Sinoma-int(600970) 长江证券·2025-05-06 09:17Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has announced significant overseas investments through its subsidiary, aiming to establish a clinker cement production line in Kazakhstan, which is expected to enhance profitability [3][11]. - The project involves an investment of approximately USD 37.85 million to acquire a 70% stake in the local QC company, with a total project investment of around USD 180 million (approximately CNY 1.299 billion) [11]. - The cement production line is expected to have a capacity of 3,500 tons per day, and the region currently faces a supply-demand imbalance in cement, indicating a favorable market environment [11]. - The company is strategically optimizing its operations and leveraging its full industry chain to ensure steady growth and enhance its overseas asset scale [11]. - The current stock price is considered low, providing a strong margin of safety, and the company is expected to benefit from international market changes and the "Belt and Road" initiative [11]. Summary by Sections Event Description - The company has made a significant overseas investment through its subsidiary, acquiring a stake in a Kazakhstan-based company and planning to establish a cement production line [3][11]. Financial Data - Current stock price is CNY 9.16, with a total share capital of 264,202 million shares and a net asset value per share of CNY 8.25 [7]. - The company reported a total revenue of CNY 46.127 billion for 2024, with projections for steady growth in the coming years [18]. Market Performance - The company has shown resilience in its market performance despite short-term pressures from domestic operations, indicating a robust growth logic [11].