宏川智慧（002930）：跟踪点评：安全为先，仓储先锋

Investment Rating - The report maintains an "Accumulate" rating for the company [2][10]. Core Views - The company emphasizes warehouse safety and is expected to benefit from stricter industry regulations [2]. - The target price has been adjusted to 12.24 yuan, down from 16.89 yuan, reflecting a revised earnings forecast for 2025-2026 [10]. - The company has a significant storage capacity, with a total operational tank capacity of 5.1869 million cubic meters and warehouse capacity of 115,300 square meters [10]. Financial Summary - Revenue is projected to decrease from 1,547 million yuan in 2023 to 1,450 million yuan in 2024, before gradually increasing to 1,834 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 5.5% [4][11]. - Net profit attributable to the parent company is expected to decline sharply from 296 million yuan in 2023 to 158 million yuan in 2024, before recovering to 343 million yuan in 2027 [4][11]. - Earnings per share (EPS) is forecasted to be 0.35 yuan in 2024, increasing to 0.75 yuan by 2027 [4][11]. Market Data - The company's market capitalization is approximately 4.854 billion yuan, with a total share capital of 457 million shares [5]. - The stock has traded within a range of 9.09 to 15.14 yuan over the past 52 weeks [5]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 30.66 in 2024 to 14.16 by 2027 [11]. - The price-to-book (P/B) ratio is currently at 1.8, indicating a moderate valuation relative to its book value [6].