Investment Highlights - The report highlights the recovery of revenue growth for Yuyue Medical, with a significant increase in overseas sales, achieving a revenue of 7.57 billion yuan in 2024, down 5.1% year-on-year, and a net profit of 1.81 billion yuan, down 24.6% year-on-year [3][8] - Guotai Group's performance shows resilience in its civil explosives business, with a non-net profit growth of 17.09% year-on-year in Q1 2025, despite a slight revenue decline of 1.26% [12][13] - China Merchants Highway reported a revenue of approximately 2.803 billion yuan in Q1 2025, down 7.24% year-on-year, but net profit improved by 2.74% due to cost control and increased investment income [16][17] - Shenzhen Gas's main business in urban gas sales showed growth, with a revenue of 28.348 billion yuan in 2024, down 8.34% year-on-year, but a net profit increase of 1.19% [21][22] - New Industry's overseas business continued to grow rapidly, with a revenue of 4.535 billion yuan in 2024, up 15.41% year-on-year, and a net profit of 1.828 billion yuan, up 10.57% [25][26] - Huali Group's revenue in Q1 2025 grew by 12% year-on-year, driven by new brand collaborations and strong sales of sports shoes [30][31] - Bohai Leasing, a leading aircraft leasing company, reported a significant increase in aircraft sales revenue, reaching 12.7 billion yuan in 2024, up 61.08% year-on-year, driven by a strong aircraft market [35][36] - Weimao Electronics, an industrial intelligent connection control solution manufacturer, achieved a revenue of 260 million yuan in 2024, up 13.69% year-on-year, with a focus on expanding into emerging fields [39][40] Company-Specific Summaries Yuyue Medical (002223.SZ) - The company experienced a revenue decline in 2024 due to high base effects from the previous year, but Q1 2025 showed a recovery with a 9.2% year-on-year increase in revenue [3][9] - The product mix has led to a slight decrease in gross margin, with a 50.1% gross margin in 2024, down 1.2 percentage points year-on-year [10] - The company maintains a strong financial position with 7.08 billion yuan in cash and no short-term or long-term loans [10] Guotai Group (603977.SH) - The civil explosives business showed growth, with a revenue of 327 million yuan in Q1 2025, up 1.4% year-on-year [13][14] - The company faced a decline in electronic detonator sales but saw an increase in explosive engineering revenue [14][15] - The gross margin for Q1 2025 was 32.72%, down 0.5 percentage points year-on-year, but the non-net profit remained stable [15] China Merchants Highway (001965.SZ) - The company is actively pursuing expansion projects, including the ongoing reconstruction of key highways [17][18] - The net profit forecast for 2025-2027 is expected to grow steadily, with projected profits of 5.74 billion yuan in 2025 [18] Shenzhen Gas (601139.SH) - The urban gas sales volume increased by 2.78% in 2024, with significant growth in the Greater Bay Area [22] - The company is expected to benefit from lower upstream gas prices and increased sales volume [22][24] New Industry (300832.SZ) - The company reported a strong performance in overseas markets, with a 27.67% increase in overseas revenue [27] - The gross margin for 2024 was 72.26%, with a focus on expanding the product lineup in the chemical luminescence sector [28] Huali Group (300979.SZ) - The company maintained a strong partnership with major brands, resulting in a 12.34% revenue increase in Q1 2025 [30][31] - The company is expanding production capacity to meet growing demand, with a workforce increase of 17% [31] Bohai Leasing (000415.SZ) - The company is positioned as a global leader in aircraft leasing, with a fleet size of 1,158 aircraft [36] - The net profit forecast for 2025-2027 is expected to grow significantly, with a projected profit of 1.913 billion yuan in 2025 [37] Weimao Electronics (833346.BJ) - The company is focusing on the automotive and industrial automation sectors, with a projected growth in the vehicle wiring harness market [40][41] - The company is expanding its production capabilities to meet increasing demand in emerging markets [41]

证券研究报告 基础化工 | 化学制品 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 29 日 证券分析师 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com | 基本数据 | | | 年 | 04 | 月 | | 日 | 2025 | 28 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 12.13 | | | | | 一 年 内 最 低 | 高 | / | | | | | | | | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | | 7,535 ...

证券代码：603977 证券简称：国泰集团 编号：2025临017号 江西国泰集团股份有限公司 根据《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》和《关于做好主板上市公司2024年度披露工作的重要提醒》要求， 江西国泰集团股份有限公司（以下简称"公司"）现将2025年一季度主要经营数 据披露如下： | 主要产品 | 产量 | 销量 | 营业收入（万元） | | --- | --- | --- | --- | | 工业炸药（吨） | 26,431.81 | 24,900.69 | 15,369.22 | | 电子雷管（万发） | 470.24 | 436.65 | 5,700.62 | | 工业导爆索（万米） | 65.60 | 63.10 | 230.26 | | 爆破工程（万立方米） | 1,424.71 | 1,424.71 | 11,448.83 | | 高氯酸钾（吨） | 2,652.70 | 2,712.58 | 3,112.23 | | 自产氧化铌（公斤） | 26,376.51 | 34,001.00 | 1,115.08 | | 代工氧化铌（公斤） | 4,763 ...

证券代码：603977 证券简称：国泰集团 编号：2025 临 015 号 江西国泰集团股份有限公司 第六届董事会第十八次会议决议公告 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。 一、董事会会议召开情况 江西国泰集团股份有限公司（以下简称"公司"）第六届董事会第十八次会议 于 2025 年 4 月 28 日上午 9:00 在公司会议室以现场会议结合通讯表决的方式召开。 会议由副董事长洪余和先生召集并主持，会议应出席董事 6 名，实际出席董事 6 名， 公司监事、高级管理人员列席了本次会议。本次会议的召集、召开和表决程序符合 《中华人民共和国公司法》和《江西国泰集团股份有限公司章程》等有关规定，合 法有效。 二、董事会会议审议情况 表决结果：同意 6 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计委员审议通过，同意提交公司董事会审议。 （二）审议通过了《关于为全资子公司银行综合授信额度提供担保的议案》 表决结果：同意 6 票，反对 0 票，弃权 0 票。 具体内容详见公司于同日披露的《公司关于为全资子公司江西三石有色金 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥483,062,339.71, a decrease of 1.26% compared to ¥489,244,892.03 in the same period last year[3]. - Net profit attributable to shareholders decreased by 8.23% to ¥43,083,930.43 from ¥46,948,392.19 year-on-year[3]. - The net profit after deducting non-recurring gains and losses increased by 17.09% to ¥39,656,290.83, compared to ¥33,867,783.52 in the previous year[3]. - Net profit for Q1 2025 was ¥39,719,093.16, down 27.2% from ¥54,617,429.40 in Q1 2024[18]. - Operating profit for Q1 2025 was ¥50,146,186.13, a decrease of 22.6% compared to ¥64,839,314.25 in Q1 2024[17]. - Basic and diluted earnings per share for Q1 2025 were both ¥0.07, a decrease from ¥0.08 in Q1 2024[18]. Cash Flow - The net cash flow from operating activities improved significantly, reaching ¥48,309,688.48, a 234.57% increase from a negative cash flow of -¥35,898,651.23 in the same period last year[3][7]. - Cash flow from operating activities generated a net amount of ¥48,309,688.48 in Q1 2025, compared to a negative cash flow of ¥35,898,651.23 in Q1 2024[22]. - Cash flow from investing activities resulted in a net outflow of ¥518,972,315.01 in Q1 2025, significantly higher than the outflow of ¥78,263,052.73 in Q1 2024[23]. - Cash flow from financing activities generated a net inflow of ¥149,564,387.33 in Q1 2025, compared to a net outflow of ¥47,238,948.80 in Q1 2024[23]. - The ending cash and cash equivalents balance for Q1 2025 was ¥415,073,444.79, down from ¥873,840,615.33 in Q1 2024[23]. Assets and Liabilities - Total assets at the end of the reporting period were ¥5,792,991,369.10, reflecting a 1.87% increase from ¥5,686,552,636.81 at the end of the previous year[4]. - The company's current assets totaled CNY 2,710,828,495.96, up from CNY 2,601,547,901.89, indicating an increase of about 4.21%[12]. - The total liabilities of the company were CNY 2,101,955,990.04, compared to CNY 2,003,614,450.69, representing an increase of about 4.76%[14]. - The total equity of the company was CNY 2,878,443,447.85 as of March 31, 2025, slightly down from CNY 2,885,958,868.49 at the end of 2024, a decrease of approximately 0.3%[28]. Shareholder Information - The top ten shareholders held a total of 47.34% of the shares, with Jiangxi Military Industry Holding Group Co., Ltd. being the largest shareholder[8]. - The company received government subsidies amounting to ¥4,047,798.44, which positively impacted the net profit[6]. Research and Development - Research and development expenses were ¥23,079,963.05 in Q1 2025, down 18.5% from ¥28,363,089.69 in Q1 2024[17]. - Research and development expenses were reported as CNY 0.00 in Q1 2025, a significant decrease from CNY 483,710.22 in Q1 2024, indicating a shift in investment strategy[30]. Inventory and Receivables - The company reported a significant increase in inventory, which rose to CNY 305,132,918.22 from CNY 297,489,994.51, an increase of about 2.47%[12]. - Accounts receivable rose to CNY 851,988,830.36 from CNY 706,642,365.52, marking an increase of around 20.54%[12].

2025 年 4 月 26 日 公司研究 全年业绩受商誉计提影响较大，军工新材料业务发展值得期待 ——国泰集团（603977.SH）2024 年年报点评 要点 事件：公司发布 2024 年年度报告。公司 2024 全年实现营业收入 23.54 亿元， 同比下降 7.34%；实现归母净利润 1.81 亿元，同比下降 40.84%（追溯后）。 公司拟向全体股东每 10 股派发现金红利 0.90 元（含税）。 由于对轨交板块子公司进行商誉计提，公司整体业绩下滑幅度较大。2024 年公 司轨交自动化及信息化板块收入 1.45 亿元，同比下降 40.55%。板块内的控股 子公司太格时代受铁路基建行业竞争加剧影响，部分项目未能在年底前验收且有 些项目毛利率水平下降；同时太格时代经营战略调整，合同结构优化，城轨设备 集成产品收入下降，导致公司轨交板块出现较大幅度下滑。因此，2024 年公司 计提商誉减值准备 1.15 亿元。 民爆业务毛利率同比提升显著，产品结构进一步优化。公司民爆一体化板块实现 收入 16.46 亿元，同比下降 5.70%；毛利率为 40.24%，同比提升 4.41 个百分 点。2024 年，公司工业炸药 ...

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 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 ...