MILKYWAY(SH:603713) Minsheng Securities·2024-08-02 04:00Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company achieved a revenue of 5.992 billion yuan in the first half of 2024, representing a year-on-year growth of 32.35%. The net profit attributable to shareholders was 311 million yuan, up 22.74% year-on-year [2]. - The main business segments showed strong performance, with the global freight forwarding business (MGF) revenue at 1.612 billion yuan (yoy +46.83%) and the global mobile business (MGM) revenue at 464 million yuan (yoy +35.99%) [2]. - The company is actively expanding its business footprint, establishing seven clusters across China and making strategic acquisitions to enhance its competitive strength [2]. Financial Performance Summary - For 2024, the company is projected to achieve a net profit of 568 million yuan, with an EPS of 3.46 yuan, corresponding to a PE ratio of 15 [3][5]. - The revenue forecast for 2024 is 11.739 billion yuan, with a growth rate of 20.4% compared to 2023 [5]. - The company’s gross margin is expected to be 12.51% in 2024, with a net profit margin of 4.84% [5][6]. Business Strategy and Expansion - The company is focusing on filling business gaps and enhancing its strengths by expanding into new areas such as online logistics and supply chain management [2]. - The global expansion strategy includes establishing subsidiaries in Singapore, Malaysia, and the United States, with a cautious approach to entering Southeast Asia and North America [2]. - The company aims to create a healthy ecosystem in the supply chain by developing new fields and exploring new customer bases [2].