精工钢构(600496)：海外业务加速成长 高股息彰显投资价值

Company Update - The company announced that in Q4 2025, new signed orders amounted to 24.27 billion yuan, representing a year-on-year increase of 10.5%. Domestic new signed orders were 17.01 billion yuan, down 10.0% year-on-year, while overseas new signed orders reached 7.20 billion yuan, up 140.1% year-on-year, accounting for 29.7% of total new signed orders, an increase of 16 percentage points year-on-year. In Q4 2025, the single-quarter overseas new signed orders were 2.2 billion yuan, a year-on-year increase of 568.4% [1] Comments - The growth in overseas new signed orders exceeded expectations, further validating the company's ongoing international expansion strategy. Since 2024, the company's overseas business has accelerated, with its share of new signed orders continuously increasing. In 2025, the company signed 2.64 billion yuan in industrial construction and 4.56 billion yuan in public construction orders, representing year-on-year increases of 41.5% and 302.5%, respectively. The company is expected to benefit from increased investment intensity in emerging markets such as the Middle East and Southeast Asia, as well as stable demand from domestic manufacturing clients investing overseas [2] - The company is actively adjusting its domestic order structure, gradually reducing bids for government investment projects and shifting towards private sector investments in heavy steel projects and quality housing projects, leading to continuous optimization of the order structure. In 2025, new signed orders for industrial chain and strategic franchise businesses and BIPV business were 1.28 billion yuan and 350 million yuan, respectively, with year-on-year growth of 51.7% and 60.8% [2] Profit Forecast and Valuation - The profit forecast remains largely unchanged, with an expected net profit attributable to shareholders of 790 million yuan for 2026 and an introduction of 896 million yuan for 2027. This corresponds to a PE ratio of 10.7x for 2026 and 9.4x for 2027. Based on the company's previously announced plan for a cash dividend ratio of no less than 70% from 2025 to 2027, the current stock price corresponds to dividend yields of 6.6% and 7.4% for 2026 and 2027, respectively. The rating of "outperforming the industry" is maintained with a target price of 5.22 yuan, implying an upside potential of 23.1% based on PE ratios of 13.2x and 11.6x for 2026 and 2027, respectively [3]