Sinoma-int(SH:600970) Yin He Zheng Quan·2025-11-05 12:39Investment Rating - The report maintains a "Recommended" rating for the company, with projected P/E ratios of 7.87, 7.52, and 7.23 for the years 2025 to 2027 respectively [4]. Core Insights - The company achieved a revenue of 11.317 billion yuan in Q3 2025, reflecting a year-on-year growth of 4.48%. However, the net profit attributable to shareholders decreased by 1.18% to 653 million yuan [4]. - For the first three quarters of 2025, the company reported a total revenue of 32.998 billion yuan, a growth of 3.99%, while the net profit attributable to shareholders increased by 0.68% to 2.074 billion yuan [4]. - The company signed new contracts worth 59.882 billion yuan in the first three quarters, marking a 13.44% increase year-on-year, with overseas contracts growing by 37% [4]. Financial Forecast Summary - Projected operating revenue for 2025 is 46.127 billion yuan, with a growth rate of 0.7%. This is expected to increase to 53.243 billion yuan by 2028, with a growth rate of 5.2% [5]. - The forecasted net profit attributable to shareholders for 2025 is 2.983 billion yuan, with a growth rate of 2.3%, reaching 3.381 billion yuan by 2028 [5]. - The gross profit margin is projected to be 19.6% in 2025, slightly decreasing to 18.8% by 2028 [5].