北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-56916450 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 北京市康达律师事务所 关于嘉友国际物流股份有限公司 2024 年第一次临时股东大会的法律意见书 康达股会字[2024]第 0190 号 致：嘉友国际物流股份有限公司 北京市康达律师事务所（以下简称"本所"）接受嘉友国际物流股份有限公司（以 下简称"公司"）的委托，就公司 2024 年第一次临时股东大会（以下简称"本次会 议"）的相关事宜出具《北京市康达律师事务所关于嘉友国际物流股份有限公司 2024 年第一次临时股东大会的法律意见书》（以下简称本"《法律意见书》 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price performance exceeding the benchmark index by more than 20% in the next 6-12 months [9][23]. Core Views - The company reported strong financial performance in 2023, with total revenue of RMB 6.995 billion, a year-on-year increase of 44.85%, and a net profit attributable to shareholders of RMB 1.039 billion, up 52.60% year-on-year [3][12]. - The growth was driven by stable increases in Mongolian coking coal imports and contributions from the African Kasai project, indicating a promising growth outlook for the company [3][11]. - The company is expected to achieve net profits of RMB 1.220 billion, RMB 1.440 billion, and RMB 1.617 billion for the years 2024, 2025, and 2026, respectively, reflecting growth rates of 17.4%, 18.1%, and 12.3% [3][12]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of RMB 6.995 billion, with a quarterly breakdown of RMB 15.84 million, RMB 12.24 million, RMB 22.93 million, and RMB 18.94 million for Q1 to Q4, showing significant year-on-year growth [3][12]. - The net profit for 2023 was RMB 1.039 billion, with quarterly net profits of RMB 2.02 million, RMB 3.01 million, RMB 2.51 million, and RMB 2.84 million for Q1 to Q4, indicating strong performance across the year [3][12]. Market Dynamics - The company benefitted from a 98.54% increase in cargo throughput at the Ganqimodu port, with coal imports rising by 102.37% to 36.51 million tons in 2023 [3][11]. - The supply chain trade business saw a significant increase, with revenues from the China-Mongolia main coking coal business reaching RMB 4.431 billion, a year-on-year increase of 145.89% [3][11]. Future Projections - The report projects continued growth in net profits for the years 2024 to 2026, with expected earnings per share (EPS) of RMB 1.75, RMB 2.06, and RMB 2.31, corresponding to price-to-earnings (PE) ratios of 15.2, 12.9, and 11.5, respectively [3][12]. - The international land port operations revenue grew by 322% in 2023, indicating a successful expansion of the company's business model [3][11].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 33.48 CNY per share, indicating a potential upside from the current price of 26.61 CNY [28]. Core Insights - The company reported a strong Q1 2024 performance, achieving revenue of 1.995 billion CNY, a year-on-year increase of 25.97%, and a net profit attributable to shareholders of 307 million CNY, up 51.85% year-on-year [20]. - The report highlights the sustained high demand in China-Mongolia trade, with significant increases in cargo volume at the Ganqimod Port, which is expected to enhance the company's competitive edge in the coal supply chain [27]. - The company's expansion in Africa, particularly in the Congo, is anticipated to provide additional growth opportunities as production capacity increases and market share improves [27]. - The earnings forecast has been adjusted upwards due to the better-than-expected performance, with projected EPS for 2024-2026 being 1.86, 2.20, and 2.45 CNY per share respectively [27]. Financial Summary - For the fiscal year ending December 31, 2022, the company reported total revenue of 4.829 billion CNY, with a projected growth rate of 24.2% for 2023 [21]. - The net profit for 2022 was 681 million CNY, with a significant growth rate of 98.6% expected in 2023 [21]. - Key financial ratios include a projected P/E ratio of 10.64 for 2023 and an ROE of 21.3% [21].

Investment Rating - The report maintains a "Buy" rating for the company 嘉友国际 (Jiayou International) [19][24]. Core Insights - The company reported a revenue of 1.995 billion yuan in Q1 2024, representing a year-on-year growth of 26%. The net profit attributable to the parent company was 307 million yuan, a significant increase of 51.9% year-on-year, slightly exceeding expectations [19][24]. - The Mongolian coking coal supply chain business is expected to maintain high growth due to stable demand and tightening supply in the current market [8]. - The acquisition of the African fleet is anticipated to lead to rapid growth in the multi-modal transport segment in Africa, contributing positively to the company's performance [13][24]. Summary by Sections Market Data - Closing price as of April 23, 2024: 25.15 yuan - One-year high/low: 30.29/13.13 yuan - Price-to-book ratio: 3.4 - Circulating A-share market value: 17,576 million yuan [2]. Financial Performance - For the fiscal year 2024E, the company is projected to achieve a total revenue of 9.861 billion yuan, with a year-on-year growth rate of 41% [20]. - The net profit for 2024E is estimated at 1.313 billion yuan, reflecting a growth rate of 26.4% [20]. - The earnings per share (EPS) for 2024E is projected to be 1.88 yuan [20]. Future Projections - The company expects to achieve net profits of 1.556 billion yuan in 2025E and 1.768 billion yuan in 2026E, with corresponding price-to-earnings ratios of 11 and 10, respectively [24].

2023A 2024E 2025E 2026E 营业总收入(百万) 6,995 9,253 10,395 11,174 同比增速(%) 44.8% 32.3% 12.3% 7.5% 归母净利润(百万) 1,039 1,299 1,554 1,808 同比增速(%) 52.6% 25.0% 19.7% 16.3% 每股盈利(元) 1.49 1.86 2.22 2.59 市盈率(倍) 17 14 11 10 市净率(倍) 3.6 3.2 2.6 2.2 资料来源：公司公告，华创证券预测 注：股价为 2024 年 4 月 23 日收盘价 证 券 研 究 报 告 嘉友国际（603871）2024 年一季报点评 强推（维持） 24Q1 业绩超预期，归母净利 3.1 亿元，同比 +52%，持续强推 嘉友国际公告一季度业绩：增长超预期。一季度实现营业收入 20 亿元，同比 +26%；毛利 4 亿元，同比+50%，毛利率 20%，同比增长 3 个百分点；归母净 利 3.1 亿元，同比+52%，归母净利率 15.4%，同比提升 2.6 个百分点。销售 及管理费用率 1.6%，同比下降 0.3 个百分点。 我们预计一季度业绩增长 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][17]. Core Insights - In Q1 2024, the company achieved revenue of 1.995 billion RMB, representing a year-on-year growth of 26.0%, and a net profit attributable to shareholders of 307 million RMB, reflecting a year-on-year increase of 51.9% [1]. - The growth in revenue and profit is primarily attributed to the expansion of business scale, including strategic acquisitions and long-term coal supply agreements [1]. - The company completed the acquisition of a 20% stake in KEX for 88.1 million USD and an 80% stake in BHL for 25.5 million USD, enhancing its logistics and transportation capabilities in Africa [1]. - Gross margin increased to 19.98%, up by 3.17 percentage points year-on-year, while the net profit margin rose to 15.39%, an increase of 2.62 percentage points [1]. - The company is deepening its global strategy by strengthening cross-border logistics in landlocked countries, significantly increasing its international market share [1]. Summary by Sections Performance Analysis - Q1 2024 revenue was 1.995 billion RMB, a 26.0% increase year-on-year, with net profit at 307 million RMB, up 51.9% [1]. - The company acquired a 20% stake in KEX and an 80% stake in BHL, enhancing its logistics capabilities [1]. - Gross margin improved to 19.98%, and net profit margin increased to 15.39% [1]. Strategic Developments - The company signed a long-term coal supply agreement with MMC for 17.5 million tons over ten years, ensuring stable coal supply [1]. - The acquisition of BHL positions the company to leverage its logistics network in Africa [1]. - The company is focusing on cross-border logistics in regions such as Central Asia and Africa, enhancing its competitive edge [1]. Profit Forecast and Valuation - The report maintains net profit forecasts for 2024, 2025, and 2026 at 1.3 billion RMB, 1.51 billion RMB, and 1.69 billion RMB respectively [1].

Financial Performance - The company's operating revenue for Q1 2024 reached ¥1,995,092,777.45, representing a year-on-year increase of 25.97%[4] - Net profit attributable to shareholders was ¥307,109,761.65, marking a significant increase of 51.85% compared to the same period last year[4] - The net profit after deducting non-recurring gains and losses was ¥305,764,707.54, also up by 51.99% year-on-year[4] - Basic earnings per share (EPS) stood at ¥0.44, reflecting a growth of 51.72% from the previous year[4] - The weighted average return on equity (ROE) increased by 27.35 percentage points to 6.10%[4] - The total operating revenue for Q1 2024 was CNY 1,995,092,777.45, representing an increase of 26.0% compared to CNY 1,583,762,936.31 in Q1 2023[48] - The net profit for Q1 2024 reached CNY 308,111,621.42, a significant increase of 52.5% from CNY 202,063,402.50 in Q1 2023[50] - The company reported a basic earnings per share of CNY 0.44 for Q1 2024, compared to CNY 0.29 in Q1 2023, indicating a growth of 51.7%[51] - The company reported a total comprehensive income of CNY 322,625,431.17 for Q1 2024, compared to CNY 130,153,111.58 in Q1 2023, marking a growth of 147.5%[51] Cash Flow and Investments - The net cash flow from operating activities decreased by 59.15% to ¥101,041,205.36, primarily due to increased procurement of coking coal[14] - Cash flow from operating activities reached CNY 2,140,949,052.88, compared to CNY 1,524,170,614.92 in the first quarter of 2023, indicating a significant increase[30] - The net increase in cash and cash equivalents was CNY -73,916,406.43, contrasting with a positive increase of CNY 211,402,939.96 in the same period last year[32] - Operating cash inflow totaled $2,473,027,263.38, an increase from $1,599,275,449.52 year-over-year[57] - Operating cash outflow amounted to $2,371,986,058.02, compared to $1,351,944,598.82 in the previous year[57] - Net cash flow from operating activities was $101,041,205.36, down from $247,330,850.70 year-over-year[57] - Cash inflow from investment activities reached $670,003,724.07, significantly higher than $188,552,830.74 in the prior year[57] - Net cash flow from investment activities was -$238,164,272.01, compared to -$58,997,595.20 in the previous year[57] - Cash inflow from financing activities was $72,082,430.59, up from $36,680,000.00 year-over-year[57] - Net cash flow from financing activities increased to $71,654,913.26 from $26,315,607.56 in the previous year[57] Assets and Liabilities - The total assets of the company as of the end of the reporting period amounted to ¥6,855,983,878.67, an increase from the previous year's total[23] - The company's current liabilities totaled ¥1,483,522,854.48, showing a slight increase compared to the previous year[23] - The total assets increased to CNY 6,855,983,878.67, up 6.01% from CNY 6,467,457,995.28 in the previous year[35] - The equity attributable to shareholders of the listed company rose to CNY 5,201,677,981.47, representing a 6.69% increase from CNY 4,875,705,420.39[35] - The total liabilities amounted to CNY 1,531,736,321.45, up from CNY 1,470,276,635.86, reflecting a growth in financial obligations[35] Acquisitions and Investments - The company completed the acquisition of a 20% stake in Khangad Exploration LLC, with all necessary overseas investment filing procedures finalized[19] - The company also finalized the acquisition of 80% of Reinsberg Holding AG for $25,500,016.00, with investment filing procedures completed[20] - The company signed a share transfer agreement to acquire 20% equity in Khangad Exploration LLC for USD 88,810,000 on February 21, 2024[41] - The company also acquired 80% equity in Reinsberg Holding AG, further expanding its market presence[42] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 11,017, indicating a broad base of ownership[38] Research and Development - Research and development expenses for Q1 2024 were CNY 3,990,702.77, compared to CNY 2,038,224.68 in Q1 2023, reflecting an increase of 96.0%[50] Taxation - The company received tax refunds totaling $211.68 million[57] - The company paid $90,973,282.68 in various taxes, an increase from $54,801,377.11 year-over-year[57] Accounting Standards - The company plans to implement new accounting standards starting in 2024[58]

分析师声明 本报告署名分析师以勤勉的职业态度，独立、客观地出具本报告。分析逻辑基于作者的职业理解，本报告清晰准确地反映了作 者的研究观点。作者所得报酬的任何部分不曾与，不与，也不将与本报告中的具体推荐意见或观点而有直接或间接联系，特此声明。 法律主体声明 本报告由长江证券股份有限公司及/或其附属机构（以下简称「长江证券」或「本公司」）制作，由长江证券股份有限公司在中 华人民共和国大陆地区发行。长江证券股份有限公司具有中国证监会许可的投资咨询业务资格，经营证券业务许可证编号为： 10060000。本报告署名分析师所持中国证券业协会授予的证券投资咨询执业资格书编号已披露在报告首页的作者姓名旁。 在遵守适用的法律法规情况下，本报告亦可能由长江证券经纪（香港）有限公司在香港地区发行。长江证券经纪（香港）有限 公司具有香港证券及期货事务监察委员会核准的"就证券提供意见"业务资格（第四类牌照的受监管活动），中央编号为：AXY608。 本报告作者所持香港证监会牌照的中央编号已披露在报告首页的作者姓名旁。 其他声明 本报告并非针对或意图发送、发布给在当地法律或监管规则下不允许该报告发送、发布的人员。本公司不会因接收人收到本报 ...

2024 年 4 月 17 日，嘉友国际发布 2023 年年度报告。2023 年公司 实现营业收入 70 亿元，同比增长 44.9%；实现归母净利润 10.4 亿 元，同比增长 52.6%。其中，Q4 公司实现营收 18.9 亿元，同比增 长 85.5%；实现归母净利润 2.8 亿元，同比增长 32.9%。 买入(维持评级) 业务规模持续增长，营收同比增加。2023 年公司营收同比增长 44.9%，主要系中蒙、中非、中亚等业务带来增长。（1）中蒙市场： 2023 年，以供应链贸易为统计口径的中蒙主焦煤业务收入 44.3 亿元，同比增长 145.9%，公司凭借物流基础设施布局，业务总货 量同比增长创新高（2）非洲市场：2023 年，非洲刚果（金）卡萨 项目投入正式运营，道路及口岸通车量超出预期，经营业绩持续向 好，公司陆港运营实现收入 4.2 亿元，较去年增长 322%，打造公 司业绩增长新动力；（3）中亚市场：2023 年，中国与中亚五国贸 易额达到 6294.5 亿元，同比增加 34.1%。公司在中亚市场的货量 较去年同期增长 422.5%，业绩实现稳步增长。 毛利率同比增长，归母净利率小幅上升。2023 ...

证券代码：603871 证券简称：嘉友国际 公告编号：2024-025 嘉友国际物流股份有限公司 关于召开 2023 年年度股东大会的通知 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。 (一) 股东大会类型和届次 2023 年年度股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 5 月 15 日 14 点 30 分 召开地点：北京市石景山区城通街 26 号院 2 号楼 24 层公司会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 重要内容提示： 一、召开会议的基本情况 二、会议审议事项 本次股东大会审议议案及投票股东类型 | 序号 | 议案名称 | 投票股东类型 | | --- | --- | --- | | | | A 股股东 | | | 非累积投票议案 | | | 1 | 《2023 年度董事会工作报告》 | √ | | 2 ...