Investment Rating - The investment rating for the company is "Buy" and it is maintained [9] Core Views - The company achieved a 23% year-on-year growth in net profit attributable to shareholders in 2024, with a revenue of approximately 8.75 billion yuan, reflecting a 25% increase [2] - The cross-border logistics network in Africa is gradually taking shape, with a revenue of 2.45 billion yuan in 2024, up 22% year-on-year, and a gross profit margin of 30.6% [3] - The coal supply chain trade business saw a revenue of about 5.8 billion yuan in 2024, a 30% increase, with a gross profit margin of 13.3% [4] - The company is focusing on expanding its operations in Africa, particularly in Zambia and Tanzania, to enhance cross-border logistics [5] - The company has significantly increased its dividend payout ratio to 53.5% in 2024, up from 33.5% in 2023 [6] - The forecast for net profit attributable to shareholders for 2025-2027 is 1.463 billion, 1.7 billion, and 1.975 billion yuan respectively, driven by dual engines of business in Mongolia and Africa [7] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of approximately 87.5 billion yuan, with a net profit of about 12.8 billion yuan, marking a 23% increase year-on-year [2] - The first quarter of 2025 showed a revenue of approximately 22.9 billion yuan, a 15% increase year-on-year, with a net profit of 2.6 billion yuan, down 15% year-on-year but improved from the previous quarter [2] Business Segments - The cross-border logistics segment generated 2.45 billion yuan in revenue in 2024, with a gross profit of 750 million yuan, reflecting a 31% increase in gross profit year-on-year [3] - The coal supply chain trade segment reported a revenue of approximately 58 billion yuan, with a gross profit of 7.6 billion yuan, a 46% increase year-on-year [4] - The land port project services generated 490 million yuan in revenue, with a gross profit of 280 million yuan, despite a slight decrease in gross profit margin due to increased amortization of franchise rights [5] Shareholder Returns - The company emphasized shareholder returns with a cash dividend of 680 million yuan in 2024, representing a payout ratio of 53.5% [6] Earnings Forecast - The projected net profit for 2025 is 1.463 billion yuan, with expected growth rates of 15% and 16% for the following years [7]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 14.76 CNY per share [7]. Core Insights - The company achieved a net profit attributable to shareholders of 1.28 billion CNY in 2024, representing a year-on-year increase of 22.9%, with total revenue reaching 8.75 billion CNY, up 25.1% year-on-year [1]. - The supply chain trading business faced challenges in the second half of 2024, while the cross-border multimodal transport logistics services segment continued to grow rapidly [2]. - The company is focused on enhancing shareholder returns, with a dividend payout ratio of 53.5% in 2024, an increase of 20 percentage points year-on-year [3]. Business Structure Summary - **Supply Chain Trading Business**: In 2024, this segment generated revenue of 5.75 billion CNY, up 29.7% year-on-year, but saw a decline in the second half of the year with revenue of 2.41 billion CNY, down 18.4% year-on-year [2]. - **Cross-Border Multimodal Transport Logistics Services**: This segment reported revenue of 2.45 billion CNY in 2024, a year-on-year increase of 22.2%, with significant growth in the second half of the year [2]. - **Land Port Projects**: The segment achieved revenue of 490 million CNY in 2024, up 16.4% year-on-year, maintaining a steady growth trajectory [2]. Future Business Development - The company plans to deepen its regional development strategy in Mongolia and Africa, focusing on operational capabilities and customer capacity at key ports [5]. - The acquisition of the BHL fleet has enhanced logistics service capabilities, with over 1,000 transport resources directly managed [4]. - Profit forecasts for 2025 to 2027 indicate net profits of 1.46 billion CNY, 1.68 billion CNY, and 1.94 billion CNY, respectively, with corresponding PE ratios of 10, 9, and 7 times [6][5].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 14.76 CNY per share [7]. Core Insights - The company achieved a net profit attributable to shareholders of 1.28 billion CNY in 2024, representing a year-on-year increase of 22.9%, and a revenue of 8.75 billion CNY, up 25.1% year-on-year [1]. - The supply chain trading business faced challenges in the second half of 2024, while the cross-border multimodal transport logistics services continued to grow rapidly [2]. - The company is focusing on enhancing shareholder returns, with a dividend payout ratio of 53.5% in 2024, an increase of 20 percentage points year-on-year [3]. - The company is progressively improving its cross-border logistics network in Africa, establishing a strategic presence in key locations [4]. - The operational plan for 2025 includes regional development strategies and core business growth, particularly in cross-border logistics and supply chain trading [5]. Financial Performance - In 2024, the company reported a revenue of 8.75 billion CNY and a net profit of 1.28 billion CNY, with projected revenues of 9.68 billion CNY and net profits of 1.46 billion CNY for 2025 [6][15]. - The company expects a steady growth in net profit, forecasting 1.46 billion CNY in 2025, 1.68 billion CNY in 2026, and 1.94 billion CNY in 2027, with corresponding PE ratios of 10, 9, and 7 [5][6].

Core Viewpoint - The company reported its 2024 annual results and 2025 Q1 results, showing a mixed performance with revenue growth but a decline in net profit in the fourth quarter and first quarter of 2025, indicating potential challenges ahead [1][3]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 8.754 billion yuan, a year-on-year increase of 25.14%, and a net profit attributable to the parent company of 1.276 billion yuan, up 22.88% [1]. - The fourth quarter of 2024 saw operating revenue of 2.209 billion yuan, a year-on-year increase of 16.63%, but net profit attributable to the parent company decreased by 33.88% to 188 million yuan [1]. - For Q1 2025, the company reported operating revenue of 2.295 billion yuan, a year-on-year increase of 15.02%, while net profit attributable to the parent company decreased by 14.77% to 262 million yuan [1]. Group 2: Business Segments - The Mongolian coal business experienced a slowdown in growth due to the cyclical nature of the steel and coke industry, but the company remains optimistic about the future market share increase in its integrated logistics business [1]. - In 2024, the Ganqimaodu port completed a total import and export cargo volume of 40.716 million tons, a year-on-year increase of 7.55%, with imported coal accounting for 39.206 million tons, up 7.38% [1]. - The cross-border multimodal transport business saw a revenue increase of 22% in 2024, with a gross margin improvement of 2.17 percentage points [2]. Group 3: Market Trends and Outlook - The company benefits from the trade dynamics with landlocked countries, and the African multimodal transport business is growing due to increased demand for copper and cobalt resources [2]. - The infrastructure segment is showing strong performance, with a steady increase in the number of customs clearance vehicles, and the company’s land port project service revenue grew by 16.42% in 2024, with a gross margin of 57.46% [2]. - The company is expected to see improvements in the supply-demand dynamics of the coke and steel industry, which may enhance its market position in the future [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance slightly missed expectations due to phase fluctuations in the Mongolian coal business, which is influenced by the steel and coke industry [6] - The company is expected to improve its market share in integrated logistics services despite the temporary slowdown in coal business growth [6] - The cross-border multimodal transport segment is benefiting from trade dynamics with landlocked countries, showing robust growth [6] - The infrastructure segment is demonstrating strong growth, particularly in Africa, with high profit margins [6] - The profit forecast for 2025-2027 has been adjusted downwards, but the "Buy" rating is maintained based on comparative analysis with similar companies [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 87.54 billion yuan, with a year-on-year growth of 25.1% [5] - The net profit attributable to the parent company for 2024 is expected to be 12.76 billion yuan, reflecting a year-on-year increase of 22.9% [5] - The first quarter of 2025 shows a revenue of 22.95 billion yuan, with a year-on-year growth of 15.0% [6] - The forecasted net profit for 2025 is 14.10 billion yuan, with a corresponding PE ratio of 10 [6][7] - The gross profit margin for 2025 is estimated at 18.6% [5]

现金流波动，经营与投资活动现变化经营活动现金流量净额：2024年经营活动产生的现金流量净额为 908,669,288.56元，较2023年的1,552,816,304.79元下降41.48%，主要系存货增加所致。存货的增加可能 会占用公司的资金，影响资金的流动性，需要关注存货的周转情况。投资活动现金流量净额：投资活动 产生的现金流量净额为 -1,217,790,012.63元，较2023年的 -539,493,039.06元，流出幅度增加125.73%，主 要系长期股权投资增加所致。公司积极进行投资布局，可能会对短期现金流产生压力，但从长期来看， 若投资项目顺利实施，有望为公司带来新的增长点。筹资活动现金流量净额：筹资活动产生的现金流量 净额为 -546,853,894.23元，较2023年的 -185,399,305.32元，流出幅度增加194.96%，主要系本期新增短 期借款、实施员工持股计划收到员工缴款及分红增加综合影响所致。公司需合理安排筹资活动，确保资 金链的稳定。 风险与挑战分析 宏观经济与市场竞争风险 公司主营业务受国内外宏观经济周期性波动影响较大。若全球经济形势不佳，国际贸易量下滑，可能导 致 ...

嘉友国际物流股份有限公司 2024 年度独立董事述职报告 公司第三届董事会下设战略委员会、审计委员会、提名委员会、薪酬与考核 根据《上市公司独立董事管理办法》《上海证券交易所股票上市规则》《上海 证券交易所上市公司自律监管指引第 1 号——规范运作》及《嘉友国际物流股份 有限公司章程》等有关规定，作为嘉友国际物流股份有限公司（简称"公司"） 独立董事，现将本人 2024 年度履职情况报告如下： 一、独立董事的基本情况 本人李良锁，1978 年出生，中国国籍，无境外永久居留权，研究生学历。 曾任国浩律师（上海）事务所合伙人律师、证券业务内核委员。现任北京市环球 律师事务所上海分所合伙人律师、证券业务内核委员，上海索辰信息科技股份有 限公司独立董事，嘉友国际物流股份有限公司独立董事。 2024 年，本人对独立性情况进行了自查，确认符合《上市公司独立董事管 理办法》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等规定 中对独立董事独立性的相关要求。任职期间，本人能够独立公正地履行职责，不 受公司及其主要股东、实际控制人等单位或者个人的影响，不存在影响独立性的 情况。 二、独立董事年度履职概况 （一）出 ...

2024 年，本人对独立性情况进行了自查，确认符合《上市公司独立董事管 理办法》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等规定 中对独立董事独立性的相关要求。任职期间，本人能够独立公正地履行职责，不 受公司及其主要股东、实际控制人等单位或者个人的影响，不存在影响独立性的 情况。 二、独立董事年度履职概况 （一）出席董事会和股东大会情况 | | 参加董事会情况 | | | 参加股东大会情况 | | | --- | --- | --- | --- | --- | --- | | 本年应参加 | 亲自出席 | 以通讯方式 | 委托出席 | 出席股东大会的次数 | 缺席次数 | | 董事会次数 | 次数 | 参加次数 | 次数 | | | | 14 | 14 | 6 | 0 | 4 | 0 | 嘉友国际物流股份有限公司 2024 年度独立董事述职报告 根据《上市公司独立董事管理办法》《上海证券交易所股票上市规则》《上海 证券交易所上市公司自律监管指引第 1 号——规范运作》及《嘉友国际物流股份 有限公司章程》等有关规定，作为嘉友国际物流股份有限公司（简称"公司"） 独立董事，现将本人 2024 年 ...

二、独立董事年度履职概况 2024 年，本人亲自出席公司董事会和股东大会，会议召开前，本人仔细阅 读公司事先准备的会议资料，与董事会秘书进行沟通，就审议事项进行询问或要 求补充资料，会议上认真审议各项议案，积极参与讨论，发表意见建议，审慎行 使表决权，对董事会决议事项均表示同意，没有提出反对、弃权情形。 参加董事会情况 参加股东大会情况 本年应参加 董事会次数 亲自出席 次数 以通讯方式 参加次数 委托出席 次数 缺席次数 出席股东大会的次数 14 14 8 0 0 4 （一）出席董事会和股东大会情况 （二）参加董事会专门委员会、独立董事专门会议情况 嘉友国际物流股份有限公司 2024 年度独立董事述职报告 根据《上市公司独立董事管理办法》《上海证券交易所股票上市规则》《上海 证券交易所上市公司自律监管指引第 1 号——规范运作》及《嘉友国际物流股份 有限公司章程》等有关规定，作为嘉友国际物流股份有限公司（简称"公司"） 独立董事，现将本人 2024 年度履职情况报告如下： 一、独立董事的基本情况 本人王永，1979 年出生，中国国籍，无境外永久居留权，博士研究生学历， 高级会计师。曾任中国青年政治学院教师， ...

公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2024.12.31 | 10转增4派4元（含税） | 3.91 | 1.93 | | 2024.06.30 | 10派3元（含税） | 2.92 | 1.33 | | 2023.12.31 | 10转增4派5元（含税） | 3.48 | 2.40 | | 2022.12.31 | 10转增4派5元（含税） | 2.48 | 2.49 | | 2021.12.31 | 10转增4派5元（含税） | 1.58 | 2.48 | | 2020.12.31 | 10转增3派10元（含税） | 2.20 | 3.67 | | 2019.12.31 | 10转增4派10元（含税） | 1.57 | 2.73 | | 2018.12.31 | 10转增4派5元（含税） | 0.56 | 0.82 | | 2017.12.31 | 10转增4派5元（含税） | 0.40 | | 证券时报·数据宝统计显示，公司今日公布了2024年报，共实现营业收入87.54亿元，同比增 ...