Jangho(SH:601886) GF SECURITIES·2024-03-27 16:00Investment Rating - The investment rating for Jianghe Group is "Buy" with a target price of 10.59 CNY per share, compared to the current price of 6.10 CNY [4][3]. Core Insights - Jianghe Group's revenue for 2023 reached 20.95 billion CNY, a year-on-year increase of 16.1%, with a net profit attributable to shareholders of 672 million CNY, up 36.9% year-on-year. The company reported a significant increase in non-recurring net profit, which rose by 142.1% year-on-year [3][7]. - The company has commenced production at its flexible manufacturing base for BIPV photovoltaic customized components in Hubei, which is expected to contribute to revenue growth in the future. The BIPV business is projected to gradually ramp up as traditional curtain walls transition to photovoltaic curtain walls [3][7]. - The company anticipates net profits attributable to shareholders of 800 million CNY, 946 million CNY, and 1.12 billion CNY for the years 2024, 2025, and 2026, respectively [3][8]. Financial Summary - Revenue for 2023 was 20.95 billion CNY, with a growth rate of 16.0% expected for 2024 [8]. - The EBITDA for 2023 was 1.80 billion CNY, with projections of 1.91 billion CNY for 2024 [8]. - The net profit attributable to shareholders for 2023 was 672 million CNY, with a projected increase to 800 million CNY in 2024 [8]. - The company achieved a cash flow from operating activities of 861 million CNY in 2023, a significant improvement from a net outflow of 153 million CNY in 2022 [12][8]. - The gross margin for 2023 was 17.19%, reflecting an increase of 0.49 percentage points year-on-year [7][8].