江南化工：外延收购增厚业绩，海外拓疆助力成长-20250418

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 9.481 billion yuan in 2024, a year-on-year increase of 6.59%, and a net profit attributable to the parent company of 891 million yuan, up 15.26% year-on-year [5] - The company's profitability remains stable, with a gross margin of 30.08% and a net margin of 11.94% in 2024 [5] - The company is positioned as a leading player in the civil explosives industry, benefiting from high demand in regions like Xinjiang and ongoing asset injections from its major shareholder [6][8] Summary by Sections Market Performance - The company's stock has shown a relative performance against the CSI 300 index, with a 1-month absolute return of -5.63% and a 3-month relative return of 4.03% [4] Financial Performance - In Q4 2024, the company achieved a revenue of 2.782 billion yuan, a year-on-year increase of 14.91% and a quarter-on-quarter increase of 23.68% [5] - The company’s R&D expenses have increased, reflecting a commitment to enhancing technological innovation and core competitiveness [5] Business Segments - Civil explosives revenue reached 2.741 billion yuan in 2024, up 6.61% year-on-year, with a production capacity of 765,500 tons [5] - The blasting service segment generated 5.104 billion yuan in revenue, a year-on-year increase of 8.25%, with new contracts significantly exceeding previous years [5] - The renewable energy segment reported a revenue of 777 million yuan, down 11.32% year-on-year [5] Growth Drivers - The company is leveraging both organic growth and acquisitions to drive performance, with significant contributions from recent acquisitions in the civil explosives sector [6] - The company is expanding its international presence, with operations in various regions including Namibia and Mongolia [6] Financial Projections - The company is expected to achieve a net profit of 1.105 billion yuan in 2025, representing a year-on-year growth of 24% [8] - The projected earnings per share (EPS) for 2025 is 0.42 yuan, with continued growth anticipated through 2027 [8]