金吾财讯 | 东吴证券发研指，顺丰同城(09699)2024年实现收入157.46亿元（yoy+27.1%）；归母净利润为1.325亿元（yoy+161.8%），实现利润大幅增长，归母净利率同比提升0.4pct至0.8%。该行指，公司2024年同城配送服务收入实现91.21亿元，同比增长23.5%；订单量同比增长30%。2024年面向商家的同城配送业务收入同比增长28.1%，达66.88亿元，新增合作门店超过7500家，活跃商家规模达65万，同比增长39%；面向消费者的同城配送服务收入同比增长12.2%达24.33亿元，主要得益于活跃消费者规模持续扩大（达2341万人）、老客户强劲复购、同城自有渠道收入快速增长及同城快递需求加速渗透。该行续指，2024年，公司通过持续技术创新与精细化运营提升整体效率，在业务拓展和成本控制上继续取得成效，毛利率同比提升0.4pct至6.8%，销售费用率/研发费用率/管理费用率分别同比下降0.2/0.1/0.1pct，推动归母净利率同比提升0.4pct该行表示，看好公司长期利润释放空间，同时考虑到公司短期为更好抓住行业增长机遇增加一定投入，该行将公司2025-2026年归母净利润预测从2.73/4.53调整至2.47/3.62亿元，新增2027年归母净利润预期4.91亿元，维持“买入”评级。
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