高争民爆（002827）：24年利润高增，公司业绩进入加速释放期

Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company is expected to benefit from the high economic growth in the western region, with projected net profits increasing significantly from 1.48 billion yuan in 2024 to 5.7 billion yuan by 2027 [1] - The company has shown substantial revenue growth, with a 2024 revenue forecast of 1.692 billion yuan, representing a 9% year-on-year increase [5] - The report highlights the improvement in cost control capabilities, leading to a notable increase in net profit margin to 10.27% in 2024, up by 2.4 percentage points year-on-year [3] Financial Performance - In 2024, the company achieved a revenue of 1.692 billion yuan, with a net profit of 148.17 million yuan, reflecting a year-on-year growth of 51.56% [5] - The company’s gross profit margin for 2024 is projected at 30.36%, with a significant increase in the fourth quarter gross margin to 38.15% [3] - The report indicates a decrease in the average price of key raw materials, such as ammonium nitrate, which fell by 17.40% year-on-year, contributing to improved profitability [2] Business Segments - The company’s revenue from blasting services, civil explosive materials, and electronic delay modules for 2024 is projected at 910 million yuan, 640 million yuan, and 110 million yuan respectively, with year-on-year growth rates of 3%, 16.4%, and 53.8% [2] - The report emphasizes the ongoing high demand in the western region, particularly due to major projects in hydropower and mining, which are expected to drive further growth [4] Market Position - The company is positioned as a leading player in the civil blasting industry under the Tibet State-owned Assets Supervision and Administration Commission, benefiting from the region's economic expansion [1][4] - The report notes that the company occupies a dominant market position due to its unique geographical advantages and industrial layout [4]