Jangho(SH:601886) China Post Securities·2025-07-30 07:17Investment Rating - The report assigns a "Buy" rating for Jianghe Group, expecting the stock to outperform the benchmark index by more than 20% within the next six months [2][13]. Core Insights - Jianghe Group has announced a three-year high dividend plan, committing to distribute at least 80% of the annual net profit attributable to shareholders or a minimum of CNY 0.45 per share (including tax), whichever is higher, for the years 2025-2027 [5][6]. - The company reported a strong cash flow performance, with operating cash flow of CNY 1.63 billion in 2024, supporting its high dividend payout [6]. - The company has seen a 6.3% year-on-year increase in new orders, totaling CNY 13.69 billion in the first half of 2025, driven by robust demand for curtain walls and photovoltaic buildings, particularly from overseas markets [6][7]. Financial Performance and Forecast - Revenue projections for Jianghe Group are CNY 24.2 billion in 2025 and CNY 26.2 billion in 2026, reflecting year-on-year growth rates of 8.1% and 8.0%, respectively [7][9]. - The net profit attributable to shareholders is expected to reach CNY 6.86 billion in 2025 and CNY 7.57 billion in 2026, with growth rates of 7.7% and 10.2% [7][9]. - The company's PE ratios for 2025 and 2026 are projected to be 12.2X and 11.0X, respectively, indicating a favorable valuation [7][9]. Market Position and Strategy - Jianghe Group is expanding its overseas business, establishing a dedicated overseas division and targeting markets in the Middle East and Southeast Asia, which is expected to drive significant growth in new orders [6][7]. - The company has a strong market position in the curtain wall segment, benefiting from increased market share due to its comprehensive advantages [6][7].