| 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].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 2024 performance showed a year-on-year increase of 25%, with revenue reaching 9.553 billion yuan, up 25.26% YoY, and net profit attributable to shareholders reaching 490 million yuan, up 21.68% YoY [3] - Q3 2024 revenue was 3.561 billion yuan, up 14.90% YoY, with net profit attributable to shareholders at 179 million yuan, up 19.88% YoY [3] - The company's gross margin in Q3 2024 slightly decreased by 0.29 percentage points to 10.80%, while the operating expense ratio increased by 0.44 percentage points YoY to 4.35% [2] - The company's non-GAAP net profit margin in Q3 2024 was 4.53%, up 0.10 percentage points YoY [2] Business Performance and Growth - The company's strong performance in Q3 2024 was driven by high demand in the freight forwarding sector, with the CCFI index increasing by 127.32% YoY and 38.34% QoQ [4] - The company has expanded its global presence through acquisitions and new subsidiaries in regions such as Southeast Asia and North America [5] - The company's revenue is expected to grow to 12.493 billion yuan in 2024, 13.890 billion yuan in 2025, and 15.275 billion yuan in 2026, with net profit attributable to shareholders projected to reach 644 million yuan, 740 million yuan, and 814 million yuan respectively [7] Financial Metrics and Valuation - The company's ROE is expected to increase from 11% in 2023 to 14% in 2024-2026 [10] - The company's P/E ratio is projected to decrease from 20.28 in 2023 to 14.76 in 2024, 12.86 in 2025, and 11.68 in 2026 [10] - The company's P/B ratio is expected to decline from 2.17 in 2023 to 2.10 in 2024, 1.86 in 2025, and 1.65 in 2026 [10] Market Performance - The company's stock price as of October 18, 2024, was 58.72 yuan, with a 52-week range of 34.82-72.95 yuan [2] - The company's total market capitalization was 9.50953 billion yuan, with a circulating market capitalization of 9.50032 billion yuan [2] - The company's average daily trading volume was 161.74 million yuan, with a monthly turnover rate of 1.67% [2]

证券代码：603713 证券简称：密尔克卫 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 随后，公司财务总监杨波先生对公司财务风险管理办法进行了分享，副总经理王 涛先生、潘锐先生分别对公司主营业务发展现状和亮点进行了介绍： 1、仓配一体化业务（MWT）： 公司在青岛、连云港、防城港等地的仓库投产，除传统的仓配一体化业务外，还 提供仓库堆场、集装箱的衍生服务以提升仓库的盈利能力；为满足客户需求，积极发 展云仓、厂内物流等业务；在快运、冷链、医药等领域为客户提供有竞争力的差异化、 专业化工程物流服务；继续向一带一路西部新区域拓展业务。 2、全球货代业务（MGF）： 2024 年第三季度报告沟通会纪要 | 序号 | 公司名称 | | --- | --- | | 1 | Amundi BOC | | 2 | FIL（大连）科技有限公司 | | 3 | GOLDMAN SACHS (ASIA) L.L.C. | | 4 | Point72 Hong Kong Limited | | 5 | 北京汉和汉华资本管理有限公司 | | 6 | 北京市星石投资管理有限公司 | | 7 | 北 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 76.77 CNY per share, compared to the current price of 57.01 CNY [2]. Core Insights - The company reported Q3 2024 results with revenue of 3.561 billion CNY, a year-on-year increase of 14.90%, and a net profit attributable to shareholders of 179 million CNY, up 19.88% year-on-year, meeting expectations [1]. - The shipping rates remained relatively strong in Q3, with the Shanghai Containerized Freight Index (SCFI) averaging 3082 points, a year-on-year increase of 12.67% and a quarter-on-quarter increase of 17.26%. This favorable shipping rate environment supports the company's global freight forwarding and mobility operations [1]. - The company is expected to benefit from a recovery in chemical demand, as domestic and international chemical inventories are at relatively low levels. The ongoing policy support in China is anticipated to boost chemical demand, leading to increased operating rates and inventory replenishment, which will enhance the company's trade volume and warehouse capacity utilization [1]. - The integrated logistics service model is expected to drive continuous performance release, with the company expanding its distribution services for chemical products. The new warehouses launched in 2023 are still ramping up capacity utilization, indicating significant profit potential [1]. - Earnings forecasts for the company are optimistic, with expected EPS of 3.84 CNY, 4.77 CNY, and 5.52 CNY for 2024, 2025, and 2026 respectively. The report assigns a 20x PE valuation for 2024, leading to a reasonable value of 76.77 CNY per share [1]. Financial Summary - For 2024E, the company is projected to achieve revenue of 12.349 billion CNY, with a growth rate of 26.6%. The net profit attributable to shareholders is expected to be 622 million CNY, reflecting a growth rate of 44.1% [6][8]. - The EBITDA for 2024E is forecasted at 1.521 billion CNY, with a significant increase in profitability anticipated in the following years [6][8]. - The report highlights a projected increase in EPS from 3.68 CNY in 2022 to 5.52 CNY by 2026, indicating a strong growth trajectory [8].

Investment 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].

| 证券代码：603713 | 证券简称：密尔克卫 公告编号：2024-134 | | --- | --- | | 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 年第三季度业绩说明会的公告 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： 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"）已于 2024 年 10 月 17 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地 了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 10 月 25 日 下午 13:00-14:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交 流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 会议召开时间：2024 年 10 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company reported a net profit attributable to shareholders of 180 million yuan in Q3 2024, representing a year-on-year increase of 19.9% and a quarter-on-quarter increase of 12.1% [1] - The overall industry is experiencing a sustained recovery in demand, contributing to the company's positive performance [1] - The company has established itself as a leading provider of integrated logistics services, focusing on chemical products and new energy sectors [1] Financial Performance Summary - For the first three quarters of 2024, the net profit attributable to shareholders reached 490 million yuan, up 21.7% year-on-year, with a non-recurring net profit of 450 million yuan, up 18.1% year-on-year [1] - The total revenue for the first three quarters of 2024 was 9.55 billion yuan, reflecting a year-on-year increase of 25.3% [1] - The operating costs for the first three quarters of 2024 amounted to 8.49 billion yuan, a year-on-year increase of 26.1% [1] - The comprehensive gross profit margin for the first three quarters of 2024 was 11.1%, down 0.6 percentage points year-on-year [1] - The net profit margin for Q3 2024 was 5.0%, up 0.2 percentage points year-on-year [1] Business Development Summary - The company has built long-term partnerships with numerous leading chemical enterprises, including BASF, Dow, and Wanhua Chemical, with over 8,000 effective customers as of June 2024 [1] - The company is actively expanding its service offerings, including rail and cross-border trucking, and developing online platforms for logistics services [1] - The company has subsidiaries in Singapore, Malaysia, and the United States, and is cautiously expanding into Southeast Asia and North America [1] - The company is committed to digital transformation, enhancing efficiency in warehouse management, transportation, and order processing [1] Investment Forecast - The profit forecast for 2024-2026 is maintained at 670 million, 770 million, and 880 million yuan, respectively, with corresponding EPS of 4.10, 4.78, and 5.42 yuan [1] - Based on the growth rates for 2025-2026, a target price of 71.6 yuan is set, indicating a potential upside of 23% from the current price [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 9.55 billion RMB in the first three quarters of 2024, representing a year-on-year increase of 25.3%, and a net profit attributable to shareholders of 490 million RMB, up 21.7% year-on-year [1] - In Q3 2024, the company reported a revenue of 3.56 billion RMB, a year-on-year growth of 14.9%, and a net profit of 180 million RMB, reflecting a 19.9% increase year-on-year [1] - The growth in revenue is attributed to the expansion of freight forwarding business, new warehouse ramp-up, and consolidation of acquired companies [1] Summary by Sections Performance Analysis - The freight forwarding business saw significant growth, with the CCFI index averaging 1991, up 127.3% year-on-year, boosting the company's gross margin per container and freight forwarding revenue [1] - New warehouses in Lianyungang, Yantai, and Tianjin have quickly ramped up production, contributing to revenue growth [1] - The company has completed acquisitions, including Jiesheng Technology, which have positively impacted revenue [1] Financial Metrics - The gross margin for Q3 2024 was 10.8%, a decrease of 0.3 percentage points year-on-year [1] - The total expense ratio for Q3 2024 was 4.3%, an increase of 0.4 percentage points, with specific changes in sales, management, and financial expense ratios noted [1] - The net profit margin for Q3 2024 was 5%, an increase of 0.2 percentage points year-on-year [1] Profit Forecast and Valuation - The company’s net profit forecasts for 2024, 2025, and 2026 are 600 million RMB, 760 million RMB, and 910 million RMB, respectively [1] - The current price corresponds to PE multiples of 16x, 13x, and 10x for the respective years [1]