Sinoma-int(SH:600970) East Money Securities·2026-03-26 13:07Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a record high in new orders, with a year-on-year increase of 12%, and a significant growth in overseas contracts, which rose by 24% [5] - The company reported a revenue of 49.599 billion yuan for 2025, reflecting a year-on-year growth of 7.53%, while the net profit attributable to the parent company was 2.862 billion yuan, down 4.06% year-on-year [5] - The overall gross margin decreased by 1.1 percentage points to 18.50%, primarily due to a decline in demand within the cement industry [5] - The company’s cash dividend for 2025 was 1.258 billion yuan, corresponding to a dividend payout ratio of 43.97%, which is an increase of 4.15 percentage points year-on-year [5] - The report expresses optimism regarding the growth of demand in the "Belt and Road" initiative and African regions, suggesting that the company's competitive advantages are likely to be further highlighted [5] Financial Summary - The company’s total revenue is projected to grow from 49.599 billion yuan in 2025 to 56.190 billion yuan by 2028, with corresponding growth rates of 7.53%, 5.16%, 3.76%, and 3.83% [7] - The net profit attributable to the parent company is expected to increase from 2.862 billion yuan in 2025 to 3.441 billion yuan by 2028, with growth rates of -4.06%, 6.59%, 5.41%, and 7.01% [7] - The earnings per share (EPS) is forecasted to rise from 1.09 yuan in 2025 to 1.31 yuan in 2028 [7] - The price-to-earnings (P/E) ratio is projected to decrease from 9.53 in 2025 to 7.84 by 2028 [7]