金吾财讯 | 长江证券发研报指，极兔速递(01519)是具备“全球视野”的快递公司，成立仅9年时间快递网络覆盖13个国家。公司承袭“步步高系”团队的管理模式，推动全球物流网络快速建立。极兔是最晚进入中国市场的快递公司，凭借较高的产品性价比、优异的代理商模式迅速打开中国市场。海外方面，公司凭借独特的代理模式，因地制宜搭建本土化网络，持续领跑东南亚市场。公司将成熟的中国经验输出到东南亚市场，保持具备竞争力的定价策略，有望加速出清尾部企业，推动市占率进一步提升。该行指，公司是最具出海基因的快递公司，代理人模式推动海外业务快速发展。2024年各地区经营情况向好，盈利拐点显现。短期看，中国市场盈利持续改善；东南亚市场优势显着，灵活的竞争策略和规模效应释放，有望实现量、利齐升；新市场保持强劲增长动能，有望实现持续减亏。中长期看好公司全球化物流网络拓展能力和成长价值。预计公司2024-2026年归母净利润分别为1.5/3.9/5.0亿美元，PE分别为41.4/16.4/12.7X，首次覆盖，给予“买入”评级。
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