JIANGNAN CHEMICAL(SZ:002226) Xin Lang Cai Jing·2025-08-31 00:44Core Viewpoint - The company reported a revenue of 4.614 billion yuan and a net profit of 427 million yuan for the first half of 2025, showing a year-on-year growth of 3.71% and 2.71% respectively [1] Group 1: Financial Performance - The company's revenue from blasting engineering services reached 2.553 billion yuan, an increase of 7.32% year-on-year [2] - Revenue from the production and sales of civil explosives decreased by 1.69% to 1.331 billion yuan [2] - Revenue from the new energy power generation business fell by 7.74% to 363 million yuan [2] - The gross profit margins for civil explosive production and sales, new energy generation, and blasting engineering services were 46.02%, 42.12%, and 21.30% respectively, with changes of +1.51%, -3.94%, and +2.20% compared to the previous year [2] Group 2: Geographic Revenue Breakdown - Domestic revenue was 4.014 billion yuan, reflecting a year-on-year growth of 1.63% [3] - Overseas revenue amounted to 600 million yuan, showing a significant increase of 20.16% [3] Group 3: Industry Position and International Expansion - The company holds a leading position in the explosive production capacity with 777,500 tons, making it one of the most comprehensive civil explosive enterprises in China [3] - The company is expanding its international business, leveraging the "Belt and Road" initiative, with operations in multiple countries across Asia, Africa, and Europe [3] - In the first half of 2025, the company signed or began executing blasting service contracts worth a total of 6.238 billion yuan, including an 800 million yuan project in Namibia [3] Group 4: Profit Forecast and Valuation - The company is projected to achieve net profits of 991 million yuan, 1.147 billion yuan, and 1.323 billion yuan for the years 2025, 2026, and 2027 respectively [4] - The current market capitalization corresponds to price-to-earnings ratios of 16.91, 14.62, and 12.67 for the respective years [4]