Jiayou International(603871) 国金证券·2024-07-30 03:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][14]. Core Insights - The company has shown significant growth in business scale, with Q2 performance exceeding expectations. The revenue for 2023 is projected to reach 6,995 million RMB, a 44.85% increase from 2022, and is expected to grow to 10,764 million RMB in 2024, reflecting a 53.87% growth rate [4][5]. - The net profit for 2023 is forecasted at 1,039 million RMB, a 52.60% increase from the previous year, with further growth anticipated to 1,577 million RMB in 2024, marking a 51.78% increase [4][5]. - The company is actively pursuing acquisitions, including a significant deal in Zambia, which is expected to enhance operational capacity and revenue generation [5]. Summary by Sections Financial Performance - Revenue is projected to grow from 4,829 million RMB in 2022 to 10,764 million RMB in 2024, with a compound annual growth rate (CAGR) of 53.87% [4]. - Net profit is expected to increase from 681 million RMB in 2022 to 1,577 million RMB in 2024, reflecting a CAGR of 51.78% [4]. - The diluted earnings per share (EPS) is forecasted to rise from 1.361 RMB in 2022 to 1.614 RMB in 2024 [4]. Employee Stock Ownership Plan - The company announced a 2024 employee stock ownership plan aimed at enhancing employee motivation and loyalty, with performance targets set for net profit growth of 50% in 2024, 103% in 2025, and 153% in 2026 [5]. Market Expansion - The company has secured a long-term coal supply agreement with MMC in the Mongolia market, ensuring stable supply and potential for significant business growth [5]. - In the African market, the acquisition of Zambia's largest truck transportation company is expected to expand fleet size and increase revenue as new projects come online [5].