Sinoma-int(SH:600970) EBSCN·2025-07-14 06:27Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown strong growth in new contracts, particularly in overseas markets, with a total of 41.16 billion yuan in new contracts signed in the first half of 2025, representing an 11% year-on-year increase [1] - The company is committed to increasing its dividend payout ratio, with a current dividend yield of approximately 5%, which is competitive compared to major state-owned banks [2] - The company's business structure is continuously optimizing, with steady operations across its three main business segments: engineering, maintenance, and equipment [3] Summary by Sections New Contracts and Market Expansion - In the first half of 2025, the company signed new contracts worth 41.16 billion yuan, with domestic and international contracts at 13.33 billion yuan and 27.84 billion yuan respectively, showing a year-on-year growth of -2% and +19% [1] - The overseas market has become a major source of orders, driven by infrastructure demand in regions like the Middle East and Southeast Asia [1] Dividend Policy - The company has maintained a high dividend payout ratio over the past three years and plans to continue increasing it, targeting a cash distribution of at least 44%, 48.40%, and 53.24% of the distributable profits for the years 2024 to 2026 [2] Business Structure and Financial Performance - The company is actively expanding its overseas market presence while optimizing its business structure, which has led to improved profitability [3] - The forecasted net profit for the years 2025 to 2027 is 3.26 billion, 3.40 billion, and 3.52 billion yuan respectively, indicating a steady growth trajectory [4]