江南化工(002226)：外延收购增厚业绩 海外拓疆助力成长

Core Viewpoint - The company reported a revenue of 9.481 billion yuan for 2024, representing a year-on-year increase of 6.59%, and a net profit attributable to shareholders of 891 million yuan, up 15.26% year-on-year [1][3]. Financial Performance - In Q4 2024, the company achieved a revenue of 2.782 billion yuan, a year-on-year increase of 14.91% and a quarter-on-quarter increase of 23.68% [1]. - The gross profit margin for 2024 was 30.08%, an increase of 0.60 percentage points year-on-year, while the net profit margin was 11.94%, up 0.71 percentage points year-on-year [2]. - The company’s R&D expense ratio slightly increased, reflecting a commitment to enhancing technological innovation and core competitiveness [2]. Business Segments - The revenue from civil explosives reached 2.741 billion yuan in 2024, a year-on-year increase of 6.61%, with an increase in industrial explosive production capacity by 174,000 tons [3]. - The blasting service segment generated revenue of 5.104 billion yuan, up 8.25% year-on-year, with new contracts significantly exceeding the previous year's figures [3]. - The renewable energy segment saw a revenue decline of 11.32%, totaling 777 million yuan [3]. Growth Drivers - The company’s growth is attributed to both organic and external factors, with a strong performance in the Xinjiang region contributing to its success [3]. - The acquisition of Northern Explosives and Jiangxing Explosives in 2023 contributed to the overall performance in 2024, with net profits of 51 million yuan and 47 million yuan, respectively [4]. - Future growth is expected from the acquisition of Hongqi Explosives, which will add 114,000 tons of explosive capacity [4]. Market Expansion - The company is actively expanding its overseas market presence, with operations in regions such as Namibia, Mongolia, and Serbia [4]. - The integration of assets from the parent company is anticipated to enhance profitability and accelerate international expansion [4]. Profit Forecast - The company is projected to achieve net profits of 1.105 billion yuan, 1.467 billion yuan, and 1.590 billion yuan for 2025-2027, reflecting growth rates of 24.0%, 32.8%, and 8.4% respectively [5].