嘉友国际：Q2业绩超预期，增长逻辑再兑现

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 25.77 CNY, indicating an expected performance that exceeds the market by more than 10% over the next 12 months [6][15][23]. Core Insights - The company has announced a significant increase in expected net profit for the first half of 2024, projecting a range of 746 to 796 million CNY, which represents a year-on-year growth of 48% to 58% [13][14]. - The growth is supported by robust trade between China and Mongolia, with bilateral trade reaching 51.9 billion CNY in the first five months of 2024, a 14.9% increase year-on-year [14]. - The company is expanding its logistics network in Africa, enhancing its operational capabilities and brand influence, which is expected to contribute to a second growth curve for the business [14]. Financial Summary - The company’s revenue is projected to grow from 6,995 million CNY in 2023 to 9,897 million CNY in 2024, reflecting a growth rate of 41.5% [23]. - The net profit attributable to the parent company is expected to increase from 1,039 million CNY in 2023 to 1,399 million CNY in 2024, marking a growth rate of 34.7% [23]. - Earnings per share (EPS) are forecasted to be 1.43 CNY in 2024, with a price-to-earnings (P/E) ratio of 13.22 [23].