Jangho(SH:601886) China Post Securities·2026-03-23 07:07Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][13]. Core Insights - The company reported a revenue of 21.845 billion yuan for 2025, a year-on-year decrease of 2.5%, with a net profit attributable to shareholders of 610 million yuan, down 4.3%. However, the net profit excluding non-recurring items increased by 42.06% to 595 million yuan [4][5]. - The decline in main business revenue is attributed to a slight decrease in domestic operations and the fact that new overseas orders have not yet been converted into large-scale output [5]. - The company has seen a significant increase in overseas orders, with a total of 9.87 billion yuan in overseas orders for 2025, accounting for 35% of total orders, representing a year-on-year growth of 30% [5]. - The company has a strong cash flow, with a net cash flow from operating activities of approximately 1.545 billion yuan and a cash return ratio of 104.45% [6]. - The company has committed to a shareholder return plan for 2025-2027, promising annual cash dividends of no less than 80% of net profit attributable to shareholders or 0.45 yuan per share, whichever is higher [6]. Financial Summary - For 2025, the company achieved a revenue of 21.845 billion yuan, with projected revenues of 23 billion yuan and 23.8 billion yuan for 2026 and 2027, respectively, indicating growth rates of 5.3% and 3.4% [9][10]. - The net profit attributable to shareholders is expected to rise to 778 million yuan in 2026 and 889 million yuan in 2027, reflecting growth rates of 27.3% and 14.4% [9][10]. - The company's price-to-earnings (P/E) ratio is projected to be 11.66 for 2026 and 10.19 for 2027, indicating a favorable valuation compared to historical levels [9][10].