Sinoma-int(SH:600970) Shenwan Hongyuan Securities·2026-03-26 14:44Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's 2025 net profit attributable to shareholders is expected to decline by 4.06%, which is in line with expectations. The total revenue for 2025 is projected to be 49.599 billion, representing a year-on-year growth of 7.53% [6] - The company plans to distribute a cash dividend of 0.48 yuan per share (before tax), with a dividend payout ratio of 43.97%, an increase of 4.12 percentage points compared to 2024 [6] - The company is experiencing steady growth in its engineering business and successful expansion in overseas markets, with domestic revenue showing a decline [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2024: 46.127 billion - 2025: 49.599 billion - 2026E: 52.548 billion - 2027E: 55.615 billion - 2028E: 58.617 billion [5][8] - Net profit attributable to shareholders is projected as follows: - 2024: 2.983 billion - 2025: 2.862 billion - 2026E: 3.099 billion - 2027E: 3.320 billion - 2028E: 3.511 billion [5][8] - The company’s operating cash flow for 2025 is expected to be 1.783 billion, a decrease of 5.07 billion compared to 2024 [6] Segment Performance - The revenue breakdown by segment for 2025 is as follows: - Engineering Technology Services: 29.2 billion, year-on-year growth of 7.68% - High-end Equipment Manufacturing: 7.0 billion, year-on-year growth of 11.98% - Production Operation Services: 13.4 billion, year-on-year growth of 3.78% [6]