Jiayou International(SH:603871) Guoxin Securities·2024-04-26 03:00Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported strong performance in Q1 2024, achieving revenue of 2.0 billion yuan, a year-on-year increase of 26.0%, and a net profit attributable to shareholders of 310 million yuan, up 51.9% year-on-year and 8.1% quarter-on-quarter [1][7] - In 2023, the company achieved total revenue of 7.0 billion yuan, representing a year-on-year growth of 44.9%, and a net profit of 1.04 billion yuan, up 52.6% year-on-year [1][7] - The significant increase in coal imports from Mongolia to China has greatly benefited the company's coal supply chain business, with service revenue from coking coal supply chain trading increasing by 145.9% to 4.43 billion yuan in 2023 [1][13] - The company has deepened its relationship with major client MMC by acquiring a 20% stake in KEX and signing a long-term coal supply agreement for 17.5 million tons over ten years, enhancing its competitive edge in the Mongolia-China business [1][16] - The company's African operations are gaining traction, with successful logistics models established in landlocked countries like the Democratic Republic of Congo and Zambia, and ongoing investments to enhance cross-border transport capabilities [1][17] - The company is expected to maintain rapid growth in its coal supply chain business as the trade scale between China and Mongolia continues to expand [1][13] Financial Forecasts - Revenue is projected to grow from 6.995 billion yuan in 2023 to 8.604 billion yuan in 2024, reflecting a growth rate of 23.0% [4] - Net profit is expected to increase from 1.039 billion yuan in 2023 to 1.306 billion yuan in 2024, representing a growth of 25.7% [4] - The company’s earnings per share (EPS) is forecasted to rise from 1.49 yuan in 2023 to 1.87 yuan in 2024 [4] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 17.9 in 2023 to 14.2 in 2024, indicating a more attractive valuation [4]