Investment Rating - The report gives a "Recommend" rating for the company, with a target price of 20.79 RMB [5] Core Views - The company is a pioneer in cross-border multimodal logistics, focusing on landlocked countries along the "Belt and Road" initiative, with operations spanning over 60 countries and regions [3] - The company's business model in Mongolia has evolved from "hub assets" to "logistics" and then to "resources," with a strong focus on coal logistics and mining resources [3] - The African market offers significant growth potential, with the company replicating its Mongolian success by building a comprehensive logistics network across sea, land, and air [3] - The company is expected to achieve revenues of 9.938 billion, 12.738 billion, and 15.645 billion RMB in 2024-2026, with net profits of 1.484 billion, 1.964 billion, and 2.411 billion RMB, respectively [3] Business Overview Focus on Landlocked Countries - The company specializes in solving cross-border logistics pain points for landlocked countries, leveraging its extensive network and long-term client relationships [3] - Its business spans Asia, Africa, Europe, and North America, with a strong presence in Mongolia, Africa, and Central Asia [3] - The company has formed strong ties with major mining companies, providing logistics services for over a decade [3] Mongolia Business - The company has established a strong foothold in Mongolia, with key assets such as bonded warehouses and customs supervision facilities [3] - It has expanded into logistics services, including cross-border multimodal transport and supply chain trade, focusing on coal, copper concentrate, and mining equipment [3] - The company has also invested in mining resources, securing a strong position in the logistics chain [3] - Mongolia is a major source of coking coal for China, accounting for over 50% of China's coking coal imports in most years [3] Africa Business - The company is replicating its Mongolian model in Africa, focusing on key logistics nodes and building a comprehensive logistics network [3] - It has acquired BHL, a leading cross-border transport company in Zambia, and is expanding into low-altitude logistics [3] - The African logistics market is estimated to be worth 400-600 billion USD annually, offering significant growth opportunities [3] Central Asia Business - The company is expanding its presence in Central Asia by replicating its Mongolian strategy, focusing on key assets and cross-border logistics [3] - It has signed a railway cooperation memorandum to strengthen its logistics capabilities in the region [3] Financial Projections - The company is expected to achieve significant revenue and profit growth from 2024 to 2026, driven by its strong presence in Mongolia and expansion in Africa [3] - Revenue is projected to grow from 9.938 billion RMB in 2024 to 15.645 billion RMB in 2026, with net profits increasing from 1.484 billion RMB to 2.411 billion RMB [3] - The PE ratio is expected to decrease from 14x in 2024 to 8x in 2026, reflecting strong earnings growth [3] Industry Analysis Mongolia-China Coal Trade - Mongolia is a major supplier of coking coal to China, with imports reaching 54 million tons in 2023, a 111% increase year-on-year [3] - The Tavan Tolgoi mine, Mongolia's largest open-pit coal mine, plays a crucial role in supplying coal to China [3] - The Ganqimaodu port is the primary entry point for Mongolian coal into China, handling over 50% of Mongolia's coal exports [3] Africa Logistics Market - The African logistics market is vast, with significant opportunities in mining logistics and infrastructure development [3] - The company is building a comprehensive logistics network in Africa, focusing on key mining regions such as the Copperbelt [3] Central Asia Logistics - Central Asia offers growth opportunities for the company, particularly in cross-border logistics and infrastructure development [3] - The company is leveraging its experience in Mongolia to expand its presence in the region [3]

Core Viewpoint - The company is expanding its logistics capabilities in Zambia by investing in the Mokambo port and road upgrade project, which is expected to enhance cross-border transportation efficiency in the region [1][4]. Investment Details - The total investment for the project is $56.6569 million, with the company contributing $50.9912 million sourced from its own and raised funds [1][2]. - The project will be developed by JASWORLD PORT LIMITED, a joint venture between the company's subsidiary and TURBO INFRASTRUCTURE DEVELOPMENT BV, with a construction period of 2 years [2]. Project Scope - The project includes the upgrade of Mokambo port and a 25.75 km road from Mufulira to Mokambo, along with the construction of a toll station and supporting facilities [2]. - The concession granted to JASWORLD PORT LIMITED lasts for 22 years, during which it is responsible for the development, design, financing, construction, and operation of the infrastructure [1][2]. Strategic Importance - This investment is part of the company's broader strategy to enhance logistics networks in Africa, having previously invested in various infrastructure projects in the Democratic Republic of Congo and Zambia [3][4]. - The company aims to replicate successful logistics models from China in Africa, focusing on bulk cargo transportation and infrastructure upgrades to improve logistics efficiency [3]. Regional Impact - The project is expected to facilitate better connectivity between Zambia and the Democratic Republic of Congo, enhancing cross-border logistics and customs efficiency [4]. - The company has established a comprehensive logistics network covering multiple Southern African countries, which will provide more efficient cross-border logistics services [3][4].

证券代码：603871 证券简称：嘉友国际 公告编号：2024-068 嘉友国际物流股份有限公司 关于对外投资赞比亚莫坎博口岸和穆富利拉至莫坎博道路 升级改造项目的公告 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。 重要内容提示： 投资标的名称：公司全资子公司中非国际的控股子公司 JASWORLD PORT LIMITED 投资、建设、运营赞比亚莫坎博口岸和穆富利拉至莫坎博道路升级改造 项目，特许权期限为 22 年（其中建设期 2 年）。 投资金额：本项目投资总额 56,656,909.83 美元，其中公司投资金额为 50,991,218.85 美元。 相关风险提示： 1、本次对外投资尚需国家发展和改革委员会、商务部、外汇管理局等政府 有关部门的备案或批准，存在一定的不确定性。 2、本次对外投资属于境外投资，可能受政策变化、市场竞争、经营管理等 因素影响，项目建设运营及投资收益面临一定的不确定性。 3、项目资金来源为公司自有资金和自筹资金（包括但不限于银行贷款、再 融资、发行债券等），融资周期较长，且前期投入较大，可能存在资 ...

Investment Rating - The report maintains an "Increase" investment rating for the company [1] Core Views - The company reported a Q3 2024 revenue of 1.9 billion yuan, a year-on-year decrease of 16.98%, while the net profit attributable to the parent company was 330 million yuan, reflecting a year-on-year increase of 31.18% [2] - The company has signed a long-term cooperation agreement with MMC, which will increase sales of various coking coal products by 1.5 to 3 million tons annually, enhancing resource advantages [3] - The company is expanding its operations in Africa, having signed a memorandum of cooperation with the Tanzania Ports Authority to develop and operate logistics and channel management at key ports [3] - Despite a slight decline in profit growth in Q3, the company continues to show high growth year-on-year, indicating confidence in its African business and project reserves [4] - The company is positioned as a leader in emerging markets and a pioneer in African logistics, with a strong cash flow and a historical dividend payout ratio of 40%, suggesting a solid investment safety net [4] Financial Summary - For 2024, the company forecasts revenues of 10.435 billion yuan, with a year-on-year growth of 49.2%, and a net profit of 1.557 billion yuan, reflecting a growth of 49.8% [6] - The gross profit margin is expected to improve from 19.4% in 2023 to 20.0% in 2024, with a return on equity (ROE) projected to rise from 21.3% to 26.8% [6] - The earnings per share (EPS) is projected to increase from 1.06 yuan in 2023 to 1.59 yuan in 2024, with corresponding price-to-earnings (PE) ratios of 19.0 and 12.7 respectively [6]

证券代码：603871 证券简称：嘉友国际 公告编号：2024-067 嘉友国际物流股份有限公司 关于与 Mongolian Mining Corporation 签订长期合作协议 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。 重要内容提示： 履约的重大风险及不确定性：本合作协议为双方基于现有的资源、优势 而就未来合作意向而达成的框架性、意向性约定，无强制约束力，后续的合作内 容、实施进度均需双方进一步协商，存在一定的不确定性，且合作实施过程中受 多方面因素影响，具体情况以双方后续签订的协议为准。敬请投资者注意投资风 险。 对公司业绩的影响：本次签订合作协议将对公司财务状况和经营成果产 生积极影响，具体影响金额将视后续业务的实施情况而定，具有不确定性。 2024 年 11 月 5 日，嘉友国际物流股份有限公司（简称"公司"）与 Mongolian Mining Corporation（港交所股份代号：00975，简称"MMC")签订《长期合作 协议》，具体情况如下： 一、合作协议签订的基本情况 （一）交易对方的基本情 ...

Summary of Conference Call Company Overview - The conference call discusses the financial performance and strategic initiatives of a logistics company, referred to as "the company," focusing on its operations in Africa and Mongolia. Key Financial Metrics - In Q3, the company achieved a revenue of 1.903 billion yuan, a decrease of 16.98% year-over-year. However, year-to-date revenue reached 6.544 billion yuan, an increase of 28.3% compared to the previous year [1] - The net profit attributable to shareholders for Q3 was 329 million yuan, down 31.18% year-over-year, while the year-to-date net profit was 1.088 billion yuan, up 44.23% [1] - The company reported a basic earnings per share of 1.12 yuan, an increase of 45.45% year-over-year, and a weighted average return on equity of 20.54%, up 3.47 percentage points [1] Asset and Equity Growth - As of Q3, total assets amounted to 8.239 billion yuan, a growth of 27.39% from the previous year, while net assets attributable to shareholders reached 5.614 billion yuan, up 15.14% [2] - The company has exceeded its full-year profit target of 1.039 billion yuan by Q3, indicating strong overall performance [2] Strategic Initiatives in Africa - The company is focusing on building a logistics network in Southeast Africa, particularly through its acquisition of BHL, which enhances its operational capabilities in the region [3][4] - BHL's integration is crucial for establishing a continuous logistics network that connects inland freight routes with ports, facilitating the movement of goods across various countries [4][5] - The company aims to leverage BHL's existing infrastructure and reputation to expand its service offerings and improve operational efficiency [5][6] Long-term Logistics Network Development - The company is actively developing a logistics network that includes key nodes in countries like Zambia and Tanzania, with ongoing investments in infrastructure [7][8] - The establishment of a logistics network is expected to enhance the company's ability to serve both domestic and international clients, particularly in the mining sector [8][9] - The company is also exploring partnerships with local authorities to optimize logistics operations and improve service delivery [10][11] Challenges and Market Conditions - The company acknowledged challenges in the coal market, with a noted decrease in demand and pricing pressures affecting Q3 performance [12][13] - In response, the company adjusted its sales and procurement strategies, focusing on long-term supply chain stability [12][13] Future Outlook and Capital Expenditure - The company plans to increase sales volume by 10% in Q4 to meet annual targets, while continuing to develop contracts and partnerships in Africa [14][15] - Capital expenditures are expected to remain robust over the next one to two years, with a focus on projects that enhance logistics capabilities [28][30] - The company maintains a strong cash position, allowing it to fund ongoing projects without reliance on external financing [29][30] Conclusion - The company is positioned for growth in the logistics sector, particularly in Africa, with a clear strategy to build a comprehensive logistics network that meets the needs of its clients [35][36] - The management emphasizes a long-term vision for sustainable growth, focusing on operational efficiency and market expansion [36][37]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 24.81 RMB based on a 15x PE for 2024 [3][11]. Core Insights - The company reported a slowdown in growth for Q3 2024, with a net profit of 329 million RMB, a 30% year-over-year increase. However, the net profit for the first three quarters reached 1.09 billion RMB, reflecting a 44.73% year-over-year growth [1][11]. - The growth in Mongolian coal volumes has slowed in the second half of the year due to weak domestic demand and high inventory levels, impacting Q3 supply chain performance. However, a recovery is anticipated in Q4 due to winter demand [2][11]. - The African logistics business is expanding rapidly, with the company replicating its Mongolian operations in Africa, aiming to establish a second growth curve. The logistics project in Congo has shown significant growth in the first three quarters of 2024 [2][3][11]. Financial Summary - The company forecasts net profits of 1.62 billion RMB, 2.14 billion RMB, and 2.68 billion RMB for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.65 RMB, 2.19 RMB, and 2.74 RMB [3][11]. - Revenue projections are set at 9.45 billion RMB for 2024, 12.06 billion RMB for 2025, and 15.61 billion RMB for 2026, with year-over-year growth rates of 35.0%, 27.7%, and 29.3% respectively [4][9].

Financial Performance - The company's operating revenue for Q3 2024 was ¥1,903,663,974.69, a decrease of 16.98% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was ¥329,293,363.97, an increase of 31.18% year-over-year[2] - Basic earnings per share for Q3 2024 was ¥0.34, reflecting a growth of 30.77% compared to the same period last year[2] - Total operating revenue for the first three quarters of 2024 reached CNY 6,544,252,179.84, an increase of 28.3% compared to CNY 5,100,868,810.68 in the same period of 2023[16] - Operating profit for the first three quarters of 2024 was CNY 1,288,604,728.94, representing a significant increase from CNY 863,402,705.03 in 2023[16] - The total comprehensive income for Q3 2024 was approximately ¥1.07 billion, compared to ¥774.45 million in Q3 2023, an increase of 37.7%[17] Assets and Liabilities - Total assets as of the end of Q3 2024 reached ¥8,238,911,503.01, representing a 27.39% increase from the end of the previous year[3] - The total assets of the company as of the end of Q3 2024 amounted to CNY 8,238,911,503.01, compared to CNY 6,467,457,995.28 at the end of Q3 2023, reflecting a growth of 27.4%[15] - The company's total liabilities reached CNY 2,475,047,039.36 in Q3 2024, up from CNY 1,470,276,635.86 in Q3 2023, marking a rise of 68.2%[15] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥911,224,677.31, down 45.43% compared to the same period last year[2] - The net cash flow from operating activities for the first nine months of 2024 was approximately ¥911.22 million, a decrease of 45.5% compared to ¥1.67 billion in the same period of 2023[18] - Cash inflow from operating activities totaled approximately ¥8.16 billion for the first nine months of 2024, compared to ¥5.87 billion in the same period of 2023, reflecting a growth of 39.1%[18] - The company reported a net cash outflow from investing activities of approximately ¥1.34 billion for the first nine months of 2024, compared to a net outflow of ¥128.11 million in the same period of 2023[19] - The cash and cash equivalents at the end of Q3 2024 were approximately ¥1.01 billion, down from ¥2.23 billion at the end of Q3 2023, indicating a decrease of 54.7%[19] Shareholder Information - The total number of common shareholders at the end of the reporting period is 12,413[9] - The top 10 shareholders hold a total of 24.91% of shares, with 嘉鑫毅 (Shanghai) Enterprise Management Partnership holding 243,446,308 shares[9] - The number of shares held by the top 10 unrestricted shareholders totals 243,446,308 shares, representing 24.91% of the total shares[10] - The company plans to distribute a cash dividend of 0.3 RMB per share, totaling 292,224,022.80 RMB (including tax) based on a total share capital of 974,080,076 shares after buyback[12] Operational Insights - The company attributed the increase in net profit to business scale growth and profit increase[6] - The company plans to continue expanding its market presence and investing in new technologies[6] - The company completed the modernization and renovation project for the 卡松巴莱萨-萨卡尼亚 road and port, with surplus funds of 182.12 million RMB being permanently added to working capital[12] Inventory and Receivables - Accounts receivable increased to 355,986,226.84 RMB from 290,573,248.57 RMB year-over-year[13] - Inventory has risen significantly to 1,509,910,510.20 RMB compared to 889,340,290.53 RMB in the previous year[13] - The company has a significant increase in prepayments, which rose to 526,619,863.00 RMB from 370,933,458.80 RMB[13] Research and Development - Research and development expenses for the first three quarters of 2024 were CNY 12,622,594.22, slightly up from CNY 11,543,882.07 in 2023[16]

嘉友国际物流股份有限公司 证券代码：603871 证券简称：嘉友国际 公告编号：2024-066 2024 年 10 月 25 日，公司完成工商变更登记和《公司章程》备案手续，取 得北京市西城区市场监督管理局换发的《营业执照》，公司注册资本由人民币 69,884.0449 万元变更为人民币 97,714.9042 万元。 特此公告。 嘉友国际物流股份有限公司董事会 2024 年 10 月 29 日 关于完成工商变更登记的公告 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"）于 2024 年 7 月 29 日、2024 年 8 月 15 日分别召开第三届董事会第二十五次会议、2024 年第二次临时股东大会 审议通过《关于变更注册资本的议案》、《关于修订<公司章程>的议案》。具体内 容详见公司于 2024 年 7 月 30 日、2024 年 8 月 16 日在上海证券交易所网站披露 的相关公告。 ...

证券代码：603871 证券简称：嘉友国际 公告编号：2024-065 嘉友国际物流股份有限公司 2024 年半年度权益分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利 0.3 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/10/31 | － | 2024/11/1 | 2024/11/1 | 差异化分红送转： 是 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 9 月 20 日的 2024 年第三次临时股东大会审 议通过。 二、分配方案 1.发放年度：2024 年半年度 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《公司法》《上市公司股份回购规则》《上海证券交易所上市公司自律监 ...