密尔克卫: 密尔克卫智能供应链服务集团股份有限公司2025年跟踪评级报告

Core Viewpoint - The credit rating agency maintains the long-term credit rating of Milkway Intelligent Supply Chain Service Group Co., Ltd. at AA- with a stable outlook, indicating strong operational performance and stable client relationships in the chemical logistics sector [1][3]. Company Overview - Milkway is a leading specialized supply chain service provider in China, focusing on a service chain that integrates chemical logistics and trading [3][11]. - The company has maintained stable long-term partnerships with numerous multinational chemical enterprises, enhancing its competitive position in the industry [3][5]. Financial Performance - In 2024, the company achieved a revenue of 121.18 billion yuan and a profit of 8.01 billion yuan, reflecting a strong growth trajectory [3][11]. - For the first quarter of 2025, the company reported a revenue of 33.42 billion yuan, a year-on-year increase of 15.40% [11][12]. Debt and Financial Health - The total debt of the company increased by 19.42% from the end of 2023, leading to a debt capitalization ratio of 55.35%, indicating a heavy debt burden [5][6]. - The company's cash flow from financing activities showed a continued need for external financing, with net cash outflow shrinking year-on-year [3][5]. Competitive Advantages - The company has a robust customer base, with over 10,000 effective clients, including major corporations like Coca-Cola and Mobil, which strengthens its supply chain network [5][11]. - Milkway has established a significant logistics infrastructure, managing over 600,000 square meters of specialized chemical warehouses, with nearly 50% being self-built [5][12]. Industry Context - The chemical logistics industry is experiencing a mixed performance, with revenue growth but declining profit margins due to rising operational costs [10][11]. - The overall industry is expected to see a recovery in demand supported by domestic policy initiatives, despite facing challenges from international trade uncertainties [10][11].