Investment Rating - The report initiates coverage with a "Buy" rating for Guangdong Hongda [8][9]. Core Views - The report highlights that the supply side of the civil explosives industry is constrained by policies, while demand is supported by growth in regions such as Xinjiang and Tibet, as well as along the "Belt and Road" initiative. The profitability is expected to recover as the main raw material, ammonium nitrate, is projected to decline slightly [3][8]. Company Overview - Guangdong Hongda is a leading integrated service provider in the civil explosives sector in China, initially focusing on large open-pit mines and expanding into underground mining after acquiring Hunan Lianshao Construction Engineering Co., Ltd. in 2013. The company has diversified into three main segments: civil explosives, mining services, and military products [5][17][21]. Industry Dynamics - Demand for civil explosives is expected to rise due to increasing prices of mineral products and a recovery in mining service demand. The compound annual growth rate (CAGR) for industrial explosives production in regions like Xinjiang and Tibet is projected at 21.1% and 26.0%, respectively, from 2017 to 2024 [6][49]. - The supply side is characterized by a lack of new capacity due to policy restrictions, leading to a market focused on existing resources. The concentration of market share among leading companies is increasing, with the CR10 market share rising from 44% in 2017 to 62% in 2024 [6][49]. Financial Performance - Guangdong Hongda's revenue and net profit have shown rapid growth, with a revenue of 11.54 billion yuan and a net profit of 720 million yuan in 2023. The company has achieved a revenue CAGR of 20.0% and a net profit CAGR of 41.6% from 2016 to 2023 [32][41]. Business Segments - The civil explosives segment has a production capacity of 580,000 tons per year, ranking second nationally. The mining services segment is the largest revenue contributor, with a revenue of 8.93 billion yuan in 2023, while the military segment is also expanding through acquisitions [7][29][36].

证券代码：002683 证券简称：广东宏大 公告编号：2025-010 广东宏大控股集团股份有限公司 1 公司 21%股权并取得控股权的批复》（粤国资函【2025】18 号），省国 资 委 原 则 同 意 公 司 协 议 收 购 农 牧 投 持 有 的 雪 峰 科 技 21% 股 权 （225,055,465 股）并取得控制权。 截至本公告披露日，本次交易尚需提交公司股东大会审议通过后方 可实施，能否通过尚存在一定不确定性。公司将根据本次交易的进展情 况，严格按照有关法律法规的规定及时履行信息披露义务。公司发布的 信息均以在指定信息披露媒体《中国证券报》《证券时报》《上海证券报》 《证券日报》和巨潮资讯网(http://www.cninfo.com.cn)刊登的公告为 准。敬请广大投资者及时关注公司后续公告并注意投资风险。 特此公告。 关于重大资产重组事项获得广东省国资委批复的公告 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。 广东宏大控股集团股份有限公司（以下简称"公司"）拟以支付现金 的方式向新疆农牧业投资（集团）有限责任公司（以下简称"农牧投"） 购买 ...

Financial Performance - The net profit attributable to shareholders is expected to be between 86 million and 92 million RMB, representing a year-on-year growth of 20.11% to 28.49% compared to 71.6 million RMB in the previous year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between 81 million and 87 million RMB, indicating a year-on-year increase of 20.82% to 29.77% from 67 million RMB last year[3]. - The basic earnings per share is estimated to be between 1.1379 RMB and 1.2173 RMB, compared to 0.9553 RMB in the previous year[3]. Strategic Initiatives - The growth in net profit is primarily driven by increased market investment in key domestic and international regions, aligning with industry policies[6]. - The company has adopted a "big clients, big projects" strategy, resulting in a steady increase in the number of large clients and the proportion of large projects[6]. Sector Performance - The mining service sector continues to expand, contributing to the overall positive operating trend and driving revenue and profit growth[6]. Financial Reporting - The financial data in the earnings forecast has not been audited by an external accounting firm, and the final figures will be disclosed in the 2024 annual report[7]. - The company emphasizes the importance of cautious decision-making and awareness of investment risks for investors[7].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][16] Core Views - The company has shown continuous improvement in its mining service and explosives business, with significant growth in overseas operations [1][16] - In 2024, the company achieved a total production value of 2.905 billion yuan in explosives, a year-on-year increase of 8.11%, ranking third in the domestic market with a market share of 6.97% [2][6] - The company generated 11.282 billion yuan in blasting service revenue in 2024, a year-on-year increase of 21.10%, ranking first in the domestic market with a market share of 31.95% [2][11] - The company maintains a strong order backlog exceeding 30 billion yuan, ensuring revenue stability for the coming years [2][12] - The company is actively expanding its overseas explosive production capacity and has established partnerships in various countries, leading to a significant increase in overseas revenue [14][15] Summary by Sections Company Overview - The company ranks among the top three in industrial explosive production capacity in China and leads in mining service scale [2][16] - The company has a strong order acquisition capability, with a focus on expanding market share in a consolidating industry [2][16] Financial Performance - The company forecasts net profits for 2024-2026 to be 843 million, 951 million, and 1.050 billion yuan respectively, with diluted EPS of 1.11, 1.25, and 1.38 yuan [2][16] - The current stock price corresponds to a PE ratio of 24.6, 21.8, and 19.7 for the years 2024-2026 [2][16] Market Position - The company has successfully increased its market share in the blasting service sector, with a notable rise in revenue and market presence [11][12] - The concentration in the explosives industry continues to rise, with the company's market share expanding amidst industry consolidation [6][7] Overseas Expansion - The company has seen over 50% growth in overseas business revenue in the first half of 2024, contributing to 10.94% of total revenue [14][15] - The company is enhancing its industrial explosive capacity in South America and Africa, with ongoing partnerships and projects in various countries [14][15]

Core Viewpoint - Guangdong Hongda intends to acquire 21% of Xinjiang Xuefeng Technology's shares through cash payment, which raises questions about insider trading during the self-inspection period [1][13]. Group 1: Transaction Details - Guangdong Hongda plans to purchase 225,055,465 shares of Xinjiang Xuefeng Technology, representing 21% of the total shares [1]. - The self-inspection period for insider trading is defined as six months prior to the initial disclosure of the restructuring matter until the day before the disclosure of the major asset purchase report draft [2]. Group 2: Self-Inspection Findings - The self-inspection report indicates that no insider trading occurred during the self-inspection period, as all relevant parties provided accurate and complete reports [13]. - The self-inspection covered various parties, including Guangdong Hongda's board members, senior management, and related personnel, as well as the counterparties involved in the transaction [3]. Group 3: Trading Activities - CITIC Securities engaged in normal trading activities of Guangdong Hongda and Xinjiang Xuefeng Technology stocks during the self-inspection period, asserting that these actions were not related to insider information [4]. - Several individuals involved in the transaction provided declarations confirming that their trading activities were based on public information and not on insider information [5][6][11]. Group 4: Compliance and Commitments - Individuals involved in the transaction committed to not trading Xinjiang Xuefeng Technology stocks until the completion or termination of the transaction, ensuring no disclosure of non-public information [8][10]. - The company and its board members guarantee the authenticity and completeness of the information disclosed, asserting no misleading statements or omissions [16][19].

北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：（86-10）8519 1300 传真：（86-10）8519 1350 北京市君合律师事务所 关于广东宏大控股集团股份有限公司 重大资产购买 相关主体买卖股票情况的自查报告 致：广东宏大控股集团股份有限公司 北京市君合律师事务所（以下简称"本所"）为在北京市司法局注册设立并依法执业的律 师事务所。 本所受广东宏大控股集团股份有限公司（以下简称"广东宏大"）的委托，担任广东宏大 通过支付现金方式购买新疆农牧业投资（集团）有限责任公司（以下简称"新疆农牧投"或"交 易对方"）持有的新疆雪峰科技（集团）股份有限公司（以下简称"雪峰科技"或"标的公司"） 21.00%股份的交易（以下简称"本次交易"）的专项法律顾问，依据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司重大资产重组管理办法》《上市公司监管指引第 9 号—— 上市公司筹划和实施重大资产重组的监管要求》《深圳证券交易所股票上市规则》以及中华人民 共和国（为本核查意见之目的不包括香港特别行政区、澳门特别行政区和台湾地区，以下简称 "中国"）其他相关法律、法规及规范性文件的有 ...

中信证券股份有限公司 关于广东宏大控股集团股份有限公司 广东宏大控股集团股份有限公司（以下简称"广东宏大"或"上市公司"）拟 以支付现金的方式向新疆农牧业投资（集团）有限责任公司购买其所持有的新疆雪 峰科技（集团）股份有限公司（以下简称"雪峰科技"或"标的公司"）225,055,465 股股份，占雪峰科技股份总数的 21.00%（以下简称"本次交易"）。 本次重组相关主体买卖股票情况自查报告的核查意见 根据《上市公司重大资产重组管理办法（2023 年修订）》《公开发行证券的公 司信息披露内容与格式准则第 26 号—上市公司重大资产重组（2023 年修订）》《监 管规则适用指引——上市类第 1 号》等文件的规定，中信证券股份有限公司（以下 简称"中信证券"或"独立财务顾问"）作为本次交易的独立财务顾问，对本次交 易相关内幕信息知情人二级市场买卖上市公司股票的情况进行了核查，具体如下： 二、本次交易的内幕信息知情人自查范围 （六）上述自然人的直系亲属，包括配偶、父母、成年子女。 三、本次交易内幕信息知情人买卖广东宏大股票的情况及说明 一、本次交易的内幕信息知情人自查期间 本次交易的内幕信息知情人买卖广东宏大及雪峰 ...

广东宏大控股集团股份有限公司 拟收购 新疆雪峰科技（集团）股份有限公司 21%股权所涉及 新疆雪峰科技（集团）股份有限公司 股东全部权益价值的 估值报告 收购方财务顾问 二〇二五年一月 | 目 录 | 2 | | --- | --- | | 声 明 | 4 | | 一、背景情况介绍 | 6 | | （一）本次交易方案 6 | | | （二）本次交易的背景及目的 6 | | | 二、估值委托者及其他估值报告使用者 | 7 | | （一）委托者——广东宏大 7 | | | （二）委托者外其他估值报告使用者 8 | | | 三、估值目的 | 9 | | 四、价值类型 | 9 | | 五、被估值对象概况 | 9 | | 六、估值基准日 | 18 | | 七、估值程序实施过程和情况 | 18 | | （一） | 估值准备阶段 18 | | （二）估值估算阶段 18 | | | （三）编制和提交估值报告阶段 19 | | | 八、估值报告假设和限制条件 | 19 | | （一）一般假设 19 | | | （二）特殊假设 19 | | | 九、估值思路及方法选择 | 20 | | （一）估值思路及方法选择 20 | | | ...

中信证券股份有限公司 关于 深圳证券交易所 《关于对广东宏大控股集团股份有限公司重大资产 重组的问询函》回复 之核查意见 独立财务顾问 二〇二五年一月 深圳证券交易所： 近日，广东宏大控股集团股份有限公司（以下简称"广东宏大"、"上市公司"或 "公司"）收到深圳证券交易所《关于对广东宏大控股集团股份有限公司重大资产重 组的问询函》（并购重组问询函〔2024〕第 16 号）（以下简称"《问询函》"）。中信证券 股份有限公司（以下简称"独立财务顾问"）作为广东宏大本次交易的独立财务顾问， 会同上市公司及其他相关中介机构，对《问询函》中有关问题进行了认真分析和核查， 现就核查情况回复如下。 除非文义载明，相关简称与《广东宏大控股集团股份有限公司重大资产购买报告 书（草案）》中"释义"所定义的词语或简称具有相同的含义。 | | | | 问题 | 1 | 3 | | --- | --- | --- | | 问题 | 2 | 3 | | 问题 | 3 | 36 | | 问题 | 4 | 39 | | 问题 | 5 | 46 | | 问题 | 6 | 65 | | 问题 | 7 | 69 | 问题 1 报告书显示，你公司拟 ...

第六届董事会 2025 年第一次会议决议公告 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。 一、董事会会议召开情况 广东宏大控股集团股份有限公司（以下简称"公司"）第六届 董事会 2025 年第一次会议于 2025 年 1 月 7 日以电子邮件方式向全 体董事发出通知。 本次会议于 2025 年 1 月 10 日以通讯表决方式召开，会议应到董 事 8 人，实到董事 8 人。会议由董事长郑炳旭先生主持。 本次董事会会议的召开符合《公司法》和《公司章程》的有关 规定。 二、董事会会议审议情况 1、审议通过了《关于提请召开 2025 年第一次临时股东大会的议 证券代码：002683 证券简称：广东宏大 公告编号：2025-002 广东宏大控股集团股份有限公司 案》 内容详见公司于同日刊登在《中国证券报》《上海证券报》《证 券日报》《证券时报》及巨潮资讯网（http://www.cninfo.com.cn） 的相关公告。 表决情况：同意 8 票，反对 0 票，弃权 0 票。 三、备查文件 《广东宏大控股集团股份有限公司第六届董事会 2025 年第一次 会议决议》 特 ...