Jangho(SH:601886) Changjiang Securities·2025-11-09 07:43Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 14.554 billion yuan in the first three quarters of 2025, a year-on-year decrease of 5.63%. However, the net profit attributable to shareholders was 458 million yuan, reflecting a year-on-year increase of 5.67%. The net profit after deducting non-recurring items was 383 million yuan, up 19.11% year-on-year [2][4]. - In the third quarter alone, the company reported a revenue of 5.215 billion yuan, down 5.22% year-on-year, while the net profit attributable to shareholders increased by 17.28% to 130 million yuan [2][4]. - The company’s gross margin improved significantly in Q3, with a comprehensive gross margin of 15.62%, up 1.18 percentage points year-on-year [9]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company’s total revenue was 14.554 billion yuan, a decrease of 5.63% year-on-year. The net profit attributable to shareholders was 458 million yuan, an increase of 5.67% year-on-year, while the net profit after deducting non-recurring items was 383 million yuan, up 19.11% year-on-year [2][4]. - In Q3, the company’s revenue was 5.215 billion yuan, down 5.22% year-on-year, with a net profit of 130 million yuan, reflecting a 17.28% increase year-on-year [2][4]. Profitability and Margins - The comprehensive gross margin for the first three quarters was 15.70%, an increase of 0.55 percentage points year-on-year. In Q3, the gross margin was 15.62%, up 1.18 percentage points year-on-year [9]. - The net profit margin for the first three quarters was 3.14%, an increase of 0.34 percentage points year-on-year, while the net profit margin after deducting non-recurring items was 2.63%, up 0.55 percentage points year-on-year [9]. Cash Flow and Financial Health - The company experienced a net cash outflow of 666 million yuan from operating activities in the first three quarters, which was an increase in outflow by 476 million yuan year-on-year. However, in Q3, there was a net cash inflow of 366 million yuan, an increase of 100 million yuan year-on-year [9]. - The company’s asset-liability ratio increased by 0.54 percentage points year-on-year to 71.09% [9]. Market Position and Future Outlook - The company has a significant high dividend characteristic, with an estimated dividend yield of 6.2% to 7.3% over the next three years based on projected earnings [9]. - The company continues to see growth in overseas orders, which are expected to contribute positively to its main business profits as these projects are gradually realized [9].