Sinoma International has released its 1Q26 report:1Q26 revenue was RMB9,505mn(down by 6.33%YoY,down by 42.74%QoQ),the attributable NP was RMB455mn(down by 31.43%YoY,down by 42.32%QoQ),and the recurring NP was RMB432mn(down by 27.81%YoY).As of end-1Q26,the company’s outstanding contracts were RMB69.0bn,up by 3.85%YoY,approximately 1.4 times 2025 revenue,indicating asolid backlog.Based on the closing price of RMB9.33/share on 30 April,we estimate a2026E dividend yield of 5.95%.We see solid investment value and thus maintain BUY.
GPM constrained;attributable NPM-1.75pp YoY
For 1Q26,the company’s blended gross margin was 16.43%,down by 0.54pp YoY.The operating expense ratio was 10.77%,up by 1.97pp YoY,with the selling/G&A/R&D/financial expense ratios at 1.26%/5.36%/3.53%/0.62%,+0.05/+0.84/-0.03/+1.10pp YoY.Financial expenses for 1Q26 were RMB58.91mn,compared with RMB-48.47mn in 1Q25,which we estimate was mainly due to exchange rate fluctuations.Impairment reversals in 1Q26 were RMB9.20mn,vs an impairment provision of RMB54.73mn in 1Q25.Under the combined impact,the 1Q26 attributable NPM decreased by 1.75pp YoY to 4.78%,and the recurring attributable net margin decreased by 1.67pp YoY to 5.44%.
Net cash outflow notably shrank as collections enhanced
In 1Q26,the company’s net operating cash flow was RMB-1,222mn,with the outflow narrowing by RMB650mn YoY.The cash collection ratio and cash payment ratio were 91.7%and 102.0%,rising by 20.8pp and 15.9pp YoY,respectively,mainly due to increased collections of project advance receipts and progress payments.As of end-1Q26,accounts receivable and notes were RMB12.5bn,contract assets were RMB12.8bn,and contract liabilities were RMB10.2bn,up by RMB520mn,RMB890mn,and RMB1.59bn vs end-2025.The significant expansion in contract liabilities indicated an increase in effective projects.Accounts payable and notes were RMB17.9bn,and prepayments were RMB7.76bn,decreasing by RMB70mn and rising by RMB1.49bn vs end-2025.The debt-to-asset ratio as of end-1Q26 was 60.8%,up by 1.25pp YoY and up by 0.54pp from end-2025.
Operation orders up 12%YoY;business mix in adjustment
In 1Q26,newly signed orders were RMB25.5bn,down by 8%YoY,mainly due to ahigh base in 1Q25.By segment,engineering technology/equipment manufacturing/operation services newly signed orders were RMB18.2/2.4/4.3bn,-13%/-16%/+12%YoY.By region,domestic newly signed orders were RMB8.5bn,up 21%YoY,with engineering technology/equipment manufacturing/operation services up by 44/12/2%YoY.Overseas newly signed orders were RMB17.1bn,down by 18%YoY,with engineering technology/equipment manufacturing/operation services-22%/-32%/+39%YoY.
Earnings forecasts and valuation
We maintain our attributable NP forecasts for 2026/2027/2028 at RMB3,011/3,151/3,285mn.Comparable companies trade at an average of 12x 2026E PE on Wind consensus.The company is advancing its business transformation in an orderly fashion,while O&M services are growing rapidly.Its future business model and operating sustainability may outperform those of its peers.Its dividend yield is also attractive.We apply 13x 2026E PE to derive our target price of RMB14.93(previous:RMB13.78,on 12x 2026E PE,comparable average 11x PE).Maintain BUY.
Risks:Equipment manufacturing market share gains fall short of our expectations;incremental growth in cement production lines and mine O&M fall short of our expectations;investment in the cement industry declines sharply.

　　公司公告26Q1业绩，归母同比较多下降。公司公告2026年一季报，26Q1公司收入95亿元，yoy-6%；归母净利4.6亿元，yoy-31%；扣非归母净利4.3亿元，yoy-28%。26Q1收入及盈利能力均承压，预计反映国际局势影响等，我们预计为阶段性影响。
　　国际局势预计阶段拖累收入增长动能，在手订单充足。26Q1收入同比负增，预计与中东国际局势变化有一定关系。据公司25年年报，中东区域是公司水泥工程服务挖掘整线EPC、技改项目的核心区域之一，近年随着公司拓展工程多元化业务、运营服务、装备业务等，预计中东亦为核心市场之一。26Q1公司新签合同额255亿元，yoy-8%；其中境内/境外新签yoy分别+21%/-18%，境外新签占比较25年全年提升4pct至67%；工程/运维/装备新签分别yoy-13%/+12%/-16%至182/43/24亿，25Q1偏高的新签基数影响了新签增速表现。26Q1末公司未完合同额yoy+18%至690亿元，在手订单储备充足。
　　盈利能力阶段承压，两金周转有放缓压力。26Q1公司综合毛利率yoy-0.5pct至16.4%，我们预计毛利率压力部分源于部分项目因国际局势等影响致物流等成本增加及周期有所拉长。费用率同比有所提升，其中美元升值等增加汇兑损失（26Q1财务费用率yoy+1.1pct至0.6%）。减值损失影响同比减少部分对冲净利率压力。26Q1公司归母净利率yoy-1.8pct至4.8%。26Q1公司两金周转天数yoy+54天至288天，两金周转有放缓压力；26Q1公司经营活动净现金流净额-12.2亿元，yoy+6.5亿元。26Q1末公司资产负债率yoy+1.2pct至60.8%。
　　投资建议：对增长动能回升及经营质量改善有信心，维持“推荐”评级。26Q1收入及利润负增压力我们预计为偏阶段性，关注相关影响因素后续边际变化。我们继续看好公司水泥全产业链服务商竞争力及多元业务挖掘能力，境内境外业务结构调整效果正在显现，增长动能或持续回升。维持前期盈利预测，我们预计公司2026-2028年收入分别yoy+9%/8%/8%至540/584/633亿元；归母净利分别yoy+15%/13%/11%至32.8/37.0/41.2亿元。对应公司2026-2028年PE分别为7x/7x/6x（04/30收盘价），叠加公司前期的分红率承诺，公司估值有吸引力。悲观的市场预期或提供较好布局位置，维持“推荐”评级。
　　风险提示：汇率大幅波动风险，战略执行力低于预期，国内需求超预期下滑，地缘政治环境波动影响。

　　中材国际发布一季报，2026Q1实现营收95.05亿元（yoy-6.33%、qoq-42.74%），归母净利4.55亿元（yoy-31.43%、qoq-42.32%），扣非净利4.32亿元（yoy-27.81%）。截至26Q1末，公司未完合同额690亿元，同比+3.85%，约为25年收入的1.4倍，在手订单充裕。根据4月30日收盘价9.33元/股计算，预计26年股息率5.95%，具备较好投资价值，维持“买入”评级。
　　毛利率承压，汇率波动抬升财务费用率，归母净利率同比-1.75pct
　　26Q1公司综合毛利率16.43%，同比-0.54pct。期间费用率10.77%，同比+1.97pct，其中销售/管理/研发/财务费用率1.26%/5.36%/3.53%/0.62%，同比+0.05/+0.84/-0.03/+1.10pct，26Q1财务费用为5891万元，25Q1为-4847万元，我们预计主要系汇率波动影响所致。26Q1减值冲回920万元，25Q1为计提5473万元。综合影响下，26Q1归母净利率同比-1.75pct至4.78%，扣非归母净利率同比-1.67pct至5.44%。
　　预收款及进度款回款增加，现金流净流出显著减少
　　26Q1公司经营性现金净额为-12.22亿元，同比少流出6.5亿元。收/付现比分别为91.7%/102.0%，同比+20.8/+15.9pct，主要是由于项目预收款及进度款回款增加所致。26Q1末应收账款及票据125亿元，合同资产128亿元，合同负债102亿元，较25年末分别+5.2/+8.9/+15.94亿元，合同负债显著增加预示生效项目增加；应付账款及票据179亿元，预付款77.6亿元，较25年末分别-0.7/+14.9亿元。26Q1末资产负债率60.8%，同比+1.25pct，较25年末+0.54pct。
　　运营订单同比增长12%，业务结构持续调整
　　26Q1新签订单255亿元，同比-8%，主要是去年基数较高所致。分业务看，工程技术/装备制造/运营服务分别新签182/24/43亿元，同比-13%/-16%/+12%；分地区看，境内新签85亿元，同比+21%，其中工程技术/装备制造/运营服务同比+44%/+12%/+2%；境外新签171亿元，同比-18%，其中工程技术/装备制造/运营服务同比-22%/-32%/+39%。
　　盈利预测与估值
　　我们维持公司26-28年归母净利润预测为30.11/31.51/32.85亿元。可比公司26年Wind一致预期平均12xPE，公司业务转型有序推进，运维服务快速增长，未来商业模式、经营可持续性有望优于可比，股息率具备较高吸引力，给予公司26年13xPE，目标价14.93元（前值13.78元，26年12xPE，可比均值11xPE），维持“买入”评级
　　风险提示：装备制造市占率提升不及预期，水泥生产线及矿山运维增量不及预期，水泥行业投资显著下滑。

Sinoma International has posted 2025 revenue of RMB49.6bn(+7.53%YoY)and an attributable NP of RMB2.9bn(-4.06%YoY),with the NP below our estimate of RMB3.1bn.The miss mainly reflected higher accounts receivable and longer ageing for part of the receivables,which led to larger-than-expected impairment provisions.For 4Q25,the company delivered revenue of RMB16.6bn(+15.31%YoY,46.63%QoQ),while the attributable NP reached RMB788mn(-14.61%YoY,+20.77%QoQ).We think that demand in overseas markets remains resilient.For 2025,newly signed contracts reached RMB71.2bn,up by 12%YoY,maintaining steady growth.As of end-2025,outstanding contracts were RMB66.5bn,up by 11.3%YoY,indicating asolid backlog.Over the medium to long term,we expect the company to maintain steady net profit growth.Based on the closing price of RMB10.23/share on 27 March,we estimate a2026E dividend yield of 5.5%.We see solid investment value and maintain BUY.
Mine O&M performs well,solid equipment business progress
By segment,engineering,equipment,and operations generated revenue of RMB29.2bn/RMB7.0bn/RMB13.4bn in 2025,+7.68%/+11.98%/+3.78%YoY,respectively.The gross margins were 14.32%/20.75%/22.46%,-1.65pp/-2.07pp/+0.98pp YoY,respectively.Mine O&M developed well.The company operated 326 mine O&M projects,up by eight YoY,including 18 overseas projects,with the number doubling YoY.Cement O&M services covered 74 production lines,up by six YoY.In the equipment segment,the shares of overseas revenue and non-cement-industry revenue both increased,reaching 43%and 40%,up by 7pp and 3pp YoY,respectively.Overseas clients continued to show stronger recognition of SINOMA equipment.At the Saudi Yamama project,the self-developed equipment adoption ratio reached 40%.Core equipment such as grate coolers,vertical roller mills,roller presses,and large ball mills successfully entered the mid-range to high-end overseas market.
Solid overseas growth lifts revenue;new orders grow steadily
By region,domestic and overseas revenue were RMB22.1bn/RMB27.2bn,-6.44%/+21.98%YoY,with the gross margins at 17.43%/18.91%,+1.46pp/-4.16pp YoY.Owing to alower overseas gross margin,the blended gross margin fell by 1.12pp YoY to 18.5%.For 2025,newly signed orders totaled RMB71.2bn,up by 12%YoY.Specifically,newly signed orders for engineering/equipment/operations were RMB42.7bn/RMB9.3bn/RMB17.0bn,+15%/+30%/-2%YoY.Within operating services,mine and cement orders grew by 6%and dropped by 11%YoY,respectively.Domestic new orders were down by 4%YoY,with engineering/equipment/operations-16%/+13%/-2%,respectively.Overseas new orders rose by 24%YoY and accounted for 63%of the total.New overseas orders for engineering/equipment/operations grew by 26%/51%/0%YoY,respectively.Overseas equipment orders accounted for 51%of the equipment total.
Earnings forecasts and valuation
Given that impairment pressure still needs to be absorbed gradually,we revise our 2026E,2027E,and 2028E attributable NP estimates to RMB3.0bn,RMB3.2bn,and RMB3.3bn,changes of-5.80%and-2.97%for 2026E and 2027E.Comparable companies are trading at an average of 11x 2026E PE on Wind consensus.The company is advancing its business transformation in an orderly fashion,while O&M services are growing rapidly.Its future business model and operating sustainability may outperform those of its peers.Its dividend yield is also attractive.We apply 12x 2026E PE to derive our target price of RMB13.78(previous:RMB14.64,on 12x 2025E PE).Maintain BUY.
Risks:Equipment manufacturing market share gains fall short of our expectations;incremental growth in cement production lines and mine O&M fall short of our expectations;investment in the cement industry declines sharply.

　　业务结构转型成效显著，维持“买入”评级
　　2025年，公司实现营业收入495.99亿元，同比+7.5%；实现归母净利润28.62亿元，同比-4.1%；其中四季度实现收入166.01亿元，同比+15.3%，归母净利润7.88亿元，同比-14.6%，主要是资产及信用减值损失10.06亿元，同比+150.3%。公司整体毛利率为18.5%，同比-1.12pct。
　　考虑到海外市场毛利率不及预期，我们调整公司26-28年归母净利润从33/36/-亿至31/33/35亿，对应PE为8.8、8.2、7.7倍，维持“买入”评级。
　　订单量再创新高，定位全球化的工程技术服务与高端装备制造商
　　2025年，公司新签合同额712.35亿元，同比增长12%。分地区看，境外新签合同额450.24亿元，同比+24%，占总新签合同额的63%；境内新签合同额同比-4%，其中境内水泥工程新签合同额仅占全年总额的4%，与境内水泥关联度降低。分业务看，工程技术服务、高端装备制造、生产运营服务业务新签合同额分别为427、93、170亿元，同比15%/30%/-2%，其中高端装备制造订单量增长显著。
　　25年营收分地区看，境外主营业务收入271.62亿元，同比增长22%，占主营收入比重超55%（同比+6.61pct）。分业务看，工程技术服务业务营收292.09亿元，同比+7.7%，毛利率14.3%，生产运营服务业务营收134.09亿元，同比+3.8%，毛利率22.5%，高端装备制造业务营收69.58亿元，同比+12.0%，毛利率达20.8%，结合新签合同额，高端装备制造业务实现量利齐升，境外业主对SINOMA装备认可度持续攀升，沙特YAMAMA项目采用自主装备率达到40%。
　　公司“两外”拓展显著，除了境外业务，还有外行业拓展。矿山工程方面，取得钼矿、金矿、锂矿、磷酸盐矿等多个境内外项目。矿山装备方面，成功签署摩洛哥磷酸盐原矿破碎项目，部分核心主机装备成功应用于金矿、铁矿、锂矿等。
　　减值导致业绩短期承压，但高股息具备防御价值
　　25年期间费率9.56%，同比-1.20pct，主要是汇兑收益导致财务费用同比-152.05%，但因减值损失的影响，最终归母净利率5.8%，同比-0.70pct。经营性现金流净额为17.83亿元，同比-22.14%。资产负债率60.24%，同比-1.0pct。2025年拟派发现金分红12.58亿元，分红率约44%，同比+4.2pct。
　　按照公司25年分红对应2026年3月27日收盘价市值计算，股息率为4.8%。
　　风险提示：海外业务拓展不及预期、运维和装备业务发展不及预期、汇率波动风险等

　　投资要点：
　　中材国际发布2025年报：公司2025年实现营业总收入495.99亿元，同比增长7.53%。实现归母净利润28.62亿元，同比减少4.06%。实现扣非后归母净利润26.01亿元，同比减少4.42%。其中，Q4实现营业收入166.01亿元，同比增长15.31%。实现归母净利润7.88亿元，同比减少14.61%。
　　海外业务高景气，支撑公司收入稳健增长。订单方面，2025年公司新签合同712.35亿元，同比增加12%，境内、境外分别新签订单262.11/450.24亿元，同比分别变动-4%/+24%。收入方面，工程技术服务、高端装备制造、生产运营服务收入分别为292.09/69.58/134.09亿元，同比分别变动+7.68%/+11.98%/+3.78%；境内、境外分别实现营收221.24/271.62亿元，同比分别变动-6.44%/+21.98%。2025年境外营收占比提升至54.76%，同比增加6.49pct，境外新签业务占比提升至63.20%，同比增加6.15pct。截至2025年底，公司在手订单总金额1184.27亿元，同比增加14.57%，是2025年营业收入的2.4倍。公司加大海外业务开拓力度，SINOMA装备认可度持续攀升，签署海外重大项目增加，海外订单、收入快速增长。
　　毛利率下滑&减值计提增加，公司利润略微承压。公司2025年实现归母净利润28.62亿元，同比减少4.06%，公司收入增长，而利润下滑，主要是公司利润率下滑、减值计提增加所致。具体来看，公司2025年实现综合毛利率18.50%，同比下降1.12pct；实现净利率6.21%，同比下降0.77pct。公司2025年资产+信用减值损失为10.06亿元，同比增长6.04亿元，占收入端比重为2.03%，同比上升1.16pct。
　　2025年经营性现金流减少，但分红率提升。2025年经营性现金流净流入17.83亿元，同比少流入5.07亿元，海外项目回款情况更好，随着海外业务占比提升，以及装备业务、运维业务的持续推进，预期公司现金流将逐步改善。公司拟以2025年年末总股本262,181.95万股为基数向全体股东每10股派发现金红利4.80元（含税），同比增加0.5元，分红总额达到12.58亿元，分红比例43.97%，同比增加4.12pct。
　　装备运维并进，两外延伸加速。1）装备：装备业务新签合同93.04亿元，同比提升29.87%；其中，境外装备业务新签47.46亿元，同比增长51%，占比提升7pct至43%；装备外行业合同/收入占比42%/40%，同比提升6.5pct/3pct。矿山装备拓展成效显著，SINOMA装备认可度持续攀升，成功签署摩洛哥磷酸盐原矿破碎项目，部分核心主机装备成功应用于金矿、铁矿、锂矿等，立磨在新材料行业得到应用。2）运维：①水泥运维：在执行水泥运维服务生产线74条，较上年末增加6条，年提供产能超1.18亿吨，其中境外水泥运维服务生产线61条，较上年末增加5条；②矿山运维：新签境外矿山运维合同额超8亿元，同比增长39%。在执行矿山运维服务项目共326个，2025年完成供矿量7.43亿吨，同比增长超9%。在执行外行业矿山运维项目20个。
　　盈利预测：我们预计公司2026-2028年的归母净利润分别为31.54亿元/33.32亿元/36.08亿元，同比分别增长10.2%/5.6%/8.3%，EPS分别为1.20元/1.27元/1.38元，3月26日收盘价对应PE分别为8.5倍/8.0倍/7.4倍，维持“增持”评级。
　　风险提示：境外经营风险、信用减值风险、汇率波动风险等。