江南化工(002226)：民爆业务平稳增长 海外收入再创新高

Core Insights - The company reported a revenue of 9.48 billion yuan for 2024, representing a year-on-year increase of 6.6%, and a net profit attributable to shareholders of 890 million yuan, up 15.3% year-on-year [1] - The company plans to distribute a cash dividend of 0.65 yuan per share, amounting to 19.3% of the net profit attributable to shareholders for 2024 [1] Revenue Breakdown - The company's civil explosives business generated revenue of 8.613 billion yuan, a year-on-year increase of 8.58%, accounting for 90.9% of total revenue [2] - Engineering services revenue reached 5.104 billion yuan, growing 8.3% year-on-year, and constituted 59.3% of civil explosives revenue [2] - The company secured new contracts worth 10.18 billion yuan in 2024, with significant contributions from the Xinjiang market [2] Profitability Analysis - The overall gross margin increased from 29.5% to 30.1%, with the civil explosives sector's gross margin rising from 27.6% to 28.7% due to declining ammonium nitrate prices [3] - The gross margin for the renewable energy business decreased from 45.2% to 42.1%, attributed to intensified market competition and increased electricity price volatility [3] - Notable performance from regional subsidiaries, with Xinjiang Tianhe Chemical achieving revenue of 2.12 billion yuan and net profit of 400 million yuan, both showing year-on-year growth [3] International Expansion - The company has expanded its international business to regions including Namibia, Mongolia, Congo (Kinshasa), and Serbia, with overseas revenue growing by 27.9% to 1.02 billion yuan, now accounting for 10.8% of total revenue [4] - The company plans to inject its subsidiary Aoxin Chemical, a leader in the import and export of civil explosive products, by the end of 2025, which is expected to enhance its overseas project capabilities [4] R&D Investment - Research and development expenses increased by 32.0% to 300 million yuan, with a focus on intelligent civil explosive technology and a 42.3% increase in the number of R&D personnel [4] - The company aims to strengthen its technological barriers and enhance core competitiveness through increased investment in technology and talent [4]