HIC(300873) Minsheng Securities·2025-05-09 10:23Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Views - The company is a rare integrated supply chain solution provider in the industry, with a solid foundation in comprehensive logistics services and the semiconductor logistics equipment and automation business expected to become a second growth driver [4][3]. - The company has a strong customer base, primarily serving leading manufacturers in key industries such as consumer electronics and new energy vehicles, which enhances revenue resilience [1][2]. - The company is expanding its business into the semiconductor AMHS sector, which presents significant growth potential due to the increasing demand for automation in production processes [3][4]. Summary by Sections 1. Integrated Logistics Solution Provider - The company provides comprehensive production logistics solutions, integrating transportation, warehousing, customs, and other value-added services [11]. - The company has established a stable shareholding structure, with the actual controller holding 42.9% of the shares [16]. - The company's profitability has shown upward recovery, reflecting strong operational resilience, with a projected revenue CAGR of 11.3% from 2020 to 2024 [21][23]. 2. Rare Cross-Industry Logistics Solution Capability - The company focuses on key industries such as consumer electronics and new energy vehicles, providing tailored logistics solutions to numerous industry leaders [51]. - The company has a strong customer stickiness, with significant revenue contributions from major clients like Lenovo, which reported a 21.06% year-on-year revenue growth in FY2025Q1-3 [57][58]. 3. Semiconductor AMHS Business Layout - The company has acquired Kunshan Mengli to expand into the semiconductor AMHS market, enhancing its capabilities in logistics automation [3][72]. - The AMHS market is expected to grow significantly, with a current domestic localization rate of only 5%, indicating substantial potential for domestic replacement [79][80]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 1.83 billion, 2.01 billion, and 2.20 billion yuan from 2025 to 2027, with corresponding net profits of 330 million, 380 million, and 420 million yuan [5][4]. - The current stock price corresponds to a PE ratio of 15, 13, and 12 for the years 2025, 2026, and 2027, respectively [4][5].