金吾财讯 | 西部证券发研报指，认为市场对极兔速递(01519)区域代理商业模式及全球本地化布局战略的发展潜力存在低估。该行指，东南亚、中国和新市场的快递行业有望保持较快增长。另外，包裹量和收入高速增长，盈利能力改善。该行预计公司2024-2026年营业收入分别为109.04/127.53/147.62亿美元，采用2024-9-27收盘价对应PS分别为0.65/0.56/0.48倍。可比公司2024年的PS水平均值1.11倍，除中通外可比公司PS水平均值为0.60倍。综合考虑极兔在东南亚的龙头地位和在中国及新市场的成长性，预计2023-2026年公司营收CAGR为19%，高于可比公司均值13%。同时也考虑到港股市场流动性对公司估值水平的影响，该行给予公司2024年0.9倍PS，对应目标价7.73元（8.58港元）。首次覆盖，给予“买入”评级。
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