Sinoma-int(600970) 东吴证券·2024-10-27 22:00Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Insights - The company reported steady growth in performance, with a significant acceleration in new orders in the third quarter of 2024 [2][3]. - The revenue for the first three quarters reached 31.731 billion yuan, with a year-on-year increase of 0.7%, while the net profit attributable to shareholders was 2.060 billion yuan, up 2.9% year-on-year [2]. - The company’s gross margin improved, with a gross margin of 18.9% for the first three quarters, reflecting a 0.2 percentage point increase year-on-year [2]. - The operating cash flow faced some pressure, with a net cash outflow of 260 million yuan in the first three quarters, primarily due to the domestic cement market affecting collection progress [2]. - The company’s debt ratio decreased to 61.0%, down 1.8 percentage points year-on-year, indicating an ongoing optimization of the capital structure [2]. Financial Performance Summary - Total revenue (in million yuan) is projected to grow from 45,799 in 2023 to 56,955 in 2026, with year-on-year growth rates of 6.94%, 6.32%, 7.56%, and 8.75% respectively [1][9]. - Net profit attributable to shareholders is expected to increase from 2,916 million yuan in 2023 to 4,194 million yuan in 2026, with corresponding growth rates of 14.74%, 11.68%, 13.13%, and 13.84% [1][9]. - The latest diluted EPS is forecasted to rise from 1.10 yuan in 2023 to 1.59 yuan in 2026, with a decreasing P/E ratio from 9.33 to 6.49 over the same period [1][9]. Order and Contract Insights - The company experienced a significant increase in new contracts, with a total of 15.7 billion yuan in new contracts signed in the third quarter, representing a year-on-year increase of 35% [2]. - The total uncompleted contract amount reached 62.06 billion yuan by the end of the third quarter, indicating a solid backlog that supports future revenue growth [2].