证券代码：002683 证券简称：广东宏大 公告编号：2025-064 本次会议于 2025 年 8 月 29 日以通讯表决方式召开，会议应到董 事 9 人，实到董事 9 人。会议由董事长郑炳旭先生主持。 广东宏大控股集团股份有限公司 第六届董事会 2025 年第八次会议决议公告 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 年第八次会议于 2025 年 8 月 28 日以电子邮件方式向全体 董事发出通知。 三、备查文件 1、《广东宏大控股集团股份有限公司第六届董事会 2025 年第八 次会议决议》。 特此公告。 广东宏大控股集团股份有限公司董事会 2025 年 8 月 29 日 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《关于子公司对外捐赠的议案》 为积极践行企业社会责任，进一步深化人文关怀，塑造公司勇于 担当的社会形象，提升品牌的公信力，公司全资子公司宏大爆破工程 集团有限责任公司向广州市慈善会捐赠 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6][7]. Core Views - The company is positioned as a leader in the "civil explosives + energy chemicals" sector in Xinjiang, with a strong market presence and potential for growth due to the acquisition by Guangdong Hongda [6][7]. - The integration of civil explosive capacity and the growth of mining services are expected to drive long-term growth, with a focus on the western region and international expansion [6][7]. - The scarcity of ammonium nitrate in Xinjiang and the potential convergence of domestic and international urea prices are highlighted as key factors influencing the company's performance [6][7]. Financial Data and Profit Forecast - Total revenue projections for 2025-2027 are 65.82 billion, 76.65 billion, and 86.13 billion CNY, respectively, with corresponding net profits of 5.45 billion, 8.20 billion, and 10.35 billion CNY [2][7]. - The company is expected to experience a net profit CAGR of 16% over the next three years, with a PE ratio of approximately 13 in 2026, which is below the average PE of comparable companies [7][8]. Business Segments - The company operates in two main segments: civil explosives and energy chemicals, with a focus on creating a circular economy through its integrated supply chain [18][21]. - The civil explosives segment includes a comprehensive range of services, while the energy chemicals segment is bolstered by the production of ammonium nitrate and other chemical products [25][34]. Market Dynamics - The civil explosives industry is characterized by high barriers to entry and regional market dynamics, with a significant focus on safety and regulatory compliance [46][48]. - The report notes that the industry is undergoing consolidation, with a push towards higher concentration and integration among leading firms [53][54]. Growth Catalysts - Key growth drivers include increased demand for civil explosives due to coal mining activities in Xinjiang, accelerated asset injections from Guangdong Hongda, and rising prices for ammonium nitrate and urea [10][6].

Group 1 - The mining industry experienced a slight increase of 0.31% on August 26, with a net outflow of 152 million yuan in main capital [1] - Among the constituent stocks, 13 rose while 8 fell, indicating mixed performance within the sector [1] - The top net outflow stocks included Guangdong Hongda (83.47 million yuan), Xinjin Power (39.36 million yuan), and Zhun Oil (32.78 million yuan) [1] Group 2 - Notable stocks with significant inflows included Jin Chengxin (22.79 million yuan, up 3.39%), Haiyou Engineering (19.51 million yuan, down 0.18%), and Longgao Co. (18.82 million yuan, up 2.48%) [1] - Conversely, stocks with notable outflows included Bomaike (-9.11 million yuan, up 0.95%) and CNOOC Development (-4.01 million yuan, up 1.47%) [1] - The overall capital flow indicates a cautious sentiment among investors in the mining sector [1]

2025H1 公司矿服民爆主业保持稳健增长态势。分板块来看，报告期内①矿服板块实现营收64.38 亿元， 同比增长48.74%，其中新疆、西藏及海外收入分别同比大幅增长121.27%（不含雪峰科技并表影响）、 45.11%及18.87%，公司在深耕新疆、西藏等本土富矿区域的基础上，积极拓展海外市场，报告期内新 开拓塞拉利昂市场，目前海外业务覆盖塞尔维亚、巴基斯坦、老挝、圭亚那、哥伦比亚、几内亚、刚果 （布）、刚果（金）、秘鲁等多个国家。截至报告期末，公司在手矿服订单逾350 亿元，为后续业绩稳 步增长提供坚实保障。②民爆板块实现营收13.83 亿元，同比增长40.31%，报告期内公司完成雪峰科技 收购，新疆成为公司民爆的战略市场，目前国内民爆产能已提升至72.55 万吨，同时公司年初亦完成秘 鲁炸药厂收购，正式进军秘鲁炸药生产市场。③防务板块实现营收0.8 亿元，同比下滑39.55%，或与传 统军品交付节奏有关。 毛利率有所承压，费用端持续优化。2025H1 公司毛利率为19.86%，同比减少1.86pct，主要系矿服板块 由于一体化项目比重增加、项目滚动释放节奏等影响毛利率下滑1.86pct 所致，此外民爆 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected return of over 20% relative to the benchmark index within the next six months [2][16]. Core Insights - The company achieved rapid growth in performance, with a 64% year-on-year increase in revenue to 9.15 billion yuan and a 22% increase in net profit to 504 million yuan in the first half of 2025 [5][6]. - The growth was primarily driven by the expansion of the mining service segment and the consolidation of Xuefeng Technology [6]. - The company is actively enhancing its defense equipment business through acquisitions and strategic partnerships, aiming to strengthen its position in the military industry [8][10]. - The mining service business is expanding in key markets such as Xinjiang and Tibet, with a backlog of orders exceeding 35 billion yuan [9]. - The company has increased its industrial explosive production capacity to 725,500 tons, positioning itself as a leader in the domestic market [10]. Financial Performance - In the first half of 2025, the company's mining revenue reached 6.438 billion yuan, a 49% increase year-on-year, while sales of civil explosives rose by 40% to 1.383 billion yuan [6]. - The gross profit margin decreased by 1.85 percentage points to 19.86%, with the mining segment's margin at 16.47% [7]. - The company expects net profits for 2025-2027 to be 1.173 billion, 1.383 billion, and 1.609 billion yuan, respectively, corresponding to a price-to-earnings ratio of 23, 20, and 17 times [10][12].

丨证券研究报告丨 联合研究丨公司点评丨广东宏大（002683.SZ） [Table_Title] 主业稳健增长，收购长之琳未来可期 报告要点 马太 王贺嘉 张晨晨 徐静 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Summary] 公司发布 2025 半年报，实现收入 91.5 亿元（同比+63.8%），实现归属净利润 5.0 亿元（同比 +22.0%），实现归属扣非净利润 4.8 亿元（同比+26.8%）。其中 Q2 单季度实现收入 55.0 亿元 （同比+64.9%，环比+50.4%），归属净利润 4.1 亿元（同比+21.6%，环比+338.9%），实现归 属扣非净利润 3.9 亿元（同比+22.1%，环比+354.0%）。 分析师及联系人 [Table_Author] SAC：S0490516100002 SAC：S0490520110004 SAC：S0490524080007 SFC：BUT911 SFC：BUX462 1 广东宏大（002683.SZ） cjzqdt11111 [Table_Title2] 主业稳健增长，收购长之琳未来 ...

Company Overview - Guangdong Hongda's stock price decreased by 2.00% on August 25, closing at 34.79 yuan per share, with a trading volume of 572 million yuan and a turnover rate of 2.47%, resulting in a total market capitalization of 26.44 billion yuan [1] - The company was established on May 14, 1988, and listed on June 12, 2012, with its main business involving civil explosive products, mining infrastructure stripping, overall blasting scheme design, blasting mining, mineral sorting, and transportation services [1] Financial Performance - For the first half of 2025, Guangdong Hongda achieved operating revenue of 9.15 billion yuan, representing a year-on-year growth of 65.64%, and a net profit attributable to shareholders of 504 million yuan, up 22.05% year-on-year [2] - The company has distributed a total of 2.097 billion yuan in dividends since its A-share listing, with 1.137 billion yuan distributed in the last three years [3] Shareholder Information - As of August 8, 2025, the number of shareholders for Guangdong Hongda was 33,100, a decrease of 2.82% from the previous period, with an average of 19,948 circulating shares per shareholder, an increase of 2.90% [2] - Notable institutional shareholders include Fu Guo Tian Hui Growth Mixed Fund (161005) as the third-largest shareholder with 15.0008 million shares, and several new entrants among the top ten shareholders [3] Stock Performance - Year-to-date, Guangdong Hongda's stock price has increased by 33.63%, with a 0.90% rise over the last five trading days, a 5.33% decline over the last 20 days, and a 13.92% increase over the last 60 days [1] Industry Classification - Guangdong Hongda is classified under the basic chemicals industry, specifically in the chemical products sector focusing on civil explosive products, and is associated with concepts such as civil explosives, the Belt and Road Initiative, state-owned enterprise reform, military-civilian integration, and mergers and acquisitions [2]

Group 1: North Exchange Specialized and Innovative Index - The North Exchange Specialized and Innovative Index focuses on innovative small and medium-sized enterprises, emphasizing "specialized, refined, unique, and innovative" small giants, providing differentiated value as a rare high-quality small-cap growth index in the market [11][12] - The index consists of high-quality underlying assets, with a market capitalization median of 3.74 billion yuan, lower than other indices, indicating a focus on smaller companies [11] - The index has shown high growth potential, with a revenue compound annual growth rate (CAGR) of 40.4% over the past three years, and a high research and development investment ratio of 6.2% [11] Group 2: Saint Bella (2508HK) - Saint Bella is a well-known company in the high-end confinement service sector, aiming to provide comprehensive family care services from pregnancy to elderly care, with a projected adjusted net profit of 117 million, 191 million, and 287 million yuan for 2025-2027 [3][14] - The company has established four core advantages: strong brand recognition in high-end confinement services, a light asset model with standardized training, vertical and horizontal expansion in family services, and international market penetration targeting overseas Chinese [17] - The family care industry in China is expected to grow from 392.8 billion yuan in 2019 to 711.3 billion yuan in 2024, with a CAGR of 12.6%, indicating a favorable market environment for Saint Bella [17]

证券之星消息，根据市场公开信息及8月22日披露的机构调研信息，银华基金近期对4家上市公司进行了 调研，相关名单如下： 1)崇达技术（002815）(银华基金管理股份有限公司参与公司线上业绩交流会) 调研纪要：公司正采取一系列有效措施改善盈利能力，包括深耕高价值客户、优化销售结构、强化团 队、加强成本管理、协同保障、创新驱动、扩充产能等。在可转债退出方面，公司通过优化生产布局、 加强市场拓展及提升运营效率，推动股价上升，为转股退出创造条件。面对原材料成本上涨，公司强化 单位工段成本动态监控、提升材料利用率、实施结构性提价策略。目前公司产能利用率为85%，新增产 能包括珠海一厂、珠海二厂、珠海三厂、泰国生产基地、江门崇达HDI工厂。子公司三德冠2024年度减 亏1,403万元，预计2025年下半年实现扭亏为盈。子公司普诺威mSP工艺产线已投产，聚焦RF射频类封 装基板等高端应用领域，盈利能力稳步提升。公司对美国的销售占比为10%，通过市场多元化、客户合 作优化、海外生产基地布局应对关税影响。 2)上海家化（600315）(银华基金管理股份有限公司参与公司业绩说明会) 4)新益昌(银华基金参与公司特定对象调研&电话 ...

Group 1: Company Performance - Ice Wheel Environment reported a revenue of 3.12 billion yuan in the first half of 2025, a year-on-year decline of 7%, and a net profit of 266 million yuan, down 20% year-on-year [1] - Shanghai Jahwa achieved significant online growth driven by new products during the 618 promotion, with a focus on brand and R&D investment in the second half of the year [2] - Babi Food's revenue reached 835 million yuan in the first half of 2025, a year-on-year increase of 9.31%, with net profit growing by 18.08% to 132 million yuan [3] - Guangdong Hongda reported a revenue of 5 billion yuan in the first half of 2025, an 83% increase, but net profit only grew by 0.5% to 40 million yuan [4] - Dinglong Co. achieved a revenue of 1.732 billion yuan in the first half of 2025, a 14% increase, with net profit rising by 42.78% to 311 million yuan [5] - Furuida's collaboration with Novo Nordisk on the new MASH indication is expected to enhance business performance, with a focus on early diagnosis and treatment [6] - Zhongmin Resources reported a revenue of 3.27 billion yuan in the first half of 2025, a 34.89% increase, but net profit fell by 81.16% to 89 million yuan [7] - Huayang Group is expanding its international brand client base in automotive electronics, with significant growth in HUD products and magnesium alloy die-casting orders [8] Group 2: Strategic Initiatives - Ice Wheel Environment is focusing on sustainable development and has developed a full range of magnetic suspension compressor products [1] - Shanghai Jahwa is enhancing its brand advertising and product offerings, particularly in the herbal medicine sector [2] - Babi Food is optimizing its single-store model and expanding its group meal business, with a notable increase in new store openings [3] - Guangdong Hongda is increasing overseas resource investments and addressing industry competition through mergers and acquisitions [4] - Dinglong Co. is advancing its semiconductor business, with significant growth in CMP polishing pads and display materials [5] - Furuida is implementing a managed care strategy to reduce liver cancer incidence, leveraging e-commerce for growth [6] - Zhongmin Resources is focusing on lithium battery resources and has initiated projects to enhance its resource pool [7] - Huayang Group is exploring opportunities in the robotics sector while leveraging existing technology for market expansion [8]