The way to make money

Huaxia Times (www.chinatimes.net.net) Reporter Wang Yuwu Huang Xingli Beijing report

SF Holding Co., Ltd. (hereinafter referred to as \”SF Holding\” After experiencing the loss of the first quarter of this year, let the outside world feel these dark streams behind the \”scenery\” of the express delivery enterprises in the industry environment and the high-speed expansion of the express delivery enterprises under the capital market.

According to SF Holdings, the first half of the year’s results announced in the first half of the year, in the first half of the quarter, the loss has not continued, but the performance of the first half has brought a relatively large impact. SF Holdings said that in the first half of 2021, the company expected the net profit attributable to shareholders of listed companies to 830 million yuan. Among them, the net profit in the first quarter was -989 million yuan, the second quarter is expected to be 16.29 100 million yuan to 1.819 billion yuan.

The data published by the State Post Office held on the same day showed that the development trend of the domestic express industry still maintains high growth rate. In the first half of the year, my country’s monthly express service volume increased by 20%, two The average annual growth rate is expected to reach 32.9%, and the development momentum is good.

Continuous \”Price War\”

The State Post Bureau data shows that in addition to the Spring Festival this year, the other months of business volume are above 8 billion. At the beginning of the second quarter, the month has been added 2 billion pieces, and the single month business gradually approaches the top 100 billion points, and the historical high is constantly settled. This year, only 37 days from 0 to 10 billion shipment this year, not only in 2020, the record of 80 days, but also 79 days before the epidemic, it can also be seen that the express delivery industry has not been like other industries. The influence of the epidemic factors, some changes caused by the opposite epidemic further promote the activity of trade channels such as online shopping, thereby further helping the development speed of the express delivery industry.

But the \”bonus\” of the large environment is not intended to \”lay ear\” for the company, especially several large-scale express delivery companies that firmly occupy the industry. \” \”Anxiety\” and \”uneasy\”, this is also reflected in the continuous \”price war\”.

For the consideration of many factors such as the market share and some of the \”prices butcher knife\”, the long-term express delivery company that has already been firmly controlled will still be the most effective price A market competition means, continuously reduced single-ticket revenue also makes the express delivery enterprises in the operational price of the continuous market, leading to the performance pressure.

From the previous May business monthly report, SF Holdings will have dropped to 15.59 yuan, while in February 2019, it is 22.28 yuan. And several other single ticket revenue have been far behind SF holding express delivery companies, the same, the same is facing such problems.Yunda Shares in May only 2.02 yuan, Yuantong Express is 2.04 yuan, Shentong Express is 2.07 yuan. At present, Zhongtong Express, which is currently occupying the purchase of the express delivery industry, and the first quarter of the financial report showed that the price of its ticket also fell by 12.4%.

Shunfeng Holdings have encountered the first performance loss in the first-quarter, and Wang Wei, who has apologized to investors and explains the cause of performance loss. In the latest performance notice, the cause of performance issues disclosed in SF Holdings is also essentially consistent with the previous interpretation.

Shunfeng Holdings said that the main reason for the performance of this reporting period: 2021 is the key year after the company in the company, in order to grasp the national industrial upgrading, promote the construction of digital supply chain, promote the historical opportunity of high quality development in the manufacturing service industry, The company surrounds the development direction of the integrated logistics service, and the development direction of digital supply chain solutions, accelerates the market development of multi-service sectors (including transit venues and automation equipment, dry boss capacity, etc.), consolidate operation chassis, and improve processing capacity To alleviate the previous capacity bottleneck and support the rapid development of various business, the investment leads to the company’s cost stage sexual pressure.

At the same time, SF Holdings pointed out that economical express products have grown faster, because the price of products is low, and the overall gross profit level is affected to a certain extent. In addition, due to the first quarter of the Spring Festival this year, the company gave a full care and incentive, collectors, warehouse administrators, and transfer operations, etc., the number of inventors, and the number of compensation costs increased significantly during the Spring Festival of the Spring Festival. The company’s profitability has brought the time-time impact.

The scale effect begins to reflect

In fact, several reasons mentioned in SF is also several key factors that change the future competitive pattern of express enterprises, such as the pre-investment in many fields, according to the characteristics of the industry It not only requires huge amount of funds as support, but also needs to bear these investments that have been facing the funds facing within one cycle of business playback. SF Holdings can achieve today’s market status and have benefited from dare to invest in infrastructure, thus establishing advantages in terms of network layout, information systems, and aging. For example, the earliest cargo plane, which is 10 million investment participates in the construction of the first professional freight airport in Asia.

Another aspect is to build a \”second network\”, which is the economical express product mentioned in SF Holdings. In a period of time, SF Holdings were considered to be more focused on high-end express products, and ignored the low-end market such as e-commerce. At the same time, while the competitors continued to challenge the high-end market, especially the sustained, SF Holdings The disadvantage in market share has also become a bottleneck in which the performance is further improved. To this end, SF Holdings will establish another budget express network outside the main business. In the past two years, the growth rate of related business is coming, this \”low and low body\” is clearly greater than the disadvantage, the economy express product is 2020The current increased by 64% year-on-year, accounting for 28.67% of operating income. This performance can also help SF Holdings do not lose more in the process of \”cutting cake\”.

According to SF Holdings, during the reporting period, the company continues to examine the resources of the traffic lines, strengthen the venues such as express networks, express networks, warehousing networks, and the network, and the line and other resource integration optimization, and Continue to carry out the upgrade and transformation of China’s transcendal automation equipment, which has caused some capacity bottlenecks to relieve, resource utilization, and operational efficacy. At the same time, the cost refined control is strengthened, and the growth of the traffic is diluted, and the scale effect is reflected. In addition, in the second quarter, the pendant sector is pushing, and the amount of time-saving express delivery traffic has rebounded.

For SF Holdings, the layout in many fields will gradually start with time, for example, from the beginning of last year, SF Air has opened a large number of new international routes, which is also in the first half of the country. The \”Express Out\” Project Policy Idea is consistent. According to the data released by the National Post Office, my country International and Hong Kong, Macao and Taiwan express delivery business in China increased nearly 50% in the first half of the year. In the first quarter, supporting my country’s cross-border e-commerce import and exports reached more than 40 billion yuan, a year-on-year increase of 46.5%.

In addition, SF Holdings have also promoted the listing of the House of Housing and the same city business to land in the capital market. In particular, the same city with the same city has been unable to profit, in accordance with the report of Zheshang Securities, my country is high-speed growth in the same city. According to CFLP and US group distribution, the \”China Timely Distribution Industry Development Report\” is released. my country’s market users continue to expand. In 2020, the number of users reached 482 million (estimated), 2014-2020E composite growth rate of 25%; order quantity A substantially increased, in 2019, the entire industry order is 18.28 billion, 2014-2019 composite growth rate of 73%.

Zheshang Securities believes that SF Tongcheng business is expected to share the industry dividend by the capital sharing. At present, the same city business is still in the cultivation stage. The net assets were 370 million yuan in 2020. The net profit lost 76 million yuan. Business development still needs fund support. In March 2021, SF has increased capital of 409 million yuan in the same city. The total sharehold share ratio 65.46% increased to 66.76%, the valuation of about 10.9 billion yuan; the same city industrial split listings will help multi-financing support business development, consolidate the core resources of the same city, share the industry development dividends.