海外订单驱动增长

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江河集团(601886):Q2扣非利润改善显著,海外订单驱动增长
China Post Securities· 2025-08-28 02:54
Investment Rating - The report assigns a "Buy" rating for the stock, indicating an expected relative increase of over 20% compared to the benchmark index within six months [2][13]. Core Insights - The company reported a significant improvement in non-recurring profit in Q2, driven by overseas orders, despite a year-on-year revenue decline of 5.9% in the first half of 2025 [5][6]. - The company’s revenue performance showed resilience, with a notable increase in overseas orders, which accounted for 38% of total orders, reflecting a 61% year-on-year growth [6][7]. - The company is expected to see revenue growth of 8.1% and 8.0% in 2025 and 2026, respectively, with projected net profits of 6.9 billion and 7.6 billion yuan [7][9]. Company Overview - The latest closing price of the company is 8.43 yuan, with a total market capitalization of 96 billion yuan and a PE ratio of 15.05 [4][5]. - The company has a debt-to-asset ratio of 70.3%, indicating a relatively high level of leverage [4][12]. Financial Performance - In the first half of 2025, the company achieved a revenue of 93.4 billion yuan, with a net profit of 3.3 billion yuan, marking a 1.7% increase year-on-year [5][6]. - The gross margin for the first half of 2025 was 15.75%, showing a slight improvement compared to the previous year [7][12]. - The company’s operating cash flow showed a net outflow of 10.3 billion yuan, which is an increase in outflow by 5.8 billion yuan compared to the same period last year [7][12].