江河集团（601886）公告，控股子公司北京港源建筑装饰工程有限公司中标雄安国贸中心酒店精装修项 目，中标金额约1.88亿元，约占公司2024年度营业收入的0.84%。项目位于雄安新区，预计总工期449 天，建成后将成为雄安新区首个集高端酒店、商务办公、航空服务等多功能为一体的商业综合体。 ...

Core Viewpoint - Jianghe Group (601886) has seen a stock price increase of 6.88% this week, closing at 5.59 yuan, with a total market capitalization of 6.333 billion yuan [1] Company Announcement Summary - Jianghe Group's wholly-owned subsidiary, Saudi Jianghe, signed a significant engineering contract worth approximately 2.012 billion yuan with Saudi Binladin Group for the Jeddah Tower curtain wall project, which will be the world's first building over 1,000 meters upon completion [1] - The contract amount is 10.52 billion Saudi Riyals, equivalent to about 2.012 billion yuan, representing 8.98% of the company's projected revenue for 2024 [1] - The project has an estimated construction period of three years and includes design, production supply, installation, testing, and maintenance of the curtain wall [1] - Saudi Binladin Group is one of the largest construction contractors in Saudi Arabia and the Middle East, with core businesses in large-scale construction, infrastructure development, and real estate investment [1] - The contract includes preliminary design services, which will not be executed separately [1] - There are risks associated with exchange rate fluctuations and potential impacts from policies, economic conditions, natural disasters, and wars that could affect the contract's execution [1]

Core Viewpoint - Jianghe Group's stock closed at 5.59 yuan, up 1.64%, with a rolling PE ratio of 10.55, marking a new low in 20 days, and a total market capitalization of 6.333 billion yuan [1] Company Summary - Jianghe Group's main business segments are construction decoration and healthcare, with key products including building curtain walls, photovoltaic buildings, interior decoration, interior design, and ophthalmic medical services [1] - As of the first quarter of 2025, the company reported operating revenue of 4.203 billion yuan, a year-on-year increase of 2.87%, and a net profit of 144 million yuan, a year-on-year decrease of 20.53%, with a gross profit margin of 15.03% [1] Industry Summary - The average PE ratio for the construction decoration industry is 44.61, with a median of 41.90, placing Jianghe Group at the 21st position in the industry ranking [1] - As of the first quarter of 2025, 12 institutions held shares in Jianghe Group, including 8 funds, with a total holding of 545.0388 million shares valued at 3.341 billion yuan [1]

Group 1 - The company has secured multiple landmark projects in Saudi Arabia, including a subcontract for the Jeddah Tower project worth approximately 1.052 billion SAR (around 2.012 billion RMB), which is expected to contribute 8.98% to the company's revenue in 2024 [1] - The company also won a contract for a sports venue's curtain wall in Saudi Arabia, with a total area of approximately 36,000 square meters and a contract value of 138 million SAR (about 265 million RMB) [1] - The successful bids for these projects are expected to enhance the company's market influence in the region and demonstrate solid progress in overseas market expansion [1] Group 2 - In early 2024, the company is fully implementing its "going global" strategy, establishing overseas divisions and expanding its business into regions such as Saudi Arabia, Dubai, Thailand, and Vietnam [2] - The company has achieved significant success in its overseas business, with new orders amounting to 7.63 billion RMB, a year-on-year increase of 57%, and overseas orders accounting for 28% of total orders [2] - The company has also signed a 650 million RMB supply order for curtain wall products in Australia for 2024 [2] Group 3 - The company plans to distribute a total cash dividend of 620 million RMB for 2024, resulting in a cash dividend ratio of 98% and a current dividend yield of 10.2%, enhancing its investment attractiveness [3] - As of Q1 2025, the company has accumulated a bid amount of approximately 5.212 billion RMB, a year-on-year increase of 0.44%, with the curtain wall and photovoltaic business contributing about 3.186 billion RMB, a growth of 5.11% [3] - The company maintains a "buy" rating with projected net profits of 650 million, 686 million, and 747 million RMB for 2025-2027, corresponding to PE ratios of 9.6, 9.1, and 8.3 [3]

Investment Rating - The investment rating for Jianghe Group is "Buy" with a target price not specified [5] Core Views - Jianghe Group has secured multiple landmark projects in Saudi Arabia, including a subcontract for the Jeddah Tower project worth approximately 2.012 billion RMB, which is expected to contribute 8.98% to the company's revenue in 2024 [1] - The company is actively expanding its overseas market presence, with a focus on regions such as Saudi Arabia, Dubai, Thailand, and Vietnam, and has established subsidiaries in Dubai and Saudi Arabia [2] - The company has achieved significant growth in overseas orders, with a total of 7.63 billion RMB in new orders for 2024, representing a year-on-year increase of 57% [2] Financial Data and Valuation - The projected revenue for Jianghe Group is expected to grow from 20,954.28 million RMB in 2023 to 28,461.95 million RMB in 2027, with a compound annual growth rate of approximately 8.77% [4] - The net profit attributable to the parent company is forecasted to be 671.74 million RMB in 2023, decreasing to 637.70 million RMB in 2024, and then gradually increasing to 747.46 million RMB by 2027 [4] - The company plans to distribute a total cash dividend of 620 million RMB for 2024, resulting in a high dividend yield of 10.2% [3] Summary of Financial Projections - Revenue growth rates are projected at 16.05% for 2023, 6.93% for 2024, and gradually increasing to 8.77% by 2027 [4] - The earnings per share (EPS) is expected to be 0.59 RMB in 2023, slightly decreasing to 0.56 RMB in 2024, and then increasing to 0.66 RMB by 2027 [4] - The price-to-earnings (P/E) ratio is projected to decrease from 9.28 in 2023 to 8.34 by 2027, indicating potential value for investors [4]

Core Viewpoint - Jianghe Group, a leading domestic curtain wall enterprise, continues to operate steadily and has secured a significant subcontract for the Jeddah Tower project in Saudi Arabia, which will contribute approximately 8.98% to its 2024 revenue [1] Financial Performance - In 2024, Jianghe Group's revenue is projected to reach 224.1 billion yuan, with a net profit of 6.38 billion yuan, marking a 2.89 times increase in revenue and an 87.65% increase in net profit since its IPO in 2011 [2] - The company's revenue for Q1 2025 shows a year-on-year growth of 2.87% to 42.03 billion yuan, while the net profit decreased by 20.53% to 1.44 billion yuan, indicating a growth in the actual profitability of its main business as reflected in the non-recurring net profit of 1.79 billion yuan, which grew by 1.46% [2] Business Segments - The architectural decoration business remains the largest segment for Jianghe Group, accounting for approximately 94.91% of total revenue in 2024, with a gross margin of 15.57% [1] - The company has seen a steady increase in its bidding amounts, with Q1 2025's cumulative bidding amount reaching approximately 52.12 billion yuan, a year-on-year increase of 0.44% [1] International Expansion - Jianghe Group's overseas business has shown remarkable growth, with revenues increasing from 9.7 million yuan in 2021 to 55.01 million yuan in 2024, representing a 4.67-fold increase over three years [2] - The proportion of overseas business in total revenue has also risen from 4.67% in 2021 to 24.55% in 2024, indicating a successful implementation of its "going global" strategy [2] Cost Management - The company has focused on cost reduction and efficiency improvement, with its expense ratio decreasing from 9.21% in 2020 to 7.32% in 2024, despite a temporary increase in 2022 [3][4] - Financial expenses have consistently declined from 266 million yuan in 2021 to 10.5 million yuan in 2024, with a year-on-year decrease of 28.17% in 2024 [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has secured a subcontract for the Jeddah Tower curtain wall project in Saudi Arabia, with a contract value of 10.52 billion SAR, approximately 20.12 billion RMB, and a contract duration of 3 years [3][9]. - The project will contribute approximately 8.98% to the company's revenue for the fiscal year 2024 [9]. - The company has a strong historical cash flow and a high dividend payout ratio, with a total cash dividend of 6.23 billion RMB in 2024, representing 97.7% of the net profit attributable to shareholders [9]. - The company is expanding its overseas business, with new orders amounting to 76.3 billion RMB in 2024, a year-on-year increase of 57%, and overseas orders now account for 28% of total orders [9]. Summary by Sections Company Overview - The company is involved in the construction and design of curtain walls and has a significant presence in the overseas market, particularly in the Middle East [9]. Financial Performance - The company reported an operating cash flow of 16.26 billion RMB in 2024, with a net cash ratio exceeding 250% [9]. - The projected total revenue for 2024 is 22.406 billion RMB, with a gross profit margin of 16% [15]. Market Position - The company has established itself as a leader in high-rise building curtain wall design, being the first to undertake a project for a building over 1000 meters tall [9]. - The main contractor, Saudi Binladin Group, is one of the largest and most influential construction firms in the Middle East, enhancing the company's market credibility [9].

Group 1 - The company has signed a subcontract for the JEDDAH TOWER facade project with SAUDI BINLADIN GROUP COMPANY LIMITED, which will become the world's first building over 1000 meters upon completion [1][2] - The contract amount is 10.52 billion Saudi Riyals, approximately 2.012 billion RMB, accounting for 8.98% of the company's projected revenue for 2024 [1][2] - The expected duration of the contract is 3 years, covering facade design, product supply, installation, and maintenance [1][2] Group 2 - SAUDI BINLADIN GROUP COMPANY LIMITED is a major construction and real estate development group in Saudi Arabia, known for its extensive history and influence in the Middle East [2]

Core Viewpoint - Jianghe Group has secured a significant contract for the Jeddah Tower project in Saudi Arabia, marking a major milestone in its overseas expansion strategy [2][4]. Group 1: Contract Details - The contract for the curtain wall project is valued at 10.52 billion Saudi Riyals, approximately 2.012 billion RMB, accounting for 8.98% of Jianghe Group's projected revenue for 2024 [4]. - The project is expected to take three years to complete and will result in the world's first building exceeding 1,000 meters in height [4]. - Jianghe Group's scope of work includes curtain wall design, product supply, installation, and maintenance [4]. Group 2: Company Background - Jianghe Group was established in 1999 and operates in two main sectors: building decoration and healthcare, with a presence in over 20 countries [5]. - The company is a leader in the fields of curtain walls, interior decoration and design, and photovoltaic buildings [5]. Group 3: Overseas Expansion Strategy - In early 2024, Jianghe Group is intensifying its "going global" strategy, establishing organizational structures for its curtain wall and photovoltaic businesses in various regions, including Saudi Arabia and Dubai [8]. - The company reported a 57% year-on-year increase in new overseas orders, totaling 7.63 billion RMB, with curtain wall orders reaching approximately 3.7 billion RMB, a 56% increase [8]. Group 4: Financial Performance - In the first quarter of 2025, Jianghe Group reported a revenue of 4.203 billion RMB, a year-on-year increase of 2.87%, while net profit attributable to shareholders decreased by 20.53% to 144 million RMB [8].

股票代码：601886 股票简称：江河集团 公告编号：临2025-024 江河创建集团股份有限公司 关于海外全资子公司签署重大工程合同的公告 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。 重要内容提示： 特别风险提示： 1.合同在履行过程中受国际环境等因素影响存在汇率波动的风险。 2.合同在履行过程中如遇到政策、经济、自然灾害、战争等不可预计或不可 抗力、设计方案调整等因素的影响，可能导致合同无法如期全面履行或变更履行 的风险。 该项目位于沙特阿拉伯吉达市，建成后将成为全球第一座超过1000米的高层 建筑。本次签署的合同金额为沙特里亚尔10.52亿元，约折合人民币为20.12亿元， 约占公司2024年度营业收入的8.98%，合同工期预计3年。公司承接该项目的施工 范围包含幕墙设计、幕墙产品生产供应、施工安装、测试维护等。 合同类型与金额：公司全资子公司沙特江河本次签署的幕墙分包合同金 额为沙特里亚尔10.52亿元，约折合人民币为20.12亿元。 合同工期：合同工期预计3年。 本次签署的合同已包含前期签订的该项目设计服务合同内 ...