广东宏大（002683）：强强联合，并表雪峰收入大幅增长

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a significant revenue increase of 66.1% year-on-year, reaching 3.65 billion yuan in Q1 2025, primarily due to the expansion of its mining service segment and the consolidation of Xuefeng Technology [6][11]. - The net profit attributable to shareholders was 90 million yuan, reflecting a year-on-year increase of 24.0% [6][11]. - The company aims to leverage its partnership with Xuefeng Technology to enhance its market position in the Xinjiang region, benefiting from the growing demand for civil explosives driven by local resource development [11]. - The civil explosive industry is experiencing stable growth, with a 1.5% year-on-year increase in industrial explosive production in Q1 2025, indicating a recovery trend [11]. - The company is actively pursuing domestic and overseas mergers and acquisitions to expand its civil explosive production capacity and enter international markets [11]. - The defense equipment segment is expected to grow through a combination of internal and external strategies, enhancing the company's competitiveness in both domestic and international military trade [11]. - The forecasted net profit attributable to shareholders for 2025-2027 is projected to be 1.19 billion, 1.32 billion, and 1.62 billion yuan, respectively [11].