CJJG(SH:600496) CAITONG SECURITIES·2025-10-29 10:46Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported strong performance in Q3 with revenue of 14.557 billion yuan, a year-on-year increase of 20.85%, and a net profit of 590 million yuan, up 24.02% year-on-year [7][8] - The company has a future action plan to distribute at least 70% of the annual net profit in cash or a minimum of 400 million yuan (including tax) as dividends, which translates to a current dividend yield of 4.8%, indicating significant investment attractiveness [7][8] - The company has optimized its order structure with a notable increase in overseas contracts, which accounted for 27.8% of total orders in the first three quarters of 2025, up from 13.7% in 2024 [7][8] Financial Performance - For the first three quarters of 2025, the company achieved steel structure sales of 1.18 million tons, a year-on-year increase of 34.6% [7][8] - The company’s revenue projections for 2025-2027 are 23.836 billion yuan, 28.335 billion yuan, and 32.490 billion yuan, respectively, with net profits expected to be 640 million yuan, 733 million yuan, and 838 million yuan [6][8] - The company’s PE ratios based on the closing price on October 28 are projected to be 13.0, 11.3, and 9.9 for 2025, 2026, and 2027, respectively [6][8] Cash Flow and Profitability - The operating cash flow for the first three quarters was 761 million yuan, an increase of 533 million yuan year-on-year, with a cash collection ratio of 112.06% [8] - The gross profit margin for the first three quarters was 11.52%, a decrease of 1.54 percentage points year-on-year, while the net profit margin was 4.05%, showing a slight increase [8] Order and Market Expansion - The company signed new contracts worth 17.6 billion yuan in EPC and 11.4 billion yuan in prefabricated/industrial chain and strategic franchise/BIPV businesses, with significant growth in the latter two areas [7][8] - The overseas business has expanded into six major regional markets, effectively mitigating the impact of intense competition in the domestic construction market [7][8]