Sinoma-int(SH:600970) Tianfeng Securities·2025-03-26 10:23Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.15 CNY, based on a 12x PE for 2025 [6][18]. Core Views - The company is expected to achieve a revenue of 46.13 billion CNY in 2024, reflecting a year-on-year growth of 0.72%. The net profit attributable to the parent company is projected to be 2.98 billion CNY, up 2.31% year-on-year [1][5]. - The company plans to distribute a cash dividend of 1.189 billion CNY, resulting in a cash dividend ratio of 39.85% and a dividend yield of 4.47% [1]. - The company is focusing on overseas growth, with a significant increase in international orders and a strategy to enhance its operational services and equipment manufacturing [2][3]. Financial Performance Summary - In 2024, the company achieved revenues of 271 billion CNY from engineering services, 62 billion CNY from high-end equipment manufacturing, and 129 billion CNY from operational services, with respective year-on-year growth rates of 1.73%, -18.42%, and 21.88% [2]. - The gross profit margin for the company in 2024 is reported at 19.6%, a slight increase of 0.2 percentage points year-on-year, while the net profit margin stands at 6.99%, up 0.03 percentage points [4]. - The company’s operating cash flow for the year was 2.29 billion CNY, a decrease of 12.5 billion CNY year-on-year [4]. Business Segmentation - The mining operation services segment generated 7.9 billion CNY in revenue, marking a year-on-year increase of 21.89%, while the cement and other operational services segment achieved 5.02 billion CNY, also up 21.88% [2]. - The company has executed 318 mining operation service projects, with a domestic market share of 21% in cement supply mining [2][3]. Market Position and Outlook - The company’s overseas revenue from equipment manufacturing has increased to 36%, and revenue from non-industry sectors has risen to 37% [2]. - The report indicates a positive outlook for the company’s operational and equipment business as it expands internationally, particularly in regions like Saudi Arabia and Indonesia [2][3].