研报掘金丨天风证券：维持中材国际“买入”评级，海外新签持续高增

Core Viewpoint - The report from Tianfeng Securities indicates that China National Materials International (中材国际) achieved a net profit attributable to shareholders of 2.074 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 0.68% [1] Financial Performance - In Q3 2025, the company reported a net profit attributable to shareholders of 653 million yuan, which represents a year-on-year decrease of 1.18% [1] - The total net profit for the first three quarters of 2025 is 2.074 billion yuan, showing a slight increase compared to the previous year [1] Contract and Order Growth - The company experienced a significant increase in new contracts, with a year-on-year growth of 19% in Q3 2025 [1] - Overseas new contracts saw a remarkable year-on-year growth of 100%, while overseas engineering technical service contracts surged by 138% in the same quarter [1] - As of the end of Q3, the company had an uncompleted contract amount of 66.856 billion yuan, which is a 7.77% increase from the previous period, indicating a robust order backlog [1] Dividend Outlook - According to the company's dividend plan for 2024, the expected dividend yield for 2025 and 2026 is projected to be 5.4% and 6.4%, respectively [1] - The company maintains a "Buy" rating based on its performance and outlook [1]