2025 年 04 月 14 日 公司点评 买入 /首次 广东宏大(002683) 广东宏大 2024 年报点评： 海内外业务双管齐下，并购项目助力业绩持续增长 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/4/12 24/6/23 24/9/3 24/11/14 25/1/25 25/4/7 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 事件：广东宏大发布 2024 年年报，全年实现营业收入 136.52 亿元， 同比增长 17.61%；归母净利润 8.98 亿元，同比增长 25.39%。公司拟每 10 股派现 4.5 元（含税）。 点评： 各业务板块协同发力，业绩持续增长。公司 2024 年实现营业收入 136.52 亿元，同比增长 17.61%；归母净利润 8.98 亿元，同比增长 25.39%。 其中，第四季度实现营业收入 43.8 亿元，同比增长 19.46%，归母净利润 2.48 亿元，同比增长 13.07%。新疆、西藏及海外市场收入增幅显著，验 证"大客户+大项目"战略成效。作为营收主要驱动力，2024 ...

Group 1: Financial Performance and Dividend Policy - In 2024, the company plans to distribute a cash dividend of 4.5 RMB per 10 shares (including tax), totaling no more than 339,126,979.95 RMB [1][3] - The company achieved revenue and profit growth in the previous year, driven by increased market investment and international expansion [3][4] - The company has a profit distribution plan based on the total share capital after excluding repurchased shares [3][4] Group 2: Share Buyback and Market Management - In 2024, the company initiated a share buyback plan, repurchasing 6,386,736 shares, which is 0.84% of the total share capital, for a total amount of 122,932,490.75 RMB (excluding transaction fees) [2][4] - The company is committed to enhancing investor relations and market value management through compliance with relevant regulations [2][4] Group 3: Operational Developments and Future Plans - The company’s actual licensed production capacity for industrial explosives is 58,000 tons, which will increase to 69,750 tons after acquiring a 21% stake in Xuefeng Technology [4][5] - The company is actively promoting the construction of smart mines and has successfully implemented projects in various locations [3][4] - The company is expanding its international presence, particularly in Kyrgyzstan, to support local sales and services [4][5] Group 4: Governance and Shareholder Rights - The independent director emphasizes the importance of protecting the rights of minority shareholders and actively participates in decision-making processes [5][6] - The company is monitoring the impact of the US-China tariff situation on its operations, with no significant direct effects reported so far [6]

老牌矿服龙头、在手订单充足，并购雪峰增厚业绩 广东宏大以矿服业务起家，2023 年市占率已达 28%，公司矿服业 务以金属矿为主，深度合作紫金矿业等金属矿头部业主。 2024 年 7 月，广东宏大以现金方式收购雪峰科技 21%股权、收购 对价 22.06 亿元，2025 年 2 月股权转让完毕。2023 年雪峰科技营 收 70.21 亿元，归母净利 8.54 亿元，目前工业炸药产能 11.75 万 吨/年。收购雪峰、打开新疆区域增长空间：①打造"广东+新疆" 跨省国资委合作新模式，②有望实现核心原材料硝酸铵自供。2025 年起宏大并表雪峰归母净利的 21%，增厚业绩。 聚焦新疆、西藏、出海高景气市场 （1）新疆：煤化工发展有利消纳疆煤，需求从"煤化工->煤矿-> 民爆"逐级传导。公司将闲置/收购产能转移至富矿区域新疆。 （2）西藏：区域基建弹性突出，水电+铜矿增强民爆需求预期。 （3）海外：矿企+建筑央企拥有全球市场布局优势，民爆企业"借 船出海"具备优势，2020-2024 年公司海外业务收入 CAGR 达 76.8%， 除矿服业务外，公司在赞比亚+秘鲁同步布局炸药产能。 军工防务"1+N"战略布局 公司军 ...

活动方式：现场交流 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002683 证券简称：广东宏大 公告编号：2025-039 广东宏大控股集团股份有限公司关于举办投资者开放日活动的公告 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"）为进一步加强与投资者的沟通交流，解答投资者关 心的问题，便于广大投资者全面、深入地了解公司的业务布局、战略规划以及核心竞争力，促进公司与 投资者之间建立更为紧密、良好的互动关系，实现公司与投资者的共赢发展，公司拟于2025年4月18日 （周五）上午9:30-12:00举办投资者开放日活动，现将有关事项公告如下： 一、活动召开的时间、地点 活动时间：2025年4月18日（周五）9:30-12:00 活动地点：广东省广州市天河区珠江西路12号广州富力君悦大酒店三层宴会Ⅱ厅 二、出席人员 公司董事长、高级管理人员及相关业务负责人等。 （如有特殊情况，公司将根据实际情况适当调整出席人员） 三、报名方式 为更好地安排本次活动，请有意参与此次活动的投资者于2025年4月15日17 ...

广东宏大控股集团股份有限公司 活动地点：广东省广州市天河区珠江西路 12 号广州富力君悦大 酒店三层宴会Ⅱ厅 证券代码：002683 证券简称：广东宏大 公告编号：2025-039 关于举办投资者开放日活动的公告 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"）为进一 步加强与投资者的沟通交流，解答投资者关心的问题，便于广大投 资者全面、深入地了解公司的业务布局、战略规划以及核心竞争 力，促进公司与投资者之间建立更为紧密、良好的互动关系，实现 公司与投资者的共赢发展，公司拟于 2025 年 4 月 18 日（周五）上 午 9:30-12:00 举办投资者开放日活动，现将有关事项公告如下： 一、活动召开的时间、地点 活动时间：2025 年 4 月 18 日（周五）9:30-12:00 四、联系方式 活动方式：现场交流 二、出席人员 公司董事长、高级管理人员及相关业务负责人等。 （如有特殊情况，公司将根据实际情况适当调整出席人员） 三、报名方式 为更好地安排本次活动，请有意参与此次活动的投资者于 2025 年 4 月 ...

证券代码：002683 证券简称：广东宏大 2025-002 广东宏大控股集团股份有限公司投资者关系活动记录表 投资者关系活动类 别 特定对象调研 ☐分析师会议 ☐媒体采访 ☐业绩说明会 ☐新闻发布会 ☐路演活动 ☐现场参观 其他（电话会议） 参与单位名称及人 员姓名 中泰证券 曹惠 国泰君安 钱伟伦 兴业基金 代鹏举 大成基金 刘芳琳 浦银安盛 赵显宁 戴晨阳 时间 2025年4月1日 地点 广东宏大控股集团股份有限公司 上市公司接待人员 姓名 副总经理兼董事会秘书 郑少娟 投资者关系活动主 要内容介绍 公司介绍了2024年业绩情况，公司实现营业收入136.52亿元，较2023 年度同比增长17.61%；实现归母净利润8.98亿元，较2023年度同比增长 25.39%；2024年度经营活动产生的现金流量净额17.76亿元，较2023年度同 比增长25.87%。 公司矿服板块实现营业收入108.11亿元，较2023年度同比增长 21.01%，毛利率17.72%，毛利水平较为稳定。矿服业绩增长主要原因系公 司紧跟产业政策，持续加大重要地区市场投入，重点开拓富矿带区域市场， 并加快进行国际化布局，公司矿服板块规模 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 13.65 billion yuan for 2024, representing a year-on-year increase of 17.6%. The net profit attributable to shareholders was 0.9 billion yuan, up 25.4% year-on-year, and the net profit excluding non-recurring items was 0.85 billion yuan, an increase of 26.1% year-on-year [3][10]. - In Q4 2024, the company achieved a revenue of 4.38 billion yuan, which is a 21.6% increase year-on-year and a 16.9% increase quarter-on-quarter. The net profit attributable to shareholders for this quarter was 0.25 billion yuan, up 13.1% year-on-year and 4.6% quarter-on-quarter [3][10]. Summary by Sections Mining Service Business - The mining service segment achieved a revenue of 10.811 billion yuan in 2024, a year-on-year growth of 21.0%. The gross margin for this segment was 17.7%, an increase of 0.9 percentage points compared to 2023. The company has over 30 billion yuan in orders on hand, with new orders steadily increasing [10]. - The company is actively expanding in high-demand areas for civil explosives, with revenue from the Northwest region increasing from 16.2% in 2023 to 19.7% in 2024, benefiting from the "Western Development" strategy [10]. Acquisition and Market Expansion - The successful acquisition of a 21% stake in Xuefeng Technology significantly expanded the company's market share in Xinjiang. The total production capacity for industrial explosives increased from 580,000 tons per year to 697,500 tons per year, with Xinjiang's capacity reaching 178,500 tons per year [10]. - The company is deepening its "Belt and Road" strategy, with overseas business revenue reaching 1.356 billion yuan, accounting for nearly 10% of total revenue, and growing by 43.7% year-on-year [10]. Defense Equipment Sector - The defense equipment segment generated a revenue of 0.35 billion yuan, a 47.7% increase year-on-year, primarily due to increased deliveries of traditional military products and revenue from the acquisition of Jiangsu Hongguang [10]. - The acquisition of Jiangsu Hongguang, a key producer of black powder, enhances the company's capabilities in the defense sector, with products used in various military applications [10]. Future Profit Projections - The company is expected to achieve net profits attributable to shareholders of 1.19 billion yuan, 1.32 billion yuan, and 1.62 billion yuan for the years 2025 to 2027, respectively [10].

证券代码：002683 证券简称：广东宏大 2025-001 会议交流主要如下： 问：公司矿服去年新签订单多少？在手订单多少？今年一季度以来矿 服订单预期如何？ 答：公司近年矿服新签订单稳中有增，矿服在手订单超300亿元。根 据今年新签矿服订单数据，表现比较乐观。 广东宏大控股集团股份有限公司投资者关系活动记录表 问：新疆地区增速明显是什么原因？ | | 特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 ☐业绩说明会 | | 投资者关系活动类 | ☐新闻发布会 ☐路演活动 | | 别 | ☐现场参观 | | | 其他（电话会议） | | | 广发证券 吴鑫然、曲尚浩 | | | 申万宏源 丁莹、李绍程、任杰 | | | 中信证券 李家明、裘科、文锡炜、周光裕 | | | 长江证券 魏邈、徐静 | | | 兴业证券 吉金、熊彬正、周登科、董昕瑞 | | | 国信证券 王新航、章耀 | | | 招商证券 廖世刚 | | | 国金证券 任建斌 | | | 天风证券 邢颜凝 | | | 民生证券 冯鑫 | | | 浙商证券 王圆、陈海波、孙玉颖 | | | 山西证券 王金源 | | ...

Core Viewpoint - Guangdong Hongda reported a revenue of 13.652 billion yuan for 2024, representing a year-on-year growth of 17.61%, and a net profit attributable to shareholders of 899.8 million yuan, up 25.39% from the previous year [2] Group 1: Company Performance - The company attributes its performance growth to aligning with industrial policies and increasing market investments in key domestic and international regions [2] - The strategy of focusing on "major clients and major projects" has led to a steady increase in the number of major clients and the proportion of major projects [2] - The mining service sector continues to expand, with overall production conditions remaining favorable [2] Group 2: Industry Overview - The civil explosives industry is experiencing a downward trend in demand due to reduced needs from downstream sectors such as coal, steel, and cement, with explosives production down 1.9%, sales down 1.7%, and output value down 4.5% compared to last year [2][3] - The concentration in the civil explosives industry is increasing, with the top 10 production enterprises accounting for 62.47% of the total industry output value [3] Group 3: Capacity and Strategic Moves - As of December 31, 2024, the company has a combined industrial explosives capacity of 580,000 tons, which will increase to 697,500 tons following the acquisition of a 21% stake in Xuefeng Technology [3] - The company is implementing a low-cost strategy, leveraging centralized procurement advantages, and promoting workshop reforms to enhance product profitability and competitive edge [3] - The company is actively pursuing industry consolidation and has entered the Peruvian market through the acquisition of EXSUR, marking a new phase in its international development [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][24]. Core Viewpoints - The company's mining service business drives steady growth in revenue and profit, with 2024 revenue reaching 13.652 billion yuan, a year-on-year increase of 17.6%, and net profit attributable to shareholders of 898 million yuan, up 25.4% [1][8]. - The company is actively integrating explosive production capacity and optimizing its layout, having acquired controlling stakes in two companies, which will increase its explosive capacity to 697,500 tons per year, ranking it among the top two in the country [1][14]. - The company has a balanced service across various mineral types, with current mining service orders exceeding 30 billion yuan, and a significant market share in the domestic blasting service sector [2][15]. - The overseas business has shown robust growth, with revenue increasing by 43.66% in 2024, contributing to an increasing share of total revenue [2][22]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 13.652 billion yuan, a 17.6% increase year-on-year, and a net profit of 898 million yuan, reflecting a 25.4% growth [1][8]. - The mining business generated 10.811 billion yuan in revenue, up 21.01%, with a gross margin of 17.72% [9]. - The explosive materials sales business reported revenue of 2.309 billion yuan, a slight increase of 1.18%, while the defense equipment business saw a significant rise of 88.03% in revenue [9][23]. Business Segments - The mining service business focuses on large projects and clients, with the top five clients accounting for 45.70% of revenue [2][15]. - The company has expanded its explosive production capacity through acquisitions, enhancing its market position in the explosive materials sector [14][11]. - The defense equipment segment has also seen growth due to increased deliveries and acquisitions, contributing positively to overall performance [23]. Market Position and Strategy - The company ranks first in domestic blasting service revenue with a market share of 31.95%, an increase of 4.39 percentage points from the previous year [2][15]. - The overseas business is expanding, with significant investments in Zambia and Peru to support local mining projects and enhance market presence [22][24]. - The company is well-positioned to capitalize on the growing demand for mining services and explosive materials, supported by a strong order backlog and strategic acquisitions [15][24].