Jiayou International(603871) 国金证券·2024-07-10 02:02Investment Rating - The report maintains a "Buy" rating for the company, with an expectation of a price increase of over 15% in the next 6-12 months [1]. Core Insights - The company's performance in the first half of 2024 showed significant growth, driven by increased business scale in markets such as China-Mongolia, Africa, and Central Asia. The bilateral trade volume between China and Mongolia reached 51.9 billion RMB, a year-on-year increase of 14.9% [1]. - The company has established a long-term cooperation agreement with MMC, Mongolia's largest high-quality coking coal producer, to secure a stable supply of 17.5 million tons of coal over ten years, enhancing its core competitiveness [1]. - The acquisition of 80% of BHL, Zambia's largest trucking company, is expected to expand the company's logistics capabilities in Southern Africa, optimizing transportation routes and increasing cross-border vehicle utilization [1]. Summary by Sections Performance Review - The company reported a significant increase in performance for the first half of 2024, with a projected net profit of 7.46 to 7.96 billion RMB, representing a year-on-year growth of 48%-58% [1]. - The second quarter net profit is expected to be between 4.4 to 4.9 billion RMB, showing a year-on-year increase of 45%-62% [1]. Financial Forecast and Valuation - The net profit forecast for 2024-2026 has been raised to 1.45 billion RMB, 1.65 billion RMB, and 1.86 billion RMB, respectively, from previous estimates of 1.30 billion RMB, 1.51 billion RMB, and 1.69 billion RMB [1].