极兔速递-W：极兔速递2024年报点评：集团净利润实现1.1亿美元首次扭亏，中国市场包裹量同比+29%-20250308

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Insights - The company achieved a net profit of $110 million in 2024, marking its first profit after a loss of$1.16 billion in 2023, exceeding expectations [1] - Total revenue for 2024 reached $10.26 billion, a year-on-year increase of 15.9$9.98 billion [1] - The company processed 24.65 billion packages in 2024, a 31% increase year-on-year, and maintained a strong cash flow with $816 million from operating activities [2][1] Summary by Sections Financial Performance - In 2024, the company reported a gross profit of$1.08 billion, up 128% year-on-year, and an adjusted EBITDA of $780 million, a significant increase of 430.5$3.22 billion, a 22.3% increase year-on-year [3] - The company processed 4.56 billion packages in Southeast Asia, a 40.8% increase, solidifying its position as the top express operator in the region [3] Operational Efficiency - The company expanded its network to approximately 19,100 outlets and operated 238 transit centers by the end of 2024 [2] - In China, the company achieved an adjusted EBITDA of $430 million, marking its first profitability in this market [5] Future Projections - The company expects to achieve net profits of$398 million, $669 million, and$893 million for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 18.3, 10.9, and 8.2 [12]