Comprehensive review: In the first half of 2023, Sinoma International achieved an operating income of 20.549 billion yuan, a slight decrease of 0.79% over the same period last year, and a net profit attributable to the parent company of 1.368 billion yuan, an increase of 6.53% over the same period last year. In the first half of the year, in the face of challenges such as significant fluctuations in international exchange rates and weakening domestic demand, the Company maintained its strategic focus and responded calmly, strived to promote and lead the transformation and upgrading of the industry, and continued to consolidate its leading position in the global cement technology and equipment and engineering services market. The amount of new orders and contracts increased significantly, and the operating profit increased steadily.
Figure 1, 2: In the first half of 2023, the profit of Sinoma International increased
steadily Data source: Cement big data (https://data.ccement.com/)
Three major businesses go hand in hand The
company is the world's largest cement technology and equipment engineering system integration service provider, whose main business involves engineering and technical services, production and operation services and high-end equipment manufacturing. In the first half of this year, due to insufficient demand in the cement industry and exchange rate fluctuations, the growth rate of the engineering and technical services sector slowed down, with operating income of 11.543 billion yuan in the first half of this year, an increase of 2.71% over the same period last year. The company gave full play to the advantages of technology, management and talent, and accelerated the transformation of production and operation services. In the first half of the year, the business of this sector achieved operating income of 4.641 billion yuan, an increase of 31.77% over the same period last year. In terms of high-end equipment, relying on good international reputation and taking advantage of the advantages of project contracting to speed up the pace of "going out", high-end equipment realized business income of 3.573 billion yuan in the first half of the year, an increase of 64.12% over the same period last year.
Figure 3: Revenue of three major businesses continues to improve (100 million yuan)
Data source: cement big data (https://data.ccement.com/)
The proportion of foreign revenue increases The internationalization strategy was accelerated
. In 2020, due to the impact of the COVID-19 epidemic, the flow of personnel was greatly restricted, and the company's overseas business revenue declined significantly. After that, China's economy took the lead out of the haze of the epidemic, Sinoma International's domestic business revenue increased significantly, and the proportion of foreign revenue continued to decline. In the first half of 2023, the company's overseas orders increased sharply, with foreign revenue of 8.117 billion yuan, an increase of 14.52% over the same period last year, exceeding the domestic growth rate (9.2%), and the proportion of revenue stopped declining, up 0.9 percentage points from the same period last year, reaching 39.7%. With the continuous promotion of the company's internationalization strategy, the proportion of overseas revenue is expected to further increase in the future.
Figure 4: Changes in Sinoma International's Domestic and Foreign Revenue Structure (RMB 100 million)
Data Source: Cement Big Data (https://data.ccement.com/)
Surge in New Orders In the first half of
2023, the company made great efforts to overcome various unfavorable factors and vigorously expand its overseas business. The amount of newly signed orders was 40.599 billion yuan, an increase of 68% over the previous year, of which the amount of overseas orders was 21.564 billion yuan, an increase of 205% over the previous year; Domestic orders amounted to 19.035 billion yuan, an increase of 11% over the same period last year, and overseas orders contributed significantly.
Figure 5: In the first half of 2023, the amount of new orders signed by Sinoma International increased at a
higher rate Data source: Cement Big Data (https://data.ccement.com/)
Business indicators improved In the first half of
2023, due to the adjustment of consolidated statements of new M & a companies, the company's operating income declined slightly, but its profit indicators were mostly good, with gross interest rate of 18.35%, 1.78 percentage points higher than same period, and return on equity of 0.12 percentage points to 7.9%. Due to the loss of exchange rate depreciation, the company's financial costs increased, and the rate of three fees increased to 5.77%, an increase of 1.29 percentage points over the same period last year.
Table 1: Data source of major operating
data of Sinoma International in the first half of 2023: Cement Big Data (https://data.ccement.com/>) Profit outlook for the second half of
2023: Sufficient orders in hand and optimistic profit performance
Sinoma International actively seeks changes, continuously consolidates its own advantages and continuously improves the quality of operation. In terms of engineering and technical services, the Company will actively implement the new development concept of engineering and technical services and build up the advantages of high-quality development; in terms of equipment manufacturing, the Company will further promote the integrated development of high-end equipment and create a new business card of "Made in China"; in terms of operation and maintenance services, the Company will accelerate the transformation of production and operation services and continuously optimize the layout of global operation and maintenance services. At present, the company has more new orders in hand, relying on the company's strong performance ability and risk resistance ability, the projects will be carried out in an orderly manner, optimistic about the profit performance of Sinoma International in the second half of the year. (This article does not constitute investment advice)
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