MILKYWAY(SH:603713) Huachuang Securities·2024-10-17 06:23Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company reported a net profit attributable to shareholders of 180 million yuan in Q3 2024, representing a year-on-year increase of 19.9% and a quarter-on-quarter increase of 12.1% [1] - The overall industry is experiencing a sustained recovery in demand, contributing to the company's positive performance [1] - The company has established itself as a leading provider of integrated logistics services, focusing on chemical products and new energy sectors [1] Financial Performance Summary - For the first three quarters of 2024, the net profit attributable to shareholders reached 490 million yuan, up 21.7% year-on-year, with a non-recurring net profit of 450 million yuan, up 18.1% year-on-year [1] - The total revenue for the first three quarters of 2024 was 9.55 billion yuan, reflecting a year-on-year increase of 25.3% [1] - The operating costs for the first three quarters of 2024 amounted to 8.49 billion yuan, a year-on-year increase of 26.1% [1] - The comprehensive gross profit margin for the first three quarters of 2024 was 11.1%, down 0.6 percentage points year-on-year [1] - The net profit margin for Q3 2024 was 5.0%, up 0.2 percentage points year-on-year [1] Business Development Summary - The company has built long-term partnerships with numerous leading chemical enterprises, including BASF, Dow, and Wanhua Chemical, with over 8,000 effective customers as of June 2024 [1] - The company is actively expanding its service offerings, including rail and cross-border trucking, and developing online platforms for logistics services [1] - The company has subsidiaries in Singapore, Malaysia, and the United States, and is cautiously expanding into Southeast Asia and North America [1] - The company is committed to digital transformation, enhancing efficiency in warehouse management, transportation, and order processing [1] Investment Forecast - The profit forecast for 2024-2026 is maintained at 670 million, 770 million, and 880 million yuan, respectively, with corresponding EPS of 4.10, 4.78, and 5.42 yuan [1] - Based on the growth rates for 2025-2026, a target price of 71.6 yuan is set, indicating a potential upside of 23% from the current price [1]