MILKYWAY(SH:603713) Hua Yuan Zheng Quan·2025-08-17 04:33Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's distribution business has shown strong performance, while it awaits a recovery in the chemical sector [4] - The company reported a revenue of 7.035 billion yuan in the first half of 2025, a year-on-year increase of 17.40%, and a net profit attributable to shareholders of 352 million yuan, up 13.12% year-on-year [5] - The growth in revenue is primarily driven by the expansion of the distribution category and the optimization of logistics networks [5] Financial Performance Summary - Revenue Forecast: - 2023: 9,753 million yuan - 2024: 12,118 million yuan (24.26% YoY growth) - 2025E: 13,311 million yuan (9.84% YoY growth) - 2026E: 15,303 million yuan (14.96% YoY growth) - 2027E: 17,192 million yuan (12.35% YoY growth) [4][6] - Net Profit Forecast: - 2023: 431 million yuan - 2024: 565 million yuan (31.04% YoY growth) - 2025E: 647 million yuan (14.41% YoY growth) - 2026E: 760 million yuan (17.51% YoY growth) - 2027E: 862 million yuan (13.43% YoY growth) [4][6] - Earnings Per Share (EPS): - 2023: 2.73 yuan - 2024: 3.57 yuan - 2025E: 4.09 yuan - 2026E: 4.80 yuan - 2027E: 5.45 yuan [4][6] - Return on Equity (ROE): - 2023: 10.73% - 2024: 13.09% - 2025E: 13.34% - 2026E: 13.90% - 2027E: 13.96% [4][6] Business Development Insights - The company has expanded its MCD business by 27.08% to 3.383 billion yuan, driven by the acquisition of Shanghai Tuoqing, enhancing its supply chain capabilities in specialty engineering plastics [5] - The MGF business has established a hazardous goods sea transport operation and booking platform in collaboration with Tianjin Port, achieving a revenue of 1.690 billion yuan, a 4.85% increase year-on-year [5] - The company is optimizing its logistics network, focusing on hazardous goods support and expanding into emerging markets [5]