J&T EXPRESS-极兔速递-W（01519）2024年中期业绩点评：成长路径延续，中国区扭亏为盈

Investment Rating - The report maintains an "Accumulate" rating for Jitu Express-W (01519) [1] Core Views - Jitu Express has achieved profitability in the China region, continuing its growth trajectory with a significant increase in business volume [1][4] - The company reported a total business volume of 11.01 billion parcels in H1 2024, representing a year-on-year growth of 38.3% [2][4] - The revenue for H1 2024 reached $4.862 billion, up 20.62% year-on-year, with a gross profit of$ 536 million, reflecting a substantial increase of 176.81% [3][4] Summary by Sections Business Performance - In H1 2024, Jitu Express achieved a business volume of 11.01 billion parcels, with Southeast Asia, China, and new markets contributing 2.043 billion, 8.836 billion, and 136 million parcels respectively, showing year-on-year growth rates of 42.0%, 37.1%, and 63.9% [2][4] - The company’s Q2 2024 business volume was 5.983 billion parcels, a 30.7% increase year-on-year [2][4] Revenue and Profitability - The company’s revenue for H1 2024 was $4.862 billion, a 20.62% increase from the previous year, with a net profit of$ 28 million, marking a turnaround from losses [3][4] - The average revenue per parcel varied across markets, with Southeast Asia at $0.74, China at$ 0.34, and new markets at $2.14, reflecting changes of -14.12%, -0.72%, and +34.07% respectively [3][4] Cost Management - Jitu Express has implemented refined management strategies that have significantly reduced per-parcel costs in Southeast Asia and China, leading to improved gross margins [6][7] - In Southeast Asia, the per-parcel cost decreased to$ 0.60, down 15.41% year-on-year, while in China, it fell to $0.32, an 8.51% reduction [6][7] Market Outlook - The growth in e-commerce continues to provide opportunities for Jitu Express, with expectations for sustained business volume growth and improved profitability driven by economies of scale [7][8] - The company is projected to achieve revenues of$ 10.137 billion, $12.022 billion, and$ 14.004 billion for 2024, 2025, and 2026 respectively, with corresponding net profits of $185 million,$ 390 million, and $476 million [8][9]