MILKYWAY(603713) 国泰君安·2024-10-20 03:23Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's Q3 performance met expectations, with multiple business segments continuing to recover, leading to an upward revision of the EPS forecasts for 2024 and 2025 to 3.88 and 4.62 CNY respectively, while maintaining the 2026 EPS at 5.38 CNY [2][3]. - The target price has been raised to 69.84 CNY from the previous 55.71 CNY, based on a 18x PE for 2024, reflecting the company's growth potential [3][5]. - In Q3 2024, the company achieved a revenue of 35.61 billion CNY, representing a year-on-year increase of 15% and a quarter-on-quarter increase of 15%, with a net profit of 1.80 billion CNY, up 20% year-on-year and 12% quarter-on-quarter [3][4]. Financial Summary - For the first three quarters of 2024, the company reported a revenue of 95.53 billion CNY, a 25% increase year-on-year, and a net profit of 4.90 billion CNY, a 22% increase year-on-year [3][4]. - The gross margin for Q3 was 10.80%, a decrease of 1.00 percentage points year-on-year, while the net margin was 5.62%, a slight decrease of 0.01 percentage points year-on-year [3][4]. - The company has established over 600,000 square meters of specialized chemical warehouses and is expanding its logistics capabilities both domestically and internationally [3][4]. Market Position and Industry Outlook - The company has significant room for market share growth, as its revenue in the hazardous chemical logistics market is still relatively low compared to the total market size of 2.38 trillion CNY in 2023 [3][4]. - The increasing regulatory requirements for safety and environmental protection are expected to drive industry consolidation, benefiting specialized third-party logistics providers like the company [3][4].