Jangho(601886) 天风证券·2025-03-20 01:06Investment Rating - The report maintains a "Buy" rating for Jianghe Group with a target price not specified [6][4]. Core Viewpoints - Jianghe Group achieved a revenue of 22.4 billion yuan in 2024, representing a year-on-year growth of 6.9%. However, the net profit attributable to the parent company decreased by 5.1% to 640 million yuan, with a significant drop in the non-recurring net profit by 39.7% to 420 million yuan [1][4]. - The company plans to distribute a total cash dividend of 620 million yuan for the year, resulting in a cash dividend payout ratio of 98% and a corresponding dividend yield of 9.67% [1][4]. - The report highlights strong growth in overseas business orders, with a 57% increase in overseas orders to 7.63 billion yuan, indicating successful international expansion [2][4]. Financial Performance Summary - In Q4 2024, the company reported a revenue of 6.98 billion yuan, a year-on-year increase of 2.1%, but the net profit attributable to the parent company fell by 25% to 200 million yuan [1][3]. - The overall gross margin for 2024 was 16%, down 1.13 percentage points from the previous year, with a notable decline in Q4 gross margin by 3.52 percentage points [3][4]. - Operating cash flow showed a strong performance with a net inflow of 1.626 billion yuan, an increase of 765 million yuan year-on-year, reflecting robust cash management [3][4]. Business Segment Analysis - The construction decoration segment generated revenue of 21.27 billion yuan, growing by 6.87% year-on-year, while the healthcare segment saw a revenue increase of 4.05% to 1.095 billion yuan [2][4]. - The company secured new orders worth approximately 27.05 billion yuan in the construction decoration segment, a year-on-year increase of 4.68%, with significant contributions from both curtain wall and photovoltaic building projects [2][4]. - The report emphasizes the company's strategy to develop a second growth curve through customized services in design and product manufacturing, particularly in the curtain wall and specialized photovoltaic components [4][6].