本篇报告解决了以下核心问题：介绍化工仓储行业的商业模式以及行业特性；介绍宏川智慧业务基本情 况并展望未来机会。 盈利预测和投资评级：我们预计公司2025～2027 年营收分别实现11.31、15.04、15.82 亿元，同比增速 分别为-21.98%、32.96%、5.17%，归母净利润分别实现-4.46、1.89、2.66 亿元，2027 年同比增速为 40.73%。基于2026 年2 月11 日收盘价，2026～2027 年对应PE 分别为31.1、22.1 倍，PB（LF）为2.5 倍。公司为化工仓储行业头部企业，若行业景气度回温或释放业绩弹性，首次覆盖给予"增持"评级。 风险提示：出租率不及预期；并购推进不及预期；商誉减值风险；服务能力市场竞争力不及预期；需求 复苏不及预期。 经营优势强化客户粘性，静待需求复苏。公司通过"服务能力+交割库资质"强化客户粘性：自有码头与 储罐容量匹配提升装卸与周转效率，2025H1 运营码头14 座；依托多地库区提供通存通兑，降低客户综 合物流成本；化工仓库以甲/乙类库为主，并取得甲醇、乙二醇、苯乙烯等指定交割库资格，提升信任 与竞争力。景气阶段性承压下出租率自2022 ...

Group 1 - The company’s subsidiary, Fujian Gangfeng Energy Co., Ltd., is located in Quanzhou, Fujian Province, which is a key port city in China and one of the nine national refining bases [1] - Fujian Gangfeng Energy primarily provides comprehensive storage services and related services for domestic and international petrochemical product manufacturers, traders, and end-users [1] - The geographical advantage of Quanzhou, along with the increasing demand for chemical product storage due to the development of the Meizhou Bay petrochemical base, supports the daily operations of Fujian Gangfeng Energy [1]

Core Viewpoint - Hongchuan Wisdom aims to become a global leader in energy and chemical storage logistics services, primarily providing comprehensive storage services for domestic and international petrochemical product manufacturers, traders, and end-users [1] Company Overview - The company specializes in the storage of petrochemical products, including refined oil, alcohols, and other liquid chemicals [1]

Group 1 - The company, Hongchuan Wisdom, aims to become a global leader in energy and chemical storage logistics services [2] - The company primarily provides comprehensive storage services for domestic and international petrochemical product manufacturers, traders, and end-users [2] - The main stored petrochemical products include refined oil, alcohols, and other liquid chemicals [2] Group 2 - The company was asked about the presence of coal-based methanol and ethylene glycol products in its storage offerings [2] - The inquiry also included whether the company's clients include coal chemical enterprises [2]

Group 1: Company Overview - The company is an independent third-party logistics and warehousing service provider, not engaged in non-ferrous metal trading [2] - Main business operations include logistics comprehensive services and warehousing comprehensive services [2] Group 2: Green Development Initiatives - The company actively procures electric forklifts, electric tractors, and electric front lifts to replace traditional fuel-powered equipment [3] - Utilizes clean energy sources, such as solar power, to reduce carbon emissions and enhance sustainability [3] Group 3: Clientele and Market Focus - The company focuses on bulk commodity logistics and warehousing, serving large smelting plants and traders [3] - Notable clients include Tianshan Aluminum, Henan Shenhuo, and Glencore [3] Group 4: Domestic Layout - The company’s subsidiaries are strategically located near major production and consumption areas for bulk commodities [3] - Subsidiaries are distributed across South China, East China, Central China, and Northwest regions, close to transportation hubs for efficient logistics [3]

Group 1: Company Overview - The company currently has no acquisition plans and will disclose any future plans in accordance with legal requirements [2] - The company is actively pursuing green development by acquiring new energy transportation and handling equipment, including AGV intelligent handling robots [3] Group 2: Service Offerings - The company's warehousing services cover a variety of products, including aluminum ingots, aluminum rods, electrolytic copper, stainless steel, aluminum alloy ingots, aluminum coils, zinc ingots, tin ingots, cast aluminum alloys, industrial silicon, and cotton yarn [3] - The business structure for the first half of 2025 shows that transportation services account for 78% of revenue, while comprehensive warehousing services account for 21.32% [3] Group 3: Revenue Distribution - Revenue distribution by region for the first half of 2025 is as follows: - South China: 24.94% - East China: 23.72% - Southwest: 5.35% - Northwest: 16.79% - Central China: 10.69% - North China: 10.37% - Northeast: 0.04% - Hong Kong, Macau, Taiwan, and overseas: 8.10% [3]

Core Viewpoint - Jushen Co., Ltd. is a comprehensive logistics service provider in the non-ferrous metal logistics sector, established in 2011 and listed on the Shenzhen Stock Exchange in 2021, with a focus on providing diversified logistics services across the entire industry chain [1] Group 1: Business Performance - In Q3 2025, Jushen's revenue was 1.303 billion yuan, ranking 11th among 13 companies in the industry, significantly lower than the top company, Jianda Co., Ltd., which reported 49.898 billion yuan [2] - The revenue breakdown shows transportation services generated 516 million yuan (78.00%), while warehousing services contributed 141 million yuan (21.32%) [2] - The net profit for the same period was 46.259 million yuan, placing the company 10th in the industry, far below the leading company, Wuchan Zhongda, which had a net profit of 4.512 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Jushen's debt-to-asset ratio was 55.20%, an increase from 44.63% in the previous year, but still below the industry average of 67.16%, indicating relatively strong debt repayment capability [3] - The gross profit margin for Q3 2025 was 12.45%, down from 20.57% year-on-year, yet still above the industry average of 5.58%, suggesting a competitive edge in profitability [3] Group 3: Shareholder Information - As of July 31, 2025, the number of A-share shareholders increased by 2.68% to 11,000, while the average number of circulating A-shares held per shareholder decreased by 2.61% to 10,600 [5] Group 4: Executive Compensation - The chairman and general manager, Lei Qi, received a salary of 691,600 yuan in 2024, a decrease of 12,800 yuan from 2023 [4]

Core Insights - The company held a specific investor survey on September 3, 2025, with participation from 23 institutions, including Guosen Securities, to discuss business development and market value management [1][2]. Group 1: Business Growth - In the first half of the year, the company's logistics comprehensive service revenue increased by 65.38% year-on-year, accounting for 78.00% of total revenue, becoming the main growth driver [3]. - The warehousing comprehensive service also showed steady growth, with a year-on-year increase of 12.65%, contributing 21.32% to total revenue [3]. Group 2: Future Development Direction - The company plans to deepen its focus on the domestic bulk commodity logistics market, consolidate existing customers, study industry policies and customer needs, and explore new markets, clients, and service categories [3]. - There is an emphasis on enhancing warehousing and logistics network construction to maintain service advantages and improve management efficiency and responsiveness [3]. - The company aims to implement a "going out" strategy, leveraging existing global network resources to expand into overseas transshipment markets, thereby enhancing international competitiveness [3]. Group 3: Market Value Management - The company places high importance on market value management by improving internal value through operational excellence and enhancing the quality of information disclosure [3]. - It aims to maintain good communication with investors through various channels to convey the company's investment value [3]. Group 4: Core Business Areas - Currently, the company's core business consists of logistics comprehensive services and warehousing comprehensive services, with no involvement in bulk commodity trading as of now [3]. - The main service areas in China are strategically located around the production and consumption ends of non-ferrous metals, with production concentrated in the Northwest and Southwest regions, and consumption focused in East and South China [3].

Group 1: Revenue Sources - Logistics transportation services are the primary source of revenue, with multi-modal transport, agency transport, and self-operated transport business growing together. This segment saw a revenue increase of 65.38% year-on-year, accounting for 78.00% of total revenue [3] - Warehousing services also experienced steady growth, with a year-on-year increase of 12.65%, contributing 21.32% to total revenue [3] Group 2: Future Development Directions - The company aims to deepen its focus on the domestic bulk commodity logistics market, consolidating existing customers while closely monitoring industry policies and enhancing customer demand research. It plans to explore new markets, clients, and service categories, and strengthen logistics network construction [3] - The company will continue to implement the "going out" strategy, seizing opportunities in overseas markets, particularly in land transportation in Central Asia, leveraging existing global customer networks to expand overseas transshipment markets and enhance international competitiveness [3] Group 3: Market Value Management - The company places high importance on market value management, striving to improve intrinsic value through operational excellence. It will enhance the quality of information disclosure and maintain good communication with investors through various channels to convey investment value [3] Group 4: Current Business Operations - Currently, the company’s core operations include logistics comprehensive services and warehousing comprehensive services, with no involvement in bulk commodity trading [3] - The company’s service areas are primarily focused on the production and consumption locations of non-ferrous metals, with operations in the Northwest and Southwest for production and in East and South China for consumption [3]

Group 1: Management and Stability - The company emphasizes the stability of its management team and continuous professional development through long-term incentive mechanisms and internal promotion systems [1] - A rotating presidency system and management meetings have been implemented to enhance the management team's capabilities and cohesion [1] Group 2: Financial Performance and Challenges - The company reported a revenue of 1.547 billion yuan in 2023, a year-on-year increase of 22.44%, and a net profit of 296 million yuan, up 31.73% [11] - The decline in performance is attributed to macroeconomic cyclical factors and a decrease in market demand, impacting revenue and occupancy rates [2][7] - The company has a current cash flow of approximately 500 million yuan, with short-term liabilities of about 1.1 billion yuan and long-term borrowings nearing 5 billion yuan [2][8] Group 3: Debt Management and Financial Strategy - The company maintains a good debt repayment capacity and plans to optimize its loan structure by replacing high-cost loans with low-cost ones [2][8] - The net cash flow from operating activities for 2024 is projected to reach 912 million yuan, approximately 5.77 times the net profit for the same period [11] Group 4: Market Conditions and Strategic Responses - The company is monitoring the impact of U.S. tariffs and trade wars on the petrochemical industry, noting that the effects on its operations are minimal due to its domestic focus [2] - The company is committed to expanding its market presence and enhancing service offerings to adapt to changing market conditions [5][10] Group 5: Future Outlook and Growth Plans - The company aims to continue its acquisition strategy to expand its operational capacity and enhance service integration [7][9] - Future growth is expected to be driven by improved market conditions and strategic collaborations within its extensive storage network [10][11]