Investment Rating - The report gives a "Recommend" rating for Xuefeng Technology (603227 SH) with a target price of 7 04 yuan [6] Core Views - Xuefeng Technology is a dual main business leader in Xinjiang focusing on civil explosives and energy chemicals The company has established a synergistic development system for both businesses and is the only producer of ammonium nitrate and nitro compound fertilizer in Xinjiang [1] - The civil explosives sector is benefiting from high demand driven by coal mining and infrastructure projects in Xinjiang The company has strong production capacity and technical capabilities in this sector [2] - The energy chemicals sector continues to contribute to performance with products like urea and melamine The company has significant production capacity and market share in these products [3] - The company is the sole producer of ammonium nitrate in Xinjiang giving it pricing power and profitability advantages in this market [4] Business Summary Civil Explosives Sector - The civil explosives industry is experiencing high demand due to increased capital expenditure in coal mining and metal mining sectors The industry is also seeing consolidation with the top 10 companies expected to account for 60% of production value by 2025 [2] - Xuefeng Technology has a comprehensive service model covering production transportation sales and engineering blasting The company has an annual production capacity of 117 500 tons of industrial explosives and 18 9 million electronic detonators [2] - A strategic acquisition by Guangdong Hongda is expected to bring new growth opportunities including capacity expansion and cross provincial integration [2] Energy Chemicals Sector - The company produces urea melamine ammonium nitrate and nitro compound fertilizer through its subsidiary Yuxiang Huyang The production capacity for these products is 21 60 and 90 thousand tons respectively [3] - Urea production is operating at high capacity utilization rates with strong demand in 2024 Melamine production also saw a significant increase in sales volume in 2023 [3] - The company is the only producer of ammonium nitrate in Xinjiang with a production capacity of 660 thousand tons The business has maintained high gross margins with a 38 09% gross margin in 2023 [4] Financial Performance - The company reported revenue of 7 021 billion yuan in 2023 with a net profit attributable to the parent company of 854 million yuan The revenue growth rate was 1 72% year on year [5] - The company's revenue is heavily concentrated in Xinjiang accounting for 80% of total revenue in 2023 [11] - The gross margin for civil explosives products was 52 29% in 2023 while the energy chemicals sector had a gross margin of 22 32% [16] Valuation and Forecast - The report forecasts net profit attributable to the parent company of 796 907 and 1 007 billion yuan for 2024 2025 and 2026 respectively The corresponding PE ratios are 9x 8x and 7x [4][5] - The company's valuation is significantly lower than its peers with an average PE of 18x 15x and 13x for comparable companies in 2024 2025 and 2026 [56]

Investment Rating - The report gives a "Recommend" rating for Xuefeng Technology (603227 SH) with a target price of 7 04 yuan [6] Core Views - Xuefeng Technology is a leading company in Xinjiang with dual main businesses in civil explosives and energy chemicals The company benefits from the high prosperity of the civil explosives market in Xinjiang and the integration of Guangdong and Xinjiang state-owned assets which is expected to open up new capacity expansion opportunities [1][2] - The company's civil explosives business is driven by strong demand from coal mining and infrastructure projects in Xinjiang with industrial explosives production capacity of 11 75 million tons per year and electronic detonator capacity of 18 9 million units per year [2] - The energy chemical business particularly urea and melamine continues to contribute to the company's performance with urea production capacity of 600 000 tons and melamine production capacity of 210 000 tons [3] - Xuefeng Technology is the only producer of ammonium nitrate in Xinjiang with a capacity of 660 000 tons and a market share expected to reach 85% in 2024 The business has a high gross margin of 38 09% and a ton gross profit of 1 000 yuan [4] Business Segments Civil Explosives - The civil explosives industry in Xinjiang is experiencing high prosperity driven by coal mining and infrastructure projects The industry is consolidating with the top 10 companies expected to account for 60% of production value by 2025 [2] - Xuefeng Technology's civil explosives business focuses on integrated engineering blasting services with a production capacity of 11 75 million tons of industrial explosives and 18 9 million electronic detonators per year [2] - The company's civil explosives business is expected to benefit from the integration with Guangdong Hongda which will support capacity expansion in Xinjiang [2] Energy Chemicals - The energy chemical business primarily involves the production of urea melamine ammonium nitrate and nitro compound fertilizers The company has a production capacity of 600 000 tons of urea 210 000 tons of melamine and 900 000 tons of nitro compound fertilizers [3] - Urea production is operating at a high utilization rate of 102 66% in 2023 while melamine production has a utilization rate of 86 95% [3] - The company's melamine sales reached 195 400 tons in 2023 a year-on-year increase of 27 63% with an average selling price of 5 669 20 yuan per ton [3] Ammonium Nitrate - Xuefeng Technology is the only producer of ammonium nitrate in Xinjiang with a production capacity of 660 000 tons The company's ammonium nitrate business has a high gross margin of 38 09% and a ton gross profit of 1 000 yuan [4] - In 2023 the company produced 330 500 tons of ammonium nitrate with 230 500 tons sold externally and 100 000 tons used internally for industrial explosives production [4] Financial Projections - The report forecasts that Xuefeng Technology's revenue will reach 6 767 billion yuan in 2024 7 359 billion yuan in 2025 and 8 029 billion yuan in 2026 with net profit attributable to the parent company of 796 million yuan 907 million yuan and 1 007 billion yuan respectively [5] - The company's PE ratio is expected to be 9x 8x and 7x for 2024 2025 and 2026 respectively significantly lower than the industry average [5] Industry Analysis - The civil explosives industry is benefiting from increased capital expenditure in coal mining and metal mining with coal mining fixed asset investment growing by 16 6% year-on-year in the first half of 2024 [2] - Xinjiang's coal production is growing rapidly with a year-on-year increase of 15% in the first seven months of 2024 driving demand for civil explosives and ammonium nitrate [4] - The integration of Guangdong and Xinjiang state-owned assets is expected to create new opportunities for capacity expansion and market consolidation in the civil explosives industry [2]

证券代码：603227 证券简称：雪峰科技 公告编号：2024-052 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 会议召开时间：2024 年 9 月 19 日(星期四)下午 16:00-17:00 投资者可于 2024 年 9 月 19 日(星期四)上午 12 点前通过公司邮箱 xfkjzqb603227@163.com 进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 新疆雪峰科技（集团）股份有限公司（以下简称"公司"）已于 2024 年 8 月 16 日披露《新疆雪峰科技（集团）股份有限公司 2024 年半年度报告》，具体 请参阅公司于《上海证券报》《证券时报》《中国证券报》及上海证券交易所网站 （http://www.sse.com.cn）披露的详细内容。为便于广大投资者更全面深入地了 解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 9 月 19 日下午 16:00-17:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 ...

证券代码：603227 证券简称：雪峰科技 公告编号：2024-053 关于对子公司新疆安能爆破工程有限公司增资的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、增资事项概述 新疆雪峰科技（集团）股份有限公司（以下简称"雪峰科技"或"公司"） 于2024年8月23日召开第四届董事会第二十三次会议，审议通过《新疆雪峰科技 （集团）股份有限公司关于对子公司新疆安能爆破工程有限公司增资的议案》， 同意公司控股子公司新疆安能爆破工程有限公司（以下简称"安能爆破"）三方 股东对其同比例增资，本次三方股东增资金额共计1000万元，其中雪峰科技以现 金方式向安能爆破增资550万元。具体内容详见公司于2024年8月24日在《上海证 券报》《证券时报》《中国证券报》及上海证券交易所网站（www.sse.com.cn） 披露的《新疆雪峰科技（集团）股份有限公司关于对子公司新疆安能爆破工程有 限公司增资的公告》（公告编号：2024-051）。 二、增资协议签署情况 近日，本次增资三方股东正式签署了《新疆安能爆破工程有限公司增资协 ...

证券代码：603227 证券简称：雪峰科技 公告编号：2024-050 新疆雪峰科技（集团）股份有限公司 第四届监事会第二十次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、监事会会议召开情况 新疆雪峰科技（集团）股份有限公司（以下简称"公司"）于 2024 年 8 月 23 日以通讯表决方式召开第四届监事会第二十次会议。会议通知已于 2024 年 8 月 19 日通过电子邮件的方式发送至各监事，会议由监事会主席马璇女士主持， 会议应出席监事 3 名，实际出席监事 3 名。 公司本次监事会的召集召开程序符合《中华人民共和国公司法》等有关法律、 法规及《公司章程》的规定，会议决议合法、有效。 二、监事会会议审议情况 审议通过《新疆雪峰科技（集团）股份有限公司关于对子公司新疆安能爆 破工程有限公司增资的议案》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的 《新疆雪峰科技（集团）股份有限公司关于对子公司新疆安能爆破工程有 ...

证券代码：603227 证券简称：雪峰科技 公告编号：2024-051 新疆雪峰科技（集团）股份有限公司 关于对子公司新疆安能爆破工程有限公司增资的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 标的公司：新疆安能爆破工程有限公司； 增资金额：公司本次对安能爆破增资金额为 550 万元； 本次交易不构成关联交易； 本次增资事项不构成《上市公司重大资产重组管理办法》规定的重大资 产重组； 本次增资完成后，安能爆破仍为公司控股子公司。 一、增资事项概述 1.增资基本情况 2.董事会审议情况 雪峰科技于2024年8月23日召开第四届董事会第二十三次会议，以同意9票、 反对0票、弃权0票的表决结果审议通过《新疆雪峰科技（集团）股份有限公司关 于对子公司新疆安能爆破工程有限公司增资的议案》，本次增资事项无需提交股 东大会审议。 3.根据《上海证券交易所股票上市规则》及《公司章程》等有关规定，本次 交易不构成关联交易，不构成《上市公司重大资产重组管理办法》规定的重大资 产重组。 二、增资方基本情况 （一）新疆雪 ...

一、本次短线交易的基本情况 证券代码：603227 证券简称：雪峰科技 公告编号：2024-049 新疆雪峰科技（集团）股份有限公司 关于原监事亲属短线交易及致歉的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 新疆雪峰科技（集团）股份有限公司（以下简称"公司"）近日获悉，公司 原监事戴永刚先生任职期间（2022 年 6 月 24 日-2024 年 8 月 5 日）其配偶邹晓 梅女士存在短线交易公司股票的情形，根据《中华人民共和国证券法》（以下简 称《证券法》）《上海证券交易所股票上市规则》等相关规定，现将相关情况公告 如下： 经核查，邹晓梅女士于 2024 年 3 月 11 日至 2024 年 3 月 12 日期间交易公司 股票的具体明细如下： | | 买入日期 | | | 买入股数（股） | 买入金额（元） | 卖出股数（股） | 卖出金额（元） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2024 | 月 | 11 ...

Financial Performance - The company reported a total revenue of RMB 500 million for the first half of 2024, representing a year-on-year increase of 15%[10]. - The net profit attributable to shareholders reached RMB 80 million, up 20% compared to the same period last year[10]. - The company's operating revenue for the first half of 2024 was CNY 2,819,025,828.77, a decrease of 23.32% compared to CNY 3,676,492,096.05 in the same period last year[14]. - The net profit attributable to shareholders for the first half of 2024 was CNY 391,783,093.01, down 21.80% from CNY 501,004,649.28 in the previous year[14]. - The net cash flow from operating activities for the first half of 2024 was CNY 454,603,762.59, a decrease of 8.71% compared to CNY 497,960,169.20 in the same period last year[15]. - The basic earnings per share for the first half of 2024 was CNY 0.366, a decline of 26.80% from CNY 0.500 in the same period last year[16]. - The weighted average return on equity decreased by 5.05 percentage points to 8.35% compared to 13.40% in the previous year[16]. - The company reported a significant increase in other receivables, which rose to CNY 62,989,807.85 from CNY 69,899,815.64, a decrease of approximately 9.4%[79]. - The total comprehensive income attributable to the parent company for the first half of 2024 was CNY 393,024,869.01, a decrease of 21.5% compared to CNY 501,004,649.28 in the same period of 2023[87]. Market Strategy and Expansion - User data indicates a growth in active users by 25%, reaching a total of 1.5 million users[10]. - The company plans to expand its market presence in Central Asia, targeting a 30% increase in market share by the end of 2025[10]. - A strategic acquisition of a local competitor is under consideration, which could enhance production capacity by 40%[10]. - The company is actively integrating into the "Eight Major Industry Clusters" in Xinjiang, focusing on high-quality development and transformation[19]. Research and Development - The company has allocated RMB 50 million for research and development in new technologies for the upcoming fiscal year[10]. - New product development includes a focus on eco-friendly explosives, with an expected launch in Q4 2024[10]. - Research and development expenses were CNY 3,655,616.60, significantly reduced by 57.5% from CNY 8,603,445.16 in the first half of 2023[85]. - Research and development expenses for the first half of 2024 were CNY 425,704.74, an increase of 76.7% from CNY 240,897.99 in the first half of 2023[87]. Environmental Compliance and Sustainability - The company is subject to environmental regulations as a key pollutant discharge unit, with specific standards for emissions being adhered to[44]. - The company has established pollution prevention facilities, although specific details on their operation were not disclosed[45]. - The company reported that all production facilities are operating normally and in compliance with environmental standards, including GB26131-2010 and GB16297-1996[47]. - The company has implemented a self-monitoring scheme for environmental emissions, ensuring compliance with ecological and pollution discharge regulations[54]. - The company is committed to sustainable development and has upgraded technologies to eliminate outdated processes, adopting new eco-friendly materials and energy-saving equipment[55]. - The company’s wastewater and air emissions monitoring results meet national and local environmental standards, reflecting effective environmental management practices[55]. Financial Position and Assets - The total assets at the end of the reporting period were CNY 8,044,888,723.27, reflecting a 5.12% increase from CNY 7,652,934,903.82 at the end of the previous year[15]. - The net assets attributable to shareholders increased by 3.18% to CNY 4,628,680,132.91 from CNY 4,485,842,740.78 at the end of the previous year[15]. - The company’s total assets reached CNY 355.19 million for Xinjiang Yuxiang Huyang Chemical Co., with a net profit of CNY 22.22 million[36]. - Total current assets increased to CNY 3,599,166,380.91 as of June 30, 2024, up from CNY 3,071,176,321.98 on December 31, 2023, representing a growth of approximately 17.1%[79]. Shareholder and Governance - The company held its 2023 annual shareholders' meeting on June 25, 2024, with 20 shareholders present, representing 44.23% of the voting shares[40]. - No profit distribution or capital reserve transfer plans were proposed for the current period[43]. - The company is committed to maintaining independence in operations and governance post-acquisition, ensuring compliance with legal and regulatory requirements[62]. - The company has pledged to transfer all shares of Xinji Energy to the listed company or its subsidiaries within 12 months after the completion of a major asset restructuring project[60]. Risk Management - The management highlighted potential risks including regulatory changes and market volatility, which could impact future performance[10]. - Natural gas, a key raw material for the company's energy chemical business, faces supply and price volatility risks due to national policy adjustments[37]. - The competitive landscape in the civil explosives industry is intensifying due to capacity release in Xinjiang and the promotion of industrial digital electronic detonators[37]. Community Engagement and Social Responsibility - The company invested a total of 271,400 CNY in poverty alleviation efforts in the first half of 2024, resulting in an increase of over 37,000 CNY in collective income compared to the same period last year[57]. - The company constructed a concrete bridge to improve farmers' access, and leveled over 200 acres of collective land for farming or leasing, generating an additional annual income of nearly 30,000 CNY for the collective[57]. - The company established a team of over 20 agricultural experts to provide on-site support for scientific planting, addressing soil nutrient deficiencies in southern Xinjiang[59]. Financial Liabilities and Capital Structure - Total liabilities amounted to CNY 2,582,529,503.33, up from CNY 2,310,802,691.55, indicating an increase of around 11.7%[80]. - The company reported a significant increase in long-term borrowings, amounting to CNY 522.13 million, used for production operations[33]. - The company’s cash and cash equivalents were restricted due to guarantees, totaling CNY 21.12 million[34]. - The company reported a completion rate of 64.89% for the contract with Xinjiang Shengxiong Energy Co., with an actual completion volume of 97.34 million cubic meters out of a total contract volume of 150 million cubic meters[72].

证券代码：603227 证券简称：雪峰科技 公告编号：2024-048 新疆雪峰科技（集团）股份有限公司 2024 年第二季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 新疆雪峰科技（集团）股份有限公司（以下简称"公司"）根据上海证券交 易所《<上海证券交易所上市公司自律监管指引第 3 号——行业信息披露>第十 三号——化工》有关规定，现将公司 2024 年第二季度主要经营数据公告如下： 注：以上数据为生产企业的产销量及收入。 二、主要产品和原材料的价格变动情况 （一）主要产品的价格变动情况（不含税） 三、其他说明 以上生产经营数据来自本公司内部统计，为投资者及时了解本公司生产经营 概况之用，该等数据未经审计，也并未对本公司未来经营情况作出任何明示或默 示的预测或保证，敬请投资者审慎使用。 特此公告。 新疆雪峰科技（集团）股份有限公司董事会 2024 年 8 月 16 日 （二）主要原材料的价格变动情况（不含税） 主要原材料 2024 年 4-6 月 平均价格 2023 年 4-6 月 平均价格 ...

证券代码：603227 证券简称：雪峰科技 公告编号：2024-047 新疆雪峰科技（集团）股份有限公司 关于调整第四届董事会审计委员会委员的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 新疆雪峰科技（集团）股份有限公司（以下简称"公司"）于 2024 年 8 月 15 日召开第四届董事会第二十二次会议，审议通过《新疆雪峰科技（集团）股份有 限公司关于调整第四届董事会审计委员会委员的议案》。现将具体情况公告如下： 根据中国证券监督管理委员会《上市公司独立董事管理办法》等相关规定， 审计委员会成员应当为不在上市公司担任高级管理人员的董事。为进一步完善公 司治理结构，保障公司董事会专门委员会规范运作，充分发挥专门委员会在公司 治理中的作用，公司董事会对第四届董事会审计委员会部分成员进行调整。调整 完成后，公司董事、总经理姜兆新先生不再担任审计委员会委员职务，新任审计 委员会委员由公司董事长田勇先生担任，与孙杰先生（主任）、温晓军先生共同 组成公司第四届董事会审计委员会，其任期自董事会审议通过之日起至第四届董 事会届满 ...