丨证券研究报告丨 公司研究丨点评报告丨嘉友国际（603871.SH） [Table_Title] Q2 中蒙业务触底，非洲陆港毛利高增 报告要点 [Table_Summary] 2025H1，公司营业收入为 40.8 亿元，同比下降 12.0%；归母净利为 5.6 亿元，同比下降 26.1%； 2025Q2，公司营业收入为 17.9 亿元，同比下降 32.4%；归母净利为 3.0 亿元，同比下降 33.9%。 2025Q2，受国内焦煤需求影响，蒙煤量、价双双走弱，Q2 焦煤均价下降约 40%，25Q2 蒙煤 单季度贸易利差基本见底，利润主要来源于跨境物流服务。公司非洲卡萨公路通车量稳步爬坡， 盈利持续释放，赞比亚道路 6 月落地，预计下半年增厚盈利，新项目稳步推进。7 月以来，煤 炭"反内卷"驱动焦煤价格反弹，三季度贸易价差有望见底回升。 分析师及联系人 [Table_Author] SAC：S0490512020001 SAC：S0490519060002 SAC：S0490524120001 SFC：BQK468 SFC：BWN875 韩轶超 鲁斯嘉 胡俊文 请阅读最后评级说明和重要声明 %% %% %% ...

嘉友国际 20250827 摘要 佳友国际上半年营收 12.18 亿元，同比增长 13.94%，毛利 3.6 亿元， 同比增长 18.78%。陆港运营项目营收 3.09 亿元，同比增长 34.35%，毛利增长 40.43%。供应链贸易业务营收 25.34 亿元，同比 下降 24.13%，受焦煤价格下跌影响，但进口量同比增长近 70%。 蒙古主焦煤市场经历价格下跌后趋于平稳，预计将保持平稳回升状态。 佳友国际通过长协和股权投资锁定资源端价格风险，并灵活调整采购价 格，有效抵御了市场波动带来的影响。 佳友国际在非洲通过 PPP 模式建设陆港和道路，与刚果金签订协议，实 现日均 800 车次流量。赞比亚和恩多拉项目即将投产，上半年陆港项目 毛利增长 40%，基础设施建设支持大物流网络发展，促进当地经济增长。 佳友国际在刚果金打通重要物流通道，为非洲布局提供支撑，并与客户 和供应商建立紧密合作关系。赞比亚萨卡尼亚口岸预计 2026 年竣工， 莫坎博项目预计明年或后年初开始运营，提升区域矿业公司效率。 佳友国际在坦桑尼亚和纳米比亚扩展物流网络，推进港口及特殊经济区 项目和金湾物流园建设，计划连接更多港口，形成完整的通道 ...

嘉友国际（603871.SH）2025 年半年报点评 25Q2 业绩符合预期，陆港项目 25H1 毛利同比+40% 2025 年 08 月 27 日 ➢ 事件概述：2025 年 8 月 26 日，公司发布 2025 年半年报，25Q2 业绩符合 预期，蒙古进口铜精矿仓储分拨业务达到历史同期最高水平，非洲陆港项目 1H25 毛利同比+40.4%。2025H1 公司实现营收 40.8 亿元，同比-12.0%；实 现归母净利润 5.6 亿元，同比-26.2%；归母净利率 14%，同比-2.6pct。 分季度看，2025Q2 公司实现营收 17.9 亿元，同比-32.4%，环比-22.0%；实现 归母净利润 3.0 亿元，同比-34%，主要受国内需求波动和蒙古国主焦煤价格同 比大幅下滑影响。归母净利率 16.7%，同比-0.4pct。 ➢ 分业务结构看：1）供应链贸易业务，受国内需求波动影响，蒙古国主焦煤 价格同比下跌约 40%，中蒙主焦煤供应链贸易业务利润承压。1H25 板块实现营 收 25.3 亿元，同比-24.1%，毛利 2.0 亿元，同比-63.9%；业务量方面，1H25 公司蒙古国主焦煤进口量近 360 万 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][6][17] Core Views - The company's revenue from supply chain trade, cross-border multimodal transport, and land port projects is projected to be 65.72%, 27.96%, and 5.64% respectively in 2024, with gross profit contributions of 42.41%, 41.63%, and 15.79% [1] - The company has faced pressure in its Mongolian coal business, with a 8.7% year-on-year decline in coal imports and a 39.6% drop in import prices, but there are signs of potential recovery due to policy changes [2] - The African cross-border logistics network is developing, with the acquisition of BHL expected to enhance operational efficiency and expand into broader international markets [3] - The company is considered undervalued with a projected PE of approximately 12 times for 2025, and an estimated dividend yield of around 5% for 2026 [4] Financial Summary - Revenue is expected to grow from 6,995.26 million in 2023 to 11,533.70 million in 2027, with a growth rate of 44.85% in 2023 and a projected 12.61% in 2027 [10][11] - The net profit attributable to the parent company is forecasted to decrease from 1,038.79 million in 2023 to 1,204.52 million in 2025, before increasing to 1,753.88 million in 2027 [10][11] - The company’s EBITDA is projected to rise from 1,297.88 million in 2023 to 2,330.67 million in 2027, indicating a strong operational performance [10][11]

雷达财经 文|冯秀语 编|李亦辉 6月22日，嘉友国际物流股份有限公司（证券代码：603871）公告，公司通过其全资子公司中非国际物流投资有限公司的控股子公司JASWIN PORTS LIMITED，投资赞比亚萨卡尼亚口岸和恩多拉至穆富利拉道路升级改造项目。该项目特许权期限为22年，总投资金额为76,129,229.48美元，后经增资，投资 金额增加至68,516,306.53美元。项目包括赞比亚萨卡尼亚口岸至恩多拉公路、萨卡尼亚口岸以及萨卡尼亚至穆富利拉公路的升级改造。 目前，赞比亚萨卡尼亚口岸至恩多拉公路已全线贯通，收费站建设完成；口岸升级改造工程已完成环评许可、征地拆迁等工作；萨卡尼亚至穆富利拉公路已 完成环评许可、征地拆迁等工作，道路和涵洞正在施工中。 目前，公司董事长为韩景华，董秘为聂慧峰，员工人数为2905人，实际控制人为韩景华、孟联。 公司参股公司42家，包括JASTAN DISTRILOG LIMITED、JASZAM SMART CITY LIMITED、乌拉特中旗甘其毛都华方国际物流有限公司、乌拉特中旗甘其 毛都嘉友国际物流有限公司、嘉荣悦达国际物流（上海）有限公司等。 在业绩方面，公司2 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][17] Core Viewpoints - The company's performance in 2024 was slightly below expectations, with revenue of 8.754 billion yuan, a year-on-year increase of 25.14%, and a net profit of 1.276 billion yuan, up 22.88% [7][4] - The report indicates a trend of high performance in the first half of 2024 followed by a decline in the latter half, with a continued weak performance in Q1 2025 [2][13] - The company has made significant progress in establishing a logistics network in Africa, which is expected to enhance long-term growth prospects [3][13] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 87.54 billion yuan, with a net profit of 12.76 billion yuan, while Q4 revenue was 22.09 billion yuan, showing a year-on-year growth of 16.63% [7][4] - For Q1 2025, the company reported a revenue of 22.95 billion yuan, a 15.02% increase year-on-year, but net profit decreased by 14.77% to 2.62 billion yuan [7][4] Trade and Logistics - The cross-border multi-modal transport services generated revenue of 2.45 billion yuan and gross profit of 750 million yuan in 2024, reflecting a year-on-year increase of 22.2% and 31.5% respectively [2][13] - The main coking coal supply chain trade achieved revenue of 5.75 billion yuan and gross profit of 760 million yuan, with year-on-year increases of 29.8% and 46.1% respectively [2][13] Strategic Developments - The acquisition of the African cross-border transport company BHL in 2024 has established distribution nodes across different countries in Southeast Africa, replicating the successful model from the China-Mongolia trade [3][13] - The land port project in 2024 generated revenue of 490 million yuan, a 16.4% increase year-on-year, with a gross profit of 280 million yuan, reflecting a 7.3% increase [3][13] Future Outlook - The company has adjusted its earnings forecasts for 2025-2026 downwards due to the impact of Mongolian coal demand, with projected net profits of 1.467 billion yuan and 1.601 billion yuan respectively [4][14] - The long-term growth prospects remain positive, supported by a low PE valuation and the potential for further improvements in operational efficiency [4][14]