MILKYWAY(603713) 海通国际·2024-10-21 06:30Investment Rating - The report maintains an "Outperform" rating for the company [1][11]. Core Insights - The company achieved a recurring net profit increase of 18.10% year-on-year in the first three quarters of 2024, with operating income reaching RMB 9.553 billion, up 25.26% year-on-year [4][7]. - The company is actively enhancing its digital capabilities, implementing various information technology systems to improve management efficiency [9]. - The company is pursuing a global expansion strategy, with subsidiaries in Singapore, Malaysia, and the United States, and aims to increase its overseas market revenue ratio [10]. Financial Performance - For the first three quarters of 2024, the company reported a net profit of RMB 490 million, a year-on-year increase of 21.68%, and a net profit of RMB 449 million after deducting non-performance, up 18.10% year-on-year [4][7]. - In Q3 2024, the company achieved operating income of RMB 3.561 billion, a sequential increase of 14.98% and a year-on-year increase of 14.90% [4][7]. - The company forecasts net profits of RMB 602 million, RMB 749 million, and RMB 939 million for 2024, 2025, and 2026, respectively, with a target price of RMB 80.52 based on a P/E ratio of 21.65 for 2024 [11]. Share Repurchase - The company has initiated a share repurchase program, planning to use between RMB 30 million and RMB 60 million to buy back shares at a price not exceeding RMB 78.00 per share [8]. - As of September 30, 2024, the company has repurchased 869,100 shares, accounting for 0.54% of its total share capital [8]. Digital Transformation - The company is committed to digital transformation, utilizing information technology across various operational areas, including warehouse and transport management [9]. - The MCP system has been developed to enhance logistics services and management efficiency [9]. Global Expansion - The company is expanding its global footprint, with a focus on Southeast Asia and North America, and aims to increase the proportion of revenue from overseas markets [10]. - Currently, overseas market business revenue accounts for only 2.78% of total revenue, but this is expected to grow with the establishment of overseas bases [10].