutive year.

Governance

• DHL Supply Chain maintains high standards in trade compliance, data protection, and IT-security.
• It has a zero-tolerance policy towards corruptive behavior and provides over 30k compliance training hours annually.

Future Outlook

• DHL Supply Chain is well-prepared for future success, with a strong financial profile and a clear roadmap for growth.
• The company expects strong top-line growth and significant margin improvements in 2021, driven by e-commerce and strategic products.
• Its integration of physical and digital supply chain solutions positions it to lead in the evolving logistics landscape.

Conclusion

DHL Supply Chain is a market leader with a strong financial position, global reach, and a commitment to sustainability and innovation. Its ability to adapt to megatrends such as e-commerce, digitalization, and globalization, combined with a diversified customer base and a focus on operational efficiency, makes it a key player in the contract logistics industry.