嘉友国际（603871）：蒙煤业务阶段性波动，业绩略低于预期

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]