Sinoma-int(SH:600970) Ge Long Hui·2026-01-15 08:47Core 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]