Sinoma-int(600970) 新浪财经·2025-04-25 00:31Core Insights - The company reported a slight increase in revenue and net profit for 2024, with total revenue of 46.13 billion yuan, net profit attributable to shareholders of 2.98 billion yuan, and net profit excluding non-recurring items of 2.72 billion yuan, reflecting year-on-year growth of 0.7%, 2.3%, and 1.6% respectively [1] - In Q1 2025, the company experienced a decline in revenue and net profit, with total revenue of 10.15 billion yuan, net profit attributable to shareholders of 660 million yuan, and net profit excluding non-recurring items of 600 million yuan, showing year-on-year changes of -1.4%, 4.2%, and -8.4% respectively [1] New Contracts and Business Performance - The company saw a significant increase in new contracts due to strong overseas demand, with new contract value for 2024 reaching 63.44 billion yuan, up 3% year-on-year, driven by a 9% increase in overseas contracts [2] - In Q1 2025, new contracts surged by 31% year-on-year to 27.88 billion yuan, with overseas contracts increasing by 46% and domestic contracts by 1% [2] - The operational performance in the maintenance segment remained robust, with new contracts in mining maintenance and cement maintenance growing by 36% and 15% respectively in 2024 [2] Revenue and Profit Margins - For 2024, the company reported domestic and overseas revenues of 23.65 billion yuan and 22.27 billion yuan, respectively, with year-on-year changes of -7.2% and +10.9% [3] - The gross margin for the maintenance business was 21.5%, while the engineering services segment achieved a gross margin of 16.0% [3] - In Q1 2025, the company's gross margin decreased to 17.0%, while the net margin remained stable at 7.0% [4] Financial Metrics and Cash Flow - The company’s financial metrics showed a decrease in financial expense ratio in Q1 2025, contributing to a year-on-year increase in net profit attributable to shareholders [4] - Operating cash flow turned negative in Q1 2025, with a net outflow of 1.87 billion yuan, compared to a net inflow of 2.29 billion yuan in the previous year [4] Profit Forecast and Valuation - The company adjusted its net profit forecasts for 2025 and 2026 downwards to 3.26 billion yuan and 3.40 billion yuan, respectively, while introducing a new forecast for 2027 at 3.52 billion yuan [5] - Despite the challenges in the domestic cement market, the company maintains a "buy" rating due to strong overseas demand and growth in the maintenance business [5]