SF Holding (002352 CH/6936 HK) A/H: Upgrade to Buy/Buy: E-commerce recovery and easing cost headwinds to drive further business resilience

研报英文原文证据摘录

SF Holding (002352 CH/6936 HK) A/H: Upgrade to Buy/Buy: E-commerce recovery and easing cost headwinds to drive further business resilience

18 June 2026

Equity Research Report

SF Holding (002352 CH/6936 HK) EquitiesAir Freight & Logistics

A/H: Upgrade to Buy/Buy: E-commerce recovery and easing

cost headwinds to drive further business resilience China

◆ Improved pricing and market share indicate strong resilience

A: UPGRADE TO BUY

◆ Profitability recovery set to accelerate as cost pressure eases

TARGET PRICE (CNY) PREVIOUS TARGET (CNY)

◆ Upgrade both SF Holding A- and H-shares to Buy from Hold;

43.30 41.50 raise TPs to RMB43.30/HKD40.90 (from RMB41.50/HKD38.70)

SHARE PRICE (CNY) UPSIDE/DOWNSIDE

Business resilience shines. SF H/A shares have corrected 12%/14% YTD (vs

-5% 32.46 +33.4%for HSI and +5% for CSI300). In our view, the broader consumer derating that has

also weighed on SF may be overdone. Positioned in high-end logistics, SF should be (as of 16 Jun 2026)

less exposed to downtrading in mass consumption and more leveraged to the recovery H: UPGRADE TO BUY

in high-end e-commerce. Since 2Q26, SF has marginally regained market share M-o-M

and improved pricing. We see SF accelerating on its profitability recovery path, TARGET PRICE (HKD) PREVIOUS TARGET (HKD)

underpinned by rising ASP and easing fuel cost inflation. SF is also enhancing 40.90 38.70shareholder returns through a meaningful buyback programme. At 10x/12.4x 2027e

PE for H/A shares—near historical trough levels—we view valuation as attractive. SHARE PRICE (HKD) UPSIDE/DOWNSIDE

Rising prices, improved mix, receding costs to support margin recovery. SF 30.18 +35.5%

has been driving price recovery via: 1) discount clawbacks on key products, which we (as of 16 Jun 2026)