Core Insights - Milkyway reported a year-on-year revenue growth of 11.7% for the first three quarters of 2025, indicating steady business expansion, while net profit attributable to shareholders increased by 7%, showing a slowdown in growth [1] - The company's Q3 2025 single-quarter net profit declined by 3.51% year-on-year, reflecting pressure on profits despite the overall positive trend [1] - The company is expected to benefit from the improving gross margins in its chemical logistics, warehousing, distribution, and sales businesses due to the reversal of the "involution" trend in the chemical industry [1] Financial Performance - For the first three quarters of 2025, the total revenue reached 10.67 billion yuan, with a year-on-year growth of 11.7% [1] - The net profit attributable to shareholders for the same period was 525 million yuan, reflecting a year-on-year increase of 7.04% [1] - The forecast for net profit attributable to shareholders for 2025E-2027E is 672 million, 818 million, and 1.026 billion yuan, respectively, with corresponding PE ratios of 14, 11, and 9 times [1] Strategic Outlook - The company continues to implement its overseas expansion strategy, which is expected to enhance its long-term development prospects [1] - The overall outlook remains positive, maintaining a "buy" rating based on the company's performance and growth potential [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue growth of 11.7% year-on-year for the first three quarters of 2025, with a net profit growth of 7%, indicating a slight slowdown in performance [5] - The company is expected to benefit from improvements in gross margins across its chemical logistics, warehousing, distribution, and sales businesses due to a favorable market environment [5] - The company continues to pursue an overseas expansion strategy, which is anticipated to enhance its long-term growth prospects [5] - The profit forecast for the company remains unchanged, with expected net profits of 672 million, 818 million, and 1,026 million for 2025E, 2026E, and 2027E respectively, corresponding to PE ratios of 14, 11, and 9 [5] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 12,118 million, with a year-on-year growth rate of 24.3% [4] - For 2025, total revenue is expected to reach 13,815 million, with a growth rate of 14.0% [4] - The net profit attributable to the parent company is forecasted to be 672 million in 2025, reflecting an 18.8% year-on-year growth [4] - The earnings per share (EPS) for 2025 is estimated at 4.25 yuan [4] - The gross margin is expected to improve from 11.4% in 2024 to 11.6% in 2025 [4] - The return on equity (ROE) is projected to increase from 11.2% in 2025 to 14.0% in 2026 [4]