极兔速递-W（01519）：2025年半年报点评：上半年经调整净利润1.56亿美元，同比+147%，持续看好公司三市场发力
J&T EXPRESSJ&T EXPRESS(HK:01519) Huachuang Securities·2025-09-01 11:53

Investment Rating - The report maintains a "Recommendation" rating for Jitu Express (01519.HK) [1] Core Views - The company reported an adjusted net profit of $156 million for H1 2025, representing a year-on-year increase of 147%, indicating strong financial performance and growth potential in three key markets [1] - The revenue for H1 2025 reached $5.5 billion, a 13.1% increase year-on-year, with express service revenue contributing $5.3 billion, up 12.7% [1] - The report highlights the company's strategic focus on leveraging its experience in China to enhance its competitive advantage in Southeast Asia, where it achieved a 58% year-on-year increase in parcel volume [2][3] Financial Performance Summary - Overall Financial Data: - H1 2025 revenue: $5.5 billion, up 13.1% YoY - Adjusted net profit: $156 million, up 147% YoY - Adjusted EBITDA: $440 million, up 24.2% YoY - Adjusted EBIT: $200 million, up 65.4% YoY [1] - Regional Performance: - Southeast Asia: - Parcel volume: 3.23 billion, up 58% YoY - Market share: 32.8%, up 5.4 percentage points - Single ticket revenue: $0.61, down $0.13 - Single ticket cost: $0.50, down $0.10 [2] - China: - Parcel volume: 10.6 billion, up 20% YoY - Market share: 11.1%, up 0.1 percentage points - Single ticket revenue: $0.30, down $0.04 - Single ticket cost: $0.28, down $0.04 [2] - New Markets: - Parcel volume: 1.7 billion, up 22% YoY - Market share: 6.2%, up 0.1 percentage points - Single ticket revenue: $2.18, up $0.04 - Single ticket cost: $1.92, up $0.04 [3] Financial Forecasts - Revenue Projections: - 2024A: $10.26 billion - 2025E: $12.18 billion - 2026E: $14.34 billion - 2027E: $16.64 billion [4] - Net Profit Projections: - 2024A: $101 million - 2025E: $330 million - 2026E: $586 million - 2027E: $830 million [4] - Earnings Per Share (EPS): - 2024A: $0.01 - 2025E: $0.04 - 2026E: $0.07 - 2027E: $0.09 [4] Valuation - The target price is set at HKD 13.49, with a current price of HKD 10.40, indicating a potential upside of 30% [4]