In the evening of July 13th, “Brother Express”SF HoldingsAccording to the performance forecast, it is expected that the net profit attributable to the parent will be 640 million to 830 million yuan in the first half of this year, a decrease of 78% to 83% from the same period last year. After a loss of 989 million yuan in the first quarter, the company expects to achieve a profit of 1.629 billion yuan to 1.819 billion yuan in the second quarter, and its performance in the second quarter has improved significantly.
It is worth noting that although the performance of the second quarter has improved significantly from the previous quarter, due to the large losses in the first quarter, there is still a large gap between the performance of SF Holdings in the first half of the year and the same period last year. It is estimated that the deduction of non-net profit in the first half of the year will be between -530 million yuan and 400 million yuan, of which the deduction of non-net profit in the first quarter will be 1.134 billion yuan.
Before the loss in the first quarter of this year, SF Holdings had not suffered a loss since its listing. Due to the strong demand for e-commerce in the sinking market, the business volume of SF Holding’s economic express delivery product special distribution has grown rapidly, and the pricing of this part is low, which affects the overall gross profit margin to a certain extent.
With the increasingly fierce competition in the express delivery industry, low-price competition has become the mainstream of the industry. In May of this year, SF Holdings’ single ticket revenue was 15.59 yuan per ticket, a year-on-year decrease of 13.44%;Shentong ExpressSingle ticket revenue was 2.07 yuan per ticket, down 2.36% year-on-year;YTO ExpressThe single ticket revenue was 2.04 yuan per ticket, a year-on-year decrease of 2.45%;Yunda sharesThe single ticket revenue was 2.02 yuan per ticket, a year-on-year decrease of 0.98%.
Southwest SecuritiesThe research report on July 12 pointed out that the problem of value damage in the express delivery industry lies on the supply side; all the value created by express delivery companies is conducive to the e-commerce industry chain; short-term profits of listed express delivery companies are uncertain, and the market value depends on the company’s long-term competitiveness. Characteristics. However, with the tightening of supervision, the Internet game of burning money subsidies and staking land will not continue to be staged, the vicious price war has come to an end, and the profits of listed express delivery companies will usher in restoration.
Judging from the performance of the secondary market, since 2021, the stock price of SF Holdings has continued to decline. The company’s stock price hit the highest point of 124.06 yuan per share on February 18, and then fluctuated downward. So far, it has nearly halved, and its market value has evaporated by more than 270 billion yuan.
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