MILKYWAY(603713) Minsheng Securities·2024-04-12 16:00Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 56.66 CNY [14]. Core Views - The company experienced a revenue decline of 15.75% in 2023, with total revenue of 97.53 billion CNY and a net profit of 4.31 billion CNY, down 28.72% year-on-year [18]. - In Q1 2024, the company reported a revenue increase of 23.26% year-on-year, reaching 28.96 billion CNY, and a net profit increase of 40.62%, amounting to 1.51 billion CNY [18]. - The logistics business faced significant pressure, particularly in global freight forwarding, while the warehousing and distribution business remained stable [18]. - The company is expanding its service areas beyond traditional sectors to include new energy, new materials, smart manufacturing, semiconductors, daily chemicals, pharmaceuticals, and hazardous waste, enhancing profit certainty [18]. - The company is expected to achieve net profits of 5.78 billion CNY, 6.68 billion CNY, and 7.68 billion CNY from 2024 to 2026, with corresponding EPS of 3.52 CNY, 4.07 CNY, and 4.67 CNY [18]. Financial Summary - The company’s total revenue is projected to grow from 97.53 billion CNY in 2023 to 15.38 billion CNY in 2026, with a growth rate of 14.3% in 2026 [17]. - The net profit attributable to the parent company is expected to increase from 431 million CNY in 2023 to 768 million CNY in 2026, reflecting a growth rate of 14.9% [17]. - The PE ratio is projected to decrease from 22 in 2023 to 12 in 2026, indicating improved valuation over time [17].