里昂发布研报称，极兔速递-W(01519)与顺丰控股(06936) 宣布达成股权战略合作，双方将以交叉向对方发行新股，涉资83亿元，其中极兔向顺丰折让近14%发行近8.22亿股B类股份，顺丰则溢价约3.9%向极兔增发2.26亿股H股股份，交易完成后顺丰将于极兔持股10%的股份，而极兔将持有顺丰4.29%的股份。里昂现时给予极兔及顺丰目标价分别为11.9港元及47.4港元，评级均为“跑赢大市”。
里昂表示，这次合作对两家公司而言将是业务发展重要一步，有助推动因海外业务这个关键增长引擎的发展，预料深化合作将可提升双方在海外市场的物流能力。按发行价计算，极兔估值约相当于2025/2026年预测市盈率29倍及20倍；顺丰的估值则约相当于2025/2026年预测市盈率16倍及14倍。
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