中钢国际：业绩持续高增长，海外景气有望延续

Investment Rating - The investment rating for the company is "Buy" and is maintained [3]. Core Views - The company has achieved continuous high growth in performance, with a significant increase in net profit despite a decrease in revenue [3][4]. - The overseas business expansion is expected to continue supporting growth, with a notable increase in overseas orders [4][5]. - The company has a strong dividend foundation due to high operational quality and cash flow [4][5]. Summary by Sections Financial Performance - In the first three quarters, the company reported revenue of 12.603 billion, a year-on-year decrease of 26.56%, while net profit attributable to shareholders was 640 million, an increase of 30.36% [3]. - For Q3 alone, revenue was 3.529 billion, down 45.42%, but net profit increased by 48.67% [3]. Order Growth - The company signed new orders totaling 9.699 billion in the first half of the year, a year-on-year increase of 3.5%, with overseas orders growing by 48% [4]. - The expectation for continued growth in overseas orders is supported by strong demand in emerging markets along the Belt and Road Initiative [4]. Dividend and Valuation - The company has a low valuation at 1.13x PB and a projected dividend yield of approximately 5% based on a 50% payout ratio [5]. - The company has maintained high dividend payout ratios over the past three years, indicating a strong commitment to returning value to shareholders [4][5].