智通财经APP获悉，极兔速递-W(01519)涨近3%，截至发稿，涨1.73%，报6.46港元，成交额1.4亿港元。
美银证券发布研报指出，指极兔速递-W的市场份额已达30%，旗下虾皮购物(Shopee)在印尼的业务量削减不太可能影响2025财年的业绩指引；加上极兔速递正在印尼东爪哇省扩建网络，其成本结构可能低于电商平台自营物流；而随着平均售价下降，极兔速递有能力降低单位成本，且其自动化水平高于东南亚其他国家。
美银证券表示，拥有2.8亿人口的印尼作为东南亚最大市场，是极兔速递最获利的地区。该行认为其非平台业务量潜力可观，极兔速递正持续扩建销售团队，并推广标准化、低成本的小型货点(目标今年达到1万个货点)。极兔速递管理层提到，印尼平均售价按年下降12%，但极兔速递通过效率提升，推动运输、分拣及收派成本按年分别下降10%、15%和14%。该行认为，极兔速递在东南亚整体产能利用率为70%，单位成本仍有进一步下降空间。
此外，美银证券将极兔速递2025年至2026财年调整后净利润预测上调0%至4%，主要基于东南亚市场在强劲一季度后的更高业务量增长，以及新市场因TikTok Shop于5月在巴西及2月在墨西哥上线，有望实现轻微正向EBITDA。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.