Mackler: Raised the target price of Zhongtong Express's US stock from $18.4, optimistic about the continuous improvement of unit economic benefits.

Macquarie's research report stated that Zhongtong Express showed strong performance in the last quarter of last year, with growth leading the industry. According to its preliminary performance, the volume of business increased by 9% year-on-year; revenue increased between 8% and 19% year-on-year, while the gross profit margin was in the range of 23% to 28%. The bank believes that in the policy environment of "anti-insulation" in the logistics industry, combined with Zhongtong's high-quality and cost-effective value positioning, the group is in a favorable position to capture customer price preferences. Looking ahead to 2026, the bank predicts that Zhongtong's total parcel volume will increase by 8% annually, while the expected industry growth rate is 7%; under the industry's pricing recovery and favorable strategies for key customers and return retail, the average unit price is expected to increase by 2 cents annually, to 1.28 yuan; and believe that after hitting bottom last year, under the dual drive of scale effects and increased average unit prices, unit economic benefits should continue to improve. The bank raised Zhongtong's target price for US stocks from $18.4 to $26.6, and upgraded its rating to "outperform the market".