SF Holdings (002352): Follow the Trend-Look at the SF Market Capability Space from the Perspective of Industrial Transformation

SF Holdings (002352): Follow the Trend-Look at the SF Market Capability Space from the Perspective of Industrial Transformation
Introduction to the report Introduction Franchised express delivery is the key infrastructure for the rise of Chinese e-commerce, and the higher-level industrial supply chain is also an important infrastructure for the transformation and upgrading of China’s manufacturing industry.SF’s positioning is highly time-efficient and high-quality express transportation. Over the past two decades, it has benefited from the rapid growth of business delivery requirements. In the future, it will share new logistics opportunities brought by the upgrading of industrial structure. The scale of high value-added industries will determine the future market value of SF. Looking for the next growth point-industrial supply chain Currently China’s industry and consumer sector are undergoing a huge transformation, and the express delivery industry is facing greater challenges and better possibilities than the United States.China already has global competitive service efficiency and level in the field of consumer logistics, but still has considerable room for improvement in the field of industrial logistics.There are reasons to believe that the current industrial transformation in China will open the next blue ocean logistics market. Value of Freight Flow and Cost Efficiency-Necessary Conditions for a Powerful Logistics Country The necessary high-value logistics density and leading cost efficiency are necessary conditions for the United States to move from a logistics powerhouse to a logistics powerhouse.The transformation and transformation of the industrial structure in the 1980s, with electronic information as a high value-added industry, provided the necessary high-value cargo flow density for the rise of FedEx Air Express; instead, the efficiency upgrade of traditional manufacturing has promoted supply chain managementBroad application of strategy and business. Welcome to a better logistics era-China’s industrial transformation and acceleration of logistics enterprises are also the tide of economic reform and development.China is experiencing a similar economic 青岛夜网 transition in the United States in the 1980s. The logistics needs of high-end manufacturing and emerging services, as well as the pressure of traditional manufacturing to reduce costs and increase efficiency, will accelerate the inflection point of China’s industrial supply chain.We predict that the potential express delivery scale of China’s manufacturing industry is in the order of 100 billion yuan, and the demand for high-quality express delivery is not pessimistic. The market value of SF may be higher. SF Holdings: Industrial transformation provides development opportunities. From the logistics network resources of the chassis to standard logistics products to personalized solutions, it is a clear path for SF’s future growth.For the manufacturing industry supply chain of the service industry, the four dimensions of customer relationship, network layout, resource integration and professional service capabilities are indispensable.SF has achieved leapfrog growth of “customer relationships” and “professional capabilities” by acquiring the business in China of leading supply chain companies. Investment suggestion: strengthen cost control, performance turning point upward, short-term cost control, medium-term airport operation, long-term gene transformation.Short-term companies have strengthened cost management and control, and the effect is gradually showing, and performance is expected to usher in an inflection point.If the company’s supply chain genes have been transformed, it is expected to be the first to open a trillion-level industrial supply chain market.Upgrade SF to “Buy” rating. Risk Warning: 1. The weak macro economy has led to a decline in demand for commercial express delivery; intensified competition in the industry has led to new business profit being less than expected2. Excessive capital expenditure is a drag on short-term profitability.

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