Jangho(SH:601886) ZHONGTAI SECURITIES·2024-03-28 16:00Investment Rating - The report maintains a "Buy" rating for Jianghe Group, with a target price of 6.10 CNY per share [1]. Core Insights - Jianghe Group reported a revenue of 20.95 billion CNY in 2023, representing a year-on-year growth of 16.05%. The net profit attributable to shareholders reached 672 million CNY, up 36.89% year-on-year, while the net profit excluding non-recurring items surged by 142.13% to 694 million CNY [1][4]. - The company plans to distribute a cash dividend of 2 CNY per 10 shares to all shareholders, totaling 227 million CNY [1]. Summary by Sections Financial Performance - Revenue and net profit for 2023 were 20,954 million CNY and 672 million CNY, respectively, with growth rates of 16% and 37% forecasted for 2024 [1]. - The company’s earnings per share (EPS) for 2023 was 0.59 CNY, with projections of 0.74 CNY for 2024 and 1.04 CNY for 2025 [1]. - The gross profit margin for 2023 was 17.18%, a slight increase of 0.49 percentage points year-on-year, while the net profit margin improved to 3.55% [4]. Order Backlog and Growth Potential - Jianghe Group's construction decoration segment secured a total bid amount of approximately 25.84 billion CNY in 2023, marking a 9.70% increase year-on-year. The backlog of orders stood at 33.39 billion CNY as of December 31, 2023 [4][5]. - The company has seen significant growth in its BIPV (Building Integrated Photovoltaics) business, with orders amounting to 1.37 billion CNY in 2023, a year-on-year increase of 60.42% [5][6]. Market Outlook - The BIPV market is identified as a new growth area with substantial potential, driven by favorable policies and the increasing integration of photovoltaic technology in building facades [5]. - Jianghe Group is positioned as a leader in the BIPV sector, leveraging its experience and capabilities to capture market opportunities [6]. Future Projections - The report forecasts Jianghe Group's net profit attributable to shareholders to reach 841 million CNY in 2024, 1.18 billion CNY in 2025, and 1.54 billion CNY in 2026, with corresponding P/E ratios of 8.2, 5.9, and 4.5 [1][9].