JIANGNAN CHEMICAL(SZ:002226) Chang Jiang Shang Bao·2025-04-17 23:47Core Viewpoint - Jiangnan Chemical (002226.SZ) is expected to achieve steady growth in its 2024 performance, with revenue and net profit both increasing compared to the previous year [1][3]. Financial Performance - In 2024, Jiangnan Chemical reported revenue of 9.481 billion yuan, a year-on-year increase of 6.59%, and a net profit of 891 million yuan, up 15.26% [3][4]. - The company's domestic business revenue grew to 8.458 billion yuan, while overseas business revenue increased by 27.85%, surpassing 1 billion yuan for the first time [2][6]. Business Segments - Jiangnan Chemical operates in two main sectors: civil explosives and new energy, with civil explosives accounting for 90% of its revenue [1][4]. - The civil explosives segment achieved revenue of 8.613 billion yuan in 2024, reflecting an 8.58% increase, with a gross margin of 42.17%, up 2.62 percentage points year-on-year [4][6]. Market Strategy - The company is focusing on a dual-market strategy, enhancing domestic market development in regions like Inner Mongolia, Sichuan, and Xinjiang, while also expanding into international markets in line with the Belt and Road Initiative [1][6]. - Jiangnan Chemical has strengthened its market position through significant customer development and internal collaboration, leading to a deeper integration of its explosive and blasting services [6]. Research and Development - In 2024, Jiangnan Chemical invested 301 million yuan in R&D, a 31.98% increase, with a research expense ratio of 3.18% and an increase in R&D personnel to 2,150 [7]. Asset and Equity Position - As of the end of 2024, the company's total assets reached 18.778 billion yuan, a 12.1% increase from the previous year, with net assets attributable to shareholders growing by 8.6% to 9.462 billion yuan [7].