MILKYWAY(SH:603713) Huafu Securities·2024-08-05 07:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 20% relative to the market benchmark index within the next six months [5][14]. Core Insights - In H1 2024, the company achieved a revenue of 5.99 billion yuan, a year-on-year increase of 32.4%, and a net profit attributable to shareholders of 310 million yuan, up 22.7% year-on-year [2]. - The company is actively expanding its business by developing new regions, clients, and product categories, which has significantly contributed to revenue growth, particularly in global freight forwarding and distribution businesses [2]. - Despite the revenue growth, profit margins are under pressure, with a gross margin of 11.2% in H1 2024, down 0.9 percentage points year-on-year [2]. Financial Performance Summary - The company reported a net profit of 310 million yuan in H1 2024, with a year-on-year growth of 22.7% [2]. - The operating cash flow showed a negative net amount of 230 million yuan, a decline of 139.2% year-on-year [2]. - The forecast for net profit attributable to shareholders for 2024-2026 is set at 660 million, 750 million, and 870 million yuan, respectively, with corresponding P/E ratios of 12, 11, and 9 times [2][4]. Business Development - The company is enhancing its operational capabilities by building specialized chemical warehouses exceeding 600,000 square meters and developing online logistics platforms [2]. - The report highlights the company's efforts to address operational shortcomings and expand its online business presence [2]. Market Position - The company is positioned to benefit from the recovery in industry conditions, with expectations of continued performance improvement in 2024 [2]. - The report emphasizes the importance of the company's strategic initiatives in maintaining competitive advantages in the logistics and distribution sectors [2].