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 ...

证券代码：603713 证券简称：密尔克卫 | 29 | 国泰基金管理有限公司 | | --- | --- | | 30 | 国泰君安证券股份有限公司 | | 31 | 国投证券股份有限公司 | | 32 | 海富通基金管理有限公司 | | 33 | 海通国际研究有限公司 | | 34 | 海通证券股份有限公司 | | 35 | 红杉资本投资管理有限公司 | | 36 | 泓德基金管理有限公司 | | 37 | 鸿运私募基金管理（海南）有限公司 | | 38 | 花旗环球金融亚洲有限公司 | | 39 | 华安证券股份有限公司 | | 40 | 华福证券有限责任公司 | | 41 | 华美国际投资集团有限公司 | | 42 | 华能贵诚信托有限公司 | | 43 | 华泰证券股份有限公司 | | 44 | 华西证券股份有限公司 | | 45 | 华夏基金管理有限公司 | | 46 | 汇百川基金管理有限公司 | | 47 | 惠理投资管理（上海）有限公司 | | 48 | 建信理财有限责任公司 | | 49 | 江苏佳利达国际物流股份有限公司 | | 50 | 江苏信宁投资管理有限公司 | | 51 | 匠人 ...

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 ...

(维持评级) 同比增长 40.62%。 风险提示 ： 0 50 100 150 200 250 300 350 36.00 48.00 60.00 72.00 84.00 96.00 108.00 230411230711231011240111240411 人民币(元) 成交金额(百万元) 成交金额 密尔克卫 沪深300 公司点评 来源：聚源数据 来源：国金证券研究所 公司点评 1.00 =买入； 1.01~2.0=增持 ； 2.01~3.0=中性 3.01~4.0=减持 公司点评 形式的复制、转发、转载、引用、修改、仿制、刊发，或以任何侵犯本公司版权的其他方式使用。经过书面授权的引用、刊发，需注明出处为"国金证券股份有限 公司"，且不得对本报告进行任何有悖原意的删节和修改。 在法律允许的情况下，国金证券的关联机构可能会持有报告中涉及的公司所发行的证券并进行交易，并可能为这些公司正在提供或争取提供多种金融服务。 本报告并非意图发送、发布给在当地法律或监管规则下不允许向其发送、发布该研究报告的人员。国金证券并不因收件人收到本报告而视其为国金证券的客 户。本报告对于收件人而言属高度机密，只有符合条件的收件人才能 ...

Financial Performance - The company achieved operating revenue of 9.75 billion RMB in 2023, a decrease of 15.75% compared to 2022[25]. - Net profit attributable to shareholders was 431.31 million RMB, down 28.72% year-on-year[27]. - Basic earnings per share were 2.62 RMB, a decline of 1.06 RMB from the previous year[27]. - The weighted average return on equity was 10.99%, a decrease of 6.46 percentage points compared to 2022[26]. - The total assets at the end of 2023 reached 11.12 billion RMB, an increase of 16.95% from the end of 2022[25]. - The net cash flow from operating activities was 704.08 million RMB, up 14.93% year-on-year[25]. - The net profit after deducting non-recurring gains and losses was 408.35 million RMB, a decrease of 29.70% compared to 2022[25]. - The company reported a diluted earnings per share of 2.54 RMB, down 28.69% from the previous year[26]. - In 2023, the company achieved a total profit of 608 million RMB, a decrease of 16.69% year-on-year[55]. - The company's total revenue for the year was 9.75 billion RMB, reflecting a 15.75% decline year-on-year due to industry fluctuations and price declines[55]. Dividend Distribution - The company plans to distribute a cash dividend of 5.3 CNY per 10 shares, totaling approximately 85.81 million CNY, which represents 19.89% of the net profit attributable to ordinary shareholders for 2023[6]. - The total cash dividend for 2023, including share buybacks, amounts to approximately 185.61 million CNY, accounting for 43.03% of the net profit attributable to ordinary shareholders[6]. - The company has a cash dividend policy that allows for profit distribution only when the annual distributable profit is positive and the financial report receives an unqualified audit opinion[181]. - The company will distribute at least 10% of its distributable profits as cash dividends each year, provided it is profitable and has sufficient cash flow[182]. - The company has consistently distributed cash dividends of over 14% of the net profit attributable to shareholders since its listing in 2018[186]. Share Repurchase and Stock Options - The company approved a share repurchase plan during the 18th meeting of the board of directors on January 17, 2023[161]. - The company completed the repurchase and cancellation of 1,250 shares of restricted stock from a departed incentive recipient under the 2019 incentive plan on June 5, 2023[191]. - The company proposed to cancel a total of 12,500 shares of restricted stock from a departed incentive recipient under the 2019 incentive plan on August 14, 2023[192]. - The total number of stock options held by the executives at the end of the reporting period is 605,000 shares[199]. - The total number of stock options granted during the reporting period is 0, indicating no new grants[199]. Acquisitions and Investments - The company completed a total equity investment of RMB 968,853,210 in 2023, including acquisitions of 99.45% of Kai Rui Logistics for RMB 71,633,660, 60% of Bao Hui Resin for RMB 107,856,000, and 51% of De Xin Hai Chang and Jin De Long Trading for RMB 183,600,000 each[92][95]. - The company is considering strategic acquisitions to bolster its market position, with a budget of $30 million earmarked for potential targets[152]. - The company has achieved a 100.23% investment progress in the Ningbo Shenze Chemical Supply Chain Management project, with a total investment of RMB 300,000,000, and has invested RMB 230,524,678.55 to date[97]. Operational Efficiency and Management - The company has invested in optimizing its internal management system to enhance operational efficiency and maintain growth stability[36]. - The company emphasizes a high standard of safety and quality management, establishing a robust internal control system[48]. - The company has established a comprehensive training system, including onboarding, cultural training, and skills training to enhance employee capabilities[179]. - The company is focused on enhancing asset utilization and operational efficiency to improve profitability in its logistics services[46]. Market Expansion and Strategy - The company is actively expanding new online logistics businesses, including "Huayi Da," "Ling Yunsu," and "Yun Xiaohu" platforms[36]. - The company aims to enhance its global chemical supply chain delivery capabilities through a comprehensive logistics network and a focus on clean energy services[126]. - The company is entering the bulk hazardous chemical shipping market, planning to expand capacity through new builds and acquisitions[127]. - The company is focusing on expanding its service offerings in data processing and technology consulting, aiming to capture more market share[107]. Compliance and Governance - The company has implemented a transparent governance structure, ensuring compliance with laws and regulations, and maintaining equal treatment of all shareholders[139]. - The company has established information disclosure and investor relations management systems to ensure timely and accurate communication with shareholders[140]. - The company has committed to maintaining independence in assets, personnel, finance, organization, and business, adhering to the principles of independence as per regulations from the China Securities Regulatory Commission[142]. Research and Development - Research and development expenses increased by 52.70% to 48 million RMB[58]. - The number of R&D personnel is 142, representing 3.21% of the total workforce[78]. - The company is investing in new technologies, allocating $10 million towards R&D to enhance operational efficiency and product offerings[152]. Safety and Risk Management - The company has established a comprehensive safety management system to mitigate risks associated with the storage and transportation of hazardous chemicals, complying with relevant laws and regulations[136]. - The company has enhanced its risk management framework to ensure financial stability and control over receivables and operational risks[134]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 20% to 25%[152]. - The overall outlook for the company remains positive, with expectations of continued revenue growth and profitability in the upcoming fiscal year[116].

Financial Performance - The company's operating revenue for Q1 2024 reached ¥2,895,861,673.63, representing a year-on-year increase of 23.26%[5] - The net profit attributable to shareholders was ¥151,063,838.17, marking a 40.62% increase compared to the same period last year[5] - The basic earnings per share (EPS) for the period was ¥0.9195, up by 40.70% year-on-year[6] - The diluted EPS was ¥0.8646, reflecting a 41.39% increase from the previous year[6] - The net profit for Q1 2024 was CNY 173,869,773.49, representing a 55.8% increase compared to CNY 111,563,837.12 in Q1 2023[23] - The total revenue from sales of goods and services reached CNY 2,625,552,643.94, up from CNY 2,065,283,230.40 in the same period last year, indicating a growth of approximately 27%[25] - The company reported a total comprehensive income of CNY 173,179,091.52 for Q1 2024, compared to CNY 110,548,848.38 in Q1 2023, marking a rise of 56.5%[24] Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥121,544,848.09, a decline of 139.46% compared to the previous year[6][10] - Operating cash flow for Q1 2024 was negative at CNY -121,544,848.09, a significant decline from CNY 308,011,956.98 in Q1 2023[26] - The cash and cash equivalents at the end of Q1 2024 were CNY 1,206,479,578.31, a decrease from CNY 1,433,254,093.29 at the end of Q1 2023[27] - Investment activities resulted in a net cash outflow of CNY -58,595,467.48, an improvement from CNY -80,139,608.70 in the previous year[26] - Financing activities generated a net cash inflow of CNY 180,495,325.99, compared to CNY 5,535,603.38 in Q1 2023, indicating a substantial increase in financing activities[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥11,403,655,870.91, an increase of 2.52% from the end of the previous year[6] - Total assets as of March 31, 2024, were RMB 11,403,655,870.91, compared to RMB 11,123,533,821.00 at the end of the previous period, representing a growth of 2.5%[20] - Total liabilities increased to RMB 6,892,860,813.52 from RMB 6,757,423,143.86, reflecting a rise of 2.0%[20] - Long-term borrowings increased significantly to RMB 906,784,087.98 from RMB 617,111,855.43, marking a rise of 46.8%[19] Equity and Returns - Shareholders' equity attributable to the parent company was ¥4,142,659,702.69, up by 3.03% from the previous year-end[6] - The company's equity attributable to shareholders rose to RMB 4,142,659,702.69 from RMB 4,020,781,257.76, an increase of 3.0%[20] - The weighted average return on equity (ROE) was 3.70%, an increase of 0.90 percentage points[6] Costs and Expenditures - Total operating costs for Q1 2024 were RMB 2,700,785,464.38, up from RMB 2,229,890,825.31 in Q1 2023, reflecting a year-over-year increase of 21.1%[22] - The company reported a significant increase in procurement expenditures, impacting cash flow negatively[10] - The company incurred interest expenses of CNY 35,842,013.76, which is significantly higher than CNY 23,985,778.58 in the previous year, reflecting increased borrowing costs[23] - The total assets impairment loss was reported at CNY -2,627,264.96, contrasting with a gain of CNY 711,949.19 from asset disposals in the previous year[23] Accounts Receivable and Inventory - Accounts receivable increased to RMB 2,476,435,085.84 from RMB 2,113,295,866.33, indicating a growth of 17.2%[18] - Inventory decreased to RMB 701,017,552.33 from RMB 791,069,714.45, a decline of 11.4%[18] Non-recurring Items - Non-recurring gains and losses totaled ¥10,883,945.81 after tax adjustments[9] - The company reported a net profit margin improvement, although specific figures were not disclosed in the provided content[22]