公 司 点 评 报 告 公 司 研 究 | --- | --- | |-----------------------------------------|------------------| | | | | | | | | | | ＃市场数据 marketData ＃ 市场数据日期 | | | 收盘价（元） | 2024-08-02 49.17 | | 总股本（百万股） | 164.24 | | 流通股本（百万股） | 164.08 | | 净资产（百万元） | 4206.5 | | 总资产（百万元） | 11887.03 | | 每股净资产 ( 元 ) | 25.61 | ＃相关报告 relatedReport＃ 《【 兴 证 交 运 】 密 尔 克 卫 （603713.SH）2023 年三季报业 绩点评：Q3 营收与利润均环比 改善，盘整后待重回成长》2023- 10-27 《【 兴 证 交 运 】 密 尔 克 卫 （603713.SH）2023 年中报业绩 点评：上半年多项承压，周期底 部加速扩张，有望重拾成长》 2023-08-17 《【 兴 证 交 运 】 密 尔 克 卫 （603713.SH）2 ...

epyTtropeR_elbaT|tsriF_elbTabl e_FirstaT 华福证券 交通运输 2024 年 08 月 05 日 公 司 报 告 密尔克卫（603713.SH）2024H1 点评 24H1 归母净利同比+22.7%，完善布局加强短板 副标题 ➢ 事件：密尔克卫公告2024年H1业绩。24H1公司实现营业收入59.9亿 元，同比+32.4%；归母净利润3.1亿元，同比+22.7%；扣非归母净 利润2.9亿元，同比+19.6%；经营性现金流净额-2.3亿元，同比- 139.2%。 ➢ 24Q2扣非归母+6.2%，行业景气回升促进收入增长。公司24H1实 现营业总收入 59.92亿元，同比上升32.4%，主要因为 2024 年上 半年公司积极拓展新区域、开发新客户、新品类；其中，全球货代 业务（MGF）营收达到 16.1亿元，同比增加 46.8%；分销业务 （MCD）营收达到 26.6亿元，同比增长 47.9%。单24Q2看，公 司实现营业收入31.0亿元，同比+42.2%；毛利润3.4亿元，同比 +18.7%；归母净利润1.6亿元，同比+9.6%。 ➢ 利润率承压，管理费用同比下降。24H1 ...

证券研究报告 交通运输 证券分析师 孙延 S1350524050003 王惠武 S1350524060001 sunyan01@huayuanstock.com wanghuiwu@huayuanstock.com 联系人 张付哲 zhangfuzhe@huayuanstock.com 市场表现： 相关研究 | --- | --- | |---------------------|----------------------| | | | | | | | 股价数据： 2024 | 年 8 月 2 日 | | | | | 收盘价（元） | 49.17 | | 年内最高/最低（元） | 36.22/92.24 | | 总市值（亿元） | 80.76 | 2024 年 08 月 05 日 密尔克卫 (603713.SH) 买入（首次覆盖） ——业绩持续修复，静待化工景气反转 投资要点： ➢ 事件：2024 年 8 月 1 日，公司公布 2024 年半年度报告，2024 年 H1 公司实现营收 59.9 亿 元，同比增长 32.4%，其中 Q2 实现营收 31.0 亿元，同比增长 42.2%；实现归母净利润 3.1 ...

Investment Rating - The report maintains a "Recommend" rating for Milestone Logistics (603713) [1] Core Views - The company's net profit attributable to the parent company in Q2 2024 reached 160 million yuan, a year-on-year increase of 9 6% [1] - The report is optimistic about the long-term development potential of hazardous chemical logistics [1] - The company's revenue for H1 2024 was 6 billion yuan, a year-on-year increase of 32 4%, with Q2 revenue at 3 1 billion yuan, up 42 2% year-on-year [1] - The gross profit margin for H1 2024 was 11 2%, a slight decrease of 0 9 percentage points year-on-year [1] Business Performance - In H1 2024, the company achieved a net profit attributable to the parent company of 310 million yuan, a year-on-year increase of 22 8%, with a non-GAAP net profit of 290 million yuan, up 19 6% year-on-year [1] - The operating cost for H1 2024 was 5 32 billion yuan, a year-on-year increase of 33 6%, with the three-fee ratio (sales + management + finance) at 3 9%, down 1 2 percentage points year-on-year [1] - The net operating cash flow for H1 2024 was -230 million yuan, compared to 590 million yuan in the same period last year [1] Business Segments - The global freight forwarding business (MGF) generated revenue of 1 61 billion yuan in H1 2024, a year-on-year increase of 47%, accounting for 27% of total revenue, with a gross profit of 170 million yuan and a gross margin of 10 8% [1] - The regional delivery business (MWT) saw revenue of 1 25 billion yuan in H1 2024, a year-on-year decrease of 3%, accounting for 21% of total revenue, with a gross profit of 250 million yuan and a gross margin of 20 2% [1] - The global mobility business (MGM) generated revenue of 460 million yuan in H1 2024, a year-on-year increase of 36%, accounting for 8% of total revenue, with a gross profit of 60 million yuan and a gross margin of 13 7% [1] - The chemical distribution business (MCD) achieved revenue of 2 66 billion yuan in H1 2024, a year-on-year increase of 48%, accounting for 44% of total revenue, with a gross profit of 180 million yuan and a gross margin of 6 7% [1] Strategic Development - The company is actively expanding its global presence, with subsidiaries in Singapore, Malaysia, and the US, and is cautiously exploring markets in Southeast Asia and North America [1] - The company is focusing on improving its business capabilities, including railway, cross-border trucking, express delivery, and LCL services, while also developing online platforms such as "Huayida," "Lingyuansu," and "Yunxiaohu" [1] Financial Forecast - The report raises the forecast for net profit attributable to the parent company for 2024-2026 to 670 million, 770 million, and 880 million yuan, respectively, with corresponding EPS of 4 05, 4 71, and 5 34 yuan, and PE ratios of 12, 10, and 9 times [1] - The target price for 2024 is set at 60 7 yuan, representing a 23% upside from the current price [1]

研究报告 Research Report 2 Aug 2024 密尔克卫 Milkyway Chemical Supply Chain Service (603713 CH) 2024H1 扣非后净利润同比增长 19.55%，项目建设有序推进 Recurring net profit up 19.55% YOY in 2024H1, projects construction advances smoothly. [Table_yemei1] 观点聚焦 Investment Focus | --- | --- | |----------------------------------------------------------------|-----------------------| | [Table_Info] 维持优于大市 Maintain OUTPERFORM | | | 评级 | 优于大市 OUTPERFORM | | 现价 | Rmb49.17 | | 目标价 | Rmb80.52 | | HTI ESG | 4.5-4.8-5.0 | | E-S-G: 0-5, (Please refer ...

证券代码：603713 证券简称：密尔克卫 | 72 | 中国人寿养老保险股份有限公司 | | --- | --- | | 73 | 中金资本运营有限公司 | | 74 | 中欧基金管理有限公司 | | 75 | 中泰证券股份有限公司 | | 76 | 中银基金管理有限公司 | 转债代码：113658 转债简称：密卫转债 密尔克卫智能供应链服务集团股份有限公司 2024 年半年度报告沟通会纪要 一、会议时间：2024 年 8 月 2 日 9:00-10:00 二、会议形式：线上会议 三、公司参会人员：董事长 陈银河先生、副总经理、董事会秘书 缪蕾敏女士 四、 调研机构 | 序 | 公司名称 | | --- | --- | | 号 | | | 1 | Fidelity Asia Holdings Pte Limited | | 2 | GOLDMAN SACHS (ASIA) L.L.C. | | 3 | LIBRARY GROUP | | 4 | Millennium Capital Management (Hong Kong) Limited | | 5 | 北京才誉资产管理企业（有限合伙） | | 6 | ...

| 证券代码：603713 | 证券简称：密尔克卫 公告编号：2024-099 | | --- | --- | | 转债代码：113658 | 转债简称：密卫转债 | 密尔克卫智能供应链服务集团股份有限公司 关于召开 2024 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 密尔克卫智能供应链服务集团股份有限公司（以下简称"公司"）已于 2024 年 8 月 2 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解 公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 8 月 12 日下午 13:00-14:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 8 月 12 日下 ...

密尔克卫（603713.SH）2024 年半年报点评 [盈利预测与财务指标 Table_Forcast] 主营业务稳扎稳打，新业务积极寻求突破，看好全年业绩表现 2024 年 08 月 02 日 ➢ 事件。2024 年 8 月 1 日，公司发布 2024 年半年度报告。2024 年上半年， 公司实现营收 59.92 亿元，同比增长 32.35%；实现归母净利润 3.11 亿元，同比 增长 22.74%；实现扣非后归母净利润 2.87 亿元，同比增长 19.55%。其中 2024Q2，公司实现营收 30.97 亿元，同比增长 42.15%；实现归母净利润 1.60 亿元，同比增长 9.58%，环比增长 5.86%；实现扣非后归母净利润 1.47 亿元， 同比增长 6.18%，环比增长 4.63%。 ➢ 主营业务稳扎稳打，整体收入实现较大提升。分业务板块来看，2024 年上 半年，公司 MGF（全球货代业务）营业收入为 16.12 亿元（yoy +46.83%）， 毛利率为 10.82%；MGM（全球移动业务）营业收入为 4.64 亿元（yoy +35.99%）， 毛利率为 13.67%；MWT（仓配一体化业务） ...

Investment Rating - The report maintains a "Buy" rating for the company, with projected PE multiples of 15x, 12x, and 10x for 2024, 2025, and 2026, respectively [2] Core Views - The company achieved revenue of RMB 5.99 billion in H1 2024, a YoY increase of 32.4%, with net profit attributable to shareholders of RMB 310 million, up 22.7% YoY [1] - Q2 2024 revenue grew 42.2% YoY to RMB 3.097 billion, driven by recovery in the chemical logistics industry and a significant increase in shipping prices [1] - The company's gross margin in Q2 2024 was 10.9%, down 2.2 percentage points YoY, mainly due to faster growth in shipping costs compared to price increases [1] - The company is actively expanding into new business models and advancing its globalization strategy, including acquisitions and setting up new subsidiaries [1] Financial Performance - The company's revenue is projected to grow from RMB 12.248 billion in 2024E to RMB 15.831 billion in 2026E, with a CAGR of 12.6% [4] - Net profit attributable to shareholders is expected to increase from RMB 598 million in 2024E to RMB 913 million in 2026E, with a CAGR of 20.8% [4] - ROE (attributable to parent company) is forecasted to rise from 13.30% in 2024E to 15.44% in 2026E [4] Industry Analysis - The chemical industry's recovery contributed to a 6% YoY increase in the China Chemical Product Price Index (CCPI) in Q2 2024 [1] - The China Containerized Freight Index (CCFI) surged 53% YoY in Q2 2024, significantly boosting the company's freight forwarding business, which accounts for about 40% of total revenue [1] Strategic Initiatives - The company is focusing on expanding its business scope through investments, including the acquisition of Jiesheng Technology and the establishment of new subsidiaries [1] - It is cautiously expanding into overseas markets such as Southeast Asia and North America, aligning with its globalization strategy [1]

证券研究报告 经营预测指标与估值 密尔克卫 (603713 CH) 盈利稳健，分销及货代业务表现亮眼 | --- | --- | |--------------------------------|----------| | | | | 年春研究 | 中报点评 | | 2024 年 8 月 01 日 \| 中国内地 | 仓储物流 | 1H24 化工品分销和全球货代业务收入高增,公司盈利稳健向好 密尔克卫发布 1H24 业绩: 1) 营业收入 59.9 亿元,同比增长 32.4%; 2) 归母净利 3.1 亿元，同比增长 22.7%。其中，2Q24 归母净利 1.6 亿元，同 比/环比表现+9.6%/+5.9%,盈利稳健向好。公司业绩同比显著回升主因化 工品分销业务表现亮眼以及国际海空运价格上涨推升公司全球货代业务盈 利。展望下半年,我们预计化工品物流市场需求整体平稳;国际海运价格在 当前高基数上,环比或小幅回落。我们维持盈利预测和目标价 64.2元（基 于 18.3x 2024E PE,公司历史三年 PE 均值减 1.5 个标准差,估值较历史 折价主因公司盈利增速放缓),维持"买入"。 化工品分销业务收入同比 ...