Investment Rating - The report maintains a "Buy" rating for the company, with a market price of HKD 9.84 and a sector rating of "Outperform" [1][5]. Core Insights - The company reported a revenue of USD 5.499 billion for the first half of the year, representing a year-on-year growth of 13.1%. The Southeast Asian market revenue reached USD 1.970 billion, growing by 29.6%, while the Chinese market revenue was USD 3.137 billion, with a growth of 4.6% [3][8]. - The report highlights the continuous decline in single-ticket costs in both Southeast Asia and China, alongside a significant increase in market share in Southeast Asia, which is expected to drive future growth [5][8]. Summary by Sections Financial Performance - The company achieved a total revenue of USD 5.499 billion in the first half of the year, with a breakdown showing Southeast Asia at USD 1.970 billion (up 29.6%), China at USD 3.137 billion (up 4.6%), and new markets at USD 0.362 billion (up 24.3%) [3][8]. - The adjusted EBITDA for Southeast Asia was USD 313 million, while China reported an adjusted EBITDA of USD 155 million [8]. Market Position - The company’s market share in Southeast Asia increased to 32.8%, up from 27.4% at the end of the previous year, with a package volume growth of 57.9% [8]. - In China, the market share rose to 11.1%, ranking fifth in the industry, with a package volume growth of 20% [8]. Cost Management - The report notes a decrease in single-ticket revenue in Southeast Asia from USD 0.74 to USD 0.61, while the single-ticket cost dropped from USD 0.60 to USD 0.50 [8]. - In China, single-ticket revenue fell from USD 0.34 to USD 0.30, but the single-ticket cost was managed down from USD 0.32 to USD 0.28, maintaining profit resilience [8]. Future Projections - The company is projected to achieve net profits of RMB 2.389 billion, RMB 4.129 billion, and RMB 6.234 billion for the years 2025, 2026, and 2027, respectively, with corresponding EPS of RMB 0.27, RMB 0.46, and RMB 0.69 [5][7].
极兔速递-W（01519）：东南亚和中国区域单票成本继续下降，东南亚市场市占率大幅提升