Jiayou International(SH:603871) ZHESHANG SECURITIES·2025-08-27 14:22Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company's revenue for the first half of 2025 was approximately 40.8 billion yuan, a year-on-year decrease of 12%, with a net profit attributable to shareholders of about 5.6 billion yuan, down 26% year-on-year. In Q2 alone, revenue was around 17.9 billion yuan, down 32% year-on-year, but net profit improved to 3.0 billion yuan, a decrease of 34% year-on-year but an increase of 14% quarter-on-quarter [1][2] - The African land port project has shown significant revenue growth, with the revenue from the project in the first half of 2025 reaching 3.1 billion yuan, up 34% year-on-year, and a gross profit of 1.8 billion yuan, up 40% year-on-year, with a gross margin of approximately 60% [3] - The company plans to distribute a mid-term cash dividend of 0.2 yuan per share for 2025, with a dividend payout ratio of 48.79%, compared to 38.49% for the same period in 2024 [4] - Profit forecasts indicate that the net profit attributable to shareholders is expected to be 13.07 billion yuan, 15.66 billion yuan, and 19.14 billion yuan for the years 2025, 2026, and 2027 respectively [5] Financial Summary - For the first half of 2025, the company achieved a cross-border comprehensive logistics revenue of approximately 12.2 billion yuan, a year-on-year increase of 14%, with a gross profit of 3.6 billion yuan, up 19% year-on-year, and a gross margin of 29.7% [11] - The company’s coal supply chain trade saw a significant increase in import volume, with approximately 3.6 million tons of coal imported from Mongolia, a year-on-year increase of 70% [11] - The projected financials for 2025 estimate total revenue of 79.68 billion yuan and a net profit of 13.07 billion yuan, with an expected earnings per share of 0.96 yuan [13]