广东宏大控股集团股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 证券代码：002683 证券简称：广东宏大 公告编号:2025-044 特别提示： 1、本次提供担保后，公司对合并报表范围内子公司提供的担保 余额预计提升至 399,909.85 万元，占公司 2024 年度经审计净资产的 61.59%。 2、本次被担保对象宏大爆破工程集团有限责任公司最近一期资 产负债率超过 70%。 敬请投资者注意相关风险。 一、担保情况概述 广东宏大控股集团股份有限公司（以下简称"公司"）分别于 2025 年 2 月 12 日和 2025 年 2 月 28 日召开了第六届董事会 2025 年 第二次会议和 2025 年第二次临时股东会，审议通过了《关于 2025 年 度担保额度预计的议案》，同意 2025 年度为合并报表范围内的下属 子公司（含下属子公司之间互相担保）的新增担保额度为不超过 49 亿元，其中向资产负债率为 70%以上的担保对象的新增担保额度为不 超过 46.5 亿元（其中为全资子公司宏大爆破工程集团有限责任公司 （ ...

证券代码：002683 证券简称：广东宏大 公告编号：2025-043 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、广东宏大控股集团股份有限公司2024年度利润分配方案为： 以公司现有总股本剔除已回购股份6,386,736股后的753,615,511股为 基数，按照分配比例不变的原则，向全体股东每10股派4.5元人民币现 金（含税）。 2、本次利润分配股权登记日为：2025年5月23日，除权除息日为： 2025年5月26日。 广东宏大控股集团股份有限公司（以下简称"公司"或"本公司"） 2024年度利润分配方案已获2025年4月18日召开的2024年度股东会审 议通过，现将利润分配事宜公告如下： 广东宏大控股集团股份有限公司 2024年度分红派息实施公告 一、股东会审议通过本次利润分配方案的情况 1、公司2024年度股东会审议通过的利润分配方案为：以未来实 施分配方案时股权登记日的总股本（预计为760,002,247股）扣除回购 专户持有股份数（6,386,736股）为基数，向全体股东每10股派发现金 股利4.5元人民币（含税），不送红股， ...

Core Viewpoint - The company is positioned as a leading integrated service provider in the mining explosives and mining service industry, with a clear growth path driven by internal and external development strategies [1] Group 1: Company Overview - The company has established three main business segments: mining explosives, mining services, and defense equipment [1] - The company has a strong mixed-ownership structure that enhances operational efficiency and employee motivation [1] - The compound annual growth rate (CAGR) of the company's net profit attributable to shareholders is projected to be 17% from 2010 to 2024 [1] Group 2: Industry Dynamics - The mining explosives industry is expected to see increased concentration, with leading companies likely to expand capacity through mergers and acquisitions [1] - The market for mining services is substantial, exceeding 200 billion, with significant growth potential as the revenue from mining services for explosives companies was only 35.3 billion in 2024 [1] - The demand across different regions shows a divergence, with increased activity in Xinjiang's coal and Tibet's water conservancy projects, positioning the western development strategy at the forefront [1] Group 3: Strategic Initiatives - The company has a 61% ratio of mixed explosives and leads the industry in mining service scale, with over 30 billion in orders on hand [2] - The company ranks second in industrial explosives production capacity at 699,500 tons per year, with a notable increase in revenue from the western region [2] - The company is actively pursuing international expansion, having secured multiple overseas projects and established a factory in Zambia [2] Group 4: Financial Projections - Revenue projections for the company are 22.22 billion, 26.01 billion, and 29.34 billion for the years 2025 to 2027, with corresponding net profits of 1.17 billion, 1.47 billion, and 1.73 billion [3] - The expected growth rates for net profit are 30%, 26%, and 18% for the respective years [3] - The company is anticipated to have a price-to-earnings (PE) ratio of approximately 20 times in 2025, which is above the average PE of comparable companies at 18 times [3]

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [2] Core Views - The company is a leading integrated service provider in the civil explosive and mining service industry, with a clear growth path through internal and external development [7] - The integration of civil explosives and mining services is expected to drive long-term growth, particularly in the western regions and overseas markets [7] - The defense equipment segment is a strategic focus for transformation, with plans to enhance capabilities in both domestic and international military trade [7] - Revenue and profit forecasts indicate strong growth, with a projected CAGR of 24% for net profit over the next three years [8] Summary by Sections Company Overview - The company is a leading domestic producer of industrial explosives with comprehensive mining engineering qualifications, having formed three major business segments: civil explosives, mining services, and defense equipment [7][18] - The company has a mixed ownership structure that enhances operational efficiency and aligns management and shareholder interests [29] Industry Analysis - The civil explosives industry is characterized by high barriers to entry and regional market segmentation, with significant growth potential driven by policy-led consolidation [49][58] - The demand for civil explosives is expected to increase, particularly in the western regions of China, supported by infrastructure development and resource extraction [49][58] Financial Performance - The company’s total revenue is projected to reach 222.19 billion yuan in 2025, with a net profit of 11.68 billion yuan, reflecting a growth rate of 30% [6][8] - The company has demonstrated a consistent increase in revenue and net profit over the years, with a notable CAGR of 18% for revenue from 2010 to 2024 [38] Growth Drivers - The integration of civil explosives and mining services is expected to enhance profitability, with the mining service segment being a major contributor to revenue [25][46] - The company is actively pursuing overseas expansion, particularly in regions rich in mineral resources, which is anticipated to provide long-term growth opportunities [10][58] Profitability and Valuation - The company’s projected PE ratio for 2025 is approximately 20, which is higher than the average PE of comparable companies at 18 [8] - The report highlights the company’s strong market position and growth potential, justifying the "Accumulate" rating based on its operational advantages and strategic initiatives [8]

Summary of Guangdong Hongda Conference Call Company Overview - **Company**: Guangdong Hongda - **Industry**: Civil Explosives Key Points and Arguments Business Strategy and Growth - Guangdong Hongda has enhanced its influence in the civil explosives sector through the acquisition of Xuefeng Technology and overseas expansion, particularly in the metal mining sector, ensuring order sustainability with major clients like Zijin Mining [2][5] - The company has approximately 30 billion yuan in orders by the end of 2024, increasing to 34 billion yuan in Q1 2025, providing a solid revenue foundation for the next three years [2][5] - Expected revenue growth for 2025 is over 30%, reaching more than 1.2 billion yuan, with organic growth contributing about 20 percentage points and the acquisition of Xuefeng Technology adding approximately 150 million yuan [2][5] Market Dynamics - The civil explosives industry is experiencing high market attention in 2025, with saturated expectations for many companies. However, Guangdong Hongda is recommended due to its clearer growth direction and expectations [3] - The company’s core competitiveness lies in its deep ties with metal mining enterprises, which strengthens order continuity [4][5] Regional Market Contributions - Key growth engines for Guangdong Hongda include Xinjiang, Tibet, and overseas markets. In these regions, one ton of mixed explosives can generate 300-400 million yuan in revenue, significantly exceeding pure material sales [2][7] - In Xinjiang, the company’s production capacity is about 50,000 to 60,000 tons, which is lower than competitors like Jiangnan Chemical and Yipuli. The acquisition of Xuefeng Technology is strategic as it is the only self-supplying nitric acid enterprise in Xinjiang [8] Overseas Expansion - Guangdong Hongda has adopted an aggressive strategy in overseas markets, achieving nearly 1.4 billion yuan in overseas revenue in 2024, a significant increase from previous years [9] - In 2025, the company will establish overseas production capacity, including 40,000 tons in Zambia and a production line in Peru, with plans to create an additional 700,000 tons of explosive capacity in the next three to five years [9] Military Sector Impact - The military sector has shown strong performance since Q4 2024, contributing to overall profit growth. The company’s military business is expected to add 30-40 million yuan in profit following the consolidation of Jiangsu Hongguang [11][14] Future Outlook - The civil explosives industry is projected to have a positive outlook in 2025, with Guangdong Hongda and Xuefeng Technology expected to lead with a growth rate of 30%-40% driven by new orders and favorable market conditions [12][15] - The company is viewed as a premium target in the civil explosives sector due to its robust performance expectations, strategic acquisitions, and strong presence in key markets [15] Additional Important Insights - The military business is considered a significant area for valuation enhancement, with limited disclosure on sensitive military trade matters [11][14] - The company’s traditional housing sales are recovering from pandemic impacts, with clear recovery expectations for 2025 [11]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a significant revenue increase of 66.1% year-on-year, reaching 3.65 billion yuan in Q1 2025, primarily due to the expansion of its mining service segment and the consolidation of Xuefeng Technology [6][11]. - The net profit attributable to shareholders was 90 million yuan, reflecting a year-on-year increase of 24.0% [6][11]. - The company aims to leverage its partnership with Xuefeng Technology to enhance its market position in the Xinjiang region, benefiting from the growing demand for civil explosives driven by local resource development [11]. - The civil explosive industry is experiencing stable growth, with a 1.5% year-on-year increase in industrial explosive production in Q1 2025, indicating a recovery trend [11]. - The company is actively pursuing domestic and overseas mergers and acquisitions to expand its civil explosive production capacity and enter international markets [11]. - The defense equipment segment is expected to grow through a combination of internal and external strategies, enhancing the company's competitiveness in both domestic and international military trade [11]. - The forecasted net profit attributable to shareholders for 2025-2027 is projected to be 1.19 billion, 1.32 billion, and 1.62 billion yuan, respectively [11].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Viewpoints - The company achieved a revenue of 13.65 billion yuan in 2024, representing a year-on-year increase of 17.61%, and a net profit attributable to shareholders of 898 million yuan, up 25.39% year-on-year. In Q1 2025, revenue reached 3.65 billion yuan, a significant increase of 66.14% year-on-year, with a net profit of 93.52 million yuan, up 23.99% year-on-year [1][3]. - The mining service segment showed strong growth with a revenue of 10.81 billion yuan in 2024, up 21.01% year-on-year, and a gross margin of 17.72%, an increase of 0.9 percentage points. The company has a robust order backlog exceeding 30 billion yuan, with significant revenue growth in Xinjiang and Tibet, at 96.09% and 32.41% respectively [1][2]. - The civil explosives segment reported revenue of 2.31 billion yuan in 2024, a slight increase of 1.18% year-on-year, with a gross margin of 36.5%. The company is focusing on cost control and industry consolidation, acquiring stakes in two companies to increase explosive production capacity [2]. - The defense equipment segment generated revenue of 350 million yuan in 2024, a substantial increase of 47.74% year-on-year, driven by increased deliveries of traditional military products and the consolidation of Jiangsu Hongguang [3]. Summary by Sections Mining Services - Revenue for the mining service segment was 10.81 billion yuan in 2024, with a year-on-year growth of 21.01% and a gross margin of 17.72% [1][2]. - The company has over 30 billion yuan in orders, with significant growth in Xinjiang and Tibet [1][2]. Civil Explosives - The civil explosives segment achieved revenue of 2.31 billion yuan in 2024, with a year-on-year growth of 1.18% and a gross margin of 36.5% [2]. - The company is implementing a low-cost strategy and has made acquisitions to enhance production capacity [2]. Defense Equipment - The defense equipment segment reported revenue of 350 million yuan in 2024, reflecting a year-on-year increase of 47.74% [3]. - The company has increased its stake in Guangdong Provincial Military Industry Group, enhancing its resource advantages in the military industry [3]. Profit Forecast and Valuation - The report raises the profit forecast for 2025 and 2026 by 13% and 21% respectively, predicting net profits of 1.11 billion yuan and 1.31 billion yuan [3]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.46 yuan, 1.73 yuan, and 2.05 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 21x, 18x, and 15x [3].

Core Viewpoint - Guangdong Hongda (002683.SZ) reported a significant increase in revenue and net profit for Q1 2025, indicating strong financial performance and growth trends in the industry [1][3]. Financial Performance - The company's total revenue for Q1 2025 was 3.654 billion yuan, ranking 9th among disclosed peers, with a year-on-year increase of 1.455 billion yuan, representing a 66.14% growth compared to the same period last year [1]. - The net profit attributable to shareholders was 93.5181 million yuan, ranking 24th among peers, with an increase of 18.093 million yuan, reflecting a 23.99% year-on-year growth [1]. - Operating cash flow showed a net outflow of 489 million yuan [1]. Key Financial Ratios - The latest debt-to-asset ratio stood at 50.27%, a decrease of 9.98 percentage points from the previous quarter and a reduction of 2.56 percentage points year-on-year [3]. - The gross profit margin was reported at 16.77% [3]. - Return on equity (ROE) was 1.42%, ranking 74th among peers, with a year-on-year increase of 0.25 percentage points [3]. - The diluted earnings per share (EPS) was 0.12 yuan, ranking 71st among peers, with a year-on-year increase of 24.22% [3]. - Total asset turnover ratio was 0.15 times, ranking 48th among peers, with a year-on-year increase of 15.89% [3]. - Inventory turnover ratio was 4.73 times, ranking 2nd among peers, with a year-on-year increase of 2.84% [3]. Shareholder Structure - The number of shareholders was reported at 24,000, with the top ten shareholders holding 367 million shares, accounting for 48.30% of the total share capital [3]. - The largest shareholder, Dongsheng Environmental Group Co., Ltd., holds 24.88% of the shares [3].

Group 1: Financial Performance - The company achieved a revenue of 3.654 billion CNY in Q1 2025, representing a year-on-year growth of 66.14% [2] - The net profit attributable to shareholders was 93.52 million CNY, an increase of 23.99% compared to the same period last year [2] - The net profit after deducting non-recurring gains and losses reached 86.91 million CNY, reflecting a growth of 53.17% year-on-year [2] Group 2: Business Segments - The mining service segment experienced significant growth, contributing to both revenue and profit increases [2] - The civil explosives segment maintained stable production capacity, with business scale remaining flat compared to the previous year [3] - The defense equipment segment showed good performance, with active promotion of military trade [3] Group 3: Market Insights - The ammonium nitrate price decline has impacted the gross margin of civil explosives, but the overall margin is stabilizing [3][4] - The civil explosives market is expected to see an increase in gross margins due to industry consolidation and higher market concentration [4] - Revenue growth in Xinjiang is primarily driven by new mining service projects [5] Group 4: Future Strategies - The company is committed to an "outbound" strategy, focusing on overseas markets, particularly in South America and South Africa [7] - Plans include establishing an explosives factory in Zambia and acquiring a factory in Peru to expand the overseas civil explosives market [7] - The company will gradually inject civil explosives capacity into Xuefeng Technology based on actual business conditions and market demand [9]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a potential stock price increase of over 15% within the next six months [11]. Core Insights - The company achieved a record high in mining service revenue, with total revenue for 2024 reaching 13.65 billion yuan, a year-on-year increase of 17.6%. The net profit attributable to shareholders was 900 million yuan, up 25.4% year-on-year [1][3]. - The mining service segment generated revenue of 10.81 billion yuan, reflecting a 21.0% year-on-year growth, driven by increased investments in rich mineral areas and accelerated international expansion [1][2]. - The company has a robust order backlog exceeding 30 billion yuan, providing a solid foundation for future growth [1]. - The company is actively integrating and optimizing its explosive production capacity, having acquired controlling stakes in two companies to increase explosive production capacity by 82,000 tons per year [2]. Financial Performance - The company reported a comprehensive gross margin of 21.3% for 2024, an increase of 0.6 percentage points year-on-year. The net profit margin was 8.6%, up 0.16 percentage points [2]. - Forecasted revenues for 2025-2027 are projected at 21.71 billion, 24.71 billion, and 28.22 billion yuan, representing year-on-year growth rates of 59.05%, 13.80%, and 14.21% respectively [3][4]. - The earnings per share (EPS) are expected to be 1.58, 1.90, and 2.12 yuan for 2025, 2026, and 2027, with corresponding price-to-earnings (PE) ratios of 19.42, 16.14, and 14.49 [3][4]. Market Position and Strategy - The company's overseas revenue reached 1.36 billion yuan in 2024, a year-on-year increase of 43.7%, accounting for 9.9% of total revenue, up 8.1 percentage points [2]. - The company is investing in a new explosives factory in Zambia and has acquired a 51% stake in EXSUR in Peru to meet local mining project demands [2]. - The company is optimizing its explosive production capacity by relocating excess capacity to regions like Xinjiang and Tibet [2].