Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The report indicates that goodwill impairment will impact the annual performance, but the medium to long-term growth potential remains intact [6] - The company reported a revenue of 2.354 billion yuan in 2024, a year-on-year decrease of 7.34%, and a net profit attributable to shareholders of 181 million yuan, down 40.84% year-on-year [8] - The report highlights that the military explosives business has optimized capacity, but revenue has declined due to lower average prices and reduced blasting volume [8] Financial Performance Summary - Revenue Forecast: - 2023: 2,541 million yuan - 2024: 2,354 million yuan - 2025E: 2,695 million yuan - 2026E: 3,272 million yuan - 2027E: 3,793 million yuan - Year-on-Year Growth Rates: - 2023: 18.05% - 2024: -7.34% - 2025E: 14.45% - 2026E: 21.44% - 2027E: 15.91% [7] - Net Profit Forecast: - 2023: 306 million yuan - 2024: 181 million yuan - 2025E: 311 million yuan - 2026E: 441 million yuan - 2027E: 572 million yuan - Year-on-Year Growth Rates: - 2023: 112.65% - 2024: -40.84% - 2025E: 72.00% - 2026E: 41.75% - 2027E: 29.90% [7] Market Performance - The report notes that the military explosives integrated business generated 1.646 billion yuan in revenue, a decrease of 5.70% year-on-year, with various segments experiencing declines in revenue [8] - The average price of products such as packaged explosives and electronic detonators decreased by 3.98% and 2.47% respectively [8] - The military new materials business saw a revenue increase of 55.21%, with specific segments like tantalum-niobium oxides growing by 53.32% [8] Profitability Metrics - The integrated military explosives gross margin was 40.24%, an increase of 4.41 percentage points year-on-year [8] - The report indicates that the company expects to complete the production line for energetic materials by the end of September 2025 [8] Valuation Metrics - The report provides a price-to-earnings (P/E) ratio forecast for 2025-2027 as follows: - 2025: 26 - 2026: 18 - 2027: 14 [9]

Investment Rating - The report suggests a focus on the compound fertilizer industry due to its increasing concentration and potential benefits from tariff responses against the US [4] Core Viewpoints - The chemical sector saw a slight increase of 0.31% in the third week of April, lagging behind the Shanghai Composite Index by 0.88 percentage points [12] - Key stocks that performed well include Hongbaoli (+55.21%), Lingpai Technology (+28.07%), and Hongqiang Co. (+24.25%) [12] - The report highlights the significant price increases in trichloroethylene (+16.28%) and WTI crude oil (+7.67%) [20] - The report emphasizes the potential growth of companies like Xinyangfeng in the compound fertilizer sector, Chenghe Technology benefiting from tariff responses, Baofeng Energy with increasing production capacity, and Huangma Technology as a leader in specialty surfactants [4] Industry Performance - The chemical sector's dynamic PE is reported at 23.28 times, lower than the average PE of 14.76 times since 2015 [12] - In the third week of April, 20 sub-industries within the chemical sector increased, while 11 decreased, with textile chemicals (+6.07%) and modified plastics (+4.8%) leading the gains [15] - The report notes significant fluctuations in product prices, with liquid chlorine experiencing a drastic drop of -62.28% [20][39] Price and Spread Trends - The report lists the top five products with the highest weekly price increases, including trichloroethylene (+16.28%) and WTI crude oil (+7.67%) [20] - It also highlights the top five products with the largest price spread increases, such as ethylene glycol (+1154%) and naphtha (+32.58%) [39] Inventory Changes - Notable inventory changes include polyester chips (+17.14%) and polyester filament (+14.11%) showing significant increases [60]

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 14.50 [8][9]. Core Views - The company reported a revenue of RMB 2.354 billion in 2024, a year-on-year decrease of 7.34%, and a net profit attributable to shareholders of RMB 180.75 million, down 40.66% from the adjusted profit in 2023. The fourth quarter revenue was RMB 651 million, down 10.87% year-on-year but up 12.78% quarter-on-quarter. The performance was below expectations primarily due to a goodwill impairment provision of RMB 115 million by a subsidiary and weak demand in the civil explosives sector. However, the long-term growth potential remains strong due to the advancement of energetic materials production lines and infrastructure projects driving demand for civil explosive products [1][5]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 2.354 billion, a decrease of 7.34% year-on-year, and a net profit of RMB 180.75 million, down 40.66% year-on-year. The fourth quarter saw a revenue of RMB 651 million, with a year-on-year decline of 10.87% but a quarter-on-quarter increase of 12.78% [1][7]. Civil Explosives Products - The sales volume of industrial packaged explosives in 2024 was 123,300 tons, with revenue of RMB 759 million, a year-on-year decrease of 3.74%. The sales price was RMB 6,156.97 per ton, down 3.98% year-on-year. The electronic detonators sold 27.11 million units, generating RMB 369 million in revenue, down 8.65% year-on-year. The blasting engineering volume was 56.29 million cubic meters, with revenue of RMB 438 million, down 5.04% year-on-year. The decline in product prices was attributed to a 16.38% year-on-year drop in the procurement price of ammonium nitrate, while the integrated industry gross margin for civil explosives was 40.24%, an increase of 4.41 percentage points year-on-year [2]. Energetic Materials - The construction of the energetic materials production line is progressing smoothly, with the first line expected to be operational by September 2025. As of December 2024, the project had completed an investment of RMB 250 million, and the first batch of equipment is expected to be installed and debugged by May 2025 [3]. Military New Materials - The company’s subsidiary is a leader in the domestic market for military drone rocket boosters, securing orders worth RMB 47.12 million. Other subsidiaries focus on tantalum and niobium compounds, with an annual production capacity of 700 tons for rare metals [4]. Profit Forecast and Valuation - The profit forecast for the company has been adjusted downward, with expected net profits of RMB 358 million, RMB 459 million, and RMB 580 million for 2025, 2026, and 2027 respectively. The target price is set at RMB 14.50, corresponding to a 25x PE for 2025, reflecting the company's ongoing upgrades in civil explosive products and expansion into non-explosive sectors [5][6].

本资产评估报告依据中国资产评估准则编制 江西国泰集团股份有限公司 - 以财务报告为目的对商誉进行减值测试所涉及的 江西国泰龙狮科技有限责任公司含商誉资产组 浮体报 11 阜信大华评报字(2025)第 8107 号 (共一册第一册) 北京卓作 T限公司 0 0 0 0 () 中国资产评估协会 资产评估业务报告备案回执 0 0 O 1 0 O O 0 0 | 报告编码: | 1111030005202500259 | | --- | --- | | 合同编号: | 2025-HT0003 | | 报告类型: | 非法定评估业务资产评估报告 | | 报告文号: | 卓信大华评报字(2025)第8107号 | | 报告名称: | 江西国泰集团股份有限公司以财务报告为目的对商誉进行减值测 试所涉及的江西国泰龙狮科技有限责任公司含商誉资产组 | | 评估结论: | 171.500.000.00元 | | 评估报告日: | 2025年03月31日 | | 评估机构名称: | 北京卓信大华资产评估有限公司 | | | 正式会员 编号:11090053 杨风顺 (资产评估师) | | 签名人员: | 余勇义 (资产评估师) 正 ...

江西国泰集团股份有限公司 审 计 报 告 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 邮编 100083 WUYIGE Certified Public Accountants.LLP Room 2206 22/F,Xueyuan International Tower No.1 Zhichun Road,Haidian Dist. Beijing,China,100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 审计报告 大信审字[2025]第 6-00049 号 大信审字[2025]第 6-00049 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 江西国泰集团股份有限公司全体股东： 一、审计意见 我们审计了江西国泰集团股份有限公司（以下简称"贵公司"或"公司"）的财务报表， 包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利 ...

江西国泰集团股份有限公司 内控审计报告 大信审字[2025]第 6-00050 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 邮编 100083 WUYIGE Certified Public Accountants.LLP Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing,China,100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 内部控制审计报告 大信审字[2025]第 6-00050 号 江西国泰集团股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了江 西国泰集团股份有限公司（以下简称国泰集团公司）2024 年 12 月 31 日的财务报告内部控制 的 ...

江西国泰集团股份有限公司 2024 年度独立董事述职报告 （汪志刚） 本人作为江西国泰集团股份有限公司（以下简称"公司"或"国 泰集团"）的独立董事，在任职期间严格按照《公司法》《证券法》 《上市公司独立董事管理办法》《公司章程》《公司独立董事制度》 等相关规定，本着客观、公正、独立的原则，勤勉尽责、独立履职， 积极出席相关会议，认真审议各项议案，对公司的发展及经营活动进 行独立判断，充分发挥独立董事及各专门委员会委员的作用，切实维 护公司和全体股东的合法权益。现将 2024 年度本人履行独立董事职 责的工作情况汇报如下： 一、独立董事的基本情况 1、个人工作履历、专业背景以及兼职情况 汪志刚先生，1973 年 10 月出生，民商法学博士。现任江西财经 大学法学院教授、博士生导师、首席教授、院学术委员会主任，江西 财经大学校学术委员会委员，兼职律师，中国民法学研究会理事，第 二届江西省法律顾问团成员，法治江西智库第一届专家委员会专家。 本人自 2020 年 5 月起担任公司独立董事，并于 2024 年 4 月辞去公司 独立董事及董事会专门委员会相关职务。2024 年 6 月 6 日，国泰集 团 2023 年年 ...