嘉友国际（603871）：短期波动不改长期成长，静待新老动能切换

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a decline in revenue and net profit for the first half of 2025, with total revenue of 4.08 billion yuan, down 12% year-on-year, and net profit attributable to shareholders of 561 million yuan, down 26.2% year-on-year, slightly below expectations [7] - The decline in performance is attributed to pressure on the Mongolian coal import business, with average daily coal clearance at the Ganqimaodu port dropping by 15.87% year-on-year [7] - Despite the challenges in the coal sector, the company's multimodal transport and land port projects showed strong growth, with multimodal transport contributing a gross profit of 360 million yuan, up 18.78% year-on-year, and land port projects contributing 184 million yuan, up 40.43% year-on-year [7] - The earnings forecast for 2025-2027 has been adjusted downward due to the slowdown in the Mongolian coal business, with expected net profits of 1.317 billion, 1.547 billion, and 1.776 billion yuan for 2025, 2026, and 2027 respectively [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 9.231 billion yuan, with a year-on-year growth rate of 5.5% [6] - The net profit for 2025 is expected to be 1.317 billion yuan, with a year-on-year growth rate of 3.2% [6] - The earnings per share for 2025 is estimated at 0.96 yuan, with a projected price-to-earnings ratio of 12 [6] - The company's gross profit margin is expected to be 19.5% in 2025, with a return on equity (ROE) of 19% [6]