Jangho(SH:601886) Tianfeng Securities·2024-03-27 16:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.56 yuan, based on a projected 12x PE for 2024 [8][16][14]. Core Insights - The company achieved a revenue of 20.95 billion yuan in 2023, representing a year-on-year growth of 16.05%, with a net profit of 671.74 million yuan, up 36.9% year-on-year [6][8]. - The BIPV (Building Integrated Photovoltaics) business is highlighted as a significant growth driver, with a 60.4% increase in new orders and a revenue increase of 309% year-on-year [13][14]. - The company has seen improvements in profitability, with a net profit margin of 3.55%, up 0.5 percentage points year-on-year, and a comprehensive gross margin of 17.2%, up 0.49 percentage points [2][7]. Summary by Sections Financial Performance - The company reported a net profit of 6.7 billion yuan in 2023, with a significant increase in cash flow from operations, amounting to 861.29 million yuan, compared to a negative cash flow in the previous year [6][24]. - The gross margin for the construction decoration and healthcare businesses was 16.6% and 27.9%, respectively, showing improvements from the previous year [2][7]. Business Segments - The construction decoration segment generated 199 billion yuan in revenue, a 16.5% increase year-on-year, while the healthcare segment achieved 10.5 billion yuan, up 9.5% [13]. - The company secured new orders worth 258.4 billion yuan in the construction decoration segment, with a notable increase in curtain wall system contracts [13]. Market Expansion - The company is expanding its international business, with overseas revenue growing by 115.1% year-on-year, supported by the establishment of an overseas division targeting Southeast Asia and other regions [13][14]. - The BIPV business is expected to contribute significantly to the company's second growth curve, with a production base launched in June 2023 [13][14].