---
title: "《大行》里昂：極兔債務結構改善 有望提升盈利能力"
description: "里昂研究報告指出，極兔速遞計劃發行 46.5 億元可換股債，年期 7 年，旨在進行股份回購、置換高利率舊債及擴展至新市場。管理層表示，2026 年可能不會再融資。該行認為，債務結構改善及利率下降將提升盈利能力，持續股份回購將推高每股盈利，維持「跑贏大市」評級，目標價 13.6 元。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/273657473.md"
published_at: "2026-01-26T06:44:29.000Z"
---

# 《大行》里昂：極兔債務結構改善 有望提升盈利能力

> 里昂研究報告指出，極兔速遞計劃發行 46.5 億元可換股債，年期 7 年，旨在進行股份回購、置換高利率舊債及擴展至新市場。管理層表示，2026 年可能不會再融資。該行認為，債務結構改善及利率下降將提升盈利能力，持續股份回購將推高每股盈利，維持「跑贏大市」評級，目標價 13.6 元。

里昂研究報告指，極兔速遞 (01519.HK) 擬發行 46.5 億元可換股債，年期為 7 年，若進行轉換則到期收益率為 0.375%。發債的主要目的包括股份回購、置換高利率舊債，以及擴展至歐盟和美國新市場。管理層表示，鑑於公司現金儲備充足，2026 年或不會再有進一步融資計劃。

該行認為，債務結構改善及利率下降有望提升公司的盈利能力，而持續的股份回購應能進一步推高每股盈利，即使存在潛在攤薄效應，仍將使所有股東受惠；維持「跑贏大市」評級，目標價 13.6 元。

### Related Stocks

- [01519.HK - 極兔速遞-W](https://longbridge.com/zh-HK/quote/01519.HK.md)

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| J&T Global Express Launches HK$4.65 Billion Zero Coupon Convertible Bond Offering | J&T Global Express Ltd has announced a HK$4.65 billion zero coupon convertible bond offering, set to be listed on the Ho | [Link](https://longbridge.com/zh-HK/news/274943374.md) |
| HK-listed J&T Global Express aims to raise $596 million for tech, overseas expansion | J&T Global Express, an Indonesian courier firm, aims to raise approximately HK$4.65 billion ($596 million) through conve | [Link](https://longbridge.com/zh-HK/news/273455551.md) |
| Credit Spreads May Get A Rude Awakening From Stock Correlation | Authored by Simon White, Bloomberg macro strategist,Becalmed credit spreads would move abruptly higher if stocks experie | [Link](https://longbridge.com/zh-HK/news/276469020.md) |
| BlackRock's long position in Li Ning increases to 5.33% on Feb 12, HKEX filing shows | BlackRock's long position in Li Ning increases to 5.33% on Feb 12, HKEX filing shows | [Link](https://longbridge.com/zh-HK/news/276432220.md) |
| My wife's credit-card payment is three months overdue. As an authorized user, am I in trouble? | A husband received a credit warning about his wife's overdue credit card payment, which he was unaware of as all corresp | [Link](https://longbridge.com/zh-HK/news/276511855.md) |

---

> **免責聲明**：本文內容僅供參考，不構成任何投資建議。