Jiayou International(603871) 申万宏源·2024-04-24 06:32Investment 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].