Jangho(SH:601886) Ge Long Hui·2025-10-30 07:18Core Viewpoint - Jianghe Group achieved a net profit attributable to shareholders of 460 million yuan in Q1-Q3 2025, representing a year-on-year increase of 5.7% [1] - The company's third-quarter net profit growth rate exceeded that of the net profit after deducting non-recurring gains and losses, indicating robust overall performance in the quarterly report [1] Financial Performance - In Q1-Q3 2025, Jianghe Group secured orders worth 22.2 billion yuan, marking a year-on-year increase of 6.1%, demonstrating steady growth in order intake [1] - The overall performance in the third-quarter report aligns with expectations, reflecting stable growth [1] Business Expansion - The company is currently focusing on expanding its overseas business, with overseas orders significantly increasing by 61% in H1 2025, accounting for 38% of total orders [1] - Higher gross margins are associated with overseas orders, and the company is expected to scale up its overseas projects in the coming year, which will accelerate revenue and profit growth [1] Strategic Development - Jianghe Group has established a "dual-wheel drive" model for international expansion, with ongoing positive progress in product platformization, contributing to the formation of a second growth curve [1] - Assuming a shift to a 5% dividend yield, the company's market value targets for 2025-2027 are projected to be 11 billion, 11.8 billion, and 12.7 billion yuan, indicating potential market value growth of 23%, 33%, and 43% respectively [1] - The company maintains a "buy" rating based on these projections [1]