Jangho(SH:601886) Changjiang Securities·2024-07-28 13:01Investment Rating - The report does not provide a clear investment rating [1] Core Views - The company reported a cumulative bid amount of approximately 12.884 billion yuan for the first half of the year, representing a year-on-year growth of 14.22% [7][8] - The company has a strong order backlog of approximately 33.4 billion yuan as of the end of 2023, which supports sustained performance in the future [8] - The company is recognized as a global leader in high-end curtain walls, with a robust production base and a high-quality customer base [10] - The company is expected to benefit from the increasing penetration of BIPV (Building Integrated Photovoltaics) and rapid expansion of overseas business, with projected earnings of 760 million yuan and 880 million yuan for 2024 and 2025, respectively [10] Summary by Sections Company Performance - The company achieved a cumulative bid amount of approximately 12.884 billion yuan in the first half of 2024, with a year-on-year increase of 14.22% [8] - The curtain wall system bid amount was approximately 8.26 billion yuan, up 8.90% year-on-year, while the interior decoration system bid amount was approximately 4.624 billion yuan, up 25.14% year-on-year [8] BIPV Business - The company secured approximately 150 million yuan in new BIPV orders in the first half of 2024, a decrease from 950 million yuan in the same period last year [9] - The decline in BIPV orders is attributed to fluctuations in order-taking rhythm, but improvements are expected in the second half of the year [9] - Long-term demand for BIPV is anticipated to rise due to supportive policies and declining component prices [9] Market Expansion - The company is actively pursuing international market opportunities, particularly in Southeast Asia and other regions, to enhance its business growth [25] - The establishment of an "overseas division" aims to expand into emerging markets and re-enter developed markets [25] Financial Projections - Projected total revenue for 2023 is 20.954 billion yuan, with estimates of 22.944 billion yuan for 2024 and 26.447 billion yuan for 2025 [15] - The net profit for 2023 is projected at 743 million yuan, increasing to 841 million yuan in 2024 and 975 million yuan in 2025 [15]