Milkway (603713): Chemical warehousing business grows in line with expectations

Milkway (603713): Chemical warehousing business grows in line with expectations

Event: Milkway released its 2018 annual report.

Operating income in 2018 17.

840,000 yuan, an increase of 38 in ten years.

16%, net profit attributable to mother 1.

32 ppm, a 57-year increase of 57.

91%, deducting non-net profit1.

3.6 billion, an annual increase of 58.


The EPS is 1.

0147 yuan, an increase of 38 in ten years.


2018Q4 operating income 5.

65 ppm, an increase of 53 in ten years.

91%, net profit attributable to mother is 2763.

960,000 yuan, an increase of 15 in ten years.


Opinion: Driven by the warehousing business, revenue maintained high growth.

In terms of business, freight forwarding revenue was 7.

870,000 yuan, an increase of 25 in ten years.

47%, gross profit margin 15.

18%; revenue from transportation business 4.

40,000 yuan, an increase of 16 in ten years.

9%, gross profit margin 9.

6%; warehousing business revenue 3.

23 ‰, an increase of 95 in ten years.

18%, gross margin 46.

12%; Chemical trading revenue 2.

26 ppm, a 94-year increase of 94.

76%, gross profit margin 4.


The company’s 18-year gross profit margin was 18.

29%, a decline of 0 per year.

27pct, mainly due to the increase in the gross profit margin of warehousing and the decline in the gross profit margin of the other three businesses.

Expense rate: Due to the increase in the company’s revenue scale, the expense rate has declined, including the company’s selling expenses.

15%, a decrease of 0 compared with the same period last year.

39 points.

Management expenses 4.

63%, a decrease of 2 compared with the same period last year.15 marks.

Finance costs expenses 0.

40%, a decrease of 0 compared with the same period last year.

35%, mainly due to the decrease in exchange gains and losses over the previous year.

Raised investment projects have been put into production one after another, and the warehousing business has maintained high growth.

After the Tianjin Big Bang in 2015, national policies tightened, and hazardous chemicals warehouse management was intensified in various places, resulting in tight supply.

At present, the supply and demand gap of hazardous chemical warehouses is generally above 30%, and the demand gap of high-end hazardous chemical warehouses has decreased. We can see that the company’s warehousing gross profit margin increased in 20184.

45 points to 46.


Four of the company’s eight fund-raising projects have been invested in warehouse construction, and all of them are hazardous chemicals warehouses, including the Zhangjiagang Free Trade Zone Bus Logistics Project 1.

540,000 square meters, the total land area of the other three warehouses under construction is 10.

120,000 square meters, the warehousing business is the starting point for the company’s development in the next few years.

In addition, the company meets the logistics needs brought by the continuous expansion of production capacity of BASF, Dow and other global top 100 chemical companies in China. It has already set up or plans to set up warehouses in Shanghai, Zhangjiagang, Nanjing, Guangzhou, Yingkou, Tongchuan, Tianjin, Fangchenggangbase.

Investment 深圳丝袜会所 strategy: We forecast the company’s net profit for 2019-2021.



22 ppm, an increase of 40 in ten years.

4% / 36.

2% / 27.

3%, EPS is 1.



11 yuan.

We believe that the company has high-quality customers, continued development of its warehousing business, high growth, and maintained an “overweight” rating.

Risk reminders: market risks in the downstream chemical industry, security operations risks, and risks related to information technology systems.