JIANGNAN CHEMICAL(002226) Changjiang Securities·2025-04-20 12:14Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a revenue of 9.48 billion yuan for 2024, representing a year-on-year increase of 6.6%, and a net profit attributable to shareholders of 0.89 billion yuan, up 15.3% year-on-year [2][7]. - The company plans to distribute a cash dividend of 0.65 yuan per share, which accounts for 19.3% of the net profit attributable to shareholders for 2024 [2][7]. - The company's explosive business revenue reached 8.613 billion yuan, a year-on-year increase of 8.58%, contributing 90.9% to total revenue [13]. - The company has seen significant growth in overseas revenue, which reached 1.02 billion yuan, a year-on-year increase of 27.9%, and the overseas revenue proportion rose from 9.0% to 10.8% [13]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 2.78 billion yuan, a year-on-year increase of 14.9% and a quarter-on-quarter increase of 23.7% [2][7]. - The overall gross margin increased from 29.5% to 30.1%, with the explosive industry gross margin rising from 27.6% to 28.7% [13]. - The company’s net profit for 2024 is projected to be 1.06 billion yuan for 2025, 1.66 billion yuan for 2026, and 1.90 billion yuan for 2027 [13]. Business Segments - The engineering services revenue reached 5.104 billion yuan, a year-on-year increase of 8.3%, accounting for 59.3% of explosive business revenue [13]. - The company signed or began executing contracts worth a total of 10.18 billion yuan in 2024, with significant contracts in the Xinjiang region [13]. Market Expansion - The company is expanding its international market presence, with operations in Namibia, Mongolia, Congo (Kinshasa), and Serbia [13]. - The company’s R&D expenses increased by 32.0% to 300 million yuan, focusing on intelligent explosive technology [13].