Citigroup: Raised SF Express's target price to 21 Hong Kong dollars Benefiting from strong momentum of mainland real-time delivery.

Citibank released a research report stating that starting in April, major food online shopping platforms on the mainland have introduced subsidies, intensifying competition leading to strong growth in delivery retail consumption. SF Express has always been a key customer, and with growth in all categories, especially with the support of key customers in the food, beverage and supermarket categories, the company's growth is expected to accelerate. The bank has raised revenue forecasts for 2025, 2026, and 2027 by 9.4%, 10.6%, and 11% respectively, and profit forecasts to 343 million yuan, 524 million yuan, and 755 million yuan respectively; the target price has been raised from 16 Hong Kong dollars to 21 Hong Kong dollars, maintaining a "buy" rating, and believing that the company directly benefits from the strong momentum of real-time delivery in the mainland.