证券代码：603871 证券简称：嘉友国际 公告编号：2025-037 嘉友国际物流股份有限公司 关于 2024 年度"提质增效重回报"行动方案执行情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 嘉友国际物流股份有限公司（简称"公司"）为贯彻落实国务院《关于进一 步提高上市公司质量的意见》的相关要求，积极响应上海证券交易所《关于开展 沪市公司"提质增效重回报"专项行动的倡议》，制定了 2024 年度"提质增效重 回报"行动方案。自方案实施以来，公司推动落实相关工作，形成方案评估报告， 现将方案执行情况报告如下： 1、提升经营质量 公司严格按照相关法律法规规定，真实、准确、完整、及时地履行信息披露 义务，努力提升信息披露质量，为投资者投资决策提供参考。同时遵循公开、公 平、公正原则，平等对待所有投资者，通过业绩说明会、投资者调研会、上证 E 互动平台、投资者关系电话、电子邮件等方式，与投资者进行沟通交流，及时答 复投资者提问，听取投资者意见建议，增进投资者对公司的了解和认同，切实保 护投资者特别是中小投资者的合法权益 ...

Investment Rating - The report maintains a positive outlook on the coking coal industry, indicating an "Overweight" rating for the sector [4]. Core Insights - From July 2025 to August 22, 2025, the coking steel industry has shown continuous improvement, with an average daily pig iron output of 2.4097 million tons from 247 sample steel mills, reflecting a year-on-year increase of 2.63% compared to approximately 2.348 million tons in the same period of 2024 [4]. - The average price of Shanxi coking coal at Jingtang Port during the same period was approximately 1,521 RMB/ton, up 13.79% from the Q2 average price of 1,336.91 RMB/ton [4]. - The report highlights a recovery in Mongolian coal imports, with an average daily clearance volume of 133,300 tons at the Ganqimaodu port, a 2.84% increase from 129,600 tons in the same period of 2024 [4]. - The report suggests that the coking coal supply-demand structure is expected to continue improving, leading to a recovery in profits for players in the coking coal industry chain [4]. - The report recommends investing in Jiayou International and monitoring Yidazong as potential beneficiaries of the recovery in the Mongolian coal import sector [4]. Summary by Sections Coking Steel Industry - The coking steel industry is experiencing a recovery phase, with improved production metrics and pricing trends [4]. Mongolian Coal Imports - Mongolian coal imports are showing signs of recovery, with increased daily clearance volumes and rising transportation costs [4]. Investment Recommendations - The report recommends Jiayou International as a key investment opportunity and suggests keeping an eye on Yidazong for potential benefits from the market recovery [4].

Group 1 - The stock price of Jiayou International as of August 22, 2025, is 11.29 yuan, down 0.22 yuan or 1.91% from the previous trading day [1] - The opening price for the day was 11.59 yuan, with a high of 11.59 yuan and a low of 11.25 yuan, and the trading volume reached 172,800 hands with a total transaction amount of 196 million yuan [1] - Jiayou International operates in the logistics industry, covering international freight forwarding and supply chain management, with key markets in China, Russia, and Central Asia [1] Group 2 - On August 22, 2025, the net outflow of main funds for Jiayou International was 18.3654 million yuan, accounting for 0.12% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow of main funds reached 38.2156 million yuan, representing 0.25% of the circulating market value [1]

Market Overview - On August 22, the logistics sector declined by 0.49%, with Hengji Daxin leading the drop [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Stock Performance - Notable gainers in the logistics sector included: - Furande (605050) with a closing price of 16.50, up 6.04% and a trading volume of 128,200 shares, totaling 205 million yuan [1] - ST Yuanshang (603813) closed at 16.13, up 5.01% with a trading volume of 4,983 shares, totaling approximately 800,000 yuan [1] - Major decliners included: - Hengji Daxin (002492) closed at 7.24, down 2.82% with a trading volume of 131,800 shares, totaling approximately 96.3 million yuan [2] - Huami Duhai (872351) closed at 29.92, down 2.54% with a trading volume of 26,700 shares, totaling approximately 80.1 million yuan [2] Capital Flow - The logistics sector experienced a net outflow of 317 million yuan from institutional investors, while retail investors saw a net inflow of 245 million yuan [2] - Notable capital flows included: - Donghang Logistics (601156) had a net inflow of 66.26 million yuan from institutional investors, but a net outflow of 46.13 million yuan from retail investors [3] - Furande (605050) saw a net inflow of 33.59 million yuan from institutional investors, with retail investors experiencing a net outflow of 12.39 million yuan [3]

Group 1: Macro Strategy and Market Overview - The A-share market saw significant gains, with the ChiNext Index rising by 8.58% and the CSI 500 and Shenzhen Component Index both increasing over 3.5% [1] - The central bank injected a net of 85.1 billion yuan into the market, maintaining stable liquidity [1][28] - The U.S. dollar index fell to 97.84, down 0.43% week-on-week, while the RMB remained stable at 7.19 [1][29] - The report anticipates continued policy stability and flexibility in the second half of the year, with a focus on gold and convertible bonds [1][30] Group 2: Fixed Income Market Insights - The current market shows a divergence between stock and bond performance, driven by policy expectations and market sentiment [2][31] - The central bank's timely interventions have provided support to the bond market, especially during periods of rising interest rates [2][33] - The report suggests that the 10-year government bond yield may reach a temporary peak around 1.80% [2][34] Group 3: Banking Sector Analysis - The banking sector is experiencing a trend of "credit pre-positioning," with a focus on early-year lending [4] - There is a notable divergence in credit growth between large state-owned banks and smaller banks, with the latter facing negative growth [4] - The report indicates that 2025 may see the smallest decline in loan rates since the LPR reform, with corporate and mortgage rates stabilizing around 3.2% and 3.1% respectively [4] Group 4: Cement Industry Overview - The necessity for "anti-involution" in the cement industry remains, with average prices down 43.7 yuan/ton year-on-year [7] - The previous supply-side reforms have led to a significant recovery in industry profits, with profits rising from 51.8 billion yuan in 2016 to 186.7 billion yuan in 2019 [7] - The report anticipates a continued decline in cement demand, with a potential drop of 18%-34% from 2024 levels [7] Group 5: Oil and Gas Sector Insights - The IEA has revised down its oil demand growth forecast by 350,000 barrels per day for the year, citing weak consumer confidence [8] - The IEA has increased its supply growth forecast for 2025 by 370,000 barrels per day, driven by OPEC's easing of production cuts [8] - Oil inventories have risen for five consecutive months, reaching a 46-month high of 783.6 million barrels [8] Group 6: Semiconductor Industry Trends - The "storage instead of computing" approach is expected to significantly enhance AI inference efficiency, driving rapid growth in SSD demand [17] - The semiconductor industry is experiencing stable growth in equipment and materials, with improved orders in wafer foundries and packaging [17] - The report maintains an optimistic outlook for global semiconductor growth driven by AI applications [17] Group 7: Home Appliance Sector Performance - Ecovacs reported a revenue of 8.68 billion yuan for H1 2025, a year-on-year increase of 24.4%, with a net profit of 980 million yuan, up 60.8% [35] - The company has seen strong growth in both domestic and overseas markets, particularly in Europe, where revenue increased by 66.6% [35][36] - The report highlights the company's strategic focus on optimizing its marketing investment model to improve profitability [36]

Group 1 - The core viewpoint of the report is that Jiayou International (603871.SH) is rated as a "buy" due to its leading position in cross-border logistics in landlocked countries [2] - The report highlights that while the pricing and volume of Mongolian coal are under pressure, this does not diminish the company's core competitiveness [2] - The ongoing deepening of business in Africa and the potential for international market expansion are seen as promising opportunities for the company [2] - The company is characterized by low valuation and high dividend yield, emphasizing shareholder returns [2]

低估值、高股息，重视股东回报 低估值、高股息，提供较高安全边际，陆港业务或贡献向上期权。据测算，2025EPE大概12倍，处于历史 13%分位数，2026E股息率预计5%左右。紫金矿业（601899）持股比例保持稳定，或代表其看好公司长期 增长潜力，有望赋能公司发展。维持"买入"评级 公司成立于2005年6月，是国内率先开展跨境多式联运的物流企业。公司以蒙古、非洲、中亚等陆运跨境 需求旺盛的地区为重点发展区域，投资道路、保税仓库及海关监管场所等物流基础设施并运营。2024年供 应链贸易/跨境多式联运综合物流/陆港项目业务营业收入占比分别65.72%/27.96%/5.64%，毛利润占比分别 为42.41%/41.63%/15.79%。2025Q1，公司营收22.9亿元，同比增长15.0%，归母净利润2.6亿元，同比下降 14.8%。 蒙煤量价阶段性承压，不改核心竞争力 2025年1-6月，中国进口蒙煤量为3474万吨，同比下降8.7%；甘其毛都口岸累计完成进出口货运量1810万 吨，与去年同期相比下降13.7%，其中进口煤炭1707万吨，同比下降15.9%；蒙煤进口单价同比下滑约 39.6%，焦煤价格单边下跌 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][6][17] Core Views - The company's revenue from supply chain trade, cross-border multimodal transport, and land port projects is projected to be 65.72%, 27.96%, and 5.64% respectively in 2024, with gross profit contributions of 42.41%, 41.63%, and 15.79% [1] - The company has faced pressure in its Mongolian coal business, with a 8.7% year-on-year decline in coal imports and a 39.6% drop in import prices, but there are signs of potential recovery due to policy changes [2] - The African cross-border logistics network is developing, with the acquisition of BHL expected to enhance operational efficiency and expand into broader international markets [3] - The company is considered undervalued with a projected PE of approximately 12 times for 2025, and an estimated dividend yield of around 5% for 2026 [4] Financial Summary - Revenue is expected to grow from 6,995.26 million in 2023 to 11,533.70 million in 2027, with a growth rate of 44.85% in 2023 and a projected 12.61% in 2027 [10][11] - The net profit attributable to the parent company is forecasted to decrease from 1,038.79 million in 2023 to 1,204.52 million in 2025, before increasing to 1,753.88 million in 2027 [10][11] - The company’s EBITDA is projected to rise from 1,297.88 million in 2023 to 2,330.67 million in 2027, indicating a strong operational performance [10][11]

Market Overview - On August 14, the logistics sector declined by 0.66%, with Wanlin Logistics leading the drop [1] - The Shanghai Composite Index closed at 3666.44, down 0.46%, while the Shenzhen Component Index closed at 11451.43, down 0.87% [1] Individual Stock Performance - Hengji Dazheng (002492) saw a significant increase of 10.01%, closing at 7.69 with a trading volume of 500,900 shares and a turnover of 371 million yuan [1] - Jianfa Co. (600153) increased by 5.42%, closing at 10.90 with a trading volume of 706,000 shares and a turnover of 763 million yuan [1] - Wanlin Logistics (603117) experienced a decline of 5.34%, closing at 5.50 with a trading volume of 248,700 shares and a turnover of 138 million yuan [2] Capital Flow Analysis - The logistics sector experienced a net outflow of 510 million yuan from institutional investors, while retail investors saw a net inflow of 426 million yuan [2] - The table of capital flow indicates that Hengji Dazheng had a net inflow of 74.71 million yuan from institutional investors, while retail investors had a net outflow of 37.49 million yuan [3] Summary of Key Stocks - The top performers in terms of net inflow from institutional investors included Hengji Dazheng and Shunfeng Holdings (002352), which had a net inflow of 55.99 million yuan [3] - Other notable stocks with significant trading activity included Mierkewei (603713) and ST Guangwu (600603), with net inflows of 14.32 million yuan and 12.32 million yuan from institutional investors, respectively [3]

证券之星消息，8月5日物流板块较上一交易日上涨0.4%，嘉友国际领涨。当日上证指数报收于3617.6， 上涨0.96%。深证成指报收于11106.96，上涨0.59%。物流板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603871 | 嘉友国际 | 11.75 | 4.82% | 21.85万 | | 2.53亿 | | 300873 | 海晨股份 | 24.16 | 4.82% | 14.64万 | | 3.48亿 | | 002889 | 东方嘉盛 | 16.63 | 3.61% | 21.27万 | | 3.49亿 | | 002800 | 天顺股份 | 14.48 | 3.50% | 11.51万 | | 1.66亿 | | 002682 | 龙洲股份 | 4.92 | 2.71% | 33.30万 | | 1.63亿 | | 601598 | 中国外运 | 5.50 | 2.61% | 19.31万 | | 1.06亿 | | 603648 | ...