Jiayou International(603871) 民生证券·2025-04-25 08:37Investment 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].