Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company achieved a record high in overall package volume in 2025, reaching 30.13 billion packages, a year-on-year increase of 22.2% [2] - The Southeast Asian market showed strong performance with a package volume of 7.66 billion in 2025, up 67.8% year-on-year, capturing a market share of 32.8% [2] - New markets, including Saudi Arabia, UAE, Mexico, Brazil, and Egypt, also demonstrated significant growth, with a package volume of 400 million in 2025, a 43.6% increase year-on-year [2] Summary by Relevant Sections Overall Package Volume - In Q4 2025, the company achieved a total package volume of 8.46 billion, a 14.5% increase year-on-year, with an average daily volume of 92 million packages [1] - The total package volume for 2025 was 30.13 billion, with an average daily volume of 82.5 million packages, reflecting a 22.6% year-on-year growth [2] Southeast Asia Market - In Q4 2025, the company recorded a package volume of 2.44 billion in Southeast Asia, a remarkable 73.6% increase year-on-year, with an average daily volume of 26.5 million packages [1] - The company maintained its leading market share in Southeast Asia for six consecutive years, with a 5.4 percentage point increase from the previous year [2] New Markets - The new markets achieved a package volume of 130 million in Q4 2025, a 79.7% increase year-on-year, with an average daily volume of 1.45 million packages [1] - The company is actively expanding its presence in new markets, leveraging partnerships with e-commerce platforms like TikTok and Mercado Libre [1] Financial Forecasts - The adjusted net profit for 2025-2027 is projected to be $400 million, $710 million, and $990 million, respectively, with corresponding P/E ratios of 33.1x, 18.8x, and 13.5x [10] - Revenue is expected to grow from $10.26 billion in 2024 to $17.39 billion in 2027, reflecting a compound annual growth rate of approximately 16% [12]
极兔速递-W（01519）：更新报告：海外业务量增长强劲，持续加码新市场打造第二成长曲线