Jiayou International(603871) Changjiang Securities·2025-04-30 13:44Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - In 2024, the company achieved revenue of 8.75 billion, a year-on-year increase of 25.1%, and a net profit attributable to shareholders of 1.28 billion, up 22.9% year-on-year [6][10] - The fourth quarter of 2024 saw revenue of 2.21 billion, a 16.6% year-on-year increase, but net profit dropped significantly by 33.9% [6][10] - In the first quarter of 2025, revenue reached 2.29 billion, a 15.0% year-on-year increase, while net profit decreased by 14.8% [6][10] - The company plans to distribute a cash dividend of 4 yuan per 10 shares (tax included) and to convert 4 shares from capital reserves for every 10 shares [6][10] Summary by Sections Business Performance - The company’s coal supply chain trade service revenue grew by 29.8% due to accelerated delivery and increased market share [2][10] - The copper export volume from the Democratic Republic of Congo continued to rise, contributing to the growth of cross-border multimodal transport and inland port projects [2][10] - The company’s gross profit increased by 32.3% to 1.8 billion, with significant contributions from cross-border multimodal transport, coal supply chain trade, and inland port projects [10] Quarterly Analysis - The fourth quarter of 2024 was impacted by weak domestic coal demand, leading to a decline in both volume and price for imported coal [10] - The average price of main coking coal dropped by 33.5%, and short-term shipping rates fell by 75.4%, resulting in a significant pressure on profit margins [10] - In the first quarter of 2025, net profit improved slightly due to reduced expenses and a reversal of inventory impairment losses [10] Strategic Initiatives - The company aims to enhance the efficiency of the China-Mongolia cross-border corridor and expand into potential port markets [10] - There is a focus on developing a network of ports, warehouses, and fleets in Africa, moving towards a "network system" operation [10] - The acquisition of the BHL fleet is expected to strengthen the company's logistics network in Africa [10] Financial Projections - The company forecasts net profits of 1.38 billion, 1.61 billion, and 1.85 billion for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 10.4, 9.0, and 7.8 [10]