Investment Rating - The report recommends investing in the express delivery sector, specifically highlighting SF Holding due to its valuation, operational resilience, and shareholder returns [3]. Core Insights - The express delivery business volume increased by 20.3% year-on-year in March, while the single ticket revenue decreased by 8.2%. The total revenue for the express business is projected to reach 124.6 billion yuan by March 2025, with a year-on-year growth of 10.4% [3]. - The logistics sector is under pressure with domestic shipping prices for liquid chemicals down by 11.2% year-on-year. The report recommends Hai Chen Co. for its focus on smart logistics and strategic partnerships [4]. - The aviation sector benefits from low international oil prices, which could enhance airline profits. The report recommends investing in the airline sector, particularly China National Aviation and Southern Airlines [5]. - The shipping sector shows mixed signals, with the BDTI index increasing by 2.6% week-on-week, while the CCFI index for export container shipping remains under pressure [6]. Summary by Sections Transportation Sector Overview - The transportation index rose by 0.2% from April 12 to April 19, underperforming the Shanghai and Shenzhen 300 index, which increased by 0.6% [2][13]. Express Delivery - In March, the express delivery business volume reached approximately 38.13 billion pieces, with a week-on-week increase of 10.8% and a year-on-year increase of 21.3%. The average single ticket revenue was 7.48 yuan, down 8.2% year-on-year [3]. Logistics - The China Chemical Products Price Index (CCPI) is at 4032 points, down 14.3% year-on-year. The report highlights the revenue growth of Milkrun and Hai Chen Co. for 2024, with Milkrun's revenue expected to rise by 24.3% [4]. Aviation - The average daily flight volume in China increased by 3.11% year-on-year, with international flights showing a significant growth of 23.9%. The Brent crude oil price is currently at $67.96 per barrel, down 24.51% year-on-year [5]. Shipping - The CCFI index for export container shipping is at 1110.94 points, down 6.4% year-on-year, while the SCFI index is at 1370.58 points, down 22.5% year-on-year. The BDTI index for oil transportation is at 1152 points, up 1.6% year-on-year [6][38]. Road and Rail - National railway passenger volume in March was 337 million, up 4.9% year-on-year, while road freight volume increased by 5.7% year-on-year [84][87].

hyzqdatemark 2025 年 04 月 17 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com 证券研究报告 交通运输 | 物流 非金融|公司点评报告 | 基本数据 | | 月 | | 年 | 04 | 16 | | 日 | | | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 48.53 | | | | | | 年 内 最 低 | 最 | | 高 | | | | | | / | 一 | | | （元） | | | | | | 72.95/41.28 | | | | | | | 总市值（百万元） | | | | | ...

密尔克卫在年报中表示，公司专注主航道的精益化运营，以上海为中心的全国六大区域布局成形。同 时，公司将成熟的管理和专业技术服务复制到全国，业务不断夯实，让全国六个区域实现达产。 本报讯(记者张文湘见习记者占健宇)4月15日，密尔克卫（603713）智能供应链服务集团股份有限公司 (以下简称"密尔克卫")发布2024年年报。去年全年，公司实现营业收入121.18亿元，比上年同期增长 24.26%；实现归属于上市公司股东净利润5.65亿元，比上年同期增长31.04%。 年报显示，公司除了大力发展已有业务外，着力于补齐业务的短板，比如铁路、跨境卡车运输、快运、 拼箱等业务，并积极拓展线上新业务，主要有线上物流电商"化亿达"、线上交易平台"灵元素"、线上运 输平台"运小虎"等，与此同时，公司不断开发新区域、挖掘新客户，打造供应链上下游健康的生态圈。 2024年，公司收购了广州市捷晟智谷颜料有限公司(现已更名为"广州密尔克卫捷晟科技有限公司")等公 司，新设密尔克卫(涿州)供应链管理有限公司、上海化运新辉供应链管理有限公司、湖北密尔克卫智能 供应链服务有限公司、密尔克卫(杭州)供应链管理有限公司等全资或控股子公司，并在美 ...

证券研究报告 密尔克卫 (603713 CH) 24 年盈利亮眼，25 年有望进一步增长 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 15 日│中国内地 | 仓储物流 | 密尔克卫发布 2024 年和 1Q25 业绩：1）24 年营收 121.2 亿元，同比+24.3%； 归母净利 5.7 亿元，同比+31.0%，符合我们的预期。2）1Q25 营收 33.4 亿 元，同比+15.4%；归母净利 1.7 亿元，同比+14.0%。24 年及 1Q25 盈利增 长亮眼主因海运出口集装箱量及化工品分销业务增长强劲。展望 25 年，美 国关税政策反复，全球经济增长不确定性提升，或将影响公司国际货代业务。 国内市场方面，我们预计伴随宏观经济逐步回暖，危化品物流市场需求有望 改善，公司内贸业务同比有望增长。维持"买入"。 24 年全球货代业务受益出口需求向好和海运价格上涨，毛利同比+34.9% 24 年公司 MGF 全球货代业务营收 34.7 亿元，同比+56.2%；毛利 3.6 亿元， 同比+34.9%；毛利率 10.4%，同比-1.6pc ...

证券研究报告 密尔克卫 (603713 CH) 24 年盈利亮眼，25 年有望进一步增长 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 15 日│中国内地 | 仓储物流 | 密尔克卫发布 2024 年和 1Q25 业绩：1）24 年营收 121.2 亿元，同比+24.3%； 归母净利 5.7 亿元，同比+31.0%，符合我们的预期。2）1Q25 营收 33.4 亿 元，同比+15.4%；归母净利 1.7 亿元，同比+14.0%。24 年及 1Q25 盈利增 长亮眼主因海运出口集装箱量及化工品分销业务增长强劲。展望 25 年，美 国关税政策反复，全球经济增长不确定性提升，或将影响公司国际货代业务。 国内市场方面，我们预计伴随宏观经济逐步回暖，危化品物流市场需求有望 改善，公司内贸业务同比有望增长。维持"买入"。 24 年全球货代业务受益出口需求向好和海运价格上涨，毛利同比+34.9% 24 年公司 MGF 全球货代业务营收 34.7 亿元，同比+56.2%；毛利 3.6 亿元， 同比+34.9%；毛利率 10.4%，同比-1.6pc ...

登录新浪财经APP 搜索【信披】查看更多考评等级 其中：Q0为调整前的股票期权数量；n为每股的资本公积转增股本、派送股票红利、股票拆细的比率 （即每股股票经转增、送股或拆细后增加的股票数量）；Q为调整后的股票期权数量。 （2）缩股 Q＝Q0×n 其中：Q0为调整前的股票期权数量；n为缩股比例（即1股密尔克卫股票缩为n股股票）；Q为调整后的 股票期权数量。 （3）配股 Q＝Q0×P1×(1＋n)/(P1＋P2×n) 其中：Q0为调整前的股票期权数量；P1为股权登记日当日收盘价；P2为配股价格；n为配股的比例（即 配股的股数与配股前公司总股本的比例）；Q为调整后的股票期权数量。 （4）增发 公司在增发新股的情况下，股票期权的行权数量不作调整。 2、股票期权行权价格的调整方法 若在本激励计划草案公告当日至激励对象获授的股票期权完成行权登记期间，公司有资本公积转增股 本、派送股票红利、股票拆细、缩股、配股或派息等事项，应对股票期权行权价格进行相应的调整，但 任何调整不得导致行权价格低于股票面值。调整方法如下： （1）资本公积转增股本、派送股票红利、股票拆细 P＝P0÷(1＋n) 其中：P0为调整前的行权价格；n为每股 ...

| 代码 | 简称 | 每股收益 | 净利润（万 | 净利润同比 | 营业收入（万 | 营业收入同比 | | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 元） | （%） | 元） | （%） | | 002395 | 双象股 | 1.7599 | 47201.57 | 754.84 | 228961.08 | 51.55 | | | 份 | | | | | | | 003015 | 日久光 电 | 0.2500 | 6747.42 | 506.90 | 58305.47 | 22.00 | | 600827 | 百联股 份 | 0.8800 | 156743.80 | 292.73 | 2767474.84 | -9.32 | | 300218 | 安利股 | 0.9082 | 19419.09 | 174.19 | 240278.61 | 20.12 | | | 份 | | | | | | | 300831 | 派瑞股 份 | 0.1774 | 5677.52 | 157.84 | 19180.84 | 64.14 | | 002001 | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][10]. Core Insights - The company achieved a revenue of 12.12 billion RMB in 2024, a year-on-year increase of 24.3%, and a net profit attributable to shareholders of 570 million RMB, up 31% year-on-year [2][4]. - The growth in revenue is primarily driven by the global freight forwarding and chemical distribution businesses, with freight forwarding revenue increasing by 56% to 3.47 billion RMB and chemical distribution revenue rising by 20% to 5.18 billion RMB [3][4]. - The overall gross margin decreased to 11.4%, down 0.3 percentage points year-on-year, mainly due to a decline in the gross margin of the global freight forwarding business [4]. Performance Summary - In Q4 2024, the company reported a revenue of 2.57 billion RMB, a 20.7% increase year-on-year, and a net profit of 75 million RMB, which is a significant increase of 164% [2]. - For Q1 2025, the company achieved a revenue of 3.34 billion RMB, reflecting a 15.4% year-on-year growth, and a net profit of 170 million RMB, up 14% year-on-year [2]. Financial Forecasts - The net profit forecasts for 2025 and 2026 have been revised down to 670 million RMB and 810 million RMB, respectively, with a new forecast for 2027 set at 970 million RMB [4][8]. - The company is expected to continue its growth trajectory with projected revenues of 13.36 billion RMB in 2025 and 14.96 billion RMB in 2026, representing growth rates of 10.25% and 11.99% respectively [8][9]. Strategic Developments - The company is actively expanding its overseas shipping business, with plans to purchase four new bulk carriers to enhance its liquid chemical shipping capabilities [4]. - This strategic move is aimed at leveraging local partnerships and the advantageous position of Singapore as an international shipping hub to support overseas market expansion [4].

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The report highlights the impact of escalating tariffs on trade flows, particularly benefiting transshipment trade between Asia and Latin America. The report suggests focusing on shipping and port-related stocks due to the significant tariff increases imposed by the U.S. on Chinese imports [5] - The Shanghai Export Container Freight Index reported a slight increase of 0.1% week-on-week, indicating a mixed trend in shipping rates across different routes [6] - The report notes a decline in bulk shipping rates, with the Baltic Dry Index (BDI) dropping by 15.5% week-on-week, reflecting weaker demand in the dry bulk market [7] - The express delivery sector continues to show robust growth, with a projected year-on-year increase of 18% in March 2025, driven by seasonal demand and expanding service offerings [8] - The aviation sector is expected to benefit from macroeconomic recovery, with a significant increase in domestic flight operations and passenger numbers in the first quarter of 2025 [9][11] Summary by Sections Shipping and Maritime - The report indicates a tight supply in the oil tanker segment due to limited new orders and an aging fleet, with expectations of sustained demand growth driven by geopolitical factors [11] - The report emphasizes the ongoing green transition in shipping, with a focus on the need for fleet renewal and the potential for rising ship prices due to limited newbuilding capacity [11] Express Delivery - The express delivery market is experiencing strong demand, with major players like SF Express and JD Logistics expected to benefit from cyclical recovery and cost reduction efforts [11] - The report identifies key players in the express delivery sector, including ZTO Express, YTO Express, and Shentong Express, highlighting their growth potential and market positioning [11] Aviation - The aviation sector is witnessing a significant rebound in passenger traffic, with a 2.1-fold increase in domestic flight operations in the first quarter of 2025 compared to the previous year [9][11] - The report notes the introduction of a new tax refund policy for international travelers, which is expected to enhance consumer spending and boost airport revenues [9] Logistics - The logistics sector is showing signs of improvement, with companies like Debon Logistics and Aneng Logistics benefiting from strategic transformations and operational efficiencies [11] - The report highlights the potential for growth in chemical logistics, driven by increasing demand and tightening industry regulations [11]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The logistics sector is experiencing stable growth, with national freight logistics operating smoothly, showing a slight increase in cargo transport and express delivery volumes [4] - The restructuring of supply chains due to tariff policies presents structural opportunities, particularly in the road transport sector, which is currently in a stable growth phase [4] - The logistics industry may face increased cost pressures due to high tariffs, potentially accelerating the formation of a unified logistics market where scale and technology become core competitive advantages [5] - The aviation sector is expected to benefit from improved domestic demand and lower oil prices, while facing challenges from increased costs due to tariffs on imported aircraft and parts [6][10] - The shipping industry is threatened by the ongoing trade tensions and tariffs, which could lead to a restructuring of global trade routes and supply chains, favoring oil transportation and intra-Asian shipping [10][11] Summary by Sections Logistics - National logistics operations have been orderly, with significant increases in cargo transport and express delivery volumes during the monitored period [4] - The road transport sector saw a year-on-year increase in freight volume and passenger flow, indicating a potential for growth driven by domestic manufacturing [4] Aviation - The aviation sector is expected to see a rebound in demand due to macroeconomic recovery, with a focus on key airlines such as China Southern Airlines and Air China [16] - The supply chain for aircraft manufacturing is under pressure due to tariffs, which could increase costs for airlines [6] Shipping - The shipping industry faces challenges from U.S. tariffs, which have significantly impacted global trade volumes, particularly in long-distance trade between the U.S. and Asia [10] - The oil shipping segment may benefit from increased demand due to geopolitical factors and sanctions affecting oil trade [11] Express Delivery - The express delivery sector is showing resilience, with major players like ZTO Express and SF Express expected to benefit from cyclical recovery and cost reduction efforts [16] - The competitive landscape is stabilizing, providing opportunities for long-term investment in leading companies [17]