Jangho(SH:601886) Xin Lang Cai Jing·2025-07-29 02:25Core Viewpoint - The company has announced a shareholder return plan for the next three years (2025-2027) with a minimum dividend payout ratio of 80% or 0.45 CNY per share, whichever is higher, indicating a strong commitment to high dividends [1] Financial Performance - The company reported a net operating cash flow of 1.63 billion CNY in 2024, which is 2.5 times the net profit attributable to shareholders, and a total of 11.7 billion CNY in operating cash flow over the past decade [2] - The company has a low interest-bearing debt ratio of 9.8% as of Q1 2025, with cash and cash equivalents plus trading financial assets amounting to 4.51 billion CNY, which is 7.1 times the net profit for the previous year [2] Order Growth - The company achieved a 10.2% year-on-year growth in new orders in Q2, with total orders amounting to 8.5 billion CNY, driven by strong demand in the Middle East [3] - The company has a backlog of orders worth 33.3 billion CNY, which is 1.5 times the expected revenue for 2024, ensuring stable future performance [3] Product Strategy - The company is implementing a productization strategy, customizing curtain wall products for developed countries and has secured significant orders in Australia and for BIPV products [4] - The productization strategy is expected to drive profit growth, with sales orders for BIPV components already signed and international certifications obtained [4] Investment Outlook - The company forecasts net profits attributable to shareholders of 690 million CNY, 740 million CNY, and 790 million CNY for 2025-2027, with corresponding PE ratios of 12.2, 11.4, and 10.6 [4] - If the dividend yield shifts to 5%, the target market values for 2025-2027 are projected to be 11 billion CNY, 11.8 billion CNY, and 12.6 billion CNY, indicating significant market potential [4]