On April 9, SF Holdings (002352) opened a lower limit.
As of the close of the day, the price limit has not been opened, and it closed at 72.72 yuan per share. The market value lost 36.8 billion yuan in one day. SF Express has also become one of the most thunderous stocks in the Greater White Horse stocks. After-market data showed that the two institutions sold 118 million yuan, the Industrial Securities Chengdu Hangkong Road sold 68.2 million yuan, and the two institutions bought 195 million yuan. 
The SF Express’s limit limit was directly affected by the first quarter performance forecast the night before.
On the evening of April 8, SF Holdings announced that it is expected to achieve a net loss of 900 million to 1.1 billion yuan attributable to shareholders of listed companies in the first quarter of this year, and to achieve The net loss of listed company shareholders after deducting non-recurring gains and losses is between RMB 1 billion and RMB 1.2 billion.
It is comparable to that in the same period last year, SF Holdings realized a net profit of 907 million yuan attributable to shareholders of listed companies, and realized non-recurring deductions attributable to shareholders of listed companies. The net profit of sexual gains and losses was 832 million yuan.
Regarding the reasons for the above losses, the announcement stated that in the first quarter of 2021, the company will continue to increase its development direction focusing on further improving its integrated logistics services and supply chain solution capabilities. Dah Sing’s business development and resource investment, integration and optimization of resources, and consolidation of the operating chassis will result in short-term pressure on the company’s costs.
There are five specific reasons: one is to continue to increase the pre-investment of new business; the other is the capacity bottleneck in multiple links of express transportation. In the fourth quarter of last year, it began to increase temporary resource input to undertake the increase, resulting in cost pressure in the fourth quarter of last year and the first quarter of this year; third, the company re-examined the resource allocation of various business lines, and fully integrated the express network, express network, and warehousing network. In the initial stage of integration, there will be overlapping resources for resources such as joining the network field and line; fourth, the first and second line staff subsidies in the first quarter hit a record high; fifth, due to the arrangement of non-closing of the Spring Festival in some regions, differentiation In addition, the growth of the bulk order business in the time-effective parts was lower than expected; in addition, the special distribution business volume grew rapidly, and the demand for e-commerce in the sinking market was strong, resulting in the rapid growth of economic business among existing customers. The company’s e-commerce Pieces of gross profit are under pressure.
In an interview with reporters, Zhao Xiaomin, deputy director of the Post and Express Special Committee of the Shanghai Transportation Commission, believes that the SF Express’s lower limit is a phased one. A better opportunity.
An expert in the express delivery industry also believes that SF Express’s lower limit reflects the decline in short-term investor confidence, which is a normal market response to institutional investment. It is a good bargaining opportunity.
Asked whether SF Express will participate in a price war in the future, Zhao Xiaomin believes that SF Express is not using a single price leverage model, but It uses express delivery and express delivery to reduce maintenance, through product services, operation management, and solutions.
“This year the market will pay more attention to SF Express’s expansion in upstream and downstream. Therefore, it will pay more attention to its revenue performance than its profitability. At present, policy, capital and market competition are a relatively good window for SF Express. “Zhao Xiaomin said.
The above-mentioned express industry experts also said that SF Express has its own advantages in the sinking market because of its rich product line, and it is unlikely to fight a price war. In his opinion, SF Express’s limit-lowering trend will not last long, and its performance may pick up in the second quarter of this year.
Talking about the current market competition pattern Zhao Xiaomin believes that there is no rival that can form an all-round competition with SF Express. From a professional point of view, China Post and SF Express have similarities in many product features, but they are different in terms of operation management and network structure. Enterprises and SF Express constitute a partial competition.
When talking about the new express entrants of Jitu, Zhao Xiaomin believes that the current Jitu does not constitute a blow to SF, because Tuda’s share is still in e-commerce express delivery. It uses a single price leverage model. To a certain extent, its products are relatively low-end. At the same time, in addition to the relatively large demand for funds, its operational management capabilities and network Conditions such as carrying capacity, coverage of outlets, and terminals are still facing greater challenges.