KING EXPLORER(002917) 中邮证券·2024-05-27 03:02Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant increase in stock price relative to the benchmark index [33]. Core Insights - The company achieved a revenue of 1.507 billion yuan in 2023, representing a year-on-year growth of 26.34%. The net profit attributable to shareholders reached 102 million yuan, a remarkable increase of 302.50% [14][30]. - In Q1 2024, the company reported a revenue of 318 million yuan, up 29.74% year-on-year, with a net profit of 14.46 million yuan, reflecting a growth of 175.69% [14][30]. - The company has a comprehensive production capacity, including 115,000 tons of industrial explosives and 85.22 million electronic detonators annually, with a focus on integrating R&D, production, sales, and transportation [14][31]. Financial Performance - The company’s earnings forecast for 2024-2026 indicates net profits of 191 million, 308 million, and 456 million yuan, respectively, with growth rates of 88%, 61%, and 48% [33]. - The projected P/E ratios for 2024, 2025, and 2026 are 18, 11, and 7, respectively, indicating a favorable valuation trend [33]. Industry Trends - The report highlights a significant increase in the production and sales of electronic detonators, with a production increase of 94.89% in 2023, making up 92.54% of total detonator production [14][31]. - The company is expanding its application of intelligent equipment beyond the explosives industry into sectors such as food, packaging, and military, indicating a broadening market potential [15][19].