Sinoma-int(SH:600970) Xin Lang Cai Jing·2026-01-16 06:30Core 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].