上 市 公 司 交通运输 | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 4.22 | | 资产负债率% | 29.17 | | 总股本/流通 A 股（百万） | 1,368/1,368 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-27 09-27 10-27 11-27 12-27 01-27 02-27 03-27 04-27 05-27 06-27 07-27 08-27 -20% 0% 20% 40% 60% 嘉友国际 沪深300指数 (收益率) 相关研究 2025 年 08 月 27 日 嘉友国际 (603871) 证券分析师 ——短期波动不改长期成长，静待新老动能切换 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 27 日 | | --- | --- | | 收盘价（元） | 11.88 | | 一年内最高/最低（元） | 24.96/9.66 | | 市净率 | 2.8 | | 股息率%（分红/股价） | 5.89 | | 流通 A 股市值（百万元 ...

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 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]