Jiayou International(603871) ZHESHANG SECURITIES·2025-04-28 01:20Investment Rating - The investment rating for the company is "Buy" and it is maintained [9] Core Views - The company achieved a 23% year-on-year growth in net profit attributable to shareholders in 2024, with a revenue of approximately 8.75 billion yuan, reflecting a 25% increase [2] - The cross-border logistics network in Africa is gradually taking shape, with a revenue of 2.45 billion yuan in 2024, up 22% year-on-year, and a gross profit margin of 30.6% [3] - The coal supply chain trade business saw a revenue of about 5.8 billion yuan in 2024, a 30% increase, with a gross profit margin of 13.3% [4] - The company is focusing on expanding its operations in Africa, particularly in Zambia and Tanzania, to enhance cross-border logistics [5] - The company has significantly increased its dividend payout ratio to 53.5% in 2024, up from 33.5% in 2023 [6] - The forecast for net profit attributable to shareholders for 2025-2027 is 1.463 billion, 1.7 billion, and 1.975 billion yuan respectively, driven by dual engines of business in Mongolia and Africa [7] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of approximately 87.5 billion yuan, with a net profit of about 12.8 billion yuan, marking a 23% increase year-on-year [2] - The first quarter of 2025 showed a revenue of approximately 22.9 billion yuan, a 15% increase year-on-year, with a net profit of 2.6 billion yuan, down 15% year-on-year but improved from the previous quarter [2] Business Segments - The cross-border logistics segment generated 2.45 billion yuan in revenue in 2024, with a gross profit of 750 million yuan, reflecting a 31% increase in gross profit year-on-year [3] - The coal supply chain trade segment reported a revenue of approximately 58 billion yuan, with a gross profit of 7.6 billion yuan, a 46% increase year-on-year [4] - The land port project services generated 490 million yuan in revenue, with a gross profit of 280 million yuan, despite a slight decrease in gross profit margin due to increased amortization of franchise rights [5] Shareholder Returns - The company emphasized shareholder returns with a cash dividend of 680 million yuan in 2024, representing a payout ratio of 53.5% [6] Earnings Forecast - The projected net profit for 2025 is 1.463 billion yuan, with expected growth rates of 15% and 16% for the following years [7]