中钢国际（000928）：工程毛利率改善，境外业务收入逆势提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights an improvement in gross profit margins and a counter-cyclical increase in overseas business revenue [6] - The company is expected to benefit from the "Belt and Road" initiative and low-carbon policies, enhancing its international market position [6] - The forecast for net profit from 2025 to 2027 shows a growth trajectory, with expected net profits of 913 million, 1,030 million, and 1,132 million respectively [6] Financial Summary - Total revenue for 2025 is projected at 17,053 million, with a year-on-year decline of 3.4% [5] - The gross profit margin for 2025 is estimated at 14.9%, maintaining the same level through 2027 [5] - The return on equity (ROE) is expected to be 10.1% in 2025, increasing slightly to 10.4% in 2026 and 2027 [5] - The company reported a net profit of 424 million for the first half of 2025, reflecting a year-on-year increase of 1.1% [6] - The cash flow from operating activities showed a net outflow of 29.1 billion in the first half of 2025, with a cash collection ratio of 69.7% [6]