---
title: "《大行》里昂：极兔债务结构改善 有望提升盈利能力"
description: "里昂研究报告指出，极兔速递计划发行 46.5 亿元可换股债，年期 7 年，旨在进行股份回购、置换高利率旧债及扩展至新市场。管理层表示，2026 年可能不会再融资。该行认为，债务结构改善及利率下降将提升盈利能力，持续股份回购将推高每股盈利，维持「跑赢大市」评级，目标价 13.6 元。"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/273657473.md"
published_at: "2026-01-26T06:44:29.000Z"
---

# 《大行》里昂：极兔债务结构改善 有望提升盈利能力

> 里昂研究报告指出，极兔速递计划发行 46.5 亿元可换股债，年期 7 年，旨在进行股份回购、置换高利率旧债及扩展至新市场。管理层表示，2026 年可能不会再融资。该行认为，债务结构改善及利率下降将提升盈利能力，持续股份回购将推高每股盈利，维持「跑赢大市」评级，目标价 13.6 元。

里昂研究报告指，极兔速递 (01519.HK) 拟发行 46.5 亿元可换股债，年期为 7 年，若进行转换则到期收益率为 0.375%。发债的主要目的包括股份回购、置换高利率旧债，以及扩展至欧盟和美国新市场。管理层表示，鉴於公司现金储备充足，2026 年或不会再有进一步融资计划。

该行认为，债务结构改善及利率下降有望提升公司的盈利能力，而持续的股份回购应能进一步推高每股盈利，即使存在潜在摊薄效应，仍将使所有股东受惠；维持「跑赢大市」评级，目标价 13.6 元。

### Related Stocks

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