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] 蒙煤业务阶段性承压，非洲点线网战略升级 ——嘉友国际 2024 年报及 2025 年一季报点评 报告要点 [Table_Summary] 2024 年，公司通过加快提货节奏、提升市场份额，主焦煤供应链贸易服务收入实现同比增长 29.8%；刚果（金）铜出口量持续增长以及收购 BHL 车队扩张非洲内陆运输，共同推动跨境多 式联运和陆港项目快速增长。受国内焦煤需求疲软影响，蒙煤进口呈现量价齐跌趋势，公司单 吨毛利预计显著承压，4Q24 归母净利润同比大幅下滑 33.9%。1Q25，得益于期间费用环比减 少，以及存货跌价损失冲回，公司 1Q25 归母净利润环比增长 0.7 亿元至 2.6 亿元。 分析师及联系人 [Table_Author] 韩轶超 鲁斯嘉 胡俊文 SAC：S0490512020001 SAC：S0490519060002 SAC：S0490524120001 SFC：BQK468 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 嘉友国际（603871.SH ...

证券代码：603871 证券简称：嘉友国际 公告编号：2025-019 嘉友国际物流股份有限公司 关于财务总监辞职暨聘任财务总监的公告 吴彩静女士辞职后将不再担任公司任何职务。公司董事会对吴彩静女士任职 期间为公司发展做出的贡献表示衷心感谢！ 根据《公司法》和《公司章程》等相关规定，经公司总裁提名，第三届董事 会提名委员会第三次会议、第三届董事会审计委员会第十三次会议审议通过，公 司于 2025 年 4 月 30 日召开第三届董事会第三十四次会议审议通过《关于聘任公 司财务总监的议案》，同意聘任周立军女士为公司财务总监（简历详见附件），任 期与公司第三届董事会任期一致。 特此公告。 嘉友国际物流股份有限公司董事会 2025 年 5 月 1 日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 嘉友国际物流股份有限公司（简称"公司"）董事会于 2025 年 4 月 30 日收 到财务总监吴彩静女士的辞职报告。吴彩静女士因个人原因申请辞去公司财务总 监职务，辞职报告自送达公司董事会之日起生效。 附件：简历 周立军女士，1969 年出 ...

24 年归母净利润增长 23%，看好非洲、中蒙市场扩张 嘉友国际(603871) 报告日期：2025 年 04 月 27 日 证券研究报告 | 公司点评 | 物流 ——嘉友国际 2024 年报及 2025 一季报点评 投资要点 ❑ 24 年归母净利润同比+23%，25Q1 盈利环比改善 2024 年，公司实现营业收入约 87.5 亿元，同比+25%；归母净利润约 12.8 亿元， 同比+23%。其中 24Q4 营业收入约 22.1 亿元，同比+17%，归母净利润 1.9 亿 元，同比-34%，业绩不及预期，主要因为焦煤市场阶段性承压。25Q1 营业收入 约 22.9 亿元，同比+15%，归母净利润 2.6 亿元，同比-15%，环比改善。 ❑ 跨境综合物流：非洲跨境物流网络逐步成型，业务协同效应将逐步显现 2024 年跨境综合物流服务收入 24.5 亿元，同比+22%，毛利 7.5 亿元，同比 +31%，毛利率 30.6%，同比+2.2pct。其中，24H1、24H2 收入同比分别+1%、 +45%，下半年增长主要因为公司于 24Q2 末完成收购非洲本土车队 BHL，非洲 跨境物流网络持续扩张。截至 24 年末 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 14.76 CNY per share [7]. Core Insights - The company achieved a net profit attributable to shareholders of 1.28 billion CNY in 2024, representing a year-on-year increase of 22.9%, with total revenue reaching 8.75 billion CNY, up 25.1% year-on-year [1]. - The supply chain trading business faced challenges in the second half of 2024, while the cross-border multimodal transport logistics services segment continued to grow rapidly [2]. - The company is focused on enhancing shareholder returns, with a dividend payout ratio of 53.5% in 2024, an increase of 20 percentage points year-on-year [3]. Business Structure Summary - **Supply Chain Trading Business**: In 2024, this segment generated revenue of 5.75 billion CNY, up 29.7% year-on-year, but saw a decline in the second half of the year with revenue of 2.41 billion CNY, down 18.4% year-on-year [2]. - **Cross-Border Multimodal Transport Logistics Services**: This segment reported revenue of 2.45 billion CNY in 2024, a year-on-year increase of 22.2%, with significant growth in the second half of the year [2]. - **Land Port Projects**: The segment achieved revenue of 490 million CNY in 2024, up 16.4% year-on-year, maintaining a steady growth trajectory [2]. Future Business Development - The company plans to deepen its regional development strategy in Mongolia and Africa, focusing on operational capabilities and customer capacity at key ports [5]. - The acquisition of the BHL fleet has enhanced logistics service capabilities, with over 1,000 transport resources directly managed [4]. - Profit forecasts for 2025 to 2027 indicate net profits of 1.46 billion CNY, 1.68 billion CNY, and 1.94 billion CNY, respectively, with corresponding PE ratios of 10, 9, and 7 times [6][5].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 14.76 CNY per share [7]. Core Insights - The company achieved a net profit attributable to shareholders of 1.28 billion CNY in 2024, representing a year-on-year increase of 22.9%, and a revenue of 8.75 billion CNY, up 25.1% year-on-year [1]. - The supply chain trading business faced challenges in the second half of 2024, while the cross-border multimodal transport logistics services continued to grow rapidly [2]. - The company is focusing on enhancing shareholder returns, with a dividend payout ratio of 53.5% in 2024, an increase of 20 percentage points year-on-year [3]. - The company is progressively improving its cross-border logistics network in Africa, establishing a strategic presence in key locations [4]. - The operational plan for 2025 includes regional development strategies and core business growth, particularly in cross-border logistics and supply chain trading [5]. Financial Performance - In 2024, the company reported a revenue of 8.75 billion CNY and a net profit of 1.28 billion CNY, with projected revenues of 9.68 billion CNY and net profits of 1.46 billion CNY for 2025 [6][15]. - The company expects a steady growth in net profit, forecasting 1.46 billion CNY in 2025, 1.68 billion CNY in 2026, and 1.94 billion CNY in 2027, with corresponding PE ratios of 10, 9, and 7 [5][6].

Core Viewpoint - The company reported its 2024 annual results and 2025 Q1 results, showing a mixed performance with revenue growth but a decline in net profit in the fourth quarter and first quarter of 2025, indicating potential challenges ahead [1][3]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 8.754 billion yuan, a year-on-year increase of 25.14%, and a net profit attributable to the parent company of 1.276 billion yuan, up 22.88% [1]. - The fourth quarter of 2024 saw operating revenue of 2.209 billion yuan, a year-on-year increase of 16.63%, but net profit attributable to the parent company decreased by 33.88% to 188 million yuan [1]. - For Q1 2025, the company reported operating revenue of 2.295 billion yuan, a year-on-year increase of 15.02%, while net profit attributable to the parent company decreased by 14.77% to 262 million yuan [1]. Group 2: Business Segments - The Mongolian coal business experienced a slowdown in growth due to the cyclical nature of the steel and coke industry, but the company remains optimistic about the future market share increase in its integrated logistics business [1]. - In 2024, the Ganqimaodu port completed a total import and export cargo volume of 40.716 million tons, a year-on-year increase of 7.55%, with imported coal accounting for 39.206 million tons, up 7.38% [1]. - The cross-border multimodal transport business saw a revenue increase of 22% in 2024, with a gross margin improvement of 2.17 percentage points [2]. Group 3: Market Trends and Outlook - The company benefits from the trade dynamics with landlocked countries, and the African multimodal transport business is growing due to increased demand for copper and cobalt resources [2]. - The infrastructure segment is showing strong performance, with a steady increase in the number of customs clearance vehicles, and the company’s land port project service revenue grew by 16.42% in 2024, with a gross margin of 57.46% [2]. - The company is expected to see improvements in the supply-demand dynamics of the coke and steel industry, which may enhance its market position in the future [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance slightly missed expectations due to phase fluctuations in the Mongolian coal business, which is influenced by the steel and coke industry [6] - The company is expected to improve its market share in integrated logistics services despite the temporary slowdown in coal business growth [6] - The cross-border multimodal transport segment is benefiting from trade dynamics with landlocked countries, showing robust growth [6] - The infrastructure segment is demonstrating strong growth, particularly in Africa, with high profit margins [6] - The profit forecast for 2025-2027 has been adjusted downwards, but the "Buy" rating is maintained based on comparative analysis with similar companies [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 87.54 billion yuan, with a year-on-year growth of 25.1% [5] - The net profit attributable to the parent company for 2024 is expected to be 12.76 billion yuan, reflecting a year-on-year increase of 22.9% [5] - The first quarter of 2025 shows a revenue of 22.95 billion yuan, with a year-on-year growth of 15.0% [6] - The forecasted net profit for 2025 is 14.10 billion yuan, with a corresponding PE ratio of 10 [6][7] - The gross profit margin for 2025 is estimated at 18.6% [5]

现金流波动，经营与投资活动现变化经营活动现金流量净额：2024年经营活动产生的现金流量净额为 908,669,288.56元，较2023年的1,552,816,304.79元下降41.48%，主要系存货增加所致。存货的增加可能 会占用公司的资金，影响资金的流动性，需要关注存货的周转情况。投资活动现金流量净额：投资活动 产生的现金流量净额为 -1,217,790,012.63元，较2023年的 -539,493,039.06元，流出幅度增加125.73%，主 要系长期股权投资增加所致。公司积极进行投资布局，可能会对短期现金流产生压力，但从长期来看， 若投资项目顺利实施，有望为公司带来新的增长点。筹资活动现金流量净额：筹资活动产生的现金流量 净额为 -546,853,894.23元，较2023年的 -185,399,305.32元，流出幅度增加194.96%，主要系本期新增短 期借款、实施员工持股计划收到员工缴款及分红增加综合影响所致。公司需合理安排筹资活动，确保资 金链的稳定。 风险与挑战分析 宏观经济与市场竞争风险 公司主营业务受国内外宏观经济周期性波动影响较大。若全球经济形势不佳，国际贸易量下滑，可能导 致 ...

嘉友国际物流股份有限公司 2024 年度独立董事述职报告 公司第三届董事会下设战略委员会、审计委员会、提名委员会、薪酬与考核 根据《上市公司独立董事管理办法》《上海证券交易所股票上市规则》《上海 证券交易所上市公司自律监管指引第 1 号——规范运作》及《嘉友国际物流股份 有限公司章程》等有关规定，作为嘉友国际物流股份有限公司（简称"公司"） 独立董事，现将本人 2024 年度履职情况报告如下： 一、独立董事的基本情况 本人李良锁，1978 年出生，中国国籍，无境外永久居留权，研究生学历。 曾任国浩律师（上海）事务所合伙人律师、证券业务内核委员。现任北京市环球 律师事务所上海分所合伙人律师、证券业务内核委员，上海索辰信息科技股份有 限公司独立董事，嘉友国际物流股份有限公司独立董事。 2024 年，本人对独立性情况进行了自查，确认符合《上市公司独立董事管 理办法》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等规定 中对独立董事独立性的相关要求。任职期间，本人能够独立公正地履行职责，不 受公司及其主要股东、实际控制人等单位或者个人的影响，不存在影响独立性的 情况。 二、独立董事年度履职概况 （一）出 ...