证 券 研 究 报 告 密尔克卫（603713）2025 年半年报点评 推荐（维持） 25H1 归母净利 3.5 亿元，同比+13%，积极推动全 球化布局，静待周期景气回暖 公司公告 2025 年中报：1）业绩表现：25H1 营收 70.4 亿，同比+17.4%；归母 净利 3.5 亿，同比+13.1%。其中 25Q1 营收 33.4 亿，同比+15.4%；归母净利 1.7 亿，同比+14.0%。25Q2 营收 36.9 亿，同比+19.3%；归母净利 1.8 亿，同 比+12.3%。 2）分业务来看，全球移动、化工品分销增长亮眼。2025 上半年全球货代业务 营收 16.9 亿，同比+4.85%；毛利 1.8 亿，同比+5.3%；毛利率 10.86%，同比 +0.04pct。仓配一体化业务营收 12.2 亿，同比-1.9%；毛利 2.3 亿，同比-9.2%； 毛利率 18.67%，同比-1.5pct。全球移动业务营收 7.0 亿，同比+50.9%；毛利 0.88 亿，同比+37.9%；毛利率 12.49%，同比-1.2pct。化工品分销业务营收 33.8 亿，同比+27.1%；毛利 2.7 亿，同比+50. ...

Group 1 - The Shanghai Composite Index increased by 0.34%, while the China Securities Hong Kong 100 Industrial Index (H100 Industrial) reported at 160.49 points [1] - The China Securities Hong Kong 100 Industrial Index has risen by 14.24% in the past month, 22.43% in the past three months, and 18.26% year-to-date [1] - The index classifies samples according to the China Securities industry classification standard, with a base date of December 31, 2004, and a base point of 1000.0 [1] Group 2 - The holdings of the China Securities Hong Kong 100 Industrial Index are entirely from the Hong Kong Stock Exchange, with a 100.00% allocation [1] - The industry composition of the index includes express delivery at 58.96%, comprehensive logistics at 10.74%, industrial group enterprises at 10.17%, commercial vehicles at 7.73%, shipping at 7.26%, and air transportation at 5.14% [1] - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [2]

Group 1 - The core viewpoint of the article highlights the performance of the China Securities Hong Kong 100 Industrial Index, which has shown significant growth over various time frames, including a 13.32% increase in the past month, a 21.36% increase in the past three months, and a 16.87% increase year-to-date [1] - The index is categorized based on the China Securities industry classification standards, with a base date of December 31, 2004, and a base point of 1000.0 [1] - The index is fully composed of securities listed on the Hong Kong Stock Exchange, indicating a complete focus on this market [1] Group 2 - The index's holdings are primarily concentrated in the express delivery sector, which accounts for 58.05% of the index, followed by comprehensive logistics at 10.75%, industrial group enterprises at 10.63%, commercial vehicles at 7.49%, shipping at 7.08%, and air transportation at 5.99% [1] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with provisions for temporary adjustments in special circumstances, such as changes in the parent index or significant events affecting sample companies [2]

金融界8月5日消息，上证指数高开高走，中证香港100工业指数 (H100工业，L11182)报160.07点。 数据统计显示，中证香港100工业指数近一个月上涨14.37%，近三个月上涨22.48%，年至今上涨 17.95%。 据了解，中证香港100行业指数系列将中证香港100指数样本按中证行业分类标准进行分类，再以各自行 业全部证券作为对应行业指数的样本。该指数以2004年12月31日为基日，以1000.0点为基点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当对应的母指数调整样本时， 行业指数样本将相应调整。当样本公司有特殊事件发生，导致其行业归属发生变更时，将对指数进行相 应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照 计算与维护细则处理。 本文源自：金融界 作者：行情君 从中证香港100工业指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中 ...

金融界7月31日消息，上证指数低开低走，中证香港100工业指数 (H100工业，L11182)报162.21点。 数据统计显示，中证香港100工业指数近一个月上涨21.24%，近三个月上涨25.30%，年至今上涨 19.53%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当对应的母指数调整样本时， 行业指数样本将相应调整。当样本公司有特殊事件发生，导致其行业归属发生变更时，将对指数进行相 应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照 计算与维护细则处理。 本文源自：金融界 作者：行情君 据了解，中证香港100行业指数系列将中证香港100指数样本按中证行业分类标准进行分类，再以各自行 业全部证券作为对应行业指数的样本。该指数以2004年12月31日为基日，以1000.0点为基点。 从中证香港100工业指数持仓的市场板块来看，香港证券交易所占比100.00%。 从 ...

Core Viewpoint - The China Securities Index Transportation Industry Index has shown a slight decline over the past month but has increased over the last three months and year-to-date, indicating a mixed performance in the transportation sector [2]. Group 1: Index Performance - The China Securities Index Transportation Industry Index reported a decrease of 0.91% over the past month, an increase of 3.46% over the last three months, and a year-to-date increase of 0.05% [2]. - The index is designed to reflect the overall performance of different industry companies within the China Securities Index sample, categorized into various industry levels [2]. Group 2: Index Composition - The top ten weighted companies in the China Securities Index Transportation Industry Index are: SF Express (9.92%), Beijing-Shanghai High-Speed Railway (9.56%), COSCO Shipping Holdings (9.55%), Datong Railway (9.49%), Spring Airlines (4.07%), YTO Express (3.58%), China Merchants Energy Shipping (3.05%), Jianfa Holdings (2.8%), Wuzhou International (2.71%), and Blue Lithium (2.49%) [2]. - The index's holdings are primarily listed on the Shanghai Stock Exchange (73.43%) and the Shenzhen Stock Exchange (26.57%) [2]. Group 3: Industry Breakdown - The industry composition of the index includes: logistics (23.54%), shipping (23.29%), railway transportation (22.73%), express delivery (16.98%), air transportation (10.96%), road transportation (2.16%), and public transport (0.33%) [3]. - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3].

Group 1 - The core viewpoint of the article highlights the performance of the China Securities Hong Kong 100 Industrial Index, which has shown significant growth over the past month, three months, and year-to-date [1] - The China Securities Hong Kong 100 Industrial Index reported a 12.33% increase over the past month, a 16.66% increase over the past three months, and a 9.65% increase year-to-date [1] - The index is classified according to the China Securities industry classification standard, with a base date of December 31, 2004, and a base point of 1000.0 [1] Group 2 - The index is composed entirely of securities listed on the Hong Kong Stock Exchange, with a 100% allocation [1] - The industry composition of the index includes express delivery at 56.33%, industrial group enterprises at 11.17%, comprehensive logistics at 11.01%, commercial vehicles at 7.85%, shipping at 7.33%, and air transportation at 6.32% [1] - The index sample is adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December [2]

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [6][21]. Core Insights - The company's net profit for 2024 is projected at 160 million yuan, a year-on-year decrease of 47%, while the first quarter of 2025 shows a net profit of 21 million yuan, down 65% year-on-year [1][6]. - The total revenue for 2024 is expected to be 1.45 billion yuan, reflecting a decline of 6.3% compared to the previous year, with a recovery anticipated in subsequent years [2][6]. - The company is expanding its chemical logistics footprint through self-construction, acquisitions, and management output, with a new joint venture announced in March 2025 [6][12]. Financial Performance Summary - **2024 Financial Projections**: - Total Revenue: 1,450 million yuan, down 6.3% year-on-year - Net Profit: 158 million yuan, down 46.6% year-on-year - Earnings Per Share (EPS): 0.35 yuan [2][6]. - **2025 Financial Projections**: - Total Revenue: 1,709 million yuan, expected growth of 17.8% - Net Profit: 179 million yuan, expected growth of 13.3% - EPS: 0.39 yuan [2][6]. - **2026 and 2027 Projections**: - Continued revenue growth is expected, with 1,864 million yuan and 2,005 million yuan projected for 2026 and 2027, respectively [2][6]. Business Segment Analysis - In 2024, the revenue breakdown by service includes: - Terminal tank comprehensive services: 1.27 billion yuan (87% of total revenue) - Chemical warehouse comprehensive services: 80 million yuan (5.7%) - Transshipment and other services: 60 million yuan (4%) [6][12]. - The company’s storage tank capacity increased by 4% to 5.19 million cubic meters, while warehouse capacity rose by 78% to 115,000 square meters [6][12]. Regional Performance - Revenue from East China and South China regions for 2024 is projected at 1.14 billion yuan and 300 million yuan, respectively, with East China showing an 8% decline and South China remaining flat year-on-year [6][12].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [6][21]. Core Insights - The company's net profit for 2024 is projected at 160 million yuan, a year-on-year decrease of 47%, while the first quarter of 2025 shows a net profit of 21 million yuan, down 65% year-on-year [1][6]. - Total revenue for 2024 is expected to be 1.45 billion yuan, reflecting a decline of 6.3% compared to the previous year, with a recovery anticipated in subsequent years [2][6]. - The company is expanding its chemical logistics footprint through self-construction, acquisitions, and management output, with a new joint venture announced in March 2025 [6][12]. Financial Performance Summary - **2024 Financial Projections**: - Total Revenue: 1,450 million yuan, down 6.3% year-on-year - Net Profit: 158 million yuan, down 46.6% year-on-year - Earnings Per Share (EPS): 0.35 yuan [2][6]. - **2025 Financial Projections**: - Total Revenue: 1,709 million yuan, up 17.8% year-on-year - Net Profit: 179 million yuan, up 13.3% year-on-year - EPS: 0.39 yuan [2][6]. - **2026 Financial Projections**: - Total Revenue: 1,864 million yuan, up 9.1% year-on-year - Net Profit: 249 million yuan, up 38.6% year-on-year - EPS: 0.54 yuan [2][6]. - **2027 Financial Projections**: - Total Revenue: 2,005 million yuan, up 7.6% year-on-year - Net Profit: 297 million yuan, up 19.3% year-on-year - EPS: 0.65 yuan [2][6]. Business Segment Analysis - In 2024, the revenue breakdown by service includes: - Terminal tank comprehensive services: 1.27 billion yuan (87% of total revenue) - Chemical warehouse comprehensive services: 80 million yuan (5.7%) - Transshipment and other services: 60 million yuan (4%) [6][12]. - The company’s total tank capacity reached 5.19 million cubic meters, a 4% increase year-on-year, while warehouse capacity increased by 78% to 115,000 square meters [6][12]. Market Position and Outlook - The company is positioned as a leader in the chemical storage industry, with high barriers to entry and potential for market share growth as industry demand recovers [6][12]. - The report forecasts a gradual recovery in the industry, with expected net profits of 180 million yuan in 2025, 250 million yuan in 2026, and 300 million yuan in 2027 [6][12].

Group 1 - The China Securities Index for Hong Kong, Shanghai, and Shenzhen interconnection logistics shows a recent performance with a 1.53% increase over the past month, a 3.20% decrease over the past three months, and a year-to-date decline of 3.20% [1] - The index is based on the comprehensive index samples and the China Securities 500 Index samples, reflecting the overall performance of securities listed in the interconnection range across the three markets [1] - The index's top ten holdings include companies such as Beijing-Shanghai High-Speed Railway (9.37%), SF Holding (6.77%), and COSCO Shipping Holdings (5.95%) [1] Group 2 - The industry composition of the index shows that railway transportation accounts for 18.28%, shipping for 17.98%, and express delivery for 16.64% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - In case of special circumstances, temporary adjustments to the index samples may occur, including the removal of companies that are delisted or undergo significant corporate changes [2]