Investment Rating - The report assigns a "Buy" rating to the company, with an initial rating of "No Rating" prior to this report [1][3]. Core Insights - The company is a leader in the Southeast Asian express logistics industry and is expanding into overseas markets, leveraging its experience from China. The financial performance has shown consistent growth in business volume and improving profitability. The integration of advanced domestic practices into Southeast Asia and other emerging markets is expected to yield significant future growth [3][4]. Summary by Sections Company Overview - The company, J&T Express, was established in Indonesia and has rapidly expanded its global presence, focusing on express delivery services. It operates in 13 countries, including major markets in Southeast Asia and China. The express service remains the core business, while cross-border logistics is increasingly contributing to revenue [8][12][14]. Market Analysis - The domestic e-commerce market in China is experiencing significant growth, with live-streaming e-commerce gaining a larger market share. The Southeast Asian express market is projected to maintain a high growth rate, with the company holding a leading market share. Emerging markets are still in the early stages of e-commerce development but show rapid growth potential [19][26][29]. Financial Overview - The company has seen substantial revenue growth from 88.49 billion in 2023, with a significant improvement in gross margin from -17.03% to 5.34% during the same period. The net profit margin has also shown improvement, indicating better cost management and operational efficiency [16][17][41]. Profitability Forecast and Valuation - The company is expected to generate revenues of RMB 766.19 billion, RMB 910.85 billion, and RMB 1,065.31 billion for the years 2024 to 2026, with corresponding net profits of -28.25 billion, 10.47 billion, and 19.01 billion respectively. The valuation is based on a price-to-sales (P/S) ratio, with estimates indicating a reasonable valuation compared to peers [36][42][41].
极兔速递-W：中国快递经验赋能东南亚市场，新兴市场增量红利未来可期