Investment Rating - The report assigns an "Outperform" rating for the company [17] Core Views - The company has established a development pattern centered on integrated civil explosives, supported by military new materials and rail transit automation and information technology [4] - In 2023, the company achieved operating revenue of 2.541 billion yuan, a year-on-year increase of 18.05%, and a net profit attributable to shareholders of 305 million yuan, a year-on-year increase of 112% [4][6] - The growth in revenue is primarily driven by the increase in the production and sales of industrial explosives and the full replacement of ordinary detonators with electronic detonators [4][19] Financial Performance - The company’s revenue from explosives sales in 2023 was 789 million yuan, a year-on-year increase of 9.6%, while electronic detonator revenue reached 400 million yuan, up 90% year-on-year [19] - The company’s net profit is projected to reach 375 million yuan in 2024, 418 million yuan in 2025, and 469 million yuan in 2026 [6][27] - The gross profit margin is expected to remain stable, with projections of 35.8% for 2024 and 35.9% for 2026 [27] Business Segments - The company’s industrial explosives production capacity is 174,000 tons, and electronic detonators have a capacity of 25.1 million units [4] - The military materials segment is expected to see stable development, with significant projects entering mass production [5][23] - The company is also expanding its product offerings, including the successful mass production of unmanned target aircraft rocket boosters [20] Market Outlook - The report anticipates that the company will maintain growth in its core businesses, with expected revenue growth rates of 5% for industrial explosives and electronic detonators from 2024 to 2026 [23] - The military business is projected to grow significantly, with revenue growth rates of 80%, 35%, and 25% for the years 2024 to 2026, respectively [23]

证券代码：603977 证券简称：国泰集团 编号：2024 临 015 号 江西国泰集团股份有限公司 关于独立董事辞职的公告 汪志刚先生未持有公司股份，亦不存在应当履行而未履行的承诺事项。公 司及公司董事会对汪志刚先生在担任公司独立董事期间恪尽职守、勤勉尽责的 工作态度以及为公司发展所作出的贡献表示衷心感谢！ 本公司董事会及全体董事保证公告内容不存在虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 特此公告。 江西国泰集团股份有限公司（以下简称"公司"）董事会于近日收到独立 董事汪志刚先生的书面辞职报告。汪志刚先生因个人工作原因，申请辞去公司 第六届董事会独立董事及董事会专门委员会相关职务。辞职后，汪志刚先生将 不再担任公司任何职务。 江西国泰集团股份有限公司董事会 汪志刚先生的辞职将导致公司董事会专门委员会中独立董事人数及所占的 比例不符合法律和《公司章程》的规定，根据《上市公司独立董事管理办法》 《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》以及《公司章程》等相关规定，汪志刚先生的辞职报告将 在公司股东大会选举出新任独立董事之 ...

Investment Rating - The report maintains a "Buy" rating for Guotai Group (603977.SH) with a current price of 12.03 CNY [5]. Core Views - Guotai Group achieved a revenue of 2.541 billion CNY in 2023, representing a year-on-year growth of 18.05%. The net profit attributable to shareholders reached 305 million CNY, a significant increase of 112% compared to the previous year [5]. - The growth in performance is driven by the integrated civil explosives business and the high-potassium perchlorate business. The revenue breakdown includes 1.745 billion CNY from civil explosives, 173 million CNY from military new materials, 243 million CNY from rail transit automation and information technology, and 380 million CNY from other businesses [5]. - The company’s gross profit margin and net profit margin for 2023 were 35.88% and 13.84%, respectively, showing improvements of 0.5 percentage points and 5.48 percentage points year-on-year [5]. Summary by Sections Revenue and Profitability - In 2023, Guotai Group's revenue was 2.541 billion CNY, with a growth rate of 18.05%. The net profit attributable to shareholders was 305 million CNY, marking a growth rate of 111.95% [8]. - The company’s sales gross margin was 35.9% in 2023, with an expected increase to 38.1% in 2024 [7]. Business Segments - The civil explosives segment generated 1.745 billion CNY in revenue, growing by 19.71% year-on-year. The high-potassium perchlorate business saw significant growth due to increased demand in the fireworks and explosives sector [5]. - The military new materials segment is steadily advancing, with multiple projects achieving mass production and contributing to overall revenue growth [5]. Future Outlook - The report forecasts a continued increase in net profit, projecting 387 million CNY for 2024 and 467 million CNY for 2025, with corresponding EPS estimates of 0.62 CNY and 0.75 CNY [8]. - The company is expected to benefit from infrastructure projects in Jiangxi province and surrounding areas during the 14th Five-Year Plan period, enhancing its market position [5].

证券代码：603977 证券简称：国泰集团 编号：2024 临 014 号 江西国泰集团股份有限公司 关于会计估计变更的更正和补充公告 本公司董事会及全体董事保证公告内容不存在虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 江西国泰集团股份有限公司（以下简称"公司"或"国泰集团公司"）于 2024 年 3 月 26 日召开第六届董事会第七次会议、第六届监事会第四次会议， 审议通过了《关于会计估计变更的议案》，具体内容详见公司于 2024 年 3 月 28 日在上海证券交易所网站（www.sse.com.cn）披露的《公司关于会计估计变 更的公告》（公告编号：2024 临 009 号）。由于公告内容中变更日期有误，现 更正和补充如下： 二、关于补充的事项 （一）变更原因 公司于 2023 年 9 月 27 日召开第六届董事会第四次会议，审议通过了《关 于全资子公司江西铜业民爆矿服有限公司技改搬迁项目的议案》。江西铜业民 爆矿服有限公司（以下简称"江铜民爆"）技改搬迁项目预计建设周期 2 年， 预计将在 2025 年 9 月正式投产使用。该技改搬迁项目完工后原生产线将停止生 ...

Financial Performance - In 2023, Guotai Group achieved a net profit attributable to shareholders of 304,610,207.82 RMB, representing a 112.00% increase compared to 2022[7]. - The company's operating revenue for 2023 was 2,541,006,874.75 RMB, reflecting an 18.05% growth from 2022[22]. - The net cash flow from operating activities increased by 28.26% to 371,538,216.51 RMB in 2023[22]. - The total assets of Guotai Group at the end of 2023 reached 5,405,279,500.94 RMB, a 9.28% increase from the previous year[22]. - The net assets attributable to shareholders increased by 9.12% to 3,118,434,627.12 RMB at the end of 2023[22]. - Guotai Group's net profit after deducting non-recurring gains and losses was 274,168,424.82 RMB, up 143.65% from the previous year[22]. - The cumulative undistributed profits of the parent company at the end of the reporting period amounted to 623,852,441.88 RMB[7]. Revenue Breakdown - Revenue from the integrated civil explosives business was 1.745 billion RMB, up 19.71% from the previous year[32]. - Revenue from military new materials business was 173 million RMB, down 3.99% year-on-year[32]. - Revenue from rail transit automation and information technology business was 243 million RMB, a decrease of 7.30% compared to last year[32]. - Other business revenue increased by 50.56%, totaling 380 million RMB, primarily driven by Yongning Technology's revenue growth of 100%[32]. Production and Sales - The company achieved a 78% production release rate for on-site mixed explosives[32]. - The company extended its civil explosives industry chain, generating 130 million RMB in revenue from related products[32]. - The company achieved an operating income of 151.61 million yuan and a total profit of 15.14 million yuan, marking a historical high in production and sales volume for its subsidiary, Tuohong New Materials[33]. - In 2023, the company reported a 30% year-on-year increase in operating income and doubled its total profit compared to the previous year[34]. Research and Development - The company invested 19.61 million yuan in environmental protection efforts, enhancing its waste treatment capabilities and achieving a significant upgrade in its environmental management[36]. - The company added 25 new authorized invention patents and participated in the formulation of national standards, showcasing its commitment to technological innovation[35]. - The company invested CNY 138 million in R&D, reflecting an 18.29% increase from the previous year[61]. - The number of R&D personnel is 458, representing 21.03% of the total workforce[76]. Environmental Responsibility - The company has been recognized as a key pollutant discharge unit by local environmental authorities, emphasizing its commitment to environmental responsibility[179]. - The company has achieved zero discharge of production wastewater in three subsidiaries, with ongoing efforts to improve environmental facilities[190]. - The company has implemented a comprehensive environmental monitoring system, ensuring compliance with discharge standards[187]. - The company invested 1,961.22 million RMB in environmental protection during the reporting period[178]. Governance and Management - The company did not report any significant differences in governance compared to legal and regulatory requirements[134]. - The company’s governance structure includes compliance with the Company Law and relevant regulations[134]. - The company reported a total remuneration for all directors, supervisors, and senior management at the end of the reporting period was 686.6 million[150]. - The board approved the 2022 annual report and financial budget for 2023 during its meetings[152]. Market Expansion and Future Outlook - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by market expansion strategies[142]. - The company is investing in new technology development, with a budget allocation of 200 million for R&D initiatives[143]. - The company aims to strengthen its integrated civil explosives industry, expand production capacity, and enhance its market presence through mergers and acquisitions[126]. - The company plans to enhance its rail transit automation and information technology sectors by increasing R&D investment and focusing on smart operation and intelligent detection products[127]. Community Engagement - Total investment in social responsibility projects amounted to CNY 905,700[194]. - Total investment in poverty alleviation and rural revitalization projects reached CNY 705,700, benefiting 800 people[194]. - The company provided CNY 15,000 in educational assistance for students from the supported village in 2023[196]. - The company has been actively involved in grassroots governance and community service activities, conducting 42 events in 2023[196].

一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 证券代码：603977 证券简称：国泰集团 编号：2024 临 006 号 江西国泰集团股份有限公司 关于 2023 年度预计的日常关联交易执行情况 及 2024 年度日常关联交易预计的公告 本公司董事会及全体董事保证公告内容不存在虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 重要内容提示： 江西国泰集团股份有限公司（以下简称"公司"）《关于公司2023年度 预计的日常关联交易执行情况及2024年度日常关联交易预计的议案》无需提交股 东大会审议。 公司日常关联交易严格遵循自愿、平等、诚信的原则，属于正常生产经 营往来，不会对公司的独立性和持续经营能力产生影响，公司主要业务不会因该 等交易而对关联方形成依赖。 1、公司独立董事2024年第一次专门会议以3票同意、0票反对、0票弃权的表 决结果审议通过了《关于公司2023年度预计的日常关联交易执行情况及2024年度 日常关联交易预计的议案》，独立董事专门会议审查后认为：该项日常关联交易 是为了满足生产经营的需要，公司已对2024年度内发生的日常关联交易情况进行 了合 ...

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 阜信大华评报字(2024)第 8102 号 (共一册第一册) 北京卓 围有限公司 0 ( ) 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 1111030005202400190 | | --- | --- | | 合同编号: | 2024-HT0025 | | 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(2024)第8102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: | 142.400.000.00元 | | 评估报告日: | 2024年03月20日 | | 评估机构名称: | 北京卓信大华资产评估有限公司 | | 签名人员: | (资产评估师) 会员编号:11090053 杨风顺 | | | 会员编号:36060016 余勇义 (资产评估师) | (可扫描二维码查询备案业务 ...

江西国泰集团股份有限公司（以下简称"公司"）已于 2024 年 3 月 28 日发 布公司 2023 年度报告，为便于广大投资者更全面深入地了解公司 2023 年度经营 成果、财务状况，公司计划于 2024 年 04 月 12 日上午 10:00-11:30 举行 2023 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：603977 证券简称：国泰集团 编号：2024 临 013 号 江西国泰集团股份有限公司 关于召开 2023 年度业绩说明会的公告 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法律责任。 重要内容提示： 投资者可于 2024 年 04 月 03 日(星期三)至 04 月 11 日(星期四)16:00 前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 gtirm@jxgtjtgw.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。 本次投资者说明会以视频结合网络互动召开，公司将针对 2023 年度经营成 果 ...

关于本报告 本报告为年度报告，报告期间为 2023 年 1 月 1 日至 2023 年 12 月 31 日，部分内容超出此范围。 组织范围 除特别指出外，本报告包括国泰集团及所属子公司。 编制依据 （SDGs）等相关要求进行编制。 数据来源 重大遗漏。 货币单位 本报告为江西国泰集团股份有限公司（以下简称"国泰集团""公司"或"我们"）发布的首 份环境、社会与治理报告，集中展示国泰集团 2023 年践行 ESG 理念所作出的努力及取得的绩效， 旨在加强与利益相关方的沟通和联系，回应各方的关切和期望。 时间范围 如无特殊说明，货币单位均为人民币元。 报告获取 阅和下载本报告。 联系方式 如有进一步查询，或对本报告及公司 ESG 工作有任何意见或建议，可通过以下方式与公司联系： 地址：江西省南昌市高新区高新大道 699 号国泰集团 电话：0791-88119816 邮箱：gtirm@jxgtjtgw.com 本报告参考国务院国资委《关于国有企业更好履行社会责任的指导意见》和《央企控股上市公 司 ESG 专项报告编制研究》、上海证券交易所《上市公司自律监管指引第 1 号——规范运作》、 全球报告倡议组织《可持续发展 ...

江西国泰集团股份有限公司 审计报告 大华审字[2024]0011004537 号 大 华 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) Da Hua Certified Public Accountants（Special General Partnership） 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn/ · 在线路中国家康的第四 t 电器设计 | 2 i 会举大 登录 . t and the first (发会管理系统) 流程基层设备等 er - Apple and the production and the problem of the largest of the largest of the broad in 江西国泰集团股份有限公司 审计报告及财务报表 (2023 年 1 月 1 日至 2023 年 12 月 31 日止 ) | | 글 | 求 | 页 次 | | --- | --- | --- | --- | | r | 审计报告 | | 1-7 | | | 已审财务报表 | | | | | 合并资产负债表 | | 1-2 | ...