MILKYWAY(603713) 民生证券·2024-10-17 13:30Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on expected earnings growth and market conditions [4]. Core Views - The company reported a revenue of 95.53 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 25.26%. The net profit attributable to shareholders reached 4.90 billion yuan, up 21.68% year-on-year [2]. - The logistics business has shown signs of recovery, with a notable increase in demand during the "golden September" period, indicating a stable growth trajectory in logistics operations [2]. - The company is actively enhancing its competitive strength through strategic acquisitions and the establishment of new subsidiaries, both domestically and internationally, to support its global expansion strategy [2]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 35.61 billion yuan, a year-on-year increase of 14.90%, and a net profit of 1.79 billion yuan, reflecting a year-on-year growth of 19.88% [2]. - The company forecasts net profits of 5.68 billion yuan, 6.49 billion yuan, and 7.46 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 3.51 yuan, 4.01 yuan, and 4.60 yuan [2][3]. - The projected PE ratios for the next three years are 16, 14, and 12 times, indicating a favorable valuation trend [3][5]. Business Strategy and Market Position - The company is focusing on building seven national clusters to implement its strategic plan for 2023-2027, enhancing its operational capabilities and market presence [2]. - It is also diversifying its service offerings by expanding into new business areas such as online logistics platforms and cross-border transportation services, aiming to create a healthy ecosystem across the supply chain [2]. - The logistics sector's overall performance is supported by a steady increase in industrial logistics, with a reported growth of 5.5% in the first eight months of 2024 [2].