Guangdong Hongda (SZ:002683) Dong Jian Yan Bao·2025-09-19 01:05Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The company held an investor open - day event on September 17, 2025, to promote communication with investors. In H1 2025, the company achieved significant revenue and profit growth. It is committed to transforming into the military industry, with a positive outlook for future military business profitability. The company aims to become a leading enterprise in multiple fields [23][24]. 3. Summary by Directory 3.1. Research Basic Information - Research object: Guangdong Hongda - Industry: Extractive industry - Reception time: September 17, 2025 - Company reception staff: Chairman Zheng Bingxu, General Manager Zhang Gengcheng, etc. [16] 3.2. Detailed Research Institutions - A total of 43 institutions participated in the research, including securities companies such as CITIC Securities, Tianfeng Securities, and fund management companies such as GF Fund, E Fund [17][18][19]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Information - Company Performance in H1 2025: Achieved revenue of 9.15 billion yuan, a year - on - year increase of 63.83%; achieved net profit attributable to shareholders of 504 million yuan, a year - on - year increase of 22.05% [23]. - Business Segments: The mining service segment is expanding overseas; the civil explosion segment has a production capacity of 725,500 tons and has entered the overseas market; the defense equipment segment has complete qualifications and is targeting both domestic and international military trade markets [23]. - Key Q&A: - Military Transformation Strategy: The company will continue to invest in the defense equipment segment and expand its industrial chain. It expects good profitability in the military business [24]. - Cost Advantage of Defense Equipment: The company has a market - oriented mechanism, efficient R & D processes, and effective cost control [25]. - Overseas Orders: The company is actively promoting order implementation through military trade companies [25]. - Business Priority: The primary strategy is to transform into the military industry, followed by promoting mergers and acquisitions in the civil explosion segment and strengthening the mining service business [26]. - Product Maturity: High - end defense equipment is ready for sale [26]. - M&A Direction: Focus on mergers and acquisitions related to product supporting [26]. - Equity in Hongda Satellite: The company is the largest shareholder and is optimistic about its future [26]. - International Strategy: "Military trade leads, mining service goes first, and civil explosion follows" [26]. - Share Repurchase: The company repurchased shares worth 123 million yuan for equity incentives or employee stock ownership [27].