HIC(300873) Minsheng Securities·2025-05-09 11:31Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Insights - 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 the consumer electronics and new energy vehicle sectors, which contributes to revenue stability and growth potential [1][51]. - The company has demonstrated operational resilience, with a compound annual growth rate (CAGR) of 11.3% in revenue from 2020 to 2024, despite facing challenges in 2024 [2][23]. Summary by Sections 1. Integrated Supply Chain Solution Provider - The company provides comprehensive logistics solutions, including transportation, warehousing, customs, and value-added services, focusing on manufacturing logistics [11]. - The company has a stable shareholding structure, with the actual controller holding 42.9% of the shares [16]. - The company has shown an upward recovery in profitability, with gross and net profit margins improving in 2024 [2][26]. 2. Rare Cross-Field Logistics Solution Capability - The company has a strong ability to replicate its business model across different industries, primarily focusing on consumer electronics and new energy vehicles [51]. - The demand from downstream industries remains robust, with strong customer relationships enhancing revenue flexibility [57][58]. 3. Semiconductor AMHS Business Layout - The company has prioritized research and development in automation and artificial intelligence, enhancing its capabilities in the semiconductor AMHS market [72]. - The AMHS market presents significant growth potential, with a low domestic penetration rate of 5% as of 2023 [79][80]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 1.83 billion, 2.01 billion, and 2.22 billion yuan from 2025 to 2027, with net profits of 331 million, 377 million, and 424 million yuan respectively [5][4]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 15, 13, and 12 for the years 2025 to 2027 [4][5].