Jangho(SH:601886) East Money Securities·2026-03-23 14:20Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of this stock [5]. Core Views - The company achieved a significant year-on-year increase of 118% in operating profit for Q4 2025, driven by overseas expansion and high dividend attributes [1][5]. - The company reported a total revenue of 21.845 billion yuan for 2025, a decrease of 2.50% year-on-year, while the net profit attributable to shareholders was 610 million yuan, down 4.31% year-on-year [4][6]. - The company’s gross margin improved by 1.27 percentage points to 16.83%, contributing to the growth in operating profit [4]. - The company’s cash flow remained strong, with a net operating cash flow of 1.545 billion yuan, significantly exceeding net profit [4]. Summary by Relevant Sections Financial Performance - In 2025, the company’s total revenue was 21.845 billion yuan, with a year-on-year decline of 2.50%. The net profit attributable to shareholders was 610 million yuan, down 4.31% year-on-year, while the non-recurring net profit increased by 42.06% to 595 million yuan [4][6]. - For Q4 2025, the revenue was 7.292 billion yuan, up 4.41% year-on-year, but the net profit attributable to shareholders decreased by 25.42% to 153 million yuan [4]. Order and Market Position - The company secured a total bid amount of approximately 28.539 billion yuan in 2025, representing a year-on-year increase of 5.51%. The overseas orders accounted for 35% of total orders, with a year-on-year growth of 30% [4]. - The company maintained its leading position in the domestic construction decoration industry in terms of new order volume [4]. Future Outlook - The company is expected to see net profits of 778 million yuan, 888 million yuan, and 1.002 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 27.44%, 14.12%, and 12.89% [5][6]. - The company’s cash dividend for 2025 was 567 million yuan, with a dividend payout ratio of 92.83%, highlighting its high dividend yield of 6.3% as of March 20 [4].