Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's freight forwarding and distribution business continues to show improvement, with a 15% quarter-on-quarter revenue growth and a 12% increase in net profit for Q3 2024, maintaining a trend of sequential improvement [2] - The CCFI index, which reflects shipping market conditions, increased by 127.3% year-on-year and 38.3% quarter-on-quarter in Q3 2024, positively impacting the company's gross profit per container and freight forwarding revenue [2] - The company is strategically expanding its chemical distribution capabilities through acquisitions and international subsidiaries, enhancing its long-term growth potential [2] Financial Performance Summary - For Q1-Q3 2024, the company achieved a revenue of 95.53 billion yuan, a year-on-year increase of 25.3%, and a net profit of 4.9 billion yuan, up 21.7% year-on-year [1] - In Q3 2024, the revenue was 35.61 billion yuan, reflecting a year-on-year growth of 14.9%, with a net profit of 1.79 billion yuan, up 19.9% year-on-year [1] - The gross margin for Q1-Q3 2024 decreased by 0.6 percentage points to 11.1%, primarily due to weak demand in chemical logistics [2] - The company expects net profits for 2024-2026 to be 6.15 billion yuan, 7.14 billion yuan, and 8.41 billion yuan, with respective year-on-year growth rates of 42.7%, 16.1%, and 17.7% [2] Market Position and Strategy - The company is enhancing its supply chain efficiency by innovating business models and expanding service offerings, including online platforms and new transportation methods [2] - The strategic plan aims to establish seven business clusters across China and explore new fields such as new energy and new materials [2] - The average PE ratio for comparable companies in the industry is approximately 15.7x, while the company is positioned as a leader in chemical logistics with a clear business model [2]

| 证券代码：603713 | 证券简称：密尔克卫 公告编号：2024-140 | | --- | --- | | 转债代码：113658 | 转债简称：密卫转债 | 密尔克卫智能供应链服务集团股份有限公司 关于实际控制人增持公司股份计划的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 密尔克卫智能供应链服务集团股份有限公司（以下简称"公司"）实际控 制人李仁莉女士拟通过上海证券交易所交易系统以集中竞价交易方式增持公司 股份，增持金额不低于人民币 1,500 万元，不超过人民币 3,000 万元。实施期间 为自 2024 年 10 月 25 日起的 3 个月内。李仁莉女士将基于对公司股票价格的合 理判断，并根据公司股票价格波动情况及资本市场整体趋势，逐步实施增持计划。 相关风险提示：股份增持计划可能存在因资本市场发生变化导致增持计 划无法实施的风险。如增持计划实施过程中出现上述风险情形，公司将及时披露。 公司于 2024 年 10 月 24 日接到公司实际控制人李仁莉女士的通知，计划自 2024 ...

财联社财经通讯社打开APP20:05:00【密尔克卫：拟以7500万元-1.5亿元专项贷款及自有资金回购股份】 财联社10月22日电，密尔克卫公告，公司拟以7500万元至1.5亿元的金额回购股份，回购价格不超过 79.50元/股。 回购资金来源为招商银行上海分行提供的专项贷款及公司自有资金，其中专项贷款金额不超过9400万 元。 本次回购的股份将全部予以注销并减少公司注册资本。 回购期限为自公司股东大会审议通过回购方案之日起3个月内。 密尔克卫-0.74%A股公告速递查看公告原文财联社声明：文章内容仅供参考，不构成投资建议。 投资者据此操作，风险自担。 2024-10-22 20:05:0021461 阅读商务合作发送 ...

| 证券代码：603713 | 证券简称：密尔克卫 公告编号：2024-139 | | --- | --- | | 转债代码：113658 | 转债简称：密卫转债 | 密尔克卫智能供应链服务集团股份有限公司 关于召开 2024 年第三次临时股东大会的通知 召开的日期时间：2024 年 11 月 7 日 14 点 00 分 召开地点：上海市浦东新区金葵路 158 号云璟生态社区 F1 栋 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第三次临时股东大会 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年11月7日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 ...

| 证券代码：603713 | 证券简称：密尔克卫 公告编号：2024-137 | | --- | --- | | 转债代码：113658 | 转债简称：密卫转债 | 密尔克卫智能供应链服务集团股份有限公司 关于以集中竞价交易方式回购股份的预案 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份金额：人民币 7,500.00 万元至人民币 15,000.00 万元 ● 回购股份资金来源：招商银行股份有限公司上海分行（以下简称"招商银行上 海分行"）提供的专项贷款及公司自有资金，其中专项贷款金额不超过 9,400.00 万 元。 ● 相关股东是否存在减持计划：公司控股股东、实际控制人、董事、监事、高级管 理人员、持股 5%以上股东在本回购方案实施期间均不存在减持计划。若相关人员 未来拟实施减持股份计划，将严格遵守相关法律法规的规定，履行信息披露义务。 ● 相关风险提示： 1、本次回购 A 股股份方案尚需提交公司股东大会审议，如果股东大会未能审 议通过，将导致本回购计划无法实施； 2、公司股票价格持续 ...

| 证券代码：603713 | 证券简称：密尔克卫 公告编号：2024-136 | | --- | --- | | 转债代码：113658 | 转债简称：密卫转债 | 密尔克卫智能供应链服务集团股份有限公司 第四届董事会第三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 密尔克卫智能供应链服务集团股份有限公司（以下简称"密尔克卫"、"公 司"）以现场加通讯表决的方式于 2024 年 10 月 22 日召开第四届董事会第三次 会议并作出本董事会决议。经全体董事同意，本次会议豁免通知时限要求。本次 董事会会议应出席董事 5 人，实际出席董事 5 人。会议由董事长陈银河主持，符 合《中华人民共和国公司法》（以下简称"《公司法》"）和《密尔克卫智能供应链 服务集团股份有限公司章程》（以下简称"《公司章程》"）关于召开董事会会议的 规定。 二、董事会会议审议情况 1、审议《关于以银行专项贷款及自有资金回购股份的议案》 1.01 审议《回购股份的目的和用途》； 表决情况：5 票同意，0 票反对，0 ...

| 证券代码：603713 | 证券简称：密尔克卫 公告编号：2024-138 | | --- | --- | | 转债代码：113658 | 转债简称：密卫转债 | 密尔克卫智能供应链服务集团股份有限公司 关于变更前次回购股份用途并注销的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 二、本次变更回购股份用途并注销的原因及内容 为提升每股收益水平，切实提高股东的投资回报，进一步向投资者传递公司 对自身长期内在价值的坚定信心和高度认可，提高公司长期投资价值、增强投资 者信心，结合公司实际情况，公司拟将上述回购股份方案用途由"为维护公司价 值及股东权益"变更为"用于注销并减少注册资本"，即公司拟对回购专用证券 账户中剩余 1,129,700 股库存股进行注销并相应减少注册资本。本次变更及注销 事项尚需提交公司股东大会审议。 三、本次注销完成后的股本结构情况 本次注销完成后，公司总股本将由 161,947,026 股变更为 162,003,713 股，公 司股本结构变动情况如下： 单位：股 | 类别 | 变动前 | 本次变动 ...

| 证券代码：603713 | 证券简称：密尔克卫 公告编号：2024-135 | | --- | --- | | 转债代码：113658 | 转债简称：密卫转债 | 密尔克卫智能供应链服务集团股份有限公司 关于股份回购实施结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。。 重要内容提示： （一）2024 年 8 月 9 日，公司首次实施回购股份，并于 2024 年 8 月 12 日披 露了首次回购股份情况，具体内容详见公司披露的《密尔克卫智能供应链服务集团 股份有限公司关于以集中竞价交易方式首次回购股份的公告》（公告编号：2024- 102）。 （二）2024 年 10 月 21 日，公司完成本次回购。公司通过集中竞价方式已实 际回购股份 1,129,700 股，占公司总股本的比例为 0.70%，回购的最高价为 65.66 元 /股、最低价为 41.88 元/股，回购均价为 48.68 元/股，已支付的资金总额为 54,995,460.72 元（不含交易费用）。 （三）本次股份回购过程中，公司严格按照《上 ...

Investment 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].

Investment 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].