研报掘金丨华源证券：维持宏川智慧“买入”评级，认为公司估值享有溢价

Core Viewpoint - The report from Huayuan Securities indicates that Hongchuan Wisdom's main business includes comprehensive services for terminal storage tanks, chemical warehousing logistics, transshipment and other services, logistics chain management services, and value-added services. The company is expected to benefit from the recovery in the chemical industry and the gradual rebound in downstream demand, which will likely release its profit elasticity [1] Group 1: Company Overview - As of the first half of 2025, the company operates approximately 5.18 million cubic meters of storage tank capacity and 125,000 square meters of chemical warehouse space [1] - The company is recognized as one of the leaders in petrochemical storage, continuously expanding its capacity through self-built facilities and acquisitions [1] Group 2: Industry Outlook - The chemical industry is experiencing a sustained recovery, with downstream demand gradually rebounding, which is expected to enhance the company's profitability [1] - The average valuation of comparable companies, including Milky Way, Xingtong Co., and Shenghang Co., is projected to be around 24.0 times for 2025 [1] Group 3: Investment Recommendation - Given the high barriers to entry in the company's business model, it is believed that the company deserves a premium valuation. The initial coverage recommends a "Buy" rating [1]