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. ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 7.04 billion RMB in H1 2025, representing a year-on-year increase of 17.4%, and a net profit attributable to shareholders of 350 million RMB, up 13% year-on-year [2] - In Q2 2025, the company reported a revenue of 3.69 billion RMB, a growth of 19.3% year-on-year, and a net profit of 180 million RMB, which is a 12.3% increase year-on-year [2] - The company overcame downward pressure on freight rates, with the CCFI index averaging 1162 in Q2 2025, down 19% year-on-year, yet still achieved revenue growth due to increased business volume [2] - The company is focusing on smart supply chain services and enhancing chemical distribution services, acquiring several key clients in the new energy, chemical, semiconductor, and pharmaceutical sectors [2] - The company has maintained a warehouse asset utilization rate of 85% and is progressing well with self-built bases in Zhanjiang and Huizhou [2][3] - The gross profit margin improved to 11.3% in Q2 2025, up 0.4 percentage points year-on-year, attributed to a lower decline in freight forwarding gross profit per container compared to freight rate declines [3] - The company completed equity investments totaling 183 million RMB, primarily in the chemical new materials and logistics sectors, enhancing its supply chain service capabilities [3] Summary by Sections Performance - H1 2025 revenue: 7.04 billion RMB, up 17.4% YoY - H1 2025 net profit: 350 million RMB, up 13% YoY - Q2 2025 revenue: 3.69 billion RMB, up 19.3% YoY - Q2 2025 net profit: 180 million RMB, up 12.3% YoY [2] Operational Analysis - Q2 2025 CCFI index: 1162, down 19% YoY - Revenue growth driven by increased business volume despite freight rate pressures - Focus on smart supply chain and chemical distribution services with new key clients [2][3] Profitability and Expenses - Q2 2025 gross profit margin: 11.3%, up 0.4 percentage points YoY - Q2 2025 expense ratio: 4.5%, up 0.2 percentage points YoY - Q2 2025 net profit margin: 4.9%, down 0.3 percentage points YoY [3] Profit Forecast, Valuation, and Rating - Revised net profit forecasts for 2025-2027: 650 million RMB, 800 million RMB, 950 million RMB - Maintained "Buy" rating [4]

Group 1 - The core viewpoint of the news is that Milkyway (603713.SH) is enhancing its business presence in Northern China by acquiring a 30% stake in Tianjin Wuze Logistics Co., Ltd. for approximately 142 million yuan [1] - The acquisition aims to provide top-tier port hazardous goods container logistics services to clients in Tianjin and surrounding areas, optimizing the company's long-term strategic layout [1] - Tianjin Wuze, established in October 2022, is a wholly-owned subsidiary of Tianjin Port Logistics Development Co., Ltd., which is under the A-share listed company Tianjin Port (600717.SH) [1] Group 2 - Milkyway is a leading professional intelligent supply chain service provider, primarily offering integrated logistics services centered around freight forwarding, warehousing, and transportation, while extending into chemical product distribution services [2] - In 2024, Milkyway achieved operating revenue of 12.118 billion yuan, a year-on-year increase of 24.26%, and a net profit of 565 million yuan, up 31.04% [2] - The company has established six major operational regions in Greater China, including Shanghai, Southern, Northern, Shandong, Western, and Yangtze regions [2] Group 3 - In 2024, Milkyway also acquired Guangzhou Jiesheng Zhigu Pigment Co., Ltd. and established new companies, continuously improving its business layout [3] - The company's revenue in the Shanghai region reached 6.49 billion yuan in 2024, a year-on-year increase of 31.67%, while non-Shanghai regions generated 5.606 billion yuan, up 16.47% [3]