金吾财讯 | 华泰证券发研报指，顺丰同城(09699)今年以来，顺丰同城实现规模快速增长与净利率同步改善，该行认为主要因为：1）非餐场景渗透率提升，促进即时配送需求增长；2）公司积极拓展下沉市场；3）规模与网络效应显现，叠加科技驱动多场景融合，推动单位成本下降。公司于9/9加入恒生综合指数，并且于9/10纳入港股通，股票流动性有望提升。今年7月起，顺丰同城以“SoFast”品牌登陆香港即时配送市场，运营初期成本或增加，该行将2024/25/26年净利调整至1.6/3.4/4.6亿元（前值：1.88/3.36/4.60亿元）。该行基于分部PS估值测算的目标价为13.2港币（与前值相同），同城/最后一公里配送仍基于0.84/0.6x2024EPS，在可比公司中位数上给予20/0%溢价以反映公司增长与盈利能力优势。公司积极实施回购，1-7月回购金额约1.53亿港元。维持“买入”评级。
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