Jinwu Financial News | Guohai Securities Research Report said that on April 9, 2024, Jitu Express (01519) released operating data for the first quarter of 2024:2024Q1, and the company completed business volume of 5,032 billion tickets, +48.5% year-on-year. Among them, the Southeast Asia/China/New Market business volume reached 10.26/39.42/064 million tickets respectively, +55.3%/+46.1%/+120.3% year-on-year respectively.
According to the bank, according to the newly disclosed 2024Q1 operating data, the bank adjusted the 2024 and 2025 profit forecasts and introduced the 2026 profit forecast. It is estimated that the 2024-2026 revenue of GeTu Express will be US$11.59 billion, US$14.033 billion and US$16.558 billion, respectively, and net profit to mother of -441 million US dollars, 173 million US dollars, and 342 million US dollars, respectively, corresponding to the 2024-2026 PS, is 1.03 times, 0.84 times, and 0.71 times, respectively. The company's local express delivery layout not only opens up local market space, but also prepares the first and last stage supply for cross-border business. With the continuous release of cross-border and foreign e-commerce dividends, and the company's deep cooperation with cross-border e-commerce platforms such as SHEIN, the company's business volume may continue to grow rapidly, and profitability is expected to continue to increase, maintaining an “gain” rating.