Sinoma-int(SH:600970) 光大证券研究·2025-07-14 14:03Core Viewpoint - The article highlights the strong growth in new contracts for China National Materials International (中材国际) driven by robust overseas demand, with a focus on expanding its global market presence and enhancing shareholder returns through increased dividends [3][4]. Group 1: Contract Growth and Market Expansion - In the first half of 2025, China National Materials International signed new contracts worth 41.16 billion yuan, representing an 11% year-on-year increase, with overseas contracts accounting for 68% of the total [3]. - The overseas market has become a major source of orders for the company, with new overseas contracts growing by 19% year-on-year, while domestic contracts saw a decline of 2% [3]. - The demand for infrastructure in regions like the Middle East and Southeast Asia is increasing due to economic diversification and growth, providing opportunities for Chinese companies in the construction sector [3]. Group 2: Dividend Policy - The company has maintained a high dividend payout ratio over the past three years and plans to continue increasing this ratio, targeting a cash distribution of at least 40% of distributable profits, with annual increases of no less than 10% from 2024 to 2026 [4]. - As of July 11, 2025, the company's dividend yield is approximately 4.97%, which is competitive compared to the average yield of major state-owned banks at 3.88% [4]. Group 3: Business Structure and Operational Stability - China National Materials International is optimizing its business structure with steady progress in its three main segments: engineering, operation and maintenance, and equipment [5]. - The company is actively expanding its overseas market presence while maintaining a solid domestic engineering business, which enhances its overall operational stability and profitability [5]. - The diversified business structure and geographical expansion improve the company's resilience against risks [5].