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]

来源：公司年报、国金证券研究所 密尔克卫 (603713.SH) 买入(维持评级) 业绩简评 2024 年 10 月 16 日，密尔克卫发布 2024 年三季报。2024 年前三 季度公司实现营业收入 95.5 亿元，同比上升 25.3%；实现归母净 利润 4.9 亿元，同比上升 21.7%。其中 Q3 公司实现营业收入 35.6 亿元，同比增长 14.9%；实现归母净利润 1.8 亿元，同比增长 19.9%。 经营分析 货代分销高质量发展，2024Q3 公司营收同增 14.9%。2024Q3 公司 营收增长 14.9%，主要源于：1）货代业务增长：2024Q3 受红海事 件影响，集运行业维持高景气，CCFI 指数均值为 1991，同比增长 127.3%，带动公司单箱毛利及货代业务收入增长；2）新仓库爬坡： 内需改善，公司在连云港、烟台、天津等地的新基地快速达产， 对收入形成拉动；3）并购项目并表：2024 年以来公司收购捷晟科 技等分销业务标的，拉动收入增长。 毛利率同比下滑，费用率同比增长。2024Q3 公司毛利率为 10.8%， 同比下降 0.3pct。费用率方面，2024Q3 公司期间费用率为 4.3 ...

根据上述议案，公司将以 27.10 元/股的价格回购 2024 年股票期权与限制性 股票激励计划中已授予但尚未解除限售的 100,000 股限制性股票。回购实施完毕 后，公司将向中国证券登记结算有限责任公司上海分公司申请注销该部分股票。 注销完成后，公司总股本将由 161,947,026 股减少至 161,847,026 股，注册资本也 将相应地由 161,947,026 元减少至 161,847,026 元。 | 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2024-133 | | --- | --- | --- | | 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 关于回购注销2024年股票期权与限制性股票激励计划限制 性股票通知债权人的公告 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。 一、通知债权人的原因 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"）于 2024 年 10 月 16 日召开第四届董事会第二次会议、第四届监事会第二次会议， ...

| 证券代码：603713 | 证券简称：密尔克卫 公告编号：2024-130 | | --- | --- | | 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 第四届董事会第二次会议决议公告 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"）于 2024 年 10 月 13 日向公司全体董事发出会议通知及会议材料，以现场 加通讯表决的方式于 2024 年 10 月 16 日召开第四届董事会第二次会议并作出本 董事会决议。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》和《密尔克卫智能供应链服务集 团股份有限公司章程》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<公司 2024 年第三季度报告>的议案》 同意《公司 2024 年第三季度报告》的内容，具体内容详见公司于上海证券 交易所网站（www.sse. ...

| 证券代码：603713 | 证券简称：密尔克卫 | 公告编号：2024-132 | | --- | --- | --- | | 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 关于回购注销2024年股票期权与限制性股票激励计划 限制性股票的公告 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"）于 2024 年 10 月 16 日召开第四届董事会第二次会议、第四届监事会第二次会议，审议通 过了《关于回购注销 2024 年股票期权与限制性股票激励计划限制性股票的议案》 等议案。现将有关事项说明如下： 一、2024 年股票期权与限制性股票激励计划（以下简称"本次激励计划"） 批准及实施情况 （一）2024 年 4 月 11 日，公司召开第三届董事会第三十五次会议审议通过 了《关于<公司 2024 年股票期权与限制性股票激励计划（草案）>及其摘要的议 案》《关于<公司 2024 年股票期权与限制性股票激励计划实 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥3,560,526,125.27, representing a year-on-year increase of 14.90%[2] - Net profit attributable to shareholders was ¥179,247,000.28, up 19.88% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥162,403,073.06, reflecting a 15.61% increase year-on-year[2] - Basic earnings per share for the quarter were ¥1.09, an increase of 19.78% year-on-year[3] - The net profit attributable to the parent company for Q3 2024 was ¥490,226,000.44, an increase from ¥402,884,372.39 in Q3 2023, representing a growth of approximately 21.6%[15] - The total comprehensive income for Q3 2024 reached ¥551,671,268.74, compared to ¥430,732,371.31 in Q3 2023, indicating an increase of about 28.0%[15] Cash Flow - The net cash flow from operating activities was ¥72,072,497.37, a significant increase of 137.55% compared to the same period last year[3] - The net cash flow from operating activities for the first three quarters of 2024 was -¥160,179,907.07, a decline from ¥400,765,960.69 in the first three quarters of 2023[16] - Cash inflows from operating activities for the first three quarters of 2024 amounted to ¥8,722,511,229.64, compared to ¥7,402,713,239.26 in the same period of 2023, marking an increase of approximately 17.8%[16] - Cash inflows from investment activities totaled ¥607,385,407.47 in the first three quarters of 2024, down from ¥1,323,827,588.56 in the same period of 2023, representing a decrease of about 54.2%[17] - The net cash flow from financing activities for the first three quarters of 2024 was ¥658,855,073.10, slightly down from ¥691,424,077.20 in the same period of 2023[17] - The company reported a decrease in cash received from other operating activities, totaling ¥96,080,691.93 in the first three quarters of 2024, compared to ¥266,568,207.94 in the same period of 2023, a decline of approximately 64.0%[16] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥12,530,196,574.16, marking a 12.65% increase from the end of the previous year[3] - Non-current assets totaled CNY 5,594,563,088.01, an increase from CNY 5,362,229,923.60 year-over-year[11] - Total liabilities increased to CNY 7,716,958,206.66 from CNY 6,757,423,143.86, a rise of 14.2%[12] - Shareholder equity rose to CNY 4,813,238,367.50 from CNY 4,366,110,677.14, an increase of 10.2%[12] Shareholder Information - The company reported a total of 11,262 common shareholders at the end of the reporting period[8] - The top three shareholders, including Chen Yinhai, hold a combined 52.06% of the shares, indicating significant control over the company[8] - There are no significant changes in the participation of major shareholders in margin trading or securities lending activities[8] Operational Highlights - The company has not disclosed any new product developments or technological advancements in this quarter[9] - The company has not reported any mergers or acquisitions during this period[9] - No other important operational information was highlighted for investor attention in this quarter[9] Revenue and Costs - Total revenue for the first nine months of 2024 reached CNY 9,553,014,724.20, a 25.3% increase from CNY 7,626,521,734.36 in the same period of 2023[12] - Operating costs for the first nine months of 2024 were CNY 8,944,017,032.15, up from CNY 7,128,043,093.82, reflecting a 25.5% increase[12] - Research and development expenses for the first nine months of 2024 were CNY 48,541,024.27, compared to CNY 31,956,083.28 in the same period of 2023, a 52.0% increase[14] Current Assets - As of September 30, 2024, the total current assets amounted to approximately CNY 6.94 billion, an increase from CNY 5.76 billion at the end of 2023, representing a growth of about 20.4%[10] - The cash and cash equivalents reached CNY 1.30 billion, up from CNY 1.23 billion, indicating a growth of approximately 5.5%[10] - Accounts receivable increased significantly to CNY 3.23 billion from CNY 2.11 billion, reflecting a rise of about 53%[10] - Inventory decreased to CNY 466.51 million from CNY 791.07 million, showing a decline of approximately 41%[10] Accounting Standards - The company did not apply new accounting standards or interpretations for the first time in 2024[18]

| 证券代码：603713 | 证券简称：密尔克卫 公告编号：2024-131 | | --- | --- | | 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 第四届监事会第二次会议决议公告 一、监事会会议召开情况 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"）于 2024 年 10 月 13 日向公司全体监事发出会议通知及会议材料，以现场 表决的方式于 2024 年 10 月 16 日召开第四届监事会第二次会议并作出本监事会 决议。本次监事会会议应出席监事 3 人，实际出席监事 3 人。会议由监事会主席 江震主持，符合《中华人民共和国公司法》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》"）关于召开监事会会议的规定。 二、监事会会议审议情况 1、审议《关于<公司 2024 年第三季度报告>的议案》 同意《公司 2024 年第三季度报告》的内容，监事会发表审核意见如下：报 告的编制和审议程序符合法律法规、《公司章程》和公司内部管理制度的各项规 定。报告的内容和格式符合上海证券交易所的各项规定，未发现公司报告 ...

上海君澜律师事务所 关于 密尔克卫智能供应链服务集团股份有限公司 2024 年股票期权与限制性股票激励计划 回购注销限制性股票 之 法律意见书 二〇二四年十月 上海君澜律师事务所 法律意见书 上海君澜律师事务所 关于密尔克卫智能供应链服务集团股份有限公司 2024 年股票期权与限制性股票激励计划回购注销限制性股票之 致：密尔克卫智能供应链服务集团股份有限公司 上海君澜律师事务所（以下简称"本所"）接受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"或"密尔克卫"）的委托，根据《上市公司股权激励 管理办法》（以下简称"《管理办法》"）《密尔克卫智能供应链服务集团股份有限 公司 2024 年股票期权与限制性股票激励计划》（以下简称"《激励计划》"或"本次 激励计划"）的规定，就密尔克卫回购注销本次激励计划激励对象已获授但尚未解除 限售的限制性股票（以下简称"本次回购注销"）相关事项出具本法律意见书。 对本法律意见书，本所律师声明如下： （一）本所律师依据《中华人民共和国证券法》《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书 出具日以前已经发生或者 ...

| 证券代码：603713 | 证券简称：密尔克卫 公告编号：2024-129 | | --- | --- | | 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 关于完成注册资本工商变更登记的公告 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。 一、本次注册资本减少的情况说明 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"）于2024年 7月8日召开第三届董事会第三十八次会议，审议通过了《关于变更注册资本及修 改<公司章程>的议案》，同意将公司注册资本由164,293,615元变更为161,946,938 元，具体内容详见公司于2024年7月9日披露的《密尔克卫智能供应链服务集团股 份有限公司关于变更注册资本及修改<公司章程>的公告》（公告编号：2024-084）。 此事项已经2024年7月24日召开的2024年第一次临时股东大会审议通过。 二、注册资本变更情况 统一社会信用代码：91310000630965915K 法定代表人：陈银河 注册资本：人民币 16194.69 ...