Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company achieved a significant improvement in profitability in 2024, with total revenue reaching USD 10.259 billion, a year-on-year increase of 15.9%, driven by strong global parcel volume growth [8] - Adjusted EBITDA rose to USD 778 million, reflecting a substantial increase of 430.5%, indicating enhanced profitability [8] - The company turned a profit with a net income of USD 114 million in 2024, compared to a loss of USD 1.156 billion in 2023 [8] - The report highlights the continued improvement in domestic business profitability and the ongoing increase in overseas market share [5] Financial Performance Summary - The company’s revenue is projected to grow from RMB 63.056 billion in 2023 to RMB 109.376 billion by 2027, with a compound annual growth rate (CAGR) of approximately 13% [7] - The adjusted EBITDA is expected to improve significantly from a loss of RMB 4.107 billion in 2023 to a profit of RMB 11.567 billion by 2027 [7] - The net profit is forecasted to increase from a loss of RMB 7.845 billion in 2023 to RMB 6.341 billion by 2027, representing a growth rate of 240.1% in 2025 [7] - Earnings per share (EPS) are expected to rise from a loss of RMB 0.88 in 2023 to RMB 0.71 by 2027 [7] Market and Operational Insights - The company’s global parcel volume reached 24.65 billion pieces in 2024, marking a year-on-year growth of 31.0% [8] - The Southeast Asia market remains a core area, with parcel volume reaching 4.56 billion pieces and a market share increase to 28.6% [8] - In China, parcel volume reached 19.8 billion pieces, with a market share of 11.3%, ranking sixth in the industry [8] - The company has made strategic price adjustments to expand its market share in Southeast Asia, which has slightly impacted single-ticket revenue but has improved cost efficiency [8]
极兔速递-W：24年盈利大幅改善，成本控制成效凸显-20250318