Investment Rating - The report maintains an "Outperform" rating for J&T Express [1][7][17] Core Insights - J&T Express reported a revenue of USD 12.16 billion for 2025, representing an 18.5% year-on-year growth, and an adjusted net profit of USD 425 million, which is a 112.3% increase year-on-year, exceeding expectations [7] - The company solidified its leading position in Southeast Asia, achieving a business volume of 7.66 billion parcels in 2025, a 67.8% increase, with a market share of 34.4% [7] - In China, the company maintained resilience in profitability despite price competition, with a business volume of 22.07 billion parcels, an 11.4% increase, and a market share of 11.3% [7] - The new market regions achieved a turnaround with an adjusted EBIT of USD 3.8 million in 2025, benefiting from e-commerce growth and local partnerships [7] - The profit forecast for 2026-2028 has been raised, with expected adjusted net profits of USD 702 million, USD 906 million, and USD 1.05 billion respectively, reflecting year-on-year growth rates of 76.18%, 29.08%, and 15.86% [7] Financial Data and Profit Forecast - Revenue projections for 2026, 2027, and 2028 are USD 14.87 billion, USD 17.72 billion, and USD 20.87 billion respectively, with corresponding year-on-year growth rates of 22.32%, 19.15%, and 17.77% [2][8] - Adjusted net profit forecasts for the same years are USD 702 million, USD 906 million, and USD 1.05 billion, with respective growth rates of 76.18%, 29.08%, and 15.86% [2][8] - The projected PE ratios for 2026, 2027, and 2028 are 15x, 11x, and 10x respectively [2][8]
极兔速递-w（01519）：经调整净利润超预期，需求维持高景气