1Q26 Recurring Profit Buoyant
发布时间:2026-05-27 来源:华泰证券
Jinggong Steel Building reported 1Q26 revenue of RMB4,844mn(+0.51%YoY,-22.87%QoQ),attributable NP of RMB151mn(+21.94%YoY,+893.17%QoQ),and recurring NP of RMB161mn(+45.42%YoY).We believe the company's high growth in overseas orders is consistently translating into profit,and its committed dividends ensure ahigh dividend yield.Based on the closing price of RMB4.15 on 29 April,we estimate 2026/2027 dividend yields at 5.95/6.80%.Maintain BUY.
1Q26 profitability rose YoY&QoQ
For 1Q26,the company's overall GPM was 11.75%(+2.59pp YoY,+2.58pp QoQ),which we attribute mainly to an increased proportion of overseas revenue with higher GPM.The expense ratio was 8.95%(+1.27pp YoY),with sales/administrative/R&D/financial expense ratios at 0.94/3.67/3.77/0.57%(+0.05/+0.43/+0.46/+0.34pp YoY).Impairment expenses as apercentage of revenue decreased by 0.52pp YoY to 1.09%.As aresult,1Q26 attributable NPM/recurring NPM were 3.13/3.32%(+0.55/+1.02pp YoY,+2.88/+4.47pp QoQ).
Cash outflow YoY rose
For 1Q26,net operating cash flow was-RMB84mn,with an additional outflow of RMB450mn YoY,mainly due to increased prepayments for inventory stocking.The cash receipts-to-revenue ratio/cash payment-to-cost ratio for 1Q26 were 115.5/119.0%(-5.7/+8.4pp YoY).As of end-1Q26,the debt-to-asset ratio was approximately 65.1%(+1.38pp YoY,-1.51pp vs end-2025);the interest-bearing debt ratio was 14.5%(-0.5pp YoY,+0.74pp vs end-2025).
1Q26 new orders up 7.5%YoY,laying asolid profit foundation
For 1Q26,the company's newly-signed orders totaled RMB6.6bn(+7.5%YoY).Domestic newly-signed orders were RMB4.66bn(+12.3%YoY),with newly-signed orders in industrial building/public building/EPC&prefabricated project/industrial chain&strategic franchise/BIPV segments at RMB3.38/0.32/0.74/0.11/0.11bn(+32.6/-40.1/+57.7/-77.9/+107%YoY).Overseas newly-signed orders were RMB1.94bn(-2.5%YoY),with short-term fluctuations mainly due to the high base effect from asingle large project,as the supply contract for the Philippines project in 1Q25 reached RMB746mn,leading to ahigh base.Among these,industrial building/public building newly-signed orders were RMB1.01/0.92bn(+40.7/-27.1%YoY).
Earnings forecasts and valuation
We maintain our 2026-2028 attributable NP forecasts at RMB702/802/877mn.The peers'average 2026E PE is 19x on Wind consensus.Given the company's strong overseas performance,continuous operational quality improvement,and attractive dividend yield,we value the stock at 20x 2026E PE and raise our target price to RMB7.06(previous:RMB6.00,based on 17x 2026E PE vs peers'average of 16x).Maintain BUY.
Risks:Significant steel price hikes,weakening downstream business climate,payment collections falling short of our expectations.