Jiayou International(SH:603871)2024-04-25 06:00Investment Rating - The report maintains a "Buy" rating for the company, with an expected price performance exceeding the benchmark index by more than 20% in the next 6-12 months [9][23]. Core Views - The company reported strong financial performance in 2023, with total revenue of RMB 6.995 billion, a year-on-year increase of 44.85%, and a net profit attributable to shareholders of RMB 1.039 billion, up 52.60% year-on-year [3][12]. - The growth was driven by stable increases in Mongolian coking coal imports and contributions from the African Kasai project, indicating a promising growth outlook for the company [3][11]. - The company is expected to achieve net profits of RMB 1.220 billion, RMB 1.440 billion, and RMB 1.617 billion for the years 2024, 2025, and 2026, respectively, reflecting growth rates of 17.4%, 18.1%, and 12.3% [3][12]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of RMB 6.995 billion, with a quarterly breakdown of RMB 15.84 million, RMB 12.24 million, RMB 22.93 million, and RMB 18.94 million for Q1 to Q4, showing significant year-on-year growth [3][12]. - The net profit for 2023 was RMB 1.039 billion, with quarterly net profits of RMB 2.02 million, RMB 3.01 million, RMB 2.51 million, and RMB 2.84 million for Q1 to Q4, indicating strong performance across the year [3][12]. Market Dynamics - The company benefitted from a 98.54% increase in cargo throughput at the Ganqimodu port, with coal imports rising by 102.37% to 36.51 million tons in 2023 [3][11]. - The supply chain trade business saw a significant increase, with revenues from the China-Mongolia main coking coal business reaching RMB 4.431 billion, a year-on-year increase of 145.89% [3][11]. Future Projections - The report projects continued growth in net profits for the years 2024 to 2026, with expected earnings per share (EPS) of RMB 1.75, RMB 2.06, and RMB 2.31, corresponding to price-to-earnings (PE) ratios of 15.2, 12.9, and 11.5, respectively [3][12]. - The international land port operations revenue grew by 322% in 2023, indicating a successful expansion of the company's business model [3][11].