李 然 ： 资深分析师，中南财经政法大学会计学硕士，5 年交运行业研究经验，深研海运上下游，为投资者挖掘高弹性的周期机会，并 且提供产业链景气度验证，主攻航运板块。 李瀚明 ： 高级研究员，8 年行业从业经验，兼任多家民航院校客座教授，主攻航空和机场板块。 钟文海 ： 高级分析师，美国罗切斯特大学金融学硕士，3 年交运行业研究经验，坚持深度研究，主攻大物流全产业链及物流基础设施 资产。 王 航 ： 交通运输行业分析师，香港中文大学(深圳)硕士，2 年交运行业研究经验，深度价值导向，主攻交运基础设施方向。 持有： 预期未来 12 个月内，股价相对大盘的变动幅度介于-10%～+10%。 卖出： 预期未来 12 个月内，股价表现弱于大盘 10%以上。 [广发证券 Table_CompanyInvestDescription] —公司投资评级说明 买入： 预期未来 12 个月内，股价表现强于大盘 15%以上。 增持： 预期未来 12 个月内，股价表现强于大盘 5%-15%。 持有： 预期未来 12 个月内，股价相对大盘的变动幅度介于-5%～+5%。 卖出： 预期未来 12 个月内，股价表现弱于大盘 5%以上。 [Ta ...

Investment Rating - The report maintains a "Buy" rating for the company 嘉友国际 (Jiayou International) [19][24]. Core Insights - The company reported a revenue of 1.995 billion yuan in Q1 2024, representing a year-on-year growth of 26%. The net profit attributable to the parent company was 307 million yuan, a significant increase of 51.9% year-on-year, slightly exceeding expectations [19][24]. - The Mongolian coking coal supply chain business is expected to maintain high growth due to stable demand and tightening supply in the current market [8]. - The acquisition of the African fleet is anticipated to lead to rapid growth in the multi-modal transport segment in Africa, contributing positively to the company's performance [13][24]. Summary by Sections Market Data - Closing price as of April 23, 2024: 25.15 yuan - One-year high/low: 30.29/13.13 yuan - Price-to-book ratio: 3.4 - Circulating A-share market value: 17,576 million yuan [2]. Financial Performance - For the fiscal year 2024E, the company is projected to achieve a total revenue of 9.861 billion yuan, with a year-on-year growth rate of 41% [20]. - The net profit for 2024E is estimated at 1.313 billion yuan, reflecting a growth rate of 26.4% [20]. - The earnings per share (EPS) for 2024E is projected to be 1.88 yuan [20]. Future Projections - The company expects to achieve net profits of 1.556 billion yuan in 2025E and 1.768 billion yuan in 2026E, with corresponding price-to-earnings ratios of 11 and 10, respectively [24].

2023A 2024E 2025E 2026E 营业总收入(百万) 6,995 9,253 10,395 11,174 同比增速(%) 44.8% 32.3% 12.3% 7.5% 归母净利润(百万) 1,039 1,299 1,554 1,808 同比增速(%) 52.6% 25.0% 19.7% 16.3% 每股盈利(元) 1.49 1.86 2.22 2.59 市盈率(倍) 17 14 11 10 市净率(倍) 3.6 3.2 2.6 2.2 资料来源：公司公告，华创证券预测 注：股价为 2024 年 4 月 23 日收盘价 证 券 研 究 报 告 嘉友国际（603871）2024 年一季报点评 强推（维持） 24Q1 业绩超预期，归母净利 3.1 亿元，同比 +52%，持续强推 嘉友国际公告一季度业绩：增长超预期。一季度实现营业收入 20 亿元，同比 +26%；毛利 4 亿元，同比+50%，毛利率 20%，同比增长 3 个百分点；归母净 利 3.1 亿元，同比+52%，归母净利率 15.4%，同比提升 2.6 个百分点。销售 及管理费用率 1.6%，同比下降 0.3 个百分点。 我们预计一季度业绩增长 ...

证券研究报告 业绩简评 2024 年 4 月 24 日，嘉友国际发布 2024 年第一季度报告。2024Q1 公司实现营业收入 19.95 亿元，同比增长 26.0%；实现归母净利润 3.07 亿元，同比增长 51.9%。 经营分析 收购持续推进，营收及利润同比增加。2024Q1 公司营收同比增长 26.0%，归母净利润同比增长 51.9%，主要系业务规模增长所致。 1）2024Q1，公司以自有资金 8810 万美元收购 MMC 全资下属子公 司 BNS 所持有的 KEX 20%股权，同时与 MMC 公司签署煤炭长期合作 协议，约定公司十年内向其采购煤炭 1750 万吨。公司与 MMC 形成 长期合作，保证煤炭供给稳定，夯实公司在中蒙市场物流及煤炭供 应链贸易的核心竞争力。2）2024Q1，公司完成对 BHL 80%股权的 收购，收购金额为 2550 万美元。BHL 作为非洲主要的本土道路运 输企业，具备丰富的运营管理经验。通过收购，公司布局非洲道路 运输业务，充分发挥公司在非洲的物流基础设施网络效应。 毛利率同比增长，归母净利率小幅上升。2024Q1 公司实现毛利率 19.98%，同比增长 3.17pct。 ...

2024 年第一季度报告 证券代码：603871 证券简称：嘉友国际 2024 年第一季度报告 重要内容提示 第一季度财务报表是否经审计 一、 主要财务数据 | --- | --- | --- | |-----------------------------------------------|-----------------------|----------------------------------------| | 项目 | 本报告期 | 本报告期比上年同期增 减变动幅度 (%) | | 营业收入 | 1,995,092,777.45 | 25.97 | | 归属于上市公司股东的净利润 | 307,109,761.65 | 51.85 | | 归属于上市公司股东的扣除非经常 性损益的净利润 | 305,764,707.54 | 51.99 | | 经营活动产生的现金流量净额 | 101,041,205.36 | -59.15 | | 基本每股收益（元/股） | 0.44 | 51.72 | | 稀释每股收益（元/股） | 0.44 | 51.72 | | 加权平均净资产收益率（%） | 6.10 ...

分析师声明 本报告署名分析师以勤勉的职业态度，独立、客观地出具本报告。分析逻辑基于作者的职业理解，本报告清晰准确地反映了作 者的研究观点。作者所得报酬的任何部分不曾与，不与，也不将与本报告中的具体推荐意见或观点而有直接或间接联系，特此声明。 法律主体声明 本报告由长江证券股份有限公司及/或其附属机构（以下简称「长江证券」或「本公司」）制作，由长江证券股份有限公司在中 华人民共和国大陆地区发行。长江证券股份有限公司具有中国证监会许可的投资咨询业务资格，经营证券业务许可证编号为： 10060000。本报告署名分析师所持中国证券业协会授予的证券投资咨询执业资格书编号已披露在报告首页的作者姓名旁。 在遵守适用的法律法规情况下，本报告亦可能由长江证券经纪（香港）有限公司在香港地区发行。长江证券经纪（香港）有限 公司具有香港证券及期货事务监察委员会核准的"就证券提供意见"业务资格（第四类牌照的受监管活动），中央编号为：AXY608。 本报告作者所持香港证监会牌照的中央编号已披露在报告首页的作者姓名旁。 其他声明 本报告并非针对或意图发送、发布给在当地法律或监管规则下不允许该报告发送、发布的人员。本公司不会因接收人收到本报 ...

2024 年 4 月 17 日，嘉友国际发布 2023 年年度报告。2023 年公司 实现营业收入 70 亿元，同比增长 44.9%；实现归母净利润 10.4 亿 元，同比增长 52.6%。其中，Q4 公司实现营收 18.9 亿元，同比增 长 85.5%；实现归母净利润 2.8 亿元，同比增长 32.9%。 买入(维持评级) 业务规模持续增长，营收同比增加。2023 年公司营收同比增长 44.9%，主要系中蒙、中非、中亚等业务带来增长。（1）中蒙市场： 2023 年，以供应链贸易为统计口径的中蒙主焦煤业务收入 44.3 亿元，同比增长 145.9%，公司凭借物流基础设施布局，业务总货 量同比增长创新高（2）非洲市场：2023 年，非洲刚果（金）卡萨 项目投入正式运营，道路及口岸通车量超出预期，经营业绩持续向 好，公司陆港运营实现收入 4.2 亿元，较去年增长 322%，打造公 司业绩增长新动力；（3）中亚市场：2023 年，中国与中亚五国贸 易额达到 6294.5 亿元，同比增加 34.1%。公司在中亚市场的货量 较去年同期增长 422.5%，业绩实现稳步增长。 毛利率同比增长，归母净利率小幅上升。2023 ...

证券代码：603871 证券简称：嘉友国际 公告编号：2024-025 嘉友国际物流股份有限公司 关于召开 2023 年年度股东大会的通知 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。 (一) 股东大会类型和届次 2023 年年度股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 5 月 15 日 14 点 30 分 召开地点：北京市石景山区城通街 26 号院 2 号楼 24 层公司会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 重要内容提示： 一、召开会议的基本情况 二、会议审议事项 本次股东大会审议议案及投票股东类型 | 序号 | 议案名称 | 投票股东类型 | | --- | --- | --- | | | | A 股股东 | | | 非累积投票议案 | | | 1 | 《2023 年度董事会工作报告》 | √ | | 2 ...

Employee and Shareholder Information - The total number of employees in the company is 686, with 391 in production, 16 in sales, 38 in technology, 73 in finance, and 168 in administration[1]. - The total number of ordinary shareholders as of the end of the reporting period is 12,852, an increase from 11,017 at the end of the previous month[142]. - The company has a total of 698,840,449 shares outstanding after the recent issuance, with 198,791,852 shares being newly issued[107]. - The company’s major shareholder structure remains stable, with no significant changes reported[114]. - The top ten shareholders include Jiaxin Yi (Tianjin) Asset Management Partnership with 173,890,220 shares (24.88%) and Han Jinghua with 93,248,004 shares (13.34%)[143]. - The company has no major changes in the top ten shareholders compared to the previous period[144]. - The company has no controlling shareholder or actual controller situation[147]. Financial Performance - In 2023, the company's operating revenue reached ¥6,995,259,911.88, an increase of 44.85% compared to ¥4,829,454,045.53 in 2022[184]. - The net profit attributable to shareholders was ¥1,038,787,007.79, reflecting a growth of 52.60% from ¥680,742,935.52 in the previous year[184]. - The net cash flow from operating activities surged by 205.81% to ¥1,552,816,304.79, compared to ¥507,778,749.99 in 2022[184]. - By the end of 2023, the net assets attributable to shareholders increased to ¥4,875,705,420.39, a rise of 17.27% from ¥4,157,513,736.18 at the end of 2022[184]. - The total assets grew by 20.74% to ¥6,467,457,995.28, up from ¥5,356,323,828.01 in 2022[184]. - The company achieved a basic earnings per share of ¥1.49, which is a 43.27% increase from ¥1.04 in 2022[184]. - The weighted average return on equity increased to 23.08%, up by 3.50 percentage points from 19.58% in 2022[184]. Dividend Policy and Distribution - The company has a cash dividend policy that mandates a minimum of 20% of the distributable profit to be distributed in cash when conditions are met[4]. - The cash dividend amount for the year is approximately 347.89 million RMB, which represents 33.49% of the net profit attributable to ordinary shareholders[7]. - The total dividend amount, including cash buybacks, is approximately 422.87 million RMB, accounting for 40.71% of the net profit attributable to ordinary shareholders[7]. - The company plans to distribute a cash dividend of 5 RMB per 10 shares and convert 4 shares from capital reserves for every 10 shares held, pending shareholder approval[175]. - As of December 31, 2023, the total share capital is 698,840,449 shares, with 695,771,483 shares available for dividend distribution after accounting for repurchased shares[175]. - The proposed cash dividend distribution amounts to 347,885,741.50 RMB, representing 33.49% of the net profit attributable to shareholders for the year 2023[175]. Corporate Governance and Compliance - The company has committed to not transferring or entrusting the management of its shares for 12 months post-IPO, with a maximum annual transfer limit of 25% of total shares held after the lock-up period[31]. - If the company's stock price falls below the issue price for 20 consecutive trading days within 6 months post-IPO, the lock-up period will be automatically extended by 6 months[32]. - The company will not engage in new financing leasing business for 48 months from the date of the commitment or until the raised funds are fully utilized, whichever is longer[33]. - The company has established a clear strategy for managing its shareholding structure to ensure compliance with regulatory requirements[33]. - The company has confirmed no non-operational fund occupation by controlling shareholders or related parties[175]. - The company has not violated decision-making procedures regarding external guarantees[175]. - The company’s legal representatives and financial officers have guaranteed the authenticity and completeness of the annual report[175]. Environmental and Social Responsibility - The company invested approximately 12.95 million RMB in environmental protection during the reporting period[15]. - The company is involved in cross-border multimodal transport and logistics services, with no direct involvement in physical product manufacturing, minimizing environmental impact[24]. - The company is actively participating in social responsibility initiatives, including building schools and sports facilities in the Democratic Republic of the Congo[27]. - The company has been recognized as one of the "Top 100 Private Enterprises" in Beijing's Xicheng District, reflecting its commitment to corporate culture and social responsibility[28]. Investments and Projects - The total investment for the Kambululu to Dilolo road and Dilolo dry port modernization project is $362,767,538.66, with JASLINK LOGISTICS LIMITED contributing $185,011,444.72, accounting for 51% of the investment[45]. - The company has invested a total of 30,931.74 million CNY in the Bayannur Bonded Logistics Center project, achieving a 100% completion rate by the end of the reporting period[98]. - The company established Xinjiang Jiayou Hengxin International Logistics Co., Ltd. with an investment of 6,000 million CNY, which has also reached a 100% completion rate[98]. - The acquisition of Inner Mongolia Duoyida Mining involved an investment of 23,960.36 million CNY, with a completion rate of 100.15%[98]. - The modernization and renovation project for the Kasongbalesa-Sakania road and port has a total investment of 71,380.09 million CNY, with a completion rate of 95.44% expected by September 2024[104]. - The service trade infrastructure technology renovation project has a total investment of 39,600 million CNY, with a completion rate of 20.59% expected by December 2024[104]. Audit and Financial Reporting - The financial statements have been audited and reflect the financial position and operating results fairly as of December 31, 2023[151]. - The company has received a standard unqualified audit report from Lixin Accounting Firm for the fiscal year[175]. - The company has not encountered any major accounting errors or changes in accounting policies that would impact its financial statements[36]. - The company has not reported any significant inconsistencies or misstatements in other information related to the financial statements[81]. Strategic Initiatives and Future Outlook - The company is focusing on digital transformation solutions, including various management systems such as vehicle management and project management systems[199]. - The annual report for 2023 highlights the implementation of a comprehensive ERP system to enhance operational efficiency[199]. - The company has developed a data dashboard to improve decision-making processes across different departments[199]. - Future outlook includes expanding the logistics and supply chain management capabilities to better serve clients[199]. - The company is investing in new technologies to streamline financial and asset management processes[199]. - There is a strategic emphasis on enhancing user data analytics to drive business insights and performance[199]. - The management is exploring potential mergers and acquisitions to strengthen market position and expand service offerings[199]. - The company aims to improve its project management systems to increase productivity and reduce operational costs[199]. - A focus on enhancing HR and training management systems to support workforce development is planned[199]. - The company is committed to improving its financial management systems to ensure better resource allocation and budgeting[199].

嘉友国际物流股份有限公司 董事会对独立董事独立性自查情况的专项报告 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》等相关规定，嘉友国际 物流股份有限公司（简称"公司"）董事会，对公司在任独立董事独立性情况进 行评估并出具如下专项意见： 经核查独立董事在 2023 年度任职期间，未在公司担任除独立董事以外的任 何职务，也未在公司主要股东、实际控制人及其附属企业担任任何职务，与公司 以及主要股东、实际控制人之间不存在利害关系或者其他可能影响其进行独立客 观判断关系，不存在影响独立董事独立性的情况，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》中对独立 董事独立性的相关要求。 嘉友国际物流股份有限公司董事会 2024 年 4 月 17 日 ...