证券时报•数据宝统计，极兔速递-W在港交所公告显示，1月2日以每股5.910港元至6.010港元的价格回 购103.00万股，回购金额达612.67万港元。 该股当日收盘价5.860港元，下跌4.40%，全天成交额6840.39万港元。 自2024年12月27日以来公司已连续4日进行回购，合计回购393.00万股，累计回购金额2381.88万港元。 其间该股累计下跌6.24%。 （数据宝） 极兔速递-W回购明细 ...

%% %% 港股研究丨公司深度丨极兔速递-W（1519.HK） [Table_Title] 物流大航海时代七：极兔速递深度报告 ——"极"速成长，"兔"跃国际 丨证券研究报告丨 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 极兔作为具备"全球视野"的快递公司，快递网络覆盖 | | | 居行业第一，成为中国市场第六大快递服务商，新市场增长动能强劲。公司承袭"步步高系" | | | 团队的代理人模式，代理人和总部利益一致，具备较强的政策执行力和网络稳定性，推动国际 物流网络快速拓展。 2024 年各地区经营情况持续向好，盈利拐点显现，看好公司全球化的网络 | | | 布局能力和成长空间。 | | 分析师及 ...

J&TEXPRESS J&T Global Express Limited 極兔速遞環球有限公司 (A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立以不同投票權控制的有限責任公司 ) Stock code 股份代號: 1519 2024|中期報告 2024||nterim Report @ 4 2024 T 2017 2017 @ ® 目錄 2 公司資料 4 財務摘要 6 管理層討論與分析 29 其他資料 37 中期財務資料的審閱報告 38 中期簡明合併損益表 39 中期簡明合併全面收益表 40 中期簡明合併資產負債表 42 中期簡明合併權益變動表 44 中期簡明合併現金流量表 46 中期財務資料附註 94 釋義 極兔速遞 2024 中期報告 J&T Express 2024 Interim Report 2 公司資料 | --- | --- | |------------------------------ ...

交通运输 | 证券研究报告 — 调整盈利预测 2024 年 9 月 4 日 01519.HK 买入 原评级：买入 市场价格:港币 6.07 板块评级:强于大市 股价表现 (50%) (33%) (16%) 2% 19% 37% Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Aug-24 极兔速递-W 恒生指数 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (61.0) (1.5) (20.4) 相对恒生指数 (66.4) (5.9) (18.3) | --- | --- | |--------------------------------------|-----------| | | | | 发行股数 ( 百万 ) | 8,898.16 | | 流通股 ( 百万 ) | 7,918.83 | | 总市值 ( 港币 百万 ) | 54,011.83 | | 3 个月日均交易额 ( 港币 百万 ) | 118.60 | | 主要股东 | | | Jumping Summit Limited 11.11 | | | ...

2024 年 08 月 22 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn [Table_Title] 成长路径延续，中国区扭亏为盈 ——极兔速递-W（01519）2024 年中期业绩点评 事件: 最近一年走势 相对恒生指数表现 2024/08/21 表现 1M 3M 12M 极兔速递-W -0.9% -20.4% 恒生指数 -0.2% -9.5% 市场数据 2024/08/21 当前价格（港元） 6.72 52 周价格区间（港元） 5.30-16.54 总市值（百万港元） 59,217.76 流通市值（百万港元） 59,217.76 总股本（万股） 881,216.62 流通股本（万股） 881,216.62 日均成交额（百万港元） 73.81 近一月换手（%） 1.80 相关报告 玉波》——2024-04-11 从本土到跨境，开启第二增长曲线（增持）*物流* 祝玉波》——2024-01-26 《极兔速递-W（01519）2024Q1 经营数据点评： 业务量持续高增，成长路径延续（增持）*物流*祝 《把握跨境红利系列 ...

21 Aug 2024 CMB 国际全球市场 | 股票研究 | 公司更新 J & T 快递 （ 1519 香港 ） 实现盈利的更明显路径 ； U / G 购买 J&T在2024年上半年实现了3100万美元的净利润，这一成绩显著改善了其2023年上半年和下 半年分别亏损26400万美元和16800万美元的情况。得益于东南亚（SEA）和中国地区的成本 削减趋势持续稳定，我们看到了实现可持续盈利能力更为明确的道路。因此，我们将2024年 及2025年的重续税后利润预测分别上调了12%和7%。 尽管基于SOTP方法的目标价从 12.8港元调整至10港元，反映了行业回调后更为保守的目标倍数，但我们认为当前的估值更 加合理，这为投资者提供了买入的机会。因此，我们对J&T的评级由之前的保持不变升级为推 荐。BUY 从保持. SEA ： 降低成本以减轻 ASP 压力。2024年上半财年（1H24）收入同比增长22%，达 到15.2亿美元，主要得益于令人印象深刻的42%包裹量增长（达到20亿单位），但这一 增长被14%的平均销售价格（ASP）下降（降至0.74美元）所抵消。东南亚地区的市场份 额同比增加2个百分点，达到27.4 ...

21 Aug 2024 CMB International Global Markets | Equity Research | Company Update J&T Express (1519 HK) More visible path to achieve profitability; U/G to BUY J&T achieved net profit of US$31mn in 1H24, a substantial improvement from a loss of US$264mn / US$168mn in 1H/2H23. On the back of on-track cost reduction trend in both SEA and China, we now see a more visible path to achieve sustainable profitability. We revise up our 2024E/25E recurring after tax profit forecast by 12%/7%. While our SOTP-based TP is ...

2024年上半年急速中国快递业务又一次实现了重大突破在业务量同比增长37.1%市场份额同比提升1.1个百分点的情况下经调整息税前利润成功扭回为盈又一次实现市场份额和利润的双收展现出公司在中国策略的可行性和有效性 以及团队卓越的执行能力2024年上半年G2在中国共处理了88亿个包裹同比增长37.1%这一增长和利润主要得益于三个因素首先是快递行业的增长其次是单票收入的稳定第三是持续成本优化 下面我将围绕这三个确定因素介绍我们的业务成绩和未来的发展规划首先是快递行业的快速发展根据中国国家邮管局披露的数据2024年上百年快递行业业务量累计完成802亿件红米增长23.1%在这一背景下公司持续优化 与各大平台及客户的合作抓住了社交电商迅速增长带来的积蓄实现了业务量的快速提升其次是单票收入的稳定今年上半年中国业务围绕两个主期对外找收入对内提升质量降本增效为此我们持续提升服务质量平均投递时间不断缩短当日达和次日达比例 秩序提升同时公司通过多种方式推动末端网络建设以此提升网络的整体实力和效率比如鼓励加工商投入自动化设备和无人车随着网络基础不断夯实服务质量持续提升公司整体实力和获客能力不断增强逆向键和散弹数量同比翻倍品牌客户数量 ...

Financial Performance - Revenue for the six months ended June 30, 2024, reached $4.86 billion, a 20.6% increase compared to the same period in 2023[2] - Gross profit surged to $535.7 million, marking a 176.8% year-over-year growth[2] - Adjusted EBITDA for the period was $350.8 million, a 795.6% increase from the previous year[2] - Operating profit for the period was $115.0 million, compared to a loss of $1.64 billion in the same period of 2023[2] - Net cash flow from operating activities reached $345.6 million, a significant improvement from $2.8 million in the previous year[2] - Revenue grew by 20.6% to $4,861.7 million in H1 2024, driven by growth in express delivery services across 13 countries[33] - Adjusted EBITDA for H1 2024 was $350.8 million, a significant improvement from $39.2 million in H1 2023[30] - The company's gross profit increased to $535.7 million in H1 2024, up from $193.5 million in H1 2023[30] - Adjusted EBIT improved to $118.2 million in H1 2024, compared to a loss of $212.8 million in H1 2023[30] - Revenue for the first half of 2024 was $4.862 billion, an increase of 20.6% compared to $4.030 billion in the same period of 2023[75] - Gross profit for the first half of 2024 was $535.732 million, a significant increase of 176.8% compared to $193.540 million in 2023[75] - Net profit for the first half of 2024 was $31.026 million, a turnaround from a net loss of $666.769 million in 2023[75] - Basic earnings per share for the first half of 2024 were $0.003, compared to a loss per share of $0.208 in 2023[75] - Total comprehensive loss for the first half of 2024 was $40.635 million, an improvement from a loss of $676.591 million in 2023[76] - Operating cash flow for the first six months of 2024 was $345.63 million, a significant increase from $2.8 million in the same period in 2023[77] - Net cash used in investing activities for the first six months of 2024 was $266.31 million, compared to $366.04 million in 2023[77] - Net cash used in financing activities for the first six months of 2024 was $114.71 million, compared to a net cash inflow of $64.17 million in 2023[77] - Total segment revenue for the first six months of 2024 was $4.86 billion, with Southeast Asia contributing $1.52 billion and China contributing $2.99 billion[82] - Adjusted EBITDA for the first six months of 2024 was $350.78 million, a significant improvement from $39.17 million in 2023[82] - The company reported a net profit of $31.03 million for the first six months of 2024, compared to a net loss of $666.77 million in 2023[83] - Basic earnings per share for the first six months of 2024 were $0.003, compared to a loss per share of $0.208 in 2023[85] - Diluted loss per share for the six months ended June 30, 2024, was $0.003, compared to a loss of $0.222 for the same period in 2023[87] - The company's net profit attributable to owners for the six months ended June 30, 2024, was $27.589 million, a significant improvement from a net loss of $640.967 million in the same period in 2023[87] Market Share and Parcel Volume - The company handled 11.01 billion parcels in the first half of 2024, a 38.3% increase from 7.97 billion parcels in the same period of 2023[6] - Southeast Asia market share stood at 27.4%, with parcel volume growing by 42.0% to 2.04 billion parcels[7] - China's parcel volume increased by 37.1% to 8.84 billion parcels, capturing an 11.0% market share[7] - New markets, including Saudi Arabia, UAE, Mexico, Brazil, and Egypt, saw a 63.9% increase in parcel volume to 136.3 million parcels[7] - Company's market share in Southeast Asia increased to 27.4% in H1 2024, up 2.0 percentage points from 2023[8] - Company's market share in China rose to 11.0% in H1 2024, up 1.1 percentage points from H1 2023[8] - Southeast Asia's total parcel volume is projected to reach 14.93 billion in 2024, a 17.1% increase from 2023[9] - Company processed 2.04 billion parcels in Southeast Asia in H1 2024, a 42.0% year-over-year increase[12] - Company is the leading express operator in Southeast Asia by parcel volume, maintaining a 27.4% market share in H1 2024[10] - Southeast Asia parcel volume increased by 42.0% YoY in H1 2024, reaching 11.2 million parcels per day[15] - China's express delivery industry volume grew by 23.1% YoY to 80.16 billion parcels in H1 2024[18] - The company processed 8.84 billion parcels in China in the first half of 2024, a 37.1% YoY increase from 6.45 billion in the same period of 2023, surpassing industry growth rates[20] - China's express delivery industry handled 80.16 billion parcels in H1 2024, growing 23.1% YoY, with the company capturing significant market share[20] - New market parcel volume increased by 63.9% to 136.3 million in H1 2024, up from 83.2 million in H1 2023, with market share rising from 6.0% to 6.1%[26] - Southeast Asia revenue increased by 22.0% from $1,246.1 million in the first half of 2023 to $1,520.0 million in the first half of 2024, with parcel volume growing by 42.0% from 1.438 billion to 2.043 billion pieces, capturing a 27.4% market share[39] - China revenue grew by 36.1% from $2,203.1 million in the first half of 2023 to $2,998.3 million in the first half of 2024, with parcel volume increasing by 37.1% from 6.446 billion to 8.836 billion pieces, achieving an 11.0% market share[40] - New markets revenue surged by 119.6% from $132.8 million in the first half of 2023 to $291.6 million in the first half of 2024, with parcel volume growing by 63.9% from 832 million to 1.363 billion pieces, increasing market share from 6.0% to 6.1%[41] Operational Efficiency and Cost Management - Southeast Asia single-ticket cost decreased by 15.5% YoY in H1 2024, driven by operational optimization and cost reduction strategies[13] - Average delivery time in Southeast Asia shortened by 13.8% YoY in H1 2024, with reduced loss and damage rates[14] - The company's single-ticket cost decreased from $0.34 in H1 2023 to $0.32 in H1 2024, driven by scale effects and operational optimization[22] - Southeast Asia single-ticket cost decreased from $0.71 in the first half of 2023 to $0.60 in the first half of 2024, driven by a 42.0% increase in parcel volume and operational optimization leveraging China's express delivery experience[43] - The company operates approximately 10,600 outlets in Southeast Asia, managing around 2,000 network partners, and reduced single-ticket pickup and delivery costs from $0.40 in the first half of 2023 to $0.37 in the first half of 2024[44] - Single-ticket sorting cost: The company reduced its single-ticket sorting cost from $0.09 in the first half of 2023 to $0.06 in the first half of 2024, driven by increased automation and employee training[45] - China single-ticket cost: The overall single-ticket cost in China decreased from $0.34 in the first half of 2023 to $0.32 in the first half of 2024, with transportation costs dropping from $0.08 to $0.07 and sorting costs from $0.06 to $0.05[46][48] - New market single-ticket cost: Single-ticket cost in new markets remained flat at $1.88 in the first half of 2024, despite rapid parcel volume growth and scale effects[50] - Total operating costs: The company's total operating costs and expenses decreased by 15.9% from $5,623.6 million in the first half of 2023 to $4,731.2 million in the first half of 2024, primarily due to reduced share-based payments and expenses[51] - Fulfillment costs: Fulfillment costs increased by $535.7 million in the first half of 2024 compared to the same period in 2023, driven by growth in parcel volume[51] - Fulfillment costs increased by 29.9% from $1,790.8 million in H1 2023 to $2,326.5 million in H1 2024, accounting for 44.4% and 47.9% of total revenue respectively[52] - Employee costs rose by 23.3% from $540.0 million in H1 2023 to $665.7 million in H1 2024, driven by increased headcount and higher average wages[52] - Other labor costs surged by 39.1% from $213.3 million in H1 2023 to $296.7 million in H1 2024 due to increased parcel volume[53] - Southeast Asia costs grew by 20.2% from $1,026.0 million in H1 2023 to $1,232.7 million in H1 2024, with parcel volume increasing by 42.0% to 2,042.9 million pieces[54] - China costs increased by 25.4% from $2,220.2 million in H1 2023 to $2,784.4 million in H1 2024, with parcel volume rising by 37.1% to 8,835.7 million pieces[55] - New markets costs surged by 64.2% from $156.2 million in H1 2023 to $256.6 million in H1 2024, driven by a 63.9% increase in parcel volume to 136.3 million pieces[55] - Gross margin improved from 4.8% in H1 2023 to 11.0% in H1 2024, with China turning from a -0.8% loss to a 7.1% profit[56][57] - Sales, general, and administrative expenses decreased by 78.4% from $1,767.9 million in H1 2023 to $381.7 million in H1 2024, primarily due to reduced share-based payments[58][59] Regional Performance - Southeast Asia adjusted EBIT grew by 45.9% YoY to $134.8 million in H1 2024, with an adjusted EBIT margin of 8.9%[16] - China's e-commerce retail sales grew by 8.8% YoY to RMB 6.0 trillion in H1 2024[17] - China business achieved adjusted EBITDA of $198.9 million in H1 2024, with an EBITDA margin of 6.6%, turning from a -2.0% margin in H1 2023[23] - Adjusted EBIT for China operations reached $59.6 million in H1 2024, a significant improvement from a loss of $183.1 million in H1 2023[23] - The company expanded into rural markets, reducing shipping costs for remote areas and improving e-commerce experiences, while launching agricultural support projects[21] - New market's nominal GDP reached $5.9 trillion in 2023, with an 8.0% YoY growth, and e-commerce penetration is expected to grow from 14.7% in 2023 to 32.5% by 2028[25] - New market's express delivery industry is projected to grow at an 18.5% CAGR, reaching 9.25 billion parcels by 2028, with a fragmented competitive landscape[25] - Southeast Asia's adjusted EBITDA increased by 12.9% from $184.1 million in H1 2023 to $207.8 million in H1 2024, with adjusted EBITDA margins of 14.8% and 13.7% respectively[61] - China's adjusted EBITDA turned from a loss of $45.0 million in H1 2023 to a profit of $198.9 million in H1 2024, with adjusted EBITDA margins improving from -2.0% to 6.6%[61] - New markets' adjusted EBITDA loss narrowed significantly from $55.2 million in H1 2023 to $7.8 million in H1 2024, with adjusted EBITDA margins improving from -41.6% to -2.7%[62] - Cross-border adjusted EBITDA loss decreased from $11.3 million in H1 2023 to $7.2 million in H1 2024[62] - Unallocated adjusted EBITDA loss increased from $33.5 million in H1 2023 to $40.8 million in H1 2024, mainly due to fair value changes in financial assets[62] Infrastructure and Network Expansion - The company operates in 13 countries, including seven Southeast Asian nations, China, and five new markets[6] - Company operates 237 transit centers, 254 automated sorting lines, and over 4,100 trunk lines with more than 9,900 vehicles, including 5,700 self-owned vehicles[8] - Company's network covers over 99% of county-level regions in China and over 95% in new markets[8] - Company has 8,000 network partners and 19,900 service points as of June 30, 2024[8] - The company operates 35 transfer centers, over 200 mainline vehicles, and more than 2,200 service points in new markets as of June 30, 2024[28] - The company added 800 new service points and invested in two automated sorting lines in new markets during H1 2024[28] - Southeast Asia operations: As of June 30, 2024, the company operates 119 transfer centers in Southeast Asia, a decrease of 29 compared to June 30, 2023. The company has optimized the layout of transfer centers and upgraded key centers with automated sorting equipment, increasing the number of automated sorting systems to 47, up by 11 from the previous year[45] - China network partners: As of June 30, 2024, the company has over 6,000 network partners and operates approximately 7,100 service points in China, with a slight decrease in service points compared to the previous year[47] - China transportation fleet: The company operates over 5,900干线 vehicles in China, with over 4,200 being self-owned, an increase of more than 1,000 self-owned vehicles compared to June 30, 2023[48] Revenue Composition and Business Segments - Express delivery services accounted for 97.5% of total revenue in H1 2024, up from 88.0% in H1 2023[33] - Cross-border services revenue decreased to $51.9 million in H1 2024 from $448.5 million in H1 2023, representing a shift in revenue composition[33] - Express service revenue increased by 33.7% from $3,546.2 million in the first half of 2023 to $4,740.0 million in the first half of 2024, driven by growth in parcel volume from 7.97 billion to 11.01 billion pieces, a 38.3% increase[34] - Cross-border service revenue decreased by 88.4% from $448.5 million in the first half of 2023 to $51.9 million in the first half of 2024 due to business transformation and discontinuation of small parcel services[35] - Rental income grew by 22.3% from $23.3 million in the first half of 2023 to $28.5 million in the first half of 2024, primarily from property leasing in Southeast Asia and increased leasing of reusable bags in China[36] - Sales of accessories revenue surged by 237.7% from $8.5 million in the first half of 2023 to $28.6 million in the first half of 2024, driven by increased sales of thermal paper and waterproof bags[37] - Southeast Asia single-ticket revenue decreased from $0.87 in the first half of 2023 to $0.74 in the first half of 2024 due to promotional activities and strategic price adjustments to maintain competitiveness[42] - China single-ticket revenue: The single-ticket revenue in China remained stable at $0.34 in the first half of 2024, unchanged from the same period in 2023, due to optimized e-commerce platform parcel structure and improved cargo categories[47] - New market single-ticket revenue: Single-ticket revenue in new markets increased from $1.60 in the first half of 2023 to $2.14 in the first half of 2024, driven by changes in business volume structure and increased high-quality non-platform customers[49] Strategic Initiatives and Future Plans - The company plans to further expand market share, deepen partnerships with e-commerce platforms, and strengthen infrastructure in new markets[29] - The company increased brand customer acquisition, partnering with notable brands like Red Dragonfly and Wang Xiao Lu, enhancing brand value and customer structure[24] - Automation equipment investment in network endpoints increased, improving operational efficiency and reducing costs for both the

买入 原评级:未有评级 市场价格:港币 7.01 板块评级:强于大市 股价表现 (50%) (33%) (15%) 2% 19% 37% Oct-23Nov-23Dec-23Jan-24Jan-24Feb-24Mar-24Apr-24Apr-24May-24Jun-24Jul-24 极兔速递-W 恒生指数 (%) 今年 至今 1 个月 3 个月 绝对 (55.0) (12.4) (24.3) 相对恒生指数 (62.3) (12.8) (32.8) | --- | --- | |----------------------------------|-----------| | 发行股数 (百万) | 8,812.17 | | 流通股 (百万) | 7,832.83 | | 总市值 (港币 百万) | 61,773.29 | | 3 个月日均交易额 (港币 百万) | 160.94 | | 主要股东 | | | Jumping Summit Limited | 11.11 | | 资料来源:公司公告,iFinD,中银证券 | | 以 2024 年 7 月 15 日收市价为标准 中银国际证券股份有限公司 具备证券投 ...