上 市 公 司 基础化工 2025 年 04 月 29 日 江南化工 (002226) ——民爆矿服高景气延续，盈利能力改善，25Q1 业绩符 合预期 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 5.49 | | 一年内最高/最低（元） | 6.25/3.62 | | 市净率 | 1.5 | | 股息率%（分红/股价） | 1.28 | | 流通 A 股市值（百万元） | 14,542 | | 上证指数/深证成指 | 3,288.41/9,855.20 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 3.64 | | 资产负债率% | 41.13 | | 总股本/流通 A 股（百万） | 2,649/2,649 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 ...

投资逻辑： 供给侧："政策+资质"构成核心壁垒，公司炸药产能优势凸显。 ①政策与资质端对民爆供给侧严格约束：除对重组整合、拆线撤点减证等给予支持政策外，原则上不新 增过剩品种的民爆物品许可产能。截至2024 年，公司工业炸药许可产能为76.55 万吨，处于行业第一梯 队。此外，我国对民爆物品的生产、销售、购买、运输和爆破作业实行许可证制度，构成行业资质壁 垒。 暂不考虑后续资产注入的情况下，预计25-27 年公司实现营业收入105.49、116.91、128.64 亿元，同比 +11.26%、+10.83%、+10.04%；实现归母净利润10.31、11.94、13.80 亿元，同比+15.71%、+15.86%、 +15.50%，对应EPS 为0.39、0.45、0.52 元/股，给予公司25 年18 倍PE，目标价7.01 元/股，首次覆盖， 给予"买入"评级。 风险提示： 下游需求不及预期；原材料价格波动；安全生产风险；地缘政治风险。 内需： 2023 年用于煤炭、金属和非金属矿山开采的炸药量占炸药总销量的74.8%；其中用于煤炭开采 占比30.4%、金属矿山占24.7%，非金属矿山占19.7%。根据中 ...

Core Points - The company has released its first quarter report for 2025, ensuring the accuracy and completeness of the information disclosed [3][11][16] Financial Data Summary - The company reported a net cash flow from operating activities of 40,249,287.24 yuan, an increase of 86,025,104.91 yuan compared to the same period last year [6] - Investment income for the period was 790,429.01 yuan, a decrease of 86.76% year-on-year due to reduced investment returns from associated companies [5] - The balance of accounts payable at the end of the reporting period was 8,180,000.37 yuan, a decrease of 37.33% from the beginning of the year [4] Changes in Financial Indicators - Long-term payables decreased by 57.02% to 7,331,115.67 yuan, attributed to the transfer of special demolition compensation funds to capital reserves due to the cancellation of a subsidiary [4] - The balance of special reserves increased by 40.21% to 91,305,679.75 yuan, due to the extraction of safety production costs [4] - The net cash flow from investment activities was 30,418,208.18 yuan, an increase of 209,371,512.95 yuan compared to the previous year [6] Shareholder Information - The company confirmed that there were no changes in the top ten shareholders and their shareholding status [7] Other Important Matters - The first quarter report was not audited [9] - The company will hold an online performance briefing for the 2024 annual results on May 9, 2025, allowing investors to submit questions in advance [20][21]

地址：安徽省合肥市蜀山区创新大道2800号创新产业园二期J2栋A座17楼 电话：0551-65862589 传真：0551-65862577 扫码查看企业评级档案 关于本报告 报告简介 本报告是安徽江南化工股份有限公司发布的环境、社会及治理（ESG）报告（以下简称"本报告"），以向利益 相关方等披露和展示公司在环境、社会及公司治理领域（ESG）的绩效。本报告经公司董事会审议通过，郑重 承诺本报告中所披露的信息、数据真实可靠，不存在任何虚假性陈述或误导。 时间范围 本报告涵盖时间范围若无特殊说明，均为 2024 年 1 月 1 日至 2024 年 12 月 31 日。为遵循信息披露完整性、 连续性的原则，部分信息时间范围进行了前后延伸。 报告范围 本报告覆盖安徽江南化工股份有限公司及所属分、子公司，与财务报告范围一致。其他范围与此有差异的内容， 将会在报告中进行说明。 数据来源 本报告全部信息数据来源包括公开数据、公司的正式文件、公开披露文件。报告所引用的财务数据以年报为准， 其他数据来自公司内部统计。本报告中所涉及货币金额以人民币作为计量币种，特别说明的除外。 编制依据 本报告重点参考全球报告倡议组织（GRI ...

为充分尊重投资者，提升交流的针对性，现就公司2024年度网上业绩说明会 提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于2025 年5月9日（星期五）下午14:00前访问http://ir.p5w.net/zj/，或扫描下方二维 码，进入问题征集专题页面。公司将在2024年度网上业绩说明会上，对投资者普 遍关注的问题进行回答。 欢迎广大投资者积极参与本次网上业绩说明会。 证券代码：002226 证券简称：江南化工 公告编号:2025-033 安徽江南化工股份有限公司 关于举行2024年度网上业绩说明会的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 安徽江南化工股份有限公司（以下简称"公司"）将于2025年5月9日（星期 五）下午15:00-17:00在全景网举行2024年度网上业绩说明会，本次年度业绩说 明会将采用视频直播加网络远程互动的方式举行，投资者可以登录全景网"投资 者关系互动平台"（http://ir.p5w.net）参与本次年度业绩说明会。 出席本次说明会的人员有：董事长杨世泽先生，董事、总裁代五四先生，独 立董事张红梅女士，财务 ...

证券代码：002226 证券简称：江南化工 公告编号:2025-031 具体内容详见 2025 年 4 月 29 日公司登载于《证券时报》《中国证券报》《证 券日报》《上海证券报》和巨潮资讯网的《安徽江南化工股份有限公司 2025 年 第一季度报告》（公告编号：2025-032）。 特此公告。 安徽江南化工股份有限公司 安徽江南化工股份有限公司监事会 关于第七届监事会第三次会议决议的公告 本公司及监事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 安徽江南化工股份有限公司(以下简称"公司"或 "本公司")第七届监事会第 三次会议于 2025 年 4 月 23 日以电子邮件等方式通知了各位监事，并于 2025 年 4 月 28 日在公司会议室采用通讯方式召开。会议应出席监事 3 名，实际出席监 事 3 名，公司高级管理人员列席了会议，会议召开程序符合《公司法》和《公司 章程》等有关规定。会议由监事会主席佟彦军先生主持，审议通过了如下议案： 一、审议通过了《安徽江南化工股份有限公司 2025 年第一季度报告》。 经审核，监事会认为：董事会编制和审核公司 2025 年第一季度报告的程 ...

安徽江南化工股份有限公司（以下简称"公司"或"本公司"）第七届董事 会第三次会议于2025年4月23日以电子邮件等方式通知了各位董事，并于2025年4 月28日在本公司会议室采用通讯方式召开。本次会议由董事长杨世泽先生主持， 会议应出席董事9名，实际出席董事9名。会议召开程序符合《公司法》和《公司 章程》等有关规定。会议审议通过了如下议案： （一）审议通过了《安徽江南化工股份有限公司 2025 年第一季度报告》； 证券代码：002226 证券简称：江南化工 公告编号:2025-030 安徽江南化工股份有限公司 关于第七届董事会第三次会议决议的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 公司审计与风险管理委员会审议通过了该议案。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 具体内容详见 2025 年 4 月 29 日登载于《证券时报》《中国证券报》《证券 日报》《上海证券报》和巨潮资讯网的《安徽江南化工股份有限公司 2025 年第 一季度报告》（公告编号：2025-032）。 （二）审议通过了《安徽江南化工股份有限公司 2024 年 ESG 报告》 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥2,012,831,236.48, representing a 1.57% increase compared to ¥1,981,722,498.77 in the same period last year[5]. - Net profit attributable to shareholders was ¥145,917,378.54, a 0.97% increase from ¥144,517,249.30 year-over-year[5]. - The net profit excluding non-recurring gains and losses was ¥134,428,842.49, which is a 6.47% increase from ¥126,265,342.81 in the same period last year[5]. - Net profit for the current period was ¥199,798,099.57, compared to ¥192,728,630.28 in the previous period, indicating a growth of about 3.5%[18]. - The total comprehensive income for the period was CNY 196,941,850.81, compared to CNY 193,998,223.45 in the previous period, reflecting an increase of approximately 1.0%[19]. - The total comprehensive income attributable to the parent company was CNY 143,459,961.12, slightly down from CNY 145,988,443.23 in the previous period[19]. Cash Flow - The net cash flow from operating activities improved significantly to ¥40,249,287.24, a 187.93% increase from a negative cash flow of ¥45,775,817.67 in the previous year[5]. - Cash inflow from operating activities totaled CNY 1,461,337,028.57, up from CNY 1,353,476,595.99, indicating a growth of about 8.0%[20]. - The net cash flow from investing activities was CNY 30,418,208.18, a recovery from a net outflow of CNY -178,953,304.77 in the previous period[21]. - Cash inflow from investment activities reached CNY 89,413,758.45, compared to CNY 20,734,958.73 in the previous period, showing a substantial increase of about 331.5%[21]. - The company incurred cash outflows from financing activities totaling CNY 220,812,951.42, down from CNY 271,031,607.13 in the previous period, indicating a reduction of approximately 18.5%[21]. - The company received CNY 209,960,000.00 in borrowings, an increase from CNY 187,999,900.00 in the previous period, reflecting a growth of about 11.5%[21]. Assets and Liabilities - The total assets at the end of the reporting period were ¥18,979,818,648.96, reflecting a 1.07% increase from ¥18,778,158,832.18 at the end of the previous year[5]. - The total current assets amount to 9,254,307,365.74 RMB, an increase from 8,905,062,029.46 RMB at the beginning of the period[13]. - The total non-current assets amounted to ¥9,725,511,283.22, a decrease from ¥9,873,096,802.72, reflecting a decline of about 1.5%[15]. - Total liabilities decreased slightly to ¥7,805,910,294.84 from ¥7,830,410,737.22, a reduction of about 0.3%[15]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 51,029[12]. - The largest shareholder, North Special Energy Group Co., Ltd., holds 21.74% of shares, totaling 575,753,625 shares[12]. - Zijin Mining Zinan (Xiamen) Investment Partnership holds 11.99% of shares, totaling 317,710,341 shares[12]. Operating Costs and Expenses - Total operating costs amounted to ¥1,780,094,682.53, up from ¥1,756,066,414.15, reflecting a cost increase of approximately 1.4%[17]. - Research and development expenses were reported at ¥39,078,076.45, a slight decrease from ¥40,069,241.65, indicating a reduction of about 2.5%[17]. Investment Income - The company reported a significant decrease in investment income, amounting to ¥790,429.01, which is an 86.76% decline compared to the previous year[9]. - The company reported an investment income of ¥790,429.01, down from ¥5,970,179.50, representing a decline of approximately 86.8%[18]. Other Income - The company recorded a substantial increase in other operating income, which rose by 336.55% to ¥2,599,993.60 due to the write-off of long-term payables[9]. - The fair value change income was ¥8,698,200.00, down 30.00% from the previous year due to a decline in the stock price of Xuefeng Technology[9].

安徽江南化工股份有限公司（以下简称"公司"或"江南化工"）持股5% 以上股东紫金矿业紫南（厦门）投资合伙企业（有限合伙）（以下简称"紫南投 资"）计划自本公告披露之日起15个交易日后的3个月内(窗口期内不减持)以集 中竞价交易及大宗交易方式减持其持有的公司股份不超过79,467,000股（占江南 化工总股本比例不超过3.00%）。 证券代码：002226 证券简称：江南化工 公告编号:2025-029 安徽江南化工股份有限公司 关于持股 5%以上股东减持股份的预披露公告 本次计划减持的股东紫金矿业紫南（厦门）投资合伙企业（有限合伙）保证向 本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 公司于近日收到持股5%以上股东紫金矿业紫南（厦门）投资合伙企业（有 限合伙）出具的《股份减持计划告知函》，现将具体情况公告如下： 一、股东基本情况 1、股东名称：紫金矿业紫南（厦门）投资合伙企业（有限合伙） 2、股东持股情况：截至本公告披露日，紫南投资持有公司股票317,710,341 股，占公司总股本的11.99%，全部 ...

Investment Rating - The report maintains an "Outperform" rating for Jiangnan Chemical [4][7]. Core Views - The consolidation in the explosives industry is ongoing, leading to increased concentration, with strong demand observed in western regions. Projected EPS for 2025-2027 is RMB 0.39, 0.44, and 0.5 respectively, with a 2025 PE valuation set at 20x and a target price of RMB 7.80 [4][7]. Financial Performance Summary - For 2024, the company is expected to achieve a revenue of RMB 9.48 billion, a year-on-year increase of 6.59%, and a net profit attributable to shareholders of RMB 0.89 billion, up 15.26%. The recurring net profit is projected at RMB 0.8 billion, reflecting a growth of 1.12% [4][7]. - The gross profit margin (GPM) is expected to improve to 30.08%, an increase of 0.6 percentage points, while the net profit margin (NPM) is projected to reach 11.94%, up 0.7 percentage points [4][7]. - The company’s revenue from blasting engineering is projected to be RMB 5.1 billion, up 8.2%, while civil explosives revenue is expected to be RMB 2.74 billion, up 6.6%. However, revenue from new energy power is anticipated to decline by 11.3% to RMB 0.78 billion [4][7]. Market Dynamics - The report highlights rapid growth in blasting engineering and overseas markets, with international revenue expected to reach RMB 1.02 billion, a year-on-year increase of 27.9%. Key drivers include significant client development and successful project acquisitions [4][7]. - The company is focusing on restructuring and integrating blasting services, seizing M&A opportunities, and enhancing its integrated mining services to promote sales through blasting [4][7].