Jangho(SH:601886) Chang Jiang Shang Bao·2025-06-26 23:25Core 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]