密爾克衞(603713):2022H1實現扣非後淨利潤2.97億元 同比增長60.19% 有望受益第三方化工物流市場佔有率提升
2022H1 實現扣非後淨利潤2.97 億元,同比增長60.19%。公司發佈2022H1業績報吿,報吿期內實現營收62.69 億元,同比增長81.08%;歸屬於上市公司股東的淨利潤3.04 億元,同比增長65.60%;扣非後淨利潤2.97 億元,同比增長60.19%;基本每股收益1.85 元。本期業績增長主要原因:公司積極拓展貨代業務及物貿一體化的化工品交易業務,拓展新區域、開發新客户。有望受益第三方化工物流市場佔有率提升。根據公司半年報援引中國物流與採購聯合會危化品物流分會數據,預計2021 年末,全國化工物流行業市場規模將超過2 萬億元,第三方化工物流市場佔有率將提升至40%,以此推算目前國內第三方物流市場規模達8000 億元。隨着安全環保監管要求的不斷提升,下游化工企業“退城入園”工作的不斷推進,化工企業對物流環節的專業化,安全性需求日益增加。我們認為,公司作為國內領先的專業化工供應鏈綜合服務商,有望充分受益。“收購+新建”完善全國物流網絡,積極推動全球化佈局。公司基於七大集羣戰略的持續深耕,積極佈局核心樞紐城市化工業務站點。在強監管、安全環保高壓、資質審核趨嚴的行業趨勢下,公司通過核心資產的收購和新建,完善全國物流網絡,保障了物流服務的高效性及服務質量的可靠性。同時,公司與海外同行企業建立長期穩定的合作機制,通過雙向互惠合作,滿足公司佈局全球服務網絡的需要,逐步搭建並拓寬境內外物流網絡。盈利預測和投資評級。我們預計公司2022-2024 年公司淨利潤分別為6.48、8.03 和11.09 億元,EPS 分別為3.94、4.88 和6.74 元/股。公司是專注化工物流的一站式綜合服務提供商,考慮到公司持續拓展新業務,業績處於快速提升期,給予公司2022 年43-45 倍PE,對應合理價值區間169.35-177.23元,(對應PB 為7.33-7.67,參考PB-ROE,我們認為估值處於合理區間),維持“優於大市”評級。風險提示。經濟下行,倉儲運輸需求下降;生產安全風險;併購整合資產推進不及預期。
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