Summary of Company and Industry Insights from Conference Call Company Overview - The company operates primarily in Mongolia and Africa, focusing on logistics, warehousing, and trade, particularly in coal and copper mining sectors [1][2][3]. Key Points on Mongolia Operations - The company's Mongolian operations are centered around the Ganqimaodu port, which accounts for approximately 52% of Mongolia's total imports to China, making it the largest export port for Mongolia [2][3]. - The port handled a total cargo volume of 38 million tons in 2023, with coal imports reaching 36.5 million tons [2][3]. - The company has been deeply involved in the Ganqimaodu port for 30 years, establishing a strong foothold in cross-border logistics and supply chain trade [2][3]. - The Mongolian business is divided into three segments: cross-border multimodal transport, supply chain trade, and warehousing [1][2][3]. - Key mining operations in Mongolia include the PP coal mine and the OT copper mine, which are crucial for the company's logistics and trade activities [1][2][3]. Financial Performance and Projections - The company anticipates maintaining high growth rates, projecting a potential doubling of stock value over the next three years [1]. - The logistics segment is expected to generate approximately 2 billion in revenue, with a gross margin of around 20% [7]. - The warehousing segment is projected to achieve a revenue of 5.2 billion by 2025, with a net profit of approximately 2.3 to 2.4 billion [7]. Key Points on African Operations - The company is expanding its logistics operations in Africa, particularly in the Democratic Republic of the Congo (DRC), which is rich in copper resources [6][8]. - The DRC's mining sector is characterized by a lack of coastal access, similar to Mongolia, presenting logistical challenges that the company aims to address by building infrastructure [6][8]. - The company has secured long-term contracts with mining companies in the DRC, ensuring a steady supply of copper and other minerals [6][8]. - The logistics model in Africa is being developed based on the successful strategies implemented in Mongolia, focusing on establishing key transport nodes and securing operational licenses [6][8]. Additional Insights - The company has identified the importance of short-haul and mid-haul transport, with short-haul transport being more lucrative due to its higher value-added services [5][6]. - The average transport cost for short-haul is approximately 6 RMB per ton per kilometer, while mid-haul costs around 0.36 RMB per ton per kilometer [5][6]. - The company is also expanding its warehousing capacity, with plans to increase storage from 1.3 million tons to 2 million tons by 2025 [7]. - The logistics and trade operations are supported by a network of partnerships with local mining companies, enhancing the company's market position in both Mongolia and Africa [6][8]. Conclusion - The company is well-positioned for growth in both Mongolia and Africa, leveraging its extensive experience in logistics and trade to capitalize on the rich mineral resources in these regions. The strategic focus on infrastructure development and long-term contracts with mining companies will likely drive future profitability and market expansion.

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company is positioned as a leader in cross-border multimodal transport in landlocked countries, with stable growth in the China-Mongolia market and significant potential in the African market, driven by the Belt and Road Initiative [1][2] - The company is expected to benefit from the rapid development of emerging markets along the Belt and Road, which may drive profits beyond market expectations [1] Summary by Sections 1. Cross-Border Logistics Leadership - The company focuses on cross-border logistics, investing in logistics infrastructure and customs supervision in landlocked countries, aiming to enhance its core competitiveness in cross-border logistics [23] - The second growth curve in Africa is anticipated to contribute significantly to profit growth, exceeding market expectations [23] 2. African Market Potential - The company leverages infrastructure upgrades to enhance cross-border multimodal transport, creating a network for seamless connectivity in Africa [30] - Investments in key projects in the Democratic Republic of Congo and Zambia are expected to facilitate significant logistics demand growth, with the African logistics market estimated at $400-600 billion annually [37][31] 3. Mongolia Market Stability - The company's operations in Mongolia focus on the Gankhiyam port, which is crucial for coal and copper exports, ensuring steady growth in the Mongolia-China cross-border logistics market [39][44] - The company has secured a 20% stake in a mining operation, reinforcing its resource advantage and ensuring long-term growth in cross-border logistics [44] 4. Profit Forecast and Valuation - The company forecasts net profits of 1.462 billion, 1.923 billion, and 2.323 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 12.85, 9.77, and 8.09 [52] - A target price of 29.52 yuan per share is set for 2025, indicating a potential upside of 54% [52]

证券代码：603871 证券简称：嘉友国际 公告编号：2024-072 11.42 元/股。截至本公告披露日，公司 2024 年员工持股计划证券账户持有公司 股份 3,068,966 股，占公司总股本的 0.31%。 根据公司 2024 年员工持股计划相关规定，本次员工持股计划的存续期为 60 个月，所持标的股票分三期解锁，解锁时点分别为自公司公告最后一笔标的股票 过户至员工持股计划名下之日起满 12 个月、24 个月、36 个月，对应的解锁比例 分别为 40%、40%、20%，各年度具体归属比例和数量将根据公司业绩考核和个人 绩效考核结果计算确定。 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"）于 2024 年 7 月 29 日、2024 年 8 月 15 日分别召开第三届董事会第二十五次会议、第三届监事会第十九次会议 及 2024 年第二次临时股东大会审议通过《<2024 年员工持股计划（草案）>及其 摘要》等相关议案，同意公司实施 2024 年员工持股计划。具体内容详见公司于 2 ...

证券代码：603871 证券简称：嘉友国际 公告编号：2024-071 嘉友国际物流股份有限公司 关于持股 5%以上股东增加一致行动人 公司股东紫金国际贸易有限公司（简称"紫金国贸"）、紫金矿业紫宝（厦门） 投资合伙企业（有限合伙）（简称"紫宝投资"）、紫金矿业紫牛（厦门）产业投 资基金合伙企业（有限合伙）（简称"紫牛投资"）、紫金矿业股权投资管理（厦 门）有限公司（简称"紫金投资"）均为紫金矿业集团股份有限公司（简称"紫 金矿业"）控制的下属企业，为一致行动人。 本次权益变动属于公司持股 5%以上股东一致行动人构成发生变化，现将本 次权益变动具体情况公告如下： 一、本次权益变动基本情况 （一）信息披露义务人基本情况 1、信息披露义务人一：紫金国际贸易有限公司 暨股东权益变动的提示性公告 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。 重要内容提示： 本次权益变动属于公司持股 5%以上股东一致行动人构成发生变化，不触 及要约收购。 本次权益变动不会使公司控股股东及实际控制人发生变化。 嘉友国际物流股份有限公司（简称"公司"）于 ...

证券代码：603871 证券简称：嘉友国际 公告编号：2024-070 嘉友国际物流股份有限公司 关于注销公开发行可转换公司债券 募集资金专项账户的公告 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。 为规范公司募集资金的管理和使用，保护投资者权益，公司按照《上市公司 监管指引第 2 号——上市公司募集资金管理和使用的监管要求》及《上海证券交 易所上市公司自律监管指引第 1 号——规范运作》的规定，对公司募集资金实行 专户存储。 2020 年 8 月 12 日，公司、保荐机构海通证券股份有限公司（简称"保荐机 构"或"海通证券"）分别与中信银行股份有限公司北京分行、厦门国际银行股 份有限公司北京分行、江苏银行股份有限公司北京分行、兴业银行股份有限公司 北京经济技术开发区支行、中国银行股份有限公司北京金融中心支行、北京银行 股份有限公司燕京支行签订《募集资金专户存储三方监管协议》。 2020 年 11 月 20 日，公司及全资子公司中非国际物流投资有限公司、海通 证券与北京银行股份有限公司燕京支行签订《募集资金专户存储四方监管协 ...

证券代码：603871 证券简称：嘉友国际 公告编号：2024-069 嘉友国际物流股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 12 月 3 日（星期二）至 12 月 9 日（星期一）16：00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 jy_board@jyinternational.com 进行提问。公司将在说明会上对投资者普遍关 注的问题进行回答。 嘉友国际物流股份有限公司（简称"公司"）已于 2024 年 10 月 30 日发布公 司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三 季度经营成果、财务状况，公司计划于 2024 年 12 月 10 日（星期二）下午 14:00- 15:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流 ...

Investment Rating - The report gives a "Recommend" rating for the company, with a target price of 20.79 RMB [5] Core Views - The company is a pioneer in cross-border multimodal logistics, focusing on landlocked countries along the "Belt and Road" initiative, with operations spanning over 60 countries and regions [3] - The company's business model in Mongolia has evolved from "hub assets" to "logistics" and then to "resources," with a strong focus on coal logistics and mining resources [3] - The African market offers significant growth potential, with the company replicating its Mongolian success by building a comprehensive logistics network across sea, land, and air [3] - The company is expected to achieve revenues of 9.938 billion, 12.738 billion, and 15.645 billion RMB in 2024-2026, with net profits of 1.484 billion, 1.964 billion, and 2.411 billion RMB, respectively [3] Business Overview Focus on Landlocked Countries - The company specializes in solving cross-border logistics pain points for landlocked countries, leveraging its extensive network and long-term client relationships [3] - Its business spans Asia, Africa, Europe, and North America, with a strong presence in Mongolia, Africa, and Central Asia [3] - The company has formed strong ties with major mining companies, providing logistics services for over a decade [3] Mongolia Business - The company has established a strong foothold in Mongolia, with key assets such as bonded warehouses and customs supervision facilities [3] - It has expanded into logistics services, including cross-border multimodal transport and supply chain trade, focusing on coal, copper concentrate, and mining equipment [3] - The company has also invested in mining resources, securing a strong position in the logistics chain [3] - Mongolia is a major source of coking coal for China, accounting for over 50% of China's coking coal imports in most years [3] Africa Business - The company is replicating its Mongolian model in Africa, focusing on key logistics nodes and building a comprehensive logistics network [3] - It has acquired BHL, a leading cross-border transport company in Zambia, and is expanding into low-altitude logistics [3] - The African logistics market is estimated to be worth 400-600 billion USD annually, offering significant growth opportunities [3] Central Asia Business - The company is expanding its presence in Central Asia by replicating its Mongolian strategy, focusing on key assets and cross-border logistics [3] - It has signed a railway cooperation memorandum to strengthen its logistics capabilities in the region [3] Financial Projections - The company is expected to achieve significant revenue and profit growth from 2024 to 2026, driven by its strong presence in Mongolia and expansion in Africa [3] - Revenue is projected to grow from 9.938 billion RMB in 2024 to 15.645 billion RMB in 2026, with net profits increasing from 1.484 billion RMB to 2.411 billion RMB [3] - The PE ratio is expected to decrease from 14x in 2024 to 8x in 2026, reflecting strong earnings growth [3] Industry Analysis Mongolia-China Coal Trade - Mongolia is a major supplier of coking coal to China, with imports reaching 54 million tons in 2023, a 111% increase year-on-year [3] - The Tavan Tolgoi mine, Mongolia's largest open-pit coal mine, plays a crucial role in supplying coal to China [3] - The Ganqimaodu port is the primary entry point for Mongolian coal into China, handling over 50% of Mongolia's coal exports [3] Africa Logistics Market - The African logistics market is vast, with significant opportunities in mining logistics and infrastructure development [3] - The company is building a comprehensive logistics network in Africa, focusing on key mining regions such as the Copperbelt [3] Central Asia Logistics - Central Asia offers growth opportunities for the company, particularly in cross-border logistics and infrastructure development [3] - The company is leveraging its experience in Mongolia to expand its presence in the region [3]

Core Viewpoint - The company is expanding its logistics capabilities in Zambia by investing in the Mokambo port and road upgrade project, which is expected to enhance cross-border transportation efficiency in the region [1][4]. Investment Details - The total investment for the project is $56.6569 million, with the company contributing $50.9912 million sourced from its own and raised funds [1][2]. - The project will be developed by JASWORLD PORT LIMITED, a joint venture between the company's subsidiary and TURBO INFRASTRUCTURE DEVELOPMENT BV, with a construction period of 2 years [2]. Project Scope - The project includes the upgrade of Mokambo port and a 25.75 km road from Mufulira to Mokambo, along with the construction of a toll station and supporting facilities [2]. - The concession granted to JASWORLD PORT LIMITED lasts for 22 years, during which it is responsible for the development, design, financing, construction, and operation of the infrastructure [1][2]. Strategic Importance - This investment is part of the company's broader strategy to enhance logistics networks in Africa, having previously invested in various infrastructure projects in the Democratic Republic of Congo and Zambia [3][4]. - The company aims to replicate successful logistics models from China in Africa, focusing on bulk cargo transportation and infrastructure upgrades to improve logistics efficiency [3]. Regional Impact - The project is expected to facilitate better connectivity between Zambia and the Democratic Republic of Congo, enhancing cross-border logistics and customs efficiency [4]. - The company has established a comprehensive logistics network covering multiple Southern African countries, which will provide more efficient cross-border logistics services [3][4].

证券代码：603871 证券简称：嘉友国际 公告编号：2024-068 嘉友国际物流股份有限公司 关于对外投资赞比亚莫坎博口岸和穆富利拉至莫坎博道路 升级改造项目的公告 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。 重要内容提示： 投资标的名称：公司全资子公司中非国际的控股子公司 JASWORLD PORT LIMITED 投资、建设、运营赞比亚莫坎博口岸和穆富利拉至莫坎博道路升级改造 项目，特许权期限为 22 年（其中建设期 2 年）。 投资金额：本项目投资总额 56,656,909.83 美元，其中公司投资金额为 50,991,218.85 美元。 相关风险提示： 1、本次对外投资尚需国家发展和改革委员会、商务部、外汇管理局等政府 有关部门的备案或批准，存在一定的不确定性。 2、本次对外投资属于境外投资，可能受政策变化、市场竞争、经营管理等 因素影响，项目建设运营及投资收益面临一定的不确定性。 3、项目资金来源为公司自有资金和自筹资金（包括但不限于银行贷款、再 融资、发行债券等），融资周期较长，且前期投入较大，可能存在资 ...

Investment Rating - The report maintains an "Increase" investment rating for the company [1] Core Views - The company reported a Q3 2024 revenue of 1.9 billion yuan, a year-on-year decrease of 16.98%, while the net profit attributable to the parent company was 330 million yuan, reflecting a year-on-year increase of 31.18% [2] - The company has signed a long-term cooperation agreement with MMC, which will increase sales of various coking coal products by 1.5 to 3 million tons annually, enhancing resource advantages [3] - The company is expanding its operations in Africa, having signed a memorandum of cooperation with the Tanzania Ports Authority to develop and operate logistics and channel management at key ports [3] - Despite a slight decline in profit growth in Q3, the company continues to show high growth year-on-year, indicating confidence in its African business and project reserves [4] - The company is positioned as a leader in emerging markets and a pioneer in African logistics, with a strong cash flow and a historical dividend payout ratio of 40%, suggesting a solid investment safety net [4] Financial Summary - For 2024, the company forecasts revenues of 10.435 billion yuan, with a year-on-year growth of 49.2%, and a net profit of 1.557 billion yuan, reflecting a growth of 49.8% [6] - The gross profit margin is expected to improve from 19.4% in 2023 to 20.0% in 2024, with a return on equity (ROE) projected to rise from 21.3% to 26.8% [6] - The earnings per share (EPS) is projected to increase from 1.06 yuan in 2023 to 1.59 yuan in 2024, with corresponding price-to-earnings (PE) ratios of 19.0 and 12.7 respectively [6]