Sinoma-int(SH:600970) HTSC·2026-01-16 05:18Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown a steady growth in new orders, with a total of 71.235 billion RMB in new contracts signed for the year 2025, reflecting a year-on-year increase of 12% [1] - The company is gradually reducing its reliance on domestic cement engineering, with significant growth in integrated mining orders, indicating a clearer long-term growth trajectory [1][2] - The operational performance is improving, with a notable increase in cash flow and profitability, particularly in the metal mining operations [3] Summary by Relevant Sections Order and Revenue Performance - In Q4 2025, the company signed new orders totaling 11.353 billion RMB, a 7% increase year-on-year, with an end-of-year backlog of 66.5 billion RMB, up 11.3% year-on-year [1] - For the full year 2025, the company signed new engineering, equipment, and operation orders of 42.7 billion, 9.3 billion, and 17 billion RMB respectively, with year-on-year changes of +14.9%, +29.9%, and -1.7% [2] Financial Performance - For the first nine months of 2025, the company achieved a revenue of 32.998 billion RMB, a 3.99% increase year-on-year, with a net profit of 2.074 billion RMB, up 0.68% [3] - The gross margin for Q3 2025 was 18.07%, showing a slight improvement compared to the previous year [3] Profit Forecast and Valuation - The company’s projected net profits for 2025-2027 are 3.131 billion, 3.196 billion, and 3.248 billion RMB respectively [4] - The target price is set at 14.64 RMB, based on a 12x PE ratio for 2026, reflecting a robust outlook for the company’s international demand and business transformation [4]