股票代码：601886 股票简称：江河集团 公告编号：临2024-019 江河创建集团股份有限公司 江河创建集团股份有限公司(下称"公司")建筑装饰板块 2024 年第一季度 累计中标金额约为人民币 51.89 亿元,同比增长 5.95%，其中幕墙系统中标额约 30.31 亿元，同比增长 0.27%,内装系统中标额约 21.58 亿元，同比增长 15.09%。 公司 2024 年第一季度累计承接光伏建筑项目（BIPV）约 0.5 亿元。 公司建筑装饰板块 2024 年第一季度中标金额及数量如下表所示： | 业务分类 | | 2024 年 1-3 月 | | | | --- | --- | --- | --- | --- | | | 中标额 | 中标额同比涨 | 中标数量 | 中标数量同比涨 | | | （亿元） | 幅（%） | （个） | 幅（%） | | 幕墙系统 | 30.31 | 0.27 | 42 | 20.00 | | 内装系统 | 21.58 | 15.09 | 165 | 13.79 | | 合计 | 51.89 | 5.95 | 207 | 15.00 | 公司 2024 年第一季度无已签订 ...

证券代码：601886 证券简称：江河集团 公告编号：2024-018 江河创建集团股份有限公司 2023 年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 32 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 795,152,563 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 70.18 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会表决方式符合《公司法》及《公司章程》的规定，本次股东大 会由董事长刘载望先生主持。 (一) 股东大会召开的时间：2024 年 4 月 17 日 (二) 股东大会召开的地点：北京顺义区顺西南路艾迪公园 5 号楼一层会议室 (五) 公司董事、监事和董事会秘书的出席 ...

北京市天元律师事务所 关于江河创建集团股份有限公司 2023 年年度股东大会的法律意见 京天股字（2024）第 137 号 致：江河创建集团股份有限公司 江河创建集团股份有限公司（以下简称"公司"）2023 年年度股东大会（以 下简称"本次股东大会"）采取现场投票与网络投票相结合的方式，现场会议于 2024 年 4 月 17 日在北京市顺义区顺西南路艾迪公园 5 号楼一层会议室召开。北京 市天元律师事务所（以下简称"本所"）接受公司聘任，指派本所律师参加本次股 东大会的现场会议，并根据《中华人民共和国公司法》、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司股东大会规则》（以下简称"《股东大 会规则》"）以及《江河创建集团股份有限公司章程》（以下简称"《公司章程》"） 等有关规定，就本次股东大会的召集、召开程序、出席现场会议人员的资格、召集 人资格、会议表决程序及表决结果等事项出具本法律意见。 为出具本法律意见，本所律师审查了《江河创建集团股份有限公司第六届董 事会第十四次会议决议公告》《江河创建集团股份有限公司第六届监事会第十二次 会议决议公告》《江河创建集团股份有限公司关于召开 2023 ...

股票代码：601886 股票简称：江河集团 公告编号：临2024-017 江河创建集团股份有限公司 江河创建集团股份有限公司董事会 2024 年 4 月 8 日 关于重大工程中标的公告 本公司及董事会全体成员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、准确和完整承担个别及连带责任。 江河创建集团股份有限公司(下称"公司")全资子公司北京江河幕墙系统工 程有限公司近日收到业主发来的北京商务中心区（CBD）核心区Z6地块项目（商 业办公）幕墙工程中标通知书，中标金额合计为人民币229,570,913.29元，约占 公司 2023 年度营业收入的1.10%。 该项目位于北京市朝阳区，幕墙总面积约12.77万平方米，预计总工期为384 天，项目高度约160米，建成后将成为北京商务中心区（CBD）重要的国际商务交 往平台。 特此公告。 ...

Investment Rating - The report assigns an "Outperform" rating for Jianghe Group, with a projected reasonable value range of 9.52 to 10.88 CNY for 2024, based on a P/E ratio of 14-16 times [3]. Core Views - Jianghe Group achieved a revenue of 20.954 billion CNY in 2023, representing a year-on-year growth of 16.05%. The net profit attributable to shareholders was 672 million CNY, up 36.89% year-on-year, while the net profit after deducting non-recurring items reached 694 million CNY, marking a significant increase of 142.13% [1][2]. - The company maintained its leading position in the building decoration industry, with new signed orders totaling 25.84 billion CNY in 2023, a 9.70% increase year-on-year. The curtain wall business accounted for 17.18 billion CNY of these orders, growing by 21.00% [1][3]. - The company is expanding its photovoltaic building business (BIPV), with a total of 1.37 billion CNY in new contracts, reflecting a year-on-year growth of 60.42%. Revenue from BIPV projects reached 704 million CNY, a remarkable increase of 309.30% [3]. Summary by Sections Financial Performance - In 2023, Jianghe Group's gross margin increased by 0.49 percentage points to 17.18%. The operating cash flow improved, with a net inflow of 861 million CNY, an increase of 1.014 billion CNY [2][4]. - The company reported a net profit margin of 3.55%, up 0.52 percentage points from the previous year [2]. Revenue Breakdown - The building decoration segment generated 19.9 billion CNY in revenue, growing by 16.47%, while the healthcare segment achieved 1.053 billion CNY, up 9.51% [1]. - Revenue from different regions showed varied performance: mainland China contributed 15.867 billion CNY (up 12.27%), while overseas revenue (excluding Hong Kong and Taiwan) surged by 115.11% to 2.825 billion CNY [1]. Future Projections - The forecast for 2024 and 2025 indicates expected earnings per share (EPS) of 0.68 CNY and 0.76 CNY, respectively, with a projected revenue of 23.05 billion CNY in 2024 [4][7].

股票代码：601886 股票简称：江河集团 公告编号：临2024-016 江河创建集团股份有限公司 关于持股5%以上股东进行部分股份质押续期的公告 本公司及董事会全体成员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、准确和完整承担个别及连带责任。 江河汇众还款来源包括公司分红、投资收益等。后续如出现平仓风险，上述股 东将采取包括补充质押、提前还款等措施应对上述风险，敬请投资者注意投资风险。 特此公告。 江河创建集团股份有限公司董事会 2024 年 3 月 29 日 1 重要内容提示: 北京江河汇众企业管理合伙企业（有限合伙）（下称"江河汇众"）持有江 河创建集团股份有限公司（下称"公司"）股份 15,613.76 万股，占公司总股本的 13.78%。截至本公告披露日，江河汇众持有公司股份已累计质押（含本次质押股份 数量）11,565 万股，已累计质押数量约占其所持公司股份总数的 74.07%，占公司总 股本的 10.21%。 公司持股 5%以上股东江河汇众与海通证券股份有限公司（下称"海通证券"） 于 2023 年 3 月 27 日办理了股份质押融资业务，详见公司披露的临 20 ...

Investment Rating - The report maintains a "Buy" rating for Jianghe Group, with a target price of 6.10 CNY per share [1]. Core Insights - Jianghe Group reported a revenue of 20.95 billion CNY in 2023, representing a year-on-year growth of 16.05%. The net profit attributable to shareholders reached 672 million CNY, up 36.89% year-on-year, while the net profit excluding non-recurring items surged by 142.13% to 694 million CNY [1][4]. - The company plans to distribute a cash dividend of 2 CNY per 10 shares to all shareholders, totaling 227 million CNY [1]. Summary by Sections Financial Performance - Revenue and net profit for 2023 were 20,954 million CNY and 672 million CNY, respectively, with growth rates of 16% and 37% forecasted for 2024 [1]. - The company’s earnings per share (EPS) for 2023 was 0.59 CNY, with projections of 0.74 CNY for 2024 and 1.04 CNY for 2025 [1]. - The gross profit margin for 2023 was 17.18%, a slight increase of 0.49 percentage points year-on-year, while the net profit margin improved to 3.55% [4]. Order Backlog and Growth Potential - Jianghe Group's construction decoration segment secured a total bid amount of approximately 25.84 billion CNY in 2023, marking a 9.70% increase year-on-year. The backlog of orders stood at 33.39 billion CNY as of December 31, 2023 [4][5]. - The company has seen significant growth in its BIPV (Building Integrated Photovoltaics) business, with orders amounting to 1.37 billion CNY in 2023, a year-on-year increase of 60.42% [5][6]. Market Outlook - The BIPV market is identified as a new growth area with substantial potential, driven by favorable policies and the increasing integration of photovoltaic technology in building facades [5]. - Jianghe Group is positioned as a leader in the BIPV sector, leveraging its experience and capabilities to capture market opportunities [6]. Future Projections - The report forecasts Jianghe Group's net profit attributable to shareholders to reach 841 million CNY in 2024, 1.18 billion CNY in 2025, and 1.54 billion CNY in 2026, with corresponding P/E ratios of 8.2, 5.9, and 4.5 [1][9].

股 票 研 究 公 司 更 新 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------|----------------------------------------------------|------------------------------------------|-----------------------|-------------------------|-----------------------------|-------------------------|--------------------------------|---------------------------------|--------------------|-------------------| | [Table_Title] \n江河集团 | (601886) | | | | | [Table_industryInfo] | [Table_Invest] 评级： ...

Financial Performance - The company's operating revenue for 2023 reached ¥20,954,284,895.33, representing a 16.05% increase compared to ¥18,056,403,834.00 in 2022[22]. - Net profit attributable to shareholders for 2023 was ¥671,740,595.74, a 36.89% increase from ¥490,716,771.46 in 2022[22]. - The basic earnings per share for 2023 was ¥0.59, up 37.21% from ¥0.43 in 2022[24]. - The weighted average return on equity increased to 10.01% in 2023, up by 2.27 percentage points from 7.74% in 2022[24]. - The net cash flow from operating activities for 2023 was ¥861,286,198.42, a significant recovery from a negative cash flow of ¥152,645,601.86 in 2022[22]. - The total assets of the company as of the end of 2023 were ¥28,705,968,853.81, reflecting a 6.53% increase from ¥26,946,937,275.00 at the end of 2022[22]. - The net assets attributable to shareholders increased by 11.07% to ¥7,069,370,367.65 at the end of 2023, compared to ¥6,364,947,074.78 at the end of 2022[22]. - The company reported a significant increase in net profit after deducting non-recurring gains and losses, reaching ¥694,153,119.17 in 2023, up 142.13% from ¥286,684,426.27 in 2022[22]. - The company achieved a revenue of approximately 20.95 billion RMB, representing a year-on-year growth of 16.05%[33]. - The net profit for the period was 743 million RMB, an increase of 35.35% year-on-year, while the net profit attributable to shareholders grew by 36.89% to 672 million RMB[33]. Dividend Policy - The profit distribution plan for 2023 is to distribute a cash dividend of 2 RMB (including tax) for every 10 shares based on a total share capital of 1,133,002,060 shares[4]. - The company maintained a cash dividend policy, distributing a cash dividend of 0.2 yuan per 10 shares for the 2022 fiscal year, despite the dividend amount being less than 30% of the net profit attributable to shareholders[44]. - The company declared a cash dividend of CNY 226,600,412, which represents 33.73% of the net profit attributable to ordinary shareholders in the consolidated financial statements[165]. Corporate Governance - The company has established a governance structure that complies with relevant laws and regulations, ensuring the operation of the shareholders' meeting, board of directors, and supervisory board is standardized[124]. - The board of directors consists of nine members, including three independent directors, and has established specialized committees to enhance governance effectiveness[127]. - The supervisory board is responsible for overseeing the company's management and financial status, ensuring the interests of the company and all shareholders are protected[128]. - The company has implemented an investor relations management system to facilitate effective communication with investors and enhance transparency regarding its operational status and development prospects[133]. - The company maintained independence from its controlling shareholders in terms of assets, personnel, finance, and business operations[134]. Market Position and Strategy - The company ranked first in the comprehensive ranking of the Chinese architectural decoration industry for the sixth consecutive year, reflecting its strong market position[43]. - The company is focusing on high-quality development in the construction decoration industry amidst increasing market competition and challenges[105]. - The company anticipates a significant market demand increase for its specialty photovoltaic components due to the rapid development of photovoltaic building integration, driven by the "dual carbon" strategy and new regulatory policies[106]. - The company is expanding its market presence, targeting three new regions in Asia, which is anticipated to increase market share by 10%[140]. - The company is accelerating the domestic and international sales of BIPV products, aiming to create a new profit growth point through synergies with its existing curtain wall business[112]. Research and Development - The company obtained 103 authorized patents in 2023, bringing the total to 1,029, with one patent winning the China Patent Excellence Award, showcasing its leadership in technology innovation[41]. - The company has 1,541 R&D personnel, accounting for 16.25% of the total workforce[80]. - Research and development expenses totaled 619 million RMB, accounting for 2.96% of total revenue[79]. - The company is investing in specialty photovoltaic component production lines, but faces risks related to local policies and market conditions that could affect sales performance[119]. Operational Efficiency and Quality Control - The company has established a comprehensive quality control system based on ISO9001, ensuring high standards in raw materials, product quality, and customer service[90]. - The company aims to enhance its quality management level continuously, focusing on creating high-quality projects and improving customer satisfaction[90]. - The company has implemented a competitive salary policy, adjusting salaries for key personnel and high performers to improve employee satisfaction[156]. - The company has enhanced its internal management and operational efficiency through a matrix management approach[167]. Risks and Challenges - The company faces significant risks including policy risks and market competition risks[6]. - The company is sensitive to fluctuations in raw material prices, which could adversely affect its profitability if prices rise significantly[117]. - The company is experiencing increased competition in the private ophthalmology sector, which may affect its business growth despite efforts to differentiate through chain operations[107]. - The company is actively exploring and developing business models that adapt to regional medical insurance policies and healthcare reform directions to mitigate policy risks in the healthcare sector[120]. Social Responsibility and Sustainability - The company has invested CNY 171.66 million in various charitable and educational initiatives, benefiting 300 individuals[173]. - The company has allocated CNY 19.66 million towards poverty alleviation and rural revitalization projects, impacting 260 individuals[174]. - The company implemented carbon reduction measures that resulted in a decrease of 608.31 tons of CO2 equivalent emissions[172]. Legal and Compliance - The company has not faced any significant litigation or arbitration matters during the reporting period[185]. - The company has not encountered any non-compliance issues regarding the use of funds by controlling shareholders or related parties[178]. - The company has not faced any risks of delisting or bankruptcy reorganization[184].

净利润大幅增长，BIPV 业务助推打造第二成长曲线 BIPV 订单高增长，看好公司国际化业务拓展 从毛利率情况来看，建筑装饰、医疗健康业务毛利率分别为 16.6%、27.9%， 分别同比+0.47pct、+2.11pct，公司综合毛利率为 17.2%，同比+0.49pct。 费用率同比下滑 1.29pct 至 10.38%，销售、管理、研发、财务费用率分别 为 1.28%、5.45%、2.96%、0.7%，分别同比变动-0.01pct、-1.07pct、+0.05pct、 -0.26pct，成本管控及费用摊薄效果显著。资产及信用减值为 4.1 亿元，同 比减少 0.61 亿元，综合来看净利率为 3.55%，同比提升 0.5pct，盈利能力 明显改善。现金流来看，公司 23 年 CFO 净额为 8.61 亿元，同比多流入 10.14 亿元，经营现金流净额大幅好转，收付现比分别为 100.27%、100.07%，分 别同比-2.65pct、-7.63pct，总资产周转率为 0.75，同比提升 0.1 次。 风险提示：新业务拓展不及预期，海外经营风险，地产下行压力较大。 作者 公司报告 | 年报点评报告 公司 23 ...