研报掘金丨华源证券：维持密尔克卫“买入”评级，并购+协同有望打开长期空间

Group 1 - The core viewpoint of the article highlights that Milkyway is a leading enterprise in the hazardous chemical supply chain in China, having developed a dual-driven model of "comprehensive logistics + chemical distribution" over more than twenty years [1] - As of the first half of 2025, the company has over 10,000 effective clients, and the integrated trade collaboration effect continues to release, supporting steady growth in company performance [1] - The industry is expanding alongside the increase in chemical production, indicating that leading companies may have growth potential [1] Group 2 - The company aims to replicate the growth path of overseas leaders, with mergers and acquisitions and collaboration expected to open up long-term opportunities [1] - As a leader in chemical logistics, the company has a clear business model and is engaged in multiple businesses, continuously enhancing its comprehensive logistics service capabilities [1] - The extension of the service chain is driving a sustained increase in profitability, and the company maintains a "buy" rating [1]