Group 1: Company Developments - The establishment of the "Aerospace Special Power Joint Innovation Center" enhances the defense equipment business layout of Guangdong Hongda, which is a key strategic direction for the company [2][3] - The company has laid out both domestic and international military trade markets, focusing on traditional ammunition and smart weaponry, with recent advancements in high-end defense equipment [3] - The company aims to optimize the R&D process and improve product performance through collaboration with the Aerospace Technology Power Research Institute [3] Group 2: Production and Market Expansion - The industrial explosive production capacity has been increased to 697,500 tons, with a strategic acquisition of 51% of Peru's EXSUR company marking the start of international development [4] - The company holds approximately 45% of its explosive production capacity in Inner Mongolia, Gansu, and Xinjiang, with a significant advantage in mixed explosives production [4] - The company is recognized as a leading enterprise in the domestic mining service sector, with a focus on large projects and major clients, and has seen a 21% year-on-year increase in mining revenue to 10.811 billion yuan in 2024 [5] Group 3: Financial Projections - The projected net profits for the company from 2025 to 2027 are 1.173 billion yuan, 1.383 billion yuan, and 1.609 billion yuan respectively, with corresponding PE ratios of 22, 19, and 16 times [5][8] - The company has a backlog of over 30 billion yuan in mining service orders, indicating strong revenue growth potential [5]

证券研究报告：基础化工 | 公司点评报告 发布时间：2025-07-01 股票投资评级 公司基本情况 | 最新收盘价（元） | 33.94 | | --- | --- | | 总股本/流通股本（亿股）7.60 / 6.51 | | | 总市值/流通市值（亿元）258 / 221 | | | 52 周内最高/最低价 | 33.94 / 17.82 | | 资产负债率(%) | 60.3% | | 市盈率 | 28.73 | | 第一大股东 | 广东省环保集团有限公 | | 司 | | 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:马强 SAC 登记编号:S1340523080002 Email:maqiang@cnpsec.com 广东宏大(002683) 航天特种动力联合创新中心成立，防务装备业务布 局进一步完善 ⚫ 事件 增持|维持 个股表现 -13% -5% 3% 11% 19% 27% 35% 43% 51% 59% 67% 2024-07 2024-09 2024-11 2025-02 2025-04 2025-06 ...

证券研究报告：基础化工 | 公司深度报告 股票投资评级 增持|首次覆盖 个股表现 -12% -3% 6% 15% 24% 33% 42% 51% 60% 69% 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 广东宏大 基础化工 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 32.56 | | --- | --- | | 总股本/流通股本（亿股）7.60 / 6.51 | | | 总市值/流通市值（亿元）247 / 212 | | | 52 周内最高/最低价 | 33.82 / 17.82 | | 资产负债率(%) | 60.3% | | 市盈率 | 27.56 | | 第一大股东 | 广东省环保集团有限公 | | 司 | | 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:马强 SAC 登记编号:S1340523080002 Email:maqiang@cnpsec.com 广东宏大(002683) 矿服民爆一体化龙头，深耕军工谱新篇 ⚫ 投资要点 广 ...

Core Viewpoint - The civil explosives industry is experiencing a significant increase in market concentration, driven by mergers and acquisitions among leading companies, with a projected market size growth from 273 billion yuan in 2015 to 416.95 billion yuan by 2024, reflecting an average annual growth rate of approximately 5% [1][19]. Group 1: Industry Overview - The civil explosives industry, essential for mining, infrastructure, and construction, is categorized into civil explosive products and blasting services [4]. - The market is expected to maintain a stable growth trajectory, with key demand growth in regions like Xinjiang and Tibet, which are projected to see production value increases of 24.6% and 35.96% respectively in 2024 [7][19]. Group 2: Production and Performance - The production of industrial explosives is stable, with a projected output of 449.37 million tons in 2024, a slight decrease of 1.9% year-on-year [11]. - The transition from traditional detonators to electronic detonators is underway, with electronic detonators expected to account for 95% of total production by 2024 [11]. - Civil explosive companies listed on the A-share market are expected to report combined revenues of 649.22 billion yuan and net profits of 41.08 billion yuan in 2024, reflecting year-on-year growth of 19.52% and 12.98% respectively [12][19]. Group 3: Profitability and Policy Support - The profitability of civil explosive companies remains robust, with average gross and net profit margins of over 25% and around 7% respectively [12]. - The government has implemented policies to ensure the healthy development of the industry, including the "14th Five-Year" plan, which focuses on capacity layout, product structure, and international cooperation [13][15]. Group 4: Market Dynamics - The demand for civil explosives is closely tied to fixed asset investments in key downstream industries such as coal, metals, and non-metallic mining, which account for over 70% of total explosive consumption [21]. - The growth of coal production in Xinjiang has positioned it as the largest market for civil explosives in China, with a projected sales value of 42.13 billion yuan in 2024, up 21.8% year-on-year [23]. Group 5: Key Companies - Yipuli, a leading company in the civil explosives sector, has a production capacity of 56.55 million tons of industrial explosives and is expanding its international presence [49][50]. - Jiangnan Chemical, with the highest explosive production capacity in the industry, is also diversifying into renewable energy, positioning itself for stable growth [52][53].

证券代码：002683 证券简称：广东宏大 公告编号:2025-045 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。 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 454,476.85 万元，占公司 2024 年度经审计净资产的 69.99%。 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 （以下简称"宏大工程"）新增担保额度 20 亿元），向资产负债率 为 70%以下的担 ...

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly highlighting the potential for price increases in urea and ammonium sulfate due to geopolitical tensions affecting supply chains [4][5]. Core Insights - Geopolitical conflicts have disrupted approximately 22% of global urea trade, leading to price increases. The report notes significant impacts from events in Russia, Iran, and Israel on urea production and exports [5][6]. - The report emphasizes a stable global GDP growth rate of 2.8%, which supports steady demand for oil, despite potential slowdowns due to trade policies [5][6]. - The chemical sector is advised to focus on traditional cyclical stocks and specific growth opportunities, with recommendations for companies like Wanhua Chemical and Hualu Hengsheng [5][19]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a mixed outlook for oil, coal, and natural gas, with oil prices expected to remain under pressure due to geopolitical factors and OPEC+ production increases [5][6]. - The chemical industry PPI showed a year-on-year decline of 4.1% in May, influenced by base effects and weaker energy prices [8][10]. Price Movements - Urea prices in China increased to 1,750 CNY/ton, reflecting a 2.9% rise week-on-week, driven by supply constraints and increased demand from agricultural sectors [12]. - PTA prices rose by 8.8% to 5,280 CNY/ton, supported by supply reductions and strong market sentiment [10][11]. Investment Recommendations - The report suggests a focus on companies with strong fundamentals and growth potential, including those in the agricultural chemicals sector like New Oriental and Stanley [5][19]. - Specific stocks recommended for investment include Hualu Hengsheng, Xinlianxin, and Luhua Group, with ratings of "Buy" or "Increase" based on their projected earnings growth [19][20].

Investment Rating - Industry Rating: Outperform the Market (Maintain Rating) [1] Core Viewpoints - The geopolitical situation is increasingly complex, with conflicts such as the Ukraine crisis and the Israel-Iran conflict contributing to global instability. This environment suggests a growing demand for military trade, which is expected to open up new opportunities for the defense industry [4][6]. - Advanced fighter jets like the J-10CE and J-35 are anticipated to become strategic cornerstones for China's military trade, significantly impacting the long-term development of the military industry [4]. - The military trade sector is likely to experience a transformation from "single equipment" procurement to "systematic equipment" procurement, enhancing the overall value of military contracts [5]. Summary by Sections Military Trade Demand and Supply - According to SIPRI, from 2020 to 2024, the top five military trade importers are Ukraine (8.8%), India (8.3%), Qatar (6.8%), Saudi Arabia (6.8%), and Pakistan (4.6%). A total of 25 countries have an import share of 1% or more [4]. - The top five military trade exporters are the United States (43%), France (9.6%), Russia (7.8%), China (5.9%), and Germany (5.6%), with China ranking fourth globally, indicating strong competitiveness [4]. Investment Recommendations - The report suggests focusing on four main investment lines within the military trade sector: 1. Radar: Companies like Aerospace South Lake and Guorui Technology 2. Main Platforms: Companies such as AVIC Shenyang Aircraft Corporation, Hongdu Aviation Industry Group, AVIC Xi'an Aircraft Industry Group, and Inner Mongolia First Machinery Group 3. Unmanned Systems: Companies like Aerospace Electronics, Zhongyun Drone, Aerospace Rainbow, and Zongheng Co. 4. Guided Equipment and Others: Companies including Great Wall Industry Corporation, Guangdong Hongda, Zhongtian Rocket, and others [6].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The prices of sustainable aviation fuel (SAF) and biodiesel have increased, while refrigerant prices remain high [3][5][30] - The demand for lightweight and high-performance materials is expected to rise due to advancements in the low-altitude economy and robotics [5][26] - The electronic chemicals sector is experiencing growth driven by technological breakthroughs and material import substitution [13][16] Summary by Sections 1. Subsector Tracking - Biodiesel and SAF prices have continued to rise, with SAF priced at $1955 per ton (up 3% week-on-week) and biodiesel at 8033 RMB per ton (up 1.36% week-on-week) [3][10][49] - Refrigerant prices are stable, with R22 at 36000 RMB per ton and R32 at 51500 RMB per ton [4][11] - High-performance fibers and lightweight materials are gaining attention, particularly in the context of robotics and the low-altitude economy [4][26] 2. Key Products and Price Trends - The report tracks various chemical new materials, noting price changes for products like PEEK, UHMWPE, and carbon fiber [10][11][26] - Carbon fiber prices have stabilized after a decline, with potential demand growth linked to new technologies [26][28] 3. Electronic Chemicals - The electronic chemicals sector is characterized by a high degree of specialization and technical barriers, with a focus on materials for semiconductor manufacturing [16][19] - The domestic semiconductor materials market is expected to grow faster than the global market, with a projected CAGR of 10% from 2023 to 2024 [19][22] 4. Renewable and Modified Plastics - The demand for renewable plastics is increasing, with a notable rise in the recycling rate of plastics from 4.8% in 2018 to 10% in 2021 [51] - Special engineering plastics are seeing growing demand in automotive and aerospace applications [51] 5. Market Performance - The basic chemical industry index increased by 0.20% during the week of June 9-15, while the overall market showed mixed performance [61][64] - The report highlights the strong performance of the petrochemical sector, which rose by 3.31% [61][64]

6月13日，证券时报社第十六届上市公司投资者关系管理论坛暨2025中国城市发展新质生产力巡礼走进扬州。在本次论坛上，第十六届上市公司 投资者关系管理天马奖获奖名单正式发布。 天马奖由证券时报社主办，是国内主流财经媒体中最早聚焦资本市场投资者关系管理领域的评选活动之一。自创办以来，天马奖致力于以专业标准提升上市公司投 资者关系管理水平，用匠心助力上市公司展现投资价值，表彰在投资者关系管理领域表现卓越的企业及个人。 本届天马奖共评选出"上市公司投资者关系管理天马奖、上市公司投资者关系管理杰出董秘奖、上市公司投资者关系管理优秀团队奖、上市公司投资者关系管理股东 回报奖、上市公司投资者关系管理创新实践奖、港股上市公司投资者关系管理天马奖"六大奖项。名单如下： | 002372 | 伟星新材 | 603848 | 好 太 太 | | --- | --- | --- | --- | | 601168 | 西部矿业 | 600323 | 瀚蓝环境 | | 688111 | 金山办公 | 002683 | 广东宏大 | | 002003 | 伟星股份 | 688525 | 佰维存储 | | 000423 | 东阿阿胶 | 6 ...

Investment Rating - The report maintains a positive investment outlook for the defense and military industry, suggesting that the military trade market may become a new growth point for the industry [10]. Core Insights - The international military trade landscape is undergoing significant changes due to ongoing geopolitical conflicts, with China poised to strengthen its position in the global military industry [1][2]. - China is transitioning from a "follower" to a "leader" in military trade, with increasing exports and a focus on high-tech, high-value products [3][4]. - The report highlights the growing demand for advanced military equipment driven by recent conflicts and increased defense budgets in various regions [4]. Summary by Sections 1. Geopolitical Conflicts and Global Military Trade Dynamics - The report discusses the escalation of geopolitical conflicts, including the Russia-Ukraine conflict and the India-Pakistan tensions, which are reshaping military power dynamics and trade patterns [2][13]. - Global military expenditure has entered a growth phase, with an estimated $2.72 trillion in 2024, marking a 9.4% increase year-on-year, the largest since the end of the Cold War [2][18]. 2. Country Analysis: China's Transition to a Leader - China's military exports are primarily focused on aircraft, accounting for 29% of total exports, with Pakistan being the largest recipient, purchasing 48% of China's total export value over the past decade [3][31]. - The report notes that China has significantly reduced its military imports, with a drop from 4.3% of global imports in 2015 to 0.2% in 2024, while its exports are shifting towards high-tech products [4][28]. 3. Development Opportunities in China's Military Trade - The report identifies a potential turning point for China's military trade, driven by international demand and China's technological capabilities [4][5]. - Key investment opportunities are highlighted in various sectors, including radar systems, guided weapons, drones, military aircraft, and armored vehicles, with specific companies recommended for investment [5][8]. 4. Global Military Trade Landscape - The U.S. remains the dominant player in global military trade, with a 39% share of exports, followed by Russia and France [21][22]. - The report emphasizes the diversification of global military imports, with Saudi Arabia and India being the largest importers, while China's import share has been declining [28][29]. 5. Key Companies and Sectors to Watch - The report suggests focusing on companies involved in radar systems, guided weapons, drones, military aircraft, and naval vessels, indicating a robust growth potential in these areas [5][8].