Jangho(SH:601886) Changjiang Securities·2025-05-06 09:16Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In Q1 2025, the company achieved operating revenue of 4.203 billion yuan, a year-on-year increase of 2.87%. The net profit attributable to shareholders was 144 million yuan, a decrease of 20.53% year-on-year, while the net profit after deducting non-recurring items was 179 million yuan, an increase of 1.46% year-on-year [2][4]. Summary by Sections Financial Performance - The company reported a slight increase in revenue and a small growth in net profit after deducting non-recurring items. The Q1 gross margin was 15.03%, down 0.75 percentage points year-on-year, while the expense ratio improved to 11.49%, down 0.21 percentage points year-on-year [9]. - The operating cash flow showed a net outflow of 1.084 billion yuan in Q1, which was an increase in outflow by 116 million yuan year-on-year. The asset-liability ratio decreased by 0.22 percentage points to 67.94% [9]. Business Segments - The company's architectural decoration segment saw a mixed performance in Q1, with a total bid amount of approximately 5.212 billion yuan, a year-on-year increase of 0.44%. The curtain wall and photovoltaic building business bid amount was about 3.186 billion yuan, up 5.11% year-on-year, while the indoor decoration and design business saw a decline of 6.12% [9]. - The company has accelerated its overseas orders, with new orders in 2024 reaching 7.63 billion yuan, a year-on-year increase of 57%, accounting for 28% of total orders [9]. Future Outlook - The company plans to maintain a high dividend payout ratio, with a cash dividend of 1.5 yuan per 10 shares (including tax) planned for mid-2024, totaling 170 million yuan [9]. - The management emphasizes market value management and aims to enhance shareholder returns through dividends [9].