Sinoma-int(SH:600970) Xin Lang Cai Jing·2026-01-15 00:27Core Viewpoint - The company is a high-quality international engineering state-owned enterprise, focusing on three main growth drivers: engineering, equipment, and operation maintenance, with a long-term growth logic further strengthened by focusing on the building materials chain, mining chain, and green energy and environmental protection chain during the 14th Five-Year Plan period [1][2]. Group 1: Business Performance - The company has significantly reduced its reliance on domestic cement engineering, with overseas orders accounting for 69% of total orders, while domestic engineering orders only make up 9% [2]. - The company has a return on equity (ROE) of 15%, the highest among state-owned construction enterprises, and a debt-to-asset ratio of only 61% [2]. Group 2: Equipment and Operation Maintenance - Equipment business shows strong growth, with new signed equipment orders reaching 7.2 billion yuan in the first three quarters of 2025, a 45% year-on-year increase, with overseas equipment orders growing by 79% [3]. - Operation maintenance orders for the first three quarters of 2025 totaled 12 billion yuan, a slight decline of 8% year-on-year, attributed to timing issues in order continuity [3]. Group 3: Future Outlook - The company anticipates a growth rate of 5-10% during the 14th Five-Year Plan period, with potential for upward revision if acquisitions in equipment and mining sectors materialize [4]. - The company expects significant contributions from its equipment and operation maintenance businesses in 2026, with optimistic projections suggesting a growth rate of over 10% [4]. - The company maintains a high dividend payout ratio, with expected dividends of approximately 44% and 48% for 2025 and 2026, respectively, leading to a dividend yield of 5.3% in 2026 [4].