---
title: "In \"The Big Banks,\" Citigroup lowered the target price for SF INTRA-CITY to 13 yuan, expecting that aggressive pricing will impact profit margins"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/281318348.md"
description: "Citi has lowered the target price for SF INTRA-CITY to HKD 13, expecting a 45% increase in sales and a 110% increase in net profit to RMB 278 million by 2025. Despite a high base, the increase in market share among major clients and strengthened cooperation with SF will support revenue growth of over 20%, but this will come at the cost of a slower recovery in profit margins. Net profit forecasts for 2026 and 2027 have been reduced by 24% and 11%, respectively"
datetime: "2026-04-01T06:43:51.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/281318348.md)
  - [en](https://longbridge.com/en/news/281318348.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/281318348.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/281318348.md) | [English](https://longbridge.com/en/news/281318348.md)


# In "The Big Banks," Citigroup lowered the target price for SF INTRA-CITY to 13 yuan, expecting that aggressive pricing will impact profit margins

Citi published a research report stating that SF INTRA-CITY (09699.HK) is expected to achieve a sales growth of 45% and a net profit growth of 110% to RMB 278 million in 2025, in line with profit forecasts. Despite a high base, the bank expects that revenue growth can still maintain above 20% due to increased market share among major clients and strengthened cooperation with SF.

However, this growth may come at the cost of a slower recovery in profit margins, as SF INTRA-CITY may need to adopt a relatively aggressive pricing strategy. The bank anticipates that talent recruitment will keep share-based payment expenses high this year.

The bank has lowered its net profit forecasts for 2026 and 2027 by 24% and 11%, respectively, due to expectations of more aggressive pricing. The target price has been reduced from HKD 16.2 to HKD 13, maintaining an "outperform" rating based on its growth potential

### 相關股票

- [SF INTRA-CITY (09699.HK)](https://longbridge.com/zh-HK/quote/09699.HK.md)
- [SF HOLDING (06936.HK)](https://longbridge.com/zh-HK/quote/06936.HK.md)

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