Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 81.49 CNY based on a target PE of 16 times [6]. Core Insights - The company's main business prices are at historical lows, which has negatively impacted profit growth. However, prices are expected to recover with economic recovery and stabilization in the chemical industry, potentially accelerating profit growth [1][49]. - The company is actively expanding its business volume through product diversification, regional expansion, and market share increase, leading to sustained growth in freight forwarding, chemical sales, shipping, and warehousing [2]. - Profitability is expected to increase, and valuation may rise as profit growth accelerates and risk preferences improve among investors [3]. Summary by Sections 1. Company Overview - The company is a leading provider of integrated supply chain services in China, focusing on freight forwarding, warehousing, and transportation, with a strong emphasis on chemical distribution [15][29]. 2. Price Recovery Potential - Current prices related to the company's main business are at historical lows, affecting profit growth. Future price recovery is anticipated due to economic recovery and stabilization in the chemical sector [1][49]. 3. Business Growth Strategies - The company is expanding its product categories, regions, and market share, with significant growth expected in freight forwarding and chemical distribution [2][41]. 4. Profitability and Valuation - The company is projected to achieve net profits of 660.95 million CNY, 805.34 million CNY, and 932.98 million CNY for the years 2025, 2026, and 2027 respectively, indicating strong profit growth [4][5]. - The company's valuation is expected to rise as profit growth accelerates and market risk preferences improve [3][44]. 5. Financial Data - The company’s revenue is projected to grow from 9,752.55 million CNY in 2023 to 16,738.82 million CNY in 2027, with a CAGR of 39% from 2015 to 2024 [5][44].

Core Insights - The company, Milkwell Intelligent Supply Chain Service Group Co., Ltd., reported a revenue of 7.035 billion yuan for the first half of 2025, representing a year-on-year growth of 17.40% [1] - The net profit attributable to shareholders was 352 million yuan, showing a year-on-year increase of 13.12% [1] - The basic earnings per share were reported at 2.22 yuan [1] Business Performance - The company focused on its core intelligent supply chain services and enhanced its chemical product distribution services, leading to sustained revenue growth [1] - Operational efficiency was optimized, resulting in improved overall profitability [1] Industry Position - Milkwell is recognized as a leading professional intelligent supply chain service provider in China, offering comprehensive logistics services centered around freight forwarding, warehousing, and transportation [1] - The company has extended its services into chemical product distribution, gradually forming an integrated service model for the chemical and new energy industries [1] Strategic Initiatives - In response to a challenging external environment, the company is not only developing existing businesses but also addressing business shortcomings in areas such as railway, cross-border trucking, express delivery, and consolidation services [1] - The company is actively expanding its online business initiatives, including logistics e-commerce platform "Hua Yi Da," online trading platform "Ling Yuan Su," and online transportation platform "Yun Xiao Hu" [1] - Continuous development of new regions and customer acquisition is a priority, aiming to create a healthy ecosystem for the supply chain [1]