Sinoma-int(600970) 国泰君安·2024-10-30 05:13Investment Rating - The report maintains a rating of "Buy" for the company [5]. Core Views - The company is expected to see stable growth in operational orders driven by technological upgrades and new production lines, with potential investment returns from its stake in overseas cement production lines [2]. - The forecasted EPS for 2024-2026 is projected to be 1.27, 1.44, and 1.60 yuan, reflecting growth rates of 15%, 13%, and 11% respectively [3]. - The target price is set at 17.16 yuan, corresponding to a PE ratio of 13.5 times for 2024 [3]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 31.73 billion yuan, a year-on-year increase of 0.70%, and a net profit of 2.1 billion yuan, up 2.90% year-on-year [3]. - The operating cash flow for the first three quarters of 2024 was -260 million yuan, compared to -14 million yuan in the same period of 2023 [3]. - The company signed new contracts worth 52.8 billion yuan in the first three quarters of 2024, representing a growth of 1.1% year-on-year, with operational management orders increasing by 36% [3][14]. Order and Revenue Breakdown - The new signed contracts for engineering services amounted to 33.6 billion yuan, a decrease of 5.9% year-on-year, while operational management contracts increased significantly [14]. - Domestic new contracts decreased by 5% to 22.6 billion yuan, while overseas contracts increased by 6% to 30.2 billion yuan [14]. Dividend and Shareholder Returns - The company plans to increase its dividend payout ratio by no less than 10% annually over the next three years, with a current dividend yield of 3.94% [3]. - The company aims for a compound annual growth rate of net profit of no less than 15.5% from 2022 to 2024 [3].