Jangho(SH:601886) Tianfeng Securities·2025-03-20 00:44Investment Rating - The report maintains a "Buy" rating for Jianghe Group with a target price not specified [6][4]. Core Viewpoints - Jianghe Group achieved a revenue of 22.4 billion yuan in 2024, representing a year-on-year growth of 6.9%. However, the net profit attributable to the parent company decreased by 5.1% to 640 million yuan, and the net profit after deducting non-recurring gains and losses fell by 39.7% to 420 million yuan [1][4]. - The company plans to distribute a total cash dividend of 620 million yuan for the year, resulting in a cash dividend payout ratio of 98% and a dividend yield of 9.67% [1][4]. - The company is actively expanding its overseas business, with new orders in 2024 reaching 7.63 billion yuan, a significant increase of 57% year-on-year [2][4]. Financial Performance Summary - In 2024, the comprehensive gross margin for Jianghe Group was 16%, down 1.13 percentage points year-on-year. The operating cash flow showed a net inflow of 1.626 billion yuan, an increase of 765 million yuan compared to the previous year [3][4]. - The company reported a net profit margin of 3.44% in 2024, slightly down from the previous year [3][4]. - The company’s total assets reached 29.46 billion yuan in 2024, with a debt-to-asset ratio of 70.35% [7][12]. Business Segment Analysis - The construction decoration segment generated revenue of 21.27 billion yuan, growing by 6.87% year-on-year, while the healthcare segment saw a revenue increase of 4.05% to 1.1 billion yuan [2][4]. - The company’s new orders in the construction decoration business amounted to approximately 27.05 billion yuan, reflecting a year-on-year growth of 4.68% [2][4]. - The company is focusing on developing a second growth curve through the sales of curtain wall products and customized services, aiming for a bid amount of 28 billion yuan in the construction decoration sector by 2025 [4][6].