MILKYWAY(603713) 国金证券·2024-08-02 02:30Investment 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]