MILKYWAY(SH:603713) Huachuang Securities·2025-08-18 06:09Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expected outperformance of the benchmark index by 10%-20% over the next six months [6][17]. Core Insights - The company reported a revenue of 7.04 billion yuan for the first half of 2025, representing a year-on-year increase of 17.4%, and a net profit attributable to the parent company of 350 million yuan, up 13.1% year-on-year [1]. - The global mobile and chemical distribution segments showed significant growth, with the global mobile business revenue increasing by 50.9% year-on-year [1]. - The company is actively expanding its global footprint and is poised for recovery as market conditions improve [1]. Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 7.04 billion yuan, with a net profit of 350 million yuan, reflecting a year-on-year growth of 17.4% and 13.1% respectively [1]. - The revenue for Q1 2025 was 3.34 billion yuan, and for Q2 2025, it was 3.69 billion yuan, showing a growth of 15.4% and 19.3% year-on-year [1]. - The company’s global freight forwarding business generated 1.69 billion yuan in revenue, up 4.85% year-on-year, while the chemical distribution business saw a revenue increase of 27.1% to 3.38 billion yuan [1]. Business Segment Performance - The global mobile business reported a revenue of 700 million yuan, a remarkable increase of 50.9% year-on-year, with a gross profit of 88 million yuan [1]. - The chemical distribution segment achieved a gross profit of 270 million yuan, with a gross margin of 8%, up 1.3 percentage points year-on-year [1]. - The integrated warehousing and distribution business experienced a slight decline in revenue, down 1.9% year-on-year, with a gross margin of 18.67% [1]. Future Projections - The company is projected to achieve a net profit of 661 million yuan in 2025, with a growth rate of 17% [2]. - Revenue is expected to grow to 13.7 billion yuan in 2025, with a compound annual growth rate of 13.1% from 2024 to 2027 [2]. - The target price for the company's stock is set at 71.1 yuan, indicating a potential upside of 21% from the current price of 58.93 yuan [2].