嘉友国际：员工持股彰显信心，业绩上修盈利高增

Investment Rating - The report maintains a Buy rating for the company, citing strong growth potential and undervaluation [8][3] Core Views - The company's 2024-2026 performance targets significantly exceed market expectations, with a projected compound annual growth rate (CAGR) of over 35% [3][19] - The company's African logistics business is expected to enter a rapid growth phase, driven by network effects and market expansion [3][19] - The company has introduced a mid-term dividend plan and a 2024 employee stock ownership plan, demonstrating confidence in its growth trajectory [8][19] Financial Projections - The company's net profit is projected to reach 1.56 billion yuan in 2024, 2.16 billion yuan in 2025, and 2.64 billion yuan in 2026, with corresponding P/E ratios of 11.2X, 8.1X, and 6.7X [3] - The 2024 P/E ratio is estimated at 10X, indicating the company is undervalued relative to its growth potential [3] - The company's revenue is expected to grow from 69.95 billion yuan in 2023 to 142.36 billion yuan in 2026, with a gross margin increasing from 19% to 22% [31] Employee Stock Ownership Plan - The 2024 employee stock ownership plan involves 3.069 million shares at a price of 11.42 yuan per share, representing 0.31% of the company's total shares [8] - The plan targets 122 participants, including senior management and core employees, aligning their interests with the company's long-term growth [8][19] Dividend Policy - The company has proposed a mid-term dividend of 0.3 yuan per share for the first half of 2024, with a payout ratio of 36.8%-39.3%, enhancing shareholder returns [8] African Business Growth - The company's African logistics business is positioned to benefit from the Kasai project in the Democratic Republic of Congo, a key route for mineral exports [12] - The Kasai project is expected to contribute significantly to the company's profitability, with vehicle tolls being a major revenue source [12] Market Performance - The company's stock price has shown strong performance, with a 12-month high of 29.90 yuan and a low of 15.21 yuan, closing at 18.00 yuan on July 30, 2024 [21]