| 证券代码：603713 | 证券简称：密尔克卫 公告编号：2024-056 | | --- | --- | | 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 重要内容提示： 征集投票权的时间：2024 年 4 月 29 日至 4 月 30 日（上午 9:30—11:00，下 午 13:00—15:00） 征集人对所有表决事项的表决意见：同意 征集人未持有公司股票 根据中国证券监督管理委员会（以下简称"中国证监会"）颁布的《上市公 司股权激励管理办法》（以下简称"《管理办法》"）、《上市公司股东大会规 则》《公开征集上市公司股东权利管理暂行规定》的有关规定，并按照密尔克卫 智能供应链服务集团股份有限公司（以下简称"公司"）其他独立董事的委托， 独立董事罗斌先生作为征集人就公司拟于 2024 年 5 月 6 日召开的 2023 年年度 股东大会审议的 2024 年股票期权与限制性股票激励计划相关议案向公司全体股 东征集投票权。 中国证监会、上海证券交易所及其他政府部门未对本公告所述内容真实、准 确性和完整性发表任何意见，对本公告的内容不负有任何责任，任何与之相反的 ...

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 52.84 CNY and a target value of 63.00 CNY [9]. Core Insights - The company is expected to benefit from integrated logistics services and the expansion of its chemical distribution services, which will drive continuous performance release. The warehousing and distribution business, as the main profit driver, is in a ramp-up phase with new warehouses launched in 2023, indicating significant profit potential [5][10]. - In Q1 2024, the company achieved a revenue of 2.896 billion CNY, a year-on-year increase of 23.26%, and a net profit of 151 million CNY, up 40.62% year-on-year, indicating a strong recovery [10][47]. Summary by Sections 1. Business Overview - The company is a leading provider of integrated supply chain services in China, focusing on logistics for chemical products and gradually forming a comprehensive service system for the chemical and new energy industries [21]. 2. Financial Performance - In 2023, the company reported a revenue of 9.753 billion CNY, down 15.75% year-on-year, and a net profit of 431 million CNY, down 28.72% year-on-year. The decline was attributed to cyclical fluctuations and rising financial costs [33][45]. - The Q4 2023 results showed a revenue of 2.126 billion CNY, down 14.35% year-on-year, and a net profit of 28 million CNY, down 77.95% year-on-year [33]. 3. Segment Analysis - **Global Freight Forwarding**: In 2023, this segment generated a revenue of 2.223 billion CNY, down 41% year-on-year, with a gross profit of 267 million CNY [27][62]. - **Global Mobility**: This segment saw a revenue decline of 33% in 2023, with a gross profit of 104 million CNY [51]. - **Regional Warehousing and Distribution**: This segment reported a revenue of 696 million CNY, down 4% year-on-year, with a gross profit of 333 million CNY, maintaining a gross margin of 47.87% [74]. - **Domestic Trade Delivery**: This segment achieved a revenue of 1.848 billion CNY, up 7% year-on-year, with a gross profit of 154 million CNY [77]. - **Unique Distribution**: This segment generated a revenue of 4.321 billion CNY, down 0.63% year-on-year, with a gross profit of 278 million CNY [79]. 4. Profit Forecast and Investment Recommendations - The company is expected to see EPS of 3.50, 4.25, and 5.00 CNY for 2024, 2025, and 2026 respectively, with a target PE of 18 times for 2024, leading to a fair value of 63 CNY per share [34][85].

[Table_MainInfo] 公司研究/化工/基础化工材料制品 证券研究报告 密尔克卫（603713）公司年报点评 603713 CH Milkyway Chemical Supply Cha in Service Rating: OUTPERFORM Target Price: Rmb75.68 Xiaohan Sun xh.sun@htisec.com 2024Q1 扣非后净利润同比增长 37.69%，合计分红总额 1.86 亿元（含税）。公 司 2023 年营业收入 97.53 亿元，同比下降 15.75%，归母净利润 4.31 亿元， 同比下降 28.72%，扣非后净利润 4.08 亿元，同比下降 29.70%。公司营业收 入下降主要由于受行业波动及行业价格下行影响。公司拟向全体股东每 10 股 派发现金红利 5.3 元（含税），公司 2023 年以集中竞价交易方式累计回购资 金总额 9980.54 万元（不含交易费用），公司 2023 年合计分红总额 1.86 亿元 （含税），占当年公司归母净利润比重为 43.03%。公司 2024 年第一季度实现 营业收入 28.96 亿元，同比增长 23.2 ...

Investment Rating - The report maintains a "Outperform" rating for the company, indicating an expected total return exceeding 10% relative to the benchmark index over the next 12 months [5][13]. Core Insights - The company experienced a 15.8% year-on-year decline in total revenue for 2023, amounting to RMB 9.75 billion, primarily due to industry fluctuations and price declines. However, in Q1 2024, total revenue rebounded with a 23.3% year-on-year increase to RMB 2.9 billion, and net profit grew by 40.6% to RMB 150 million, suggesting a potential recovery in performance [2][12]. - The company is actively expanding its customer base and global footprint, targeting sectors such as new energy, new materials, smart manufacturing, semiconductor chips, daily chemicals, and pharmaceuticals. By the end of 2023, the number of effective customers exceeded 8,000, and the company is enhancing its supply chain services across the Asia-Pacific region while extending its reach into North America and Europe [3][12]. - The company is focusing on long-term strategies and improving service capabilities, with a goal of enhancing asset efficiency and quality. The gross profit margin improved from 10.9% in 2022 to 11.8% in 2023, driven by various business segments. Additionally, the company has reduced its combined sales, management, R&D, and financial expense ratios from 5.9% in 2023 to 4.6% in Q1 2024, which supports improved profitability [12][13]. Financial Summary - For FY 2023, the company reported a net profit of RMB 431 million, with projections for FY 2024 and FY 2025 indicating net profits of RMB 570 million and RMB 663 million, respectively. The projected revenue for FY 2024 is RMB 11.44 billion, with a growth rate of 32.1% [7][13]. - The company’s EBITDA for FY 2023 was RMB 850 million, with forecasts of RMB 1.08 billion for FY 2024 and RMB 1.27 billion for FY 2025, reflecting a recovery trajectory [7][12]. - The report highlights a projected PE ratio of 15 times for FY 2024, indicating a favorable valuation compared to historical performance [13].

2024 年 04 月 12 日 公司点评 增持/首次 (70%) (54%) (38%) (22%) (6%) 10% 23/4/1223/6/2223/9/1 23/11/1124/1/2124/4/1 密尔克卫 沪深300 相关研究报告 ■ 点评 展望未来，随着需求端缓慢修复，公司在 23 年投资布局的板块之间， 有望形成协同效应。我们首次覆盖，给予"增持"评级。 | --- | --- | --- | --- | --- | |--------------------|--------|-------|----------------------------|-------| | | 2023A | 2024E | 2025E | 2026E | | 营业收入（亿元） | | | 97.53 112.13 120.13 128.72 | | | 营业收入增长率 (%) | -15.7% | 15.0% | 7.1% | 7.1% | | 归母净利（亿元） | | | 4.31 5.96 6.70 7.28 | | | 净利润增长率 (%) | -28.8% | 38.3% | 12.4% | 8.6% ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [7][26]. Core Views - The company has shown a recovery in revenue growth in Q1 2024, with a year-on-year increase of 23.3%, indicating a positive trend that is expected to continue [3][27]. - The company has successfully expanded its business through acquisitions and has formed a diversified business layout that is expected to drive long-term growth [7][27]. - The company's profitability has improved, with a gross margin of 11.6% in Q1 2024, reflecting a continuous upward trend [4][27]. Financial Performance Summary - In 2023, the company achieved a revenue of 9.75 billion yuan, a decrease of 15.8% year-on-year, and a net profit of 430 million yuan, down 28.7% year-on-year [2][10]. - For Q1 2024, the company reported a revenue of 2.9 billion yuan, a year-on-year increase of 23.3%, and a net profit of 150 million yuan, up 40.6% year-on-year [2][10]. - The company’s gross margin improved to 11.6% in Q1 2024, up 0.4 percentage points year-on-year, continuing the upward trend from previous quarters [4][27]. - The company’s revenue projections for 2024-2026 are 11.99 billion yuan, 13.65 billion yuan, and 15.08 billion yuan, respectively, with corresponding net profits of 617 million yuan, 713 million yuan, and 776 million yuan [7][10].

Investment 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].

证 券 研 究 报 告 | --- | --- | --- | --- | --- | |----------------------------------|--------|-------------------|-----------------------------|--------| | | 2023A | 2024E | 2025E | 2026E | | 主营收入 ( 百万 ) | 9,753 | 12,027 | 14,257 | 16,565 | | 同比增速 (%) | -15.7% | 23.3% | 18.5% | 16.2% | | 归母净利润 ( 百万 ) | 431 | 590 | 695 | 830 | | 同比增速 (%) | -28.8% | 36.7% | 17.8% | 19.6% | | 每股盈利 ( 元 ) | 2.63 | 3.59 | 4.23 | 5.06 | | 市盈率 ( 倍 ) 22 | | 16 | 13 | 11 | | 市净率 ( 倍 ) | 2.3 | 2.0 | 1.8 | 1.6 | | 资料来源：公司公告，华创证券预测 | | 注：股价为 ...

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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 4 月 12 日发布公司 2023 年年度报告及 2024 年第一季度报告，为便于广大投 资者更全面深入地了解公司 2023 年度及 2024 年第一季度经营成果、财务状况， 公司计划于 2024 年 4 月 22 日下午 13:00-14:00 举行 2023 年度暨 2024 年第一季 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 | 证券代码：603713 | 证券简称：密尔克卫 公告编号：2024-050 | | --- | --- | | 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 2023 年度暨 2024 年第一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。 四、投资者参加方式 （一）投资者可在 2024 年 4 月 22 日下午 13:00-14:00，通过互联网登录上 证路演中心（https://roadshow.ssein ...