Jiayou International(603871) 浙商证券·2024-09-23 01:03Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company has signed a cooperation memorandum with the Tanzania Ports Authority to develop and operate the Tunduma dry port and Tanga seaport, expanding its presence in Africa [2][3] - The Tunduma dry port is strategically located at the border between Zambia and Tanzania, handling over 70% of goods transported from Tanzania's largest port, Dar es Salaam, to Zambia, the Democratic Republic of the Congo, and Zimbabwe, with an annual cargo value of approximately $1.5 billion [2] - The Tanga seaport, located near the Kenyan border, is Tanzania's second-largest port with an annual throughput of nearly 800,000 tons, enhancing the company's logistics capabilities in East Africa [2] - The company's African operations are expected to form a second growth curve, driven by high-margin port and road projects, and a cross-border multimodal transport model [3] Financial Summary - The company forecasts a significant increase in revenue and net profit from 2024 to 2026, with projected net profits of 1.56 billion, 2.11 billion, and 2.63 billion yuan respectively [4][10] - Revenue is expected to grow from 10.51 billion yuan in 2024 to 15.56 billion yuan in 2026, reflecting a compound annual growth rate of approximately 25% [4][10] - The earnings per share (EPS) is projected to increase from 1.60 yuan in 2024 to 2.70 yuan in 2026 [4][10]