Core Viewpoint - Company reports a steady growth in new orders and a shift in business structure, reducing reliance on the domestic cement industry while enhancing its mining integration orders, indicating a clearer long-term growth trajectory [1][2]. Group 1: New Orders and Financial Performance - In Q4 2025, the company signed new orders totaling 11.353 billion yuan, a year-on-year increase of 7% [1]. - For the entire year of 2025, new orders reached 71.235 billion yuan, reflecting a 12% year-on-year growth, with a year-end backlog of 66.5 billion yuan, up 11.3% year-on-year [1]. - The company’s new engineering, equipment, and operation and maintenance orders for Q4 2025 were 3.823 billion, 2.081 billion, and 5.003 billion yuan respectively, with operation and maintenance orders showing a significant increase of 19.4% year-on-year [2]. Group 2: Business Structure and Market Expansion - The company is reducing its dependence on domestic cement engineering, with cement mining engineering orders declining by 28% to 680 million yuan, accounting for only 6% of total orders [2]. - The company’s new orders for engineering, equipment, and operation and maintenance for the entire year were 42.7 billion, 9.3 billion, and 17 billion yuan respectively, with operation and maintenance business experiencing a slight decline of 1.7% year-on-year [2]. - Domestic and overseas new orders for 2025 were 26.2 billion and 45 billion yuan respectively, with a year-on-year decrease of 3.8% for domestic orders and an increase of 24.4% for overseas orders [2]. Group 3: Revenue and Profitability - For the first nine months of 2025, the company achieved revenue of 32.998 billion yuan, a year-on-year increase of 3.99%, with a net profit attributable to shareholders of 2.074 billion yuan, up 0.68% [3]. - In Q3 2025, the company reported revenue of 11.322 billion yuan, a 4.48% year-on-year increase, while net profit was 653 million yuan, down 1.18% year-on-year [3]. - The overall gross margin for the first three quarters decreased by 1.68 percentage points to 17.18%, but Q3 showed a slight improvement with a gross margin of 18.07%, up 0.23 percentage points year-on-year [3]. Group 4: Future Outlook and Valuation - The company maintains profit forecasts for 2025-2027 at 3.131 billion, 3.196 billion, and 3.248 billion yuan respectively [4]. - The company is expected to benefit from stable overseas demand and orderly business transformation, with a target price of 14.64 yuan based on a 12x PE for 2026 [4].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown a steady growth in new orders, with a total of 71.235 billion RMB in new contracts signed for the year 2025, reflecting a year-on-year increase of 12% [1] - The company is gradually reducing its reliance on domestic cement engineering, with significant growth in integrated mining orders, indicating a clearer long-term growth trajectory [1][2] - The operational performance is improving, with a notable increase in cash flow and profitability, particularly in the metal mining operations [3] Summary by Relevant Sections Order and Revenue Performance - In Q4 2025, the company signed new orders totaling 11.353 billion RMB, a 7% increase year-on-year, with an end-of-year backlog of 66.5 billion RMB, up 11.3% year-on-year [1] - For the full year 2025, the company signed new engineering, equipment, and operation orders of 42.7 billion, 9.3 billion, and 17 billion RMB respectively, with year-on-year changes of +14.9%, +29.9%, and -1.7% [2] Financial Performance - For the first nine months of 2025, the company achieved a revenue of 32.998 billion RMB, a 3.99% increase year-on-year, with a net profit of 2.074 billion RMB, up 0.68% [3] - The gross margin for Q3 2025 was 18.07%, showing a slight improvement compared to the previous year [3] Profit Forecast and Valuation - The company’s projected net profits for 2025-2027 are 3.131 billion, 3.196 billion, and 3.248 billion RMB respectively [4] - The target price is set at 14.64 RMB, based on a 12x PE ratio for 2026, reflecting a robust outlook for the company’s international demand and business transformation [4]

Core Viewpoint - The company is accelerating its internationalization strategy to mitigate the downward pressure in the domestic cement industry, achieving significant growth in overseas contracts while facing challenges in the domestic market [2][7]. Group 1: Contract Performance - In Q4 2025, the company signed new contracts worth 11.353 billion yuan, a year-on-year increase of 7%, with total new contracts for the year reaching 71.235 billion yuan, up 12% year-on-year [2][3]. - The new contracts in 2025 were divided into domestic and international, with domestic contracts amounting to 26.211 billion yuan (down 4%) and international contracts at 45.024 billion yuan (up 24%), with international contracts accounting for approximately 63% of the total [3][4]. - The company’s new contracts in engineering technology services, high-end equipment manufacturing, and production operation services for 2025 were 42.710 billion yuan, 9.304 billion yuan, and 17.011 billion yuan, reflecting year-on-year growth of 15%, 30%, and a decline of 2% respectively [3]. Group 2: Financial Performance - Since 2021, the company has achieved continuous growth in operating revenue, net profit attributable to shareholders, and net profit excluding non-recurring items for four consecutive years [5]. - In 2024, the company reported operating revenue of 46.127 billion yuan, a year-on-year increase of 0.72%, and a net profit of 2.983 billion yuan, up 2.31% [5]. - For the first three quarters of 2025, the company achieved operating revenue of 32.998 billion yuan, a year-on-year increase of 3.99%, and a net profit of 2.074 billion yuan, up 0.68% [5]. Group 3: Internationalization and Market Position - The company has established a presence in 91 countries and regions, managing 364 production lines, maintaining the world's largest market share in cement engineering services for 17 consecutive years [2][8]. - The company ranked 38th in the ENR "Top 250 International Contractors" list for 2025, improving by 5 positions year-on-year and ranking 10th among Chinese enterprises [8]. - The company aims to transform from a "global market participant" to a "builder of the global cement industry ecosystem," focusing on creating greater value for shareholders, customers, and society [3][8].

Core Viewpoint - China National Materials International is identified as a high-quality international engineering state-owned enterprise, with engineering, equipment, and operation & maintenance forming the "three driving forces" for the company's growth [1] Group 1: Business Focus and Growth Strategy - The company will further focus on three major areas: the building materials chain, the mining chain, and the green energy and environmental protection chain during the 14th Five-Year Plan [1] - The long-term growth logic of the company is expected to be further strengthened [1] Group 2: Financial Performance and Valuation - If the company's performance growth can recover to 10%, the valuation may be adjusted to 11-12x PE, with an expected market value reaching between 33 billion to 40 billion [1] - The company is projected to have a dividend payout ratio of approximately 44% in 2025 and 48% in 2026, corresponding to a dividend yield of 5.3% in 2026 [1] - Even with a 20% increase in stock price, the dividend yield would still exceed 4.4%, indicating significant absolute safety margin [1] Group 3: Investment Recommendation - The current high win rate, combined with the potential for valuation and performance to deliver high elasticity expectations, suggests that investors should pay attention to China National Materials International [1]

事件描述 公司是优质国际工程央企，工程、装备、运维共同构成公司增长的"三驾马车"。"十五五"公司将进一步 聚焦建材链、矿业链、绿能环保链三大领域，长期成长逻辑进一步增强。 事件评论 摆脱国内水泥工程拖累，长期成长逻辑好。公司是优质国际工程央企，"三驾马车"工程、装备、运维前 三季度订单占比分别为65%、12%、20%，海外订单占总订单69%，国内工程订单仅占总订单9%，大幅 摆脱对国内水泥工程依赖。"十五五"公司将进一步聚焦建材链、矿业链、绿能环保链三大领域，长期成 长逻辑进一步增强。优质商业模式下，公司ROE 达15%为建筑央企最高，资产负债率仅为61%。 境外水泥工程带动工程业务稳健增长，关注"两外"（海外、水泥外）战略带动装备、运维业务迎来发展 新阶段。1）装备：毛利率与现金流显著高于其他业务，2025 年前三季度新签装备订单72 亿元，同比增 长45%，占总订单比例约为12%。其中境外装备增长79%，境内装备增长20%，高增的装备订单有望在 2026 年充分兑现业绩。2025H 装备收入中，境外占比51%，外行业占比37%。水泥工程装备自供比例持 续提升，并在金矿等行业成功开拓，收购的矿山装备公司德国 ...

Group 1 - The company reported its major operational situation for the fourth quarter of 2025, including new contract signing and ongoing contract status [1] - The company has a total uncompleted contract amount of 6,645,512.77 thousand RMB, which represents a decrease of 0.6% compared to the previous reporting period and an increase of 11.28% year-on-year [2] - The significant project progress includes the Zambia Central Africa Cement Company's 5,000 tons per day clinker production line and supporting engineering project, with a contract amount of 480 million USD, currently in the financing stage and not yet executed [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is a high-quality international engineering state-owned enterprise, with engineering, equipment, and operation & maintenance forming the "three driving forces" for growth. The company will further focus on three major areas: the building materials chain, mining chain, and green energy & environmental protection chain during the 14th Five-Year Plan, enhancing its long-term growth logic [3][4]. Summary by Relevant Sections - The company has significantly reduced its reliance on domestic cement engineering, with overseas orders accounting for 69% of total orders and domestic engineering orders only 9%. The company’s return on equity (ROE) is 15%, the highest among construction state-owned enterprises, with a debt-to-asset ratio of 61% [10]. - The overseas cement engineering business is driving stable growth in engineering operations. The equipment segment has a gross margin and cash flow significantly higher than other businesses, with new equipment orders of 7.2 billion yuan in the first three quarters of 2025, a year-on-year increase of 45%. The overseas equipment orders grew by 79%, while domestic equipment orders increased by 20% [10]. - The company expects steady growth during the 14th Five-Year Plan, with revenue and performance growth projected at 5-10%. If acquisitions and business transformations are realized, the growth rate could be further revised upwards. The company anticipates significant contributions from its equipment and operation & maintenance businesses in 2026, with an optimistic growth outlook of over 10% [10]. - The company’s high dividend yield provides a safety margin, with a projected dividend payout ratio of approximately 44% and 48% for 2025 and 2026, respectively, leading to a dividend yield of 5.3% in 2026. Even with a 20% increase in stock price, the dividend yield remains above 4.4%, indicating a significant safety margin [10].

（编辑 楚丽君） 证券日报网讯 1月14日，中材国际在互动平台回答投资者提问时表示，中材国际是全球水泥技术装备与 工程服务领域的领导者。作为业内唯一实现从矿山开采到智慧运维全产业链覆盖的集成服务商，公司构 建了贯穿技术研发、数字设计、智能制造、智慧建设及售后服务的全生命周期价值体系。凭借这一独特 优势，公司不仅是全球水泥生产商的核心伙伴，更在特种水泥等高端材料领域积累了专业能力和定制化 服务经验。面向未来，公司将持续以系统解决方案赋能产业升级，积极开拓新增长机遇。 ...

| 证券代码：600970 | 证券简称：中材国际 | | 公告编号：临 2026-001 | | --- | --- | --- | --- | | 债券代码：241560 | 债券简称：24 国工 | K1 | | 中国中材国际工程股份有限公司 | 境内 | 763,257.60 | 64% | 2,621,090.02 | -4% | | --- | --- | --- | --- | --- | | 工程技术服务 | 279,710.26 | 881% | 809,397.25 | -16% | | 高端装备制造 | 114,301.70 | -2% | 455,808.09 | 13% | | 生产运营服务 | 364,031.53 | 26% | 1,221,003.31 | -2% | | 其他 | 5,214.11 | -83% | 134,881.37 | 26% | | 境外 | 372,019.48 | -38% | 4,502,418.13 | 24% | | 工程技术服务 | 102,616.00 | -69% | 3,461,587.48 | 26% | | 高端装备制造 | 93 ...

Core Viewpoint - The company reported a year-on-year increase in new contract amounts for 2025, indicating growth in its business operations and market presence [1] Summary by Category New Contracts - In Q4 2025, the company signed new contracts worth 11.353 billion yuan, a 7% increase year-on-year [1] - The total new contract amount for the year reached 71.235 billion yuan, reflecting a 12% year-on-year growth [1] Product Segmentation - The new contract amounts by product for the year were as follows: - Engineering technical services: 42.710 billion yuan, up 15% year-on-year [1] - High-end equipment manufacturing: 9.304 billion yuan, up 30% year-on-year [1] - Production operation services: 17.011 billion yuan, down 2% year-on-year [1] Regional Performance - New contract amounts by region for the year were: - Domestic: 26.211 billion yuan, down 4% year-on-year [1] - Overseas: 45.024 billion yuan, up 24% year-on-year [1] Unfinished Contracts - As of the end of the reporting period, the amount of unfinished contracts stood at 66.455 billion yuan, a decrease of 0.6% from the previous period but an increase of 11.28% year-on-year [1] Project Financing - The financing for the Zambia project, which involves a production line with a capacity of 5,000 tons of clinker, remains unexecuted [1]