雪峰科技(603227)：年报靴子落地 静待民爆产能大增长开启

Core Insights - The company reported a revenue of 6.101 billion RMB for 2024, a year-on-year decrease of 13.10%, and a net profit attributable to shareholders of 668 million RMB, down 21.69% [1] - The fourth quarter revenue was 1.541 billion RMB, a decline of 5.54% year-on-year, with a net profit of 66.57 million RMB, down 42.89% [1] - The company plans to distribute a cash dividend of 2.00 RMB per 10 shares [1] Business Segment Analysis Explosives Business - The optimization of production capacity and a decline in explosive product prices led to a revenue drop, with total revenue from blasting services and explosive products at 2.761 billion RMB, down 12.21% year-on-year [2] - The average price of explosives decreased by 1.46% to 8,449 RMB/ton, while the average price of detonators fell by 13.08% to 181,200 RMB/million [2] - The gross margin for blasting services improved to 24.34%, up 3.51 percentage points, due to reduced low-margin projects and lower raw material costs [2] Chemical Business - The chemical segment saw a revenue decline of 20.12% to 2.829 billion RMB, with net profit down 29.43% to 357 million RMB [3] - Significant growth in ammonium nitrate production and sales, with production up 35.94% to 449,300 tons and sales up 38.83% to 448,800 tons [3] - The average market price for ammonium nitrate fell by 10.3% to 2,497 RMB/ton, contributing to a gross margin decline of 3.11 percentage points to 19.21% [3] LNG Business - LNG production decreased by 8.09% to 98,900 tons, and sales fell by 15.37% to 91,100 tons, despite a revenue increase of 14.65% [4] - The gross margin for LNG dropped to -2.2%, down 19.18 percentage points, primarily due to rising raw material gas prices [4] - The company's overall net profit margin decreased by 1.17 percentage points to 12.38% [4] Future Outlook - With the new management, the company is expected to enter a phase of significant growth in explosive production capacity, with projected net profits of 751 million RMB, 1.071 billion RMB, and 1.515 billion RMB for 2025-2027 [5]