Sinoma-int(600970) 天风证券·2025-04-24 06:23Investment Rating - The investment rating for the company is "Buy" with a target price not specified [8][19]. Core Views - The company has maintained stable operations, with a slight decline in revenue in Q1 2025, but a year-on-year increase in net profit due to non-recurring gains [1]. - The company signed new orders worth 27.881 billion, representing a year-on-year increase of 31%, with significant growth in engineering services and high-end equipment manufacturing [2]. - The gross margin has been under pressure, but the company has demonstrated good cost control capabilities [3]. - The company is expected to continue its overseas expansion and diversify its business, leveraging the Belt and Road Initiative and the demand for green and digital solutions in mature markets [4]. Financial Performance Summary - In Q1 2025, the company achieved revenue of 10.15 billion, a decrease of 1.37% year-on-year, while net profit attributable to the parent company was 663 million, an increase of 4.2% [1]. - The comprehensive gross margin for Q1 2025 was 17%, down 2.51 percentage points year-on-year, while the net profit margin increased by 0.35 percentage points to 6.99% [3]. - The company expects net profits for 2025-2027 to be 3.12 billion, 3.32 billion, and 3.58 billion, respectively, with corresponding P/E ratios of 8, 7.5, and 7 [4]. Order and Market Analysis - The company’s new orders in Q1 2025 showed strong growth, particularly in overseas markets, which accounted for 74.82% of total orders [2]. - Domestic orders grew moderately by 1%, while overseas orders increased by 46% year-on-year [2]. - The company is focusing on key regions such as the Middle East, Africa, and Southeast Asia for new projects and operational services [4].