Sinoma-int(600970) 东方证券·2024-10-22 13:39Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.64 CNY per share, based on a 12X PE ratio for 2024 [2][4][5] Core Views - The company signed new orders totaling 52.8 billion CNY in the first three quarters of 2024, a 1% increase year-on-year, with a significant 35% increase in the third quarter alone [1] - The company's overseas business continues to grow, with overseas orders reaching 30.2 billion CNY, up 6% year-on-year, while domestic orders decreased by 5% to 22.6 billion CNY due to a downturn in the domestic cement industry [1] - The company has a solid financial foundation, with a backlog of contracts amounting to 62.1 billion CNY, a 4.8% increase year-on-year, and plans to maintain a cash dividend payout ratio of no less than 40% over the next three years [1] Summary by Sections Order Growth - New orders in Q3 2024 were 15.7 billion CNY, a 35% increase year-on-year, while total new orders for the first nine months were 52.8 billion CNY, a 1% increase [1] - The engineering services and high-end equipment manufacturing orders saw slight declines, while operational maintenance orders grew by 36% to 13.1 billion CNY [1] Financial Performance - The company forecasts net profits attributable to shareholders of 3.23 billion CNY, 3.56 billion CNY, and 3.83 billion CNY for 2024, 2025, and 2026 respectively [2][5] - Revenue is projected to grow from 45.8 billion CNY in 2023 to 50.6 billion CNY in 2024, reflecting a 10.6% year-on-year increase [3][5] Market Position - The company is recognized as a global leader in cement technology and engineering services, benefiting from both acquisitions and organic growth [1] - The report highlights the company's strategic focus on expanding its equipment manufacturing and operational maintenance services [1]