CJJG(SH:600496) Tianfeng Securities·2025-10-29 06:25Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company has shown steady growth in revenue and performance, with a focus on high dividend attributes. For the first three quarters of 2025, the company achieved operating revenue of 14.56 billion, a year-on-year increase of 20.85%. The net profit attributable to the parent company was 590 million, reflecting a year-on-year growth of 24% [1][2] - The company has committed to a shareholder return plan for 2025-2027, promising to distribute at least 70% of the annual net profit or a minimum of 400 million in cash dividends, whichever is higher [1] - The company’s cash dividend yield for 2025 is projected to be 5.3%, highlighting its strong dividend characteristics [1] Revenue and Orders - In the first three quarters of 2025, the company sold 1.18 million tons of steel structures, a year-on-year increase of 34.6%. New orders signed amounted to 17.98 billion, a year-on-year increase of 4.8%, with international orders growing significantly by 87.3% [2][3] - The domestic EPC business has shown steady growth, while the overseas business is expanding rapidly, contributing to the overall improvement in operational quality [3] Profitability and Cash Flow - The comprehensive gross margin for the first three quarters of 2025 was 11.5%, with a net profit margin of 4.05%, reflecting a slight year-on-year improvement [4] - The company reported a significant increase in operating cash flow, with a net inflow of 760 million, up by 530 million year-on-year, indicating enhanced cash collection capabilities [4] Financial Data and Valuation - The company’s projected net profit for 2025 is 630.77 million, with a corresponding P/E ratio of 13.19. The projected revenue for 2025 is 21.57 billion, with a growth rate of 16.65% [5][10] - The company’s total assets are expected to reach 27.42 billion by 2025, with a debt-to-asset ratio of 65.56% [11]