江南化工（002226）：拟公开摘牌重庆顺安爆破，外延内生持续推进

Investment Rating - The investment rating for Jiangnan Chemical is maintained at "Outperform" [1] Core Views - Jiangnan Chemical plans to publicly delist Chongqing Shun'an Explosives, with a transfer base price of 1 billion yuan for 100% equity [6] - The company is actively pursuing external acquisitions and internal growth, aiming to enhance its production capacity and market presence in the southwest region of China [6] - The mining service segment continues to grow, with new orders exceeding 6 billion yuan in the first half of 2025 [6] - The overseas explosives production capacity is robust, with significant partnerships in high-value mineral areas [6] - The forecasted net profit for 2025-2027 is 1.16 billion, 1.56 billion, and 1.72 billion yuan respectively, with corresponding P/E ratios of 16X, 12X, and 11X [6] Financial Data Summary - Total revenue projections for 2025 are 10.564 billion yuan, with a year-on-year growth rate of 11.4% [5] - The net profit for 2025 is estimated at 1.161 billion yuan, reflecting a year-on-year increase of 30.2% [5] - The gross margin is expected to be 31.2% in 2025, with a return on equity (ROE) of 11.2% [5] - The company's market capitalization is approximately 18.913 billion yuan, with a price-to-book ratio of 1.9 [1]