Jangho(SH:601886) China Post Securities·2025-10-31 07:17Investment Rating - The report assigns a "Buy" rating for Jianghe Group, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within six months [2][13]. Core Insights - Jianghe Group's Q3 performance shows resilience, with a revenue of 52.15 billion yuan, a year-on-year decline of 5.22%, but a net profit of 1.30 billion yuan, reflecting a year-on-year growth of 17.28% [5][6]. - The company has maintained a competitive edge, with new orders totaling approximately 222.13 billion yuan in the first three quarters, a year-on-year increase of 6.13% [6]. - The gross margin slightly improved to 15.62%, while the net margin increased to 2.59% [6]. - The company is projected to achieve revenues of 228 billion yuan and 236 billion yuan in 2025 and 2026, respectively, with corresponding net profits of 6.7 billion yuan and 7.4 billion yuan [7][9]. Company Overview - Jianghe Group's latest closing price is 7.88 yuan, with a total market capitalization of 89 billion yuan [4]. - The company has a debt-to-asset ratio of 70.3% and a price-to-earnings ratio of 14.07 [4].