Sinoma-int(SH:600970) Guolian Minsheng Securities·2026-03-29 10:09Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company has shown accelerated revenue growth, with a 2025 revenue of 49.6 billion yuan, representing a year-on-year increase of 7.5%. The net profit attributable to shareholders is 2.86 billion yuan, down 4.1% year-on-year [8] - The company is experiencing positive effects from its business structure adjustments, with improved revenue growth momentum and a significant contribution from overseas projects [8] - The report forecasts continued revenue growth for 2026-2028, with expected revenues of 53.99 billion yuan, 58.45 billion yuan, and 63.32 billion yuan respectively, reflecting year-on-year growth rates of 8.9%, 8.3%, and 8.3% [3][9] Financial Performance Summary - In 2025, the company's total revenue is projected at 49.6 billion yuan, with a gross profit margin of 18.5%. The net profit margin is expected to be 5.8% [9] - The company’s earnings per share (EPS) for 2025 is estimated at 1.09 yuan, with a price-to-earnings (P/E) ratio of 9 [3][9] - The report indicates a cash dividend of 1.26 billion yuan for 2025, with a dividend payout ratio of 44% [8] Business Performance Insights - The company’s domestic and overseas revenue growth rates differ significantly, with domestic revenue declining by 6.4% while overseas revenue increased by 22% [8] - The company’s new contract value reached 71.2 billion yuan in 2025, up 12% year-on-year, with overseas contracts accounting for 63% of new contracts [8] - The report highlights that the company’s operational services continue to grow steadily, contributing positively to overall performance [8]