EXPL(002096) Tai Ping Yang·2025-04-14 12:24Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [7][13]. Core Insights - The company's 2024 annual report shows a revenue of 8.546 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 713 million yuan, up 12.49% year-on-year. The company plans to distribute a cash dividend of 2.30 yuan per 10 shares (before tax) [4][5]. - The growth in revenue and profit is primarily driven by the rapid expansion of the engineering blasting business, which generated 6.182 billion yuan in revenue, a 15.1% increase year-on-year, accounting for 72.3% of total revenue [5][6]. - The company has established a comprehensive supply chain integration platform and implemented digital tools, achieving a 95% coverage rate for AI behavior recognition, reducing production cycles by 15%, and improving inventory turnover to 14.31 times, while operating costs decreased by 8% [5][6]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 8.546 billion yuan and a net profit of 713 million yuan, with a gross margin of 25.69% and a net margin of 8.92% [5][9]. - The fourth quarter alone saw a revenue of 2.243 billion yuan and a net profit of 189 million yuan, reflecting growth rates of 4.66% and 17.84%, respectively [5]. Growth Drivers - The company announced the acquisition of 51% of Songguang Minbao for 316 million yuan, enhancing its core production capacity in Henan province [6]. - R&D investment reached 420 million yuan in 2024, a 21.11% increase, focusing on key technologies such as electronic detonators and autonomous mining vehicles, resulting in 37 patents [6]. Future Projections - The company forecasts earnings per share (EPS) of 0.69, 0.81, and 0.94 yuan for 2025, 2026, and 2027, respectively, with expected revenue growth rates of 17.35%, 15.91%, and 15.84% [9][7].