境外需求旺盛拉动上半年新签合同较快增长，海外拓展有空间 2025年1-6月，中材国际新签合同为411.6亿元，同比增长11%，其中境内/境外新签合同为133.3/278.4亿 元，同比-2%/+19%，占比32%/68%。境外市场已成为中材国际订单的主要来源，境外新签订单的高增拉 动公司新签合同较快增长。当前海外如中东及东南亚等地随着经济的多元化发展或经济的快速增长，催生 了大量的基建需求，我国在基建领域拥有技术、资金及产品等多项优势，各大建筑央国企正积极出海，1-5 月，我国对外承包工程完成营业额619.4亿美元，同比增长5.4%；新签合同额986.8亿美元，同比增长 13%。作为中材集团的出海先锋，中材国际正持续深化全球市场布局，依托"一带一路"新兴市场城镇化发 展及工业化需求，紧抓新建线及运维业务需求，带动高端装备业务出海，多业务互相协同，有效拓展海外 市场。 高分红比例将持续提升，当前股息率近5% 中材国际近三年均维持较高的分红比例，在公司发布的《关于2024年度"提质增效重回报"行动方案的公 告》中，明确分红比例将持续提升，即"未来三年（2024年-2026年）在保证公司能够持续经营和长期发展 的前 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown strong growth in new contracts, particularly in overseas markets, with a total of 41.16 billion yuan in new contracts signed in the first half of 2025, representing an 11% year-on-year increase [1] - The company is committed to increasing its dividend payout ratio, with a current dividend yield of approximately 5%, which is competitive compared to major state-owned banks [2] - The company's business structure is continuously optimizing, with stable operations across its three main business segments: engineering, maintenance, and equipment [3] Summary by Sections New Contracts and Market Expansion - In the first half of 2025, the company signed new contracts worth 41.16 billion yuan, with domestic and international contracts at 13.33 billion yuan and 27.84 billion yuan respectively, showing a year-on-year growth of -2% and +19% [1] - The overseas market has become a major source of orders, driven by infrastructure demand in regions like the Middle East and Southeast Asia [1] Dividend Policy - The company has maintained a high dividend payout ratio over the past three years and plans to continue increasing it, targeting a cash distribution of at least 44% of the distributable profits in 2024, 48.4% in 2025, and 53.24% in 2026 [2] Business Structure and Financial Performance - The company is actively expanding its overseas market presence while optimizing its business structure, which has led to improved profitability [3] - The forecasted net profit for 2025 is 3.26 billion yuan, with a projected growth rate of 9.43% [4]