Jiayou International(603871) 兴业证券·2024-11-17 02:18Investment Rating - The report maintains an "Increase" investment rating for the company [1] Core Views - The company reported a Q3 2024 revenue of 1.9 billion yuan, a year-on-year decrease of 16.98%, while the net profit attributable to the parent company was 330 million yuan, reflecting a year-on-year increase of 31.18% [2] - The company has signed a long-term cooperation agreement with MMC, which will increase sales of various coking coal products by 1.5 to 3 million tons annually, enhancing resource advantages [3] - The company is expanding its operations in Africa, having signed a memorandum of cooperation with the Tanzania Ports Authority to develop and operate logistics and channel management at key ports [3] - Despite a slight decline in profit growth in Q3, the company continues to show high growth year-on-year, indicating confidence in its African business and project reserves [4] - The company is positioned as a leader in emerging markets and a pioneer in African logistics, with a strong cash flow and a historical dividend payout ratio of 40%, suggesting a solid investment safety net [4] Financial Summary - For 2024, the company forecasts revenues of 10.435 billion yuan, with a year-on-year growth of 49.2%, and a net profit of 1.557 billion yuan, reflecting a growth of 49.8% [6] - The gross profit margin is expected to improve from 19.4% in 2023 to 20.0% in 2024, with a return on equity (ROE) projected to rise from 21.3% to 26.8% [6] - The earnings per share (EPS) is projected to increase from 1.06 yuan in 2023 to 1.59 yuan in 2024, with corresponding price-to-earnings (PE) ratios of 19.0 and 12.7 respectively [6]