雪峰科技（603227）：民爆产能有望开启大增长时代

Investment Rating - The investment rating for the company is "Buy" (首次) [6] Core Views - The company is positioned to enter a significant growth phase in the civil explosives sector, driven by recent structural changes and acquisitions [7] - The Xinjiang region, where the company operates, is experiencing robust demand for civil explosives, with production value and industrial explosive output expected to grow significantly [8] - The company has a strong competitive advantage in the region, benefiting from favorable supply-demand dynamics and expected increases in explosive demand [8] Financial Summary - The company's total market capitalization is approximately 9,645.23 million yuan, with a circulating market value of 8,766.68 million yuan [4] - The company’s total share capital is 1,071.69 million shares, with a debt-to-asset ratio of 28.57% and a net asset value per share of 4.52 yuan [4] - Revenue projections for 2024-2026 are 6,255 million yuan, 6,694 million yuan, and 7,516 million yuan respectively, with corresponding net profits of 736 million yuan, 794 million yuan, and 936 million yuan [10][11] - The company is expected to achieve a compound annual growth rate (CAGR) of 24.60% in production value by 2024, ranking first nationally in the civil explosives sector [8] Market Performance - The company has historically lagged in capacity expansion but is now poised for significant growth following the acquisition by Guangdong Hongda, which plans to inject all civil explosive assets into the company within five years [11] - The company’s chemical business, which includes the production of ammonium nitrate, is expected to support its explosive business and enhance profitability [11] - The projected price recovery in the chemical market could lead to substantial earnings potential for the company [11]