Jangho(SH:601886) Xin Lang Cai Jing·2025-06-27 08:33Group 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]