Jangho(SH:601886) GUOTAI HAITONG SECURITIES·2025-09-15 12:30Investment Rating - The report maintains a rating of "Buy" for Jianghe Group [9] Core Views - The company demonstrated a significant increase in net profit attributable to shareholders, with a growth of 30.4% in Q2 2025, while the first half of 2025 saw a net profit increase of 1.7%. The high dividend yield of 7.26% highlights the company's investment value [1][5] - The company has secured a contract for the world's first building exceeding 1000 meters in height, further establishing its global market presence [5] Financial Summary - For H1 2025, the company reported revenue of 9.34 billion yuan, a decrease of 5.9% year-on-year. The construction decoration segment generated 8.76 billion yuan, down 6.5%, while the healthcare segment saw an increase to 580 million yuan, up 5.4% [3] - The gross profit margin for H1 2025 was 15.7%, with a slight increase of 0.1 percentage points. The net profit margin attributable to shareholders was 3.5%, up 0.2 percentage points [3] - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares, totaling 170 million yuan, with a dividend yield of 7.26% as of September 12, 2025 [5] - The company has a target price of 10 yuan, corresponding to a PE ratio of 16.4 times for 2025 [2][9] Operational Highlights - The company signed new contracts worth 13.69 billion yuan in the construction decoration segment, representing a year-on-year increase of 6.3%. Notably, overseas contracts increased by 61%, with a significant portion coming from the facade segment [4] - The company reported a negative operating cash flow of 1.03 billion yuan for H1 2025, compared to a negative 450 million yuan in the same period of 2024 [4]