嘉友国际，2024半年报点评，业绩和分红，均超预期

Investment Rating - The report maintains an "Overweight" rating for the company [1][6][7] Core Views - The company reported strong performance in its 2024 semi-annual report, with total revenue reaching 4.641 billion, a year-on-year increase of 65.27%, and net profit attributable to shareholders of 759 million, up 50.74% year-on-year [2][3] - The basic earnings per share for the period was 0.78, reflecting a 50% increase compared to the previous year, with a cash dividend of 0.3 per share, totaling 290 million, which accounts for 38.5% of the net profit [2][3] - The company focuses on international logistics business, particularly in land transportation, and has established a sustainable international logistics network through investments in logistics infrastructure and customs supervision in various regions [2][3] Summary by Sections Financial Performance - Total revenue for the first half of 2024 was 4.641 billion, a 65.27% increase year-on-year - Net profit attributable to shareholders was 759 million, a 50.74% increase year-on-year - Basic earnings per share were 0.78, a 50% increase year-on-year - The company plans to distribute a cash dividend of 0.3 per share, with a semi-annual dividend yield of 1.9% based on the closing price of 16 on August 28 [2][3] Business Operations - The company has seen positive growth in the China-Mongolia cross-border logistics market, with bilateral trade reaching 64.803 billion, a year-on-year increase of 18.8% - The cargo volume at key ports has also increased significantly, with historical highs achieved in both import and export volumes [2][3] - In Africa, projects such as the Congo (Kinshasa) Kasai land port are experiencing steady growth, and several projects are under construction [2][3] Future Outlook - The company is expected to continue exploring new business opportunities in the China-Mongolia and Central Asia regions, supported by its compliance with environmental regulations at key operational sites [2][3] - The diverse business models in Africa are anticipated to drive further growth [2][3]