雪峰科技（603227）：年报靴子落地，静待民爆产能大增长开启

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The report highlights that the annual report has been released, and the company is expected to enter a phase of significant growth in civil explosives production capacity [6][8] - The company experienced a decline in revenue and net profit in 2024, with revenue at 6.101 billion yuan, down 13.10% year-on-year, and net profit at 668 million yuan, down 21.69% year-on-year [8] - The report anticipates a recovery in profitability and growth in net profit from 2025 onwards, with projections of 751 million yuan in 2025, 1.071 billion yuan in 2026, and 1.515 billion yuan in 2027 [8][9] Financial Summary - The company's total market capitalization is approximately 10.56 billion yuan, with a circulating market capitalization of about 9.59 billion yuan [4] - The company reported a total asset-liability ratio of 26.53% and a net asset value per share of 4.58 yuan [4] - The forecasted revenue for 2025 is 5.969 billion yuan, with a projected growth rate of 15.19% in 2026 and 19.89% in 2027 [7][9] - The earnings per share (EPS) is expected to increase from 0.62 yuan in 2024 to 1.41 yuan in 2027 [7][9] - The report indicates that the company is expected to maintain a price-to-earnings (P/E) ratio of 14.05 in 2025, decreasing to 6.97 by 2027 [7][10]