EXPL(002096) 海通国际证券·2025-04-06 23:30Investment Rating - The report maintains an "Outperform" rating for the company [2][11]. Core Views - The net profit attributable to shareholders increased by 17.84% year-on-year in Q4 2024, with a significant rise in the proportion of blasting services [1][6]. - The company achieved a revenue of 8.546 billion yuan in 2024, a year-on-year increase of 1.40%, and a net profit of 713 million yuan, up 12.49% year-on-year [6][11]. - The company plans to distribute a cash dividend of 2.30 yuan per 10 shares, totaling 285 million yuan, which accounts for 40.01% of the net profit attributable to the parent company [6][11]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 2.243 billion yuan, a 4.66% increase year-on-year, and a net profit of 189 million yuan, up 17.84% year-on-year [6][11]. - The operating revenue from blasting services was 6.182 billion yuan in 2024, a 15.10% increase, accounting for 72.34% of total revenue, with a gross profit margin of 20.54% [7][11]. - The company’s total sales and management expenses decreased by 8.40% year-on-year, contributing to profit growth exceeding revenue growth [8]. Business Strategy - The company is actively seeking high-quality target assets and plans to acquire 51% of Henan Songguang Civil Explosive, which will increase its industrial explosive production capacity by 60,000 tons [9][11]. - The company has a strong presence in resource-rich areas such as Xinjiang and Xizang, with multiple engineering projects leading to significant growth in its engineering service business [10][11]. Profit Forecast - The forecast for net profit attributable to the parent company is 872 million yuan for 2025, 1.016 billion yuan for 2026, and 1.149 billion yuan for 2027 [11]. - The target price is set at 15.40 yuan, based on a 22 times PE for 2025, reflecting a slight adjustment from previous estimates [11].