Core Viewpoint - Guangdong Hongda Holding Group Co., Ltd. held an online performance briefing on September 19, discussing its mining service business, order status, military industry transformation, acquisition progress, and business synergy [1]. Group 1: Mining Service Business - The mining service segment has seen a steady increase in new orders, with over 35 billion yuan in hand orders as of the first half of the year, maintaining a stable service mineral structure [1]. - The company focuses on key regional markets and accelerates international expansion, emphasizing a "big clients, big projects" strategy, with major clients including Zijin Mining, China Energy Group, and Ansteel Mining [1]. - New mining service orders exceeded 10 billion yuan this year [1]. Group 2: Military Industry Transformation - The company is committed to transforming towards the military industry, investing heavily in high-end intelligent weapon systems and related supply chain layouts [1]. - The defense equipment product layout includes high-end defense equipment and core supporting products [1]. Group 3: Acquisition Progress - The acquisition of Changzhilin was priced considering multiple factors and aligns with the company's military transformation strategy, enhancing the industrial chain layout [1]. - The company is actively promoting the subsequent equity transfer related to the acquisition [1]. - The acquisition of Xuefeng Technology was also priced based on various factors, facilitating industrial chain synergy and seizing opportunities in Xinjiang's mineral resource development [1]. Group 4: Other Business Developments - The company expressed readiness to participate in the Yaxia Hydropower Station and Xinjiang Railway blasting business, although participation remains uncertain [2]. - The Hongda Satellite Wuxi project currently operates 10 satellites successfully, with future collaboration planned with the defense equipment business [2]. - The company held an investor open day on September 17 in Beijing, aiming to continuously optimize investor relations management [2].

4.请问贵司军工业务现在有哪些产品，2025年军工营业额预计多少， 谢谢 答：您好，公司防务装备产品上布局高端防务装备及核心配套产品。 公司坚定向军工转型，大力发展防务装备板块业务，具体数据请您届时留 意公司披露的年度报告中的信息。感谢您对公司的关注！ 5.收购长之琳划算吗？前景如何？ 答：您好！公司收购长之琳定价系结合公司发展战略、行业情况、标 的公司经营情况，以及与公司业务协同等因素综合考虑。长之琳系聚焦航 空装备领域，专业从事航空零部件研发、制造的高新技术企业。本次收购 符合公司向军工转型的发展战略，完善产业链布局，有利于发挥双方优势， 提升公司核心竞争力。感谢您对公司的关注！ 6.请问收购大连长之琳的进展情况，是否完成了股权过户并表？ 证券代码：002683 证券简称：广东宏大 2025-008 广东宏大控股集团股份有限公司投资者关系活动记录表 | ☐ | 特定对象调研 分析师会议 ☐ | | | --- | --- | --- | | ☐ | 媒体采访 | 业绩说明会 | | 投资者关系活动 ☐ | 新闻发布会 路演活动 ☐ | | | 类别 | | | | ☐ | 现场参观 | | | ☐ | ...

Report 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].

Financial Performance - The company achieved a revenue of 9.15 billion CNY in the first half of 2025, representing a year-on-year growth of 63.83% [3] - The net profit attributable to shareholders reached 504 million CNY, with a year-on-year increase of 22.05% [3] Business Segments Overview - The mining service segment is actively developing on-site mixed loading business and expanding overseas [3] - The civil explosives segment has a production capacity of 725,500 tons and has entered the overseas civil explosives market [3] - The defense equipment segment is fully qualified and is targeting both domestic and international military trade markets [3] Strategic Focus - The company is committed to transitioning towards the military industry, investing heavily in high-end intelligent weapon systems [3][6] - The strategy includes mergers and acquisitions of related military enterprises to enhance industry and market synergy [6][7] Cost Advantages - The company benefits from a market-oriented operational mechanism and efficient decision-making processes, which help control costs effectively [4] Future Outlook - The company plans to continue increasing investments in the defense equipment sector while maintaining growth in traditional business areas [7] - The company aims to become a globally recognized military enterprise and a leading player in the mining service and civil explosives sectors [7] Shareholder Engagement - The company repurchased shares worth 123 million CNY for employee stock incentives and has implemented two phases of restricted stock incentive plans [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company reported a revenue of 9.15 billion yuan for the first half of 2025, representing a year-on-year increase of 63.8%, and a net profit attributable to shareholders of 500 million yuan, up 22.0% year-on-year [2][8]. - The acquisition of 60% of Dalian Changzhilin Technology Co., Ltd. for 1.02 billion yuan is expected to enhance the company's defense equipment segment and overall competitiveness in the military industry [14]. Financial Performance - In Q2 2025, the company achieved a revenue of 5.5 billion yuan, a year-on-year increase of 64.9% and a quarter-on-quarter increase of 50.4% [2][8]. - The company's mining service revenue for the first half of 2025 was 6.44 billion yuan, a year-on-year growth of 48.7% [14]. - The gross margin for the mining service segment was 16.5%, a decrease of 1.9 percentage points year-on-year [14]. Business Segments - The company’s revenue from civil explosives products reached 1.38 billion yuan, a year-on-year increase of 40.31%, primarily due to the consolidation of Changzhilin's revenue [14]. - The overseas business revenue totaled 720 million yuan, accounting for 7.9% of total revenue, with an 18.9% year-on-year growth [14]. Future Outlook - The company expects net profits attributable to shareholders to be 1.13 billion yuan, 1.34 billion yuan, and 1.69 billion yuan for the years 2025, 2026, and 2027, respectively [14].

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company has shown significant growth in its financial performance, with a notable increase in revenue and net profit in the first half of 2025, driven by the consolidation of Xuefeng Technology and strong demand in the mining services sector [6][5] - The company plans to implement a mid-term dividend, distributing a total of 151 million yuan to shareholders [6] - The company is expanding its production capacity in the domestic and international markets, particularly in the explosives sector, with a total industrial explosive capacity of 725,500 tons [6] - The mining services segment continues to grow, with a revenue increase of 49% year-on-year in the first half of 2025, and a significant backlog of orders exceeding 35 billion yuan [6] - The company is increasing its efforts in the military sector, having raised its stake in a military group to 65% and establishing a joint venture to enhance its defense equipment capabilities [6] Financial Data and Earnings Forecast - Total revenue for 2025 is projected to be 22.22 billion yuan, with a year-on-year growth rate of 62.8% [5] - The net profit attributable to the parent company is expected to reach 1.17 billion yuan in 2025, reflecting a growth rate of 30.1% [5] - Earnings per share (EPS) are forecasted to be 1.54 yuan for 2025, with a corresponding price-to-earnings (PE) ratio of 23 times [5][6]

Core Viewpoint - Guangdong Hongda (002683) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit, driven by the expansion of its mining service business and the consolidation of Xuefeng Technology [1][12]. Financial Performance Summary - Total revenue reached 9.15 billion yuan, a year-on-year increase of 63.83% [1] - Net profit attributable to shareholders was 504 million yuan, up 22.05% year-on-year [1] - Gross margin was 19.86%, down 7.61% year-on-year, while net margin was 9.26%, down 6.27% year-on-year [1] - Operating cash flow per share was -0.3 yuan, a significant decrease of 320.03% year-on-year [1] Balance Sheet Changes - Accounts receivable increased by 65.71% to 4.304 billion yuan, attributed to the expansion of the mining service business and the consolidation of Xuefeng Technology [2][4] - Cash and cash equivalents decreased by 3.38% due to payments for the acquisition of Xuefeng Technology shares and increased borrowings [1][11] - Interest-bearing liabilities rose by 82.41% to 7.397 billion yuan, reflecting the need for increased financing [1][3] Operational Insights - The mining service segment's revenue growth was driven by an increase in project scale and the consolidation of Xuefeng Technology, contributing to new revenue streams [9][12] - The company has secured over 10 billion yuan in new mining service contracts, with a backlog exceeding 35 billion yuan [16] - The gross margin for the mining service segment decreased to 16.47%, primarily due to new projects in the investment phase and increased competition [16] Strategic Developments - The company is focusing on international expansion, with overseas revenue growing by 18.87% to 718 million yuan [17] - The integration of Xuefeng Technology is ongoing, with efforts to resolve competitive overlaps and enhance operational synergies [18][19] - The defense equipment segment is expected to improve performance due to recent acquisitions and a focus on high-end intelligent weapon systems [20][21] Fund Holdings - The largest fund holding Guangdong Hongda is the Fortune Tianhui LOF, with a recent increase in holdings [15] - The fund manager, Zhu Shaoxing, is recognized for strong stock selection capabilities, particularly in value and growth stocks [14]

Core Viewpoint - The company showcased strong performance in the first half of 2025, with significant revenue growth across various business segments, despite challenges in cash flow and certain areas of the defense equipment sector [2][3]. Financial Performance - The company reported a revenue of 9.15 billion yuan, a year-on-year increase of 63.83%, and a net profit attributable to shareholders of 504 million yuan, up 22.05% [2]. - Cash flow from operating activities was negative 226 million yuan, compared to a positive 103 million yuan in the same period last year, attributed to slower payment collection and changes in payment methods [2]. Business Segments - The mining service segment generated 6.44 billion yuan in revenue, a 48.74% increase from 4.33 billion yuan year-on-year, driven by expanded business scale and contributions from the newly consolidated Xuefeng Technology [2]. - The mining service segment has a backlog of orders exceeding 35 billion yuan, with significant growth in key markets such as Xinjiang and Tibet, showing revenue increases of 123% and 45.11% respectively [2]. - The civil explosives segment achieved revenue of 1.38 billion yuan, a 40.31% increase from 985 million yuan year-on-year, benefiting from the consolidation of Xuefeng Technology [2]. Defense Equipment Sector - The defense equipment segment reported revenue of 80.46 million yuan, a decline of 39.55% year-on-year, primarily due to reduced delivery volumes of traditional military products [3]. - The company is actively pursuing mergers and acquisitions in the defense sector to enhance its capabilities and has increased its investment in the Guangdong Provincial Military Industry Group [3]. Future Outlook - The company anticipates fluctuations in gross margins but aims to maintain relative stability through cost reduction and efficiency improvements [4]. - The overseas business segment generated 718 million yuan in revenue, an 18.87% increase year-on-year, with plans to enhance resource investment and expand into more international markets [4]. - The company is focused on developing high-end intelligent weapon systems and related supply chains, leveraging acquisitions for synergistic benefits [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][25]. Core Views - The company's revenue and profit have significantly increased due to the expansion of its mining service business and the consolidation of Xuefeng Technology, with a revenue of 9.15 billion yuan in the first half of 2025, representing a year-on-year growth of 63.83%, and a net profit of 504 million yuan, up 22.05% [1][9]. - The company is focusing on expanding its civil explosives production capacity, achieving a revenue of 1.38 billion yuan in the civil explosives segment, a year-on-year increase of 40.31%, with a gross margin of 36.35% [1][10]. - The mining service segment has a strong order backlog of over 35 billion yuan, with significant revenue growth in key markets such as Xinjiang and Tibet [2][17]. - The company is actively pursuing overseas business opportunities, with international revenue reaching 718 million yuan, a growth of 18.87% year-on-year, and plans to expand into markets in Asia, South America, Europe, and Africa [2][18]. - The company is transitioning towards military industry, with plans to acquire a 60% stake in Dalian Changzhilin, which specializes in aviation equipment [3][24]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 9.15 billion yuan, a 63.83% increase year-on-year, and a net profit of 504 million yuan, up 22.05% [1][9]. - The civil explosives segment generated a revenue of 1.38 billion yuan, with a gross margin of 36.35%, while the mining service segment reported a revenue of 6.44 billion yuan, a 48.74% increase [2][10]. Business Expansion - The company is expanding its civil explosives production capacity, currently holding an annual capacity of 725,500 tons, and aims to achieve a million-ton capacity through mergers and acquisitions [1][10]. - The mining service segment has a strong order backlog of over 35 billion yuan, with significant growth in revenue from Xinjiang and Tibet [2][17]. International Operations - The company is enhancing its overseas business, with international revenue of 718 million yuan, representing an 18.87% year-on-year increase, and plans to establish production lines in various regions [2][18]. Strategic Acquisitions - The company is pursuing acquisitions to strengthen its military equipment segment, including the planned acquisition of a 60% stake in Dalian Changzhilin, which focuses on aviation components [3][24]. Earnings Forecast - The earnings forecast for the company has been adjusted upwards, with expected net profits of 1.10 billion yuan, 1.30 billion yuan, and 1.52 billion yuan for 2025, 2026, and 2027 respectively [25].

Core Viewpoint - The company plans to acquire 60% of Dalian Changzhilin Technology Co., Ltd. for 1.02 billion yuan, which is seen as a low valuation with high profitability and quality assets [1] Group 1: Acquisition Details - The acquisition of Changzhilin is valued at 1.7 billion yuan, with a projected net profit of 156 million yuan for 2024, resulting in a PE ratio of 10.9X [1] - Changzhilin's net asset value at the end of 2024 is estimated at 1.07 billion yuan, leading to a PB ratio of 1.6X [1] - The net profit margin for Changzhilin in 2024 is projected at 21.3%, significantly higher than the 8.6% margin of Guangdong Hongda [1] Group 2: Industry Position and Product Development - Changzhilin is a leader in the aerospace components sector, with its core product "aerospace clamps" holding the largest market share domestically [2] - The company has achieved breakthroughs in PEEK materials and has developed technologies that replace imports, contributing to the successful first flight of the C919 aircraft [2] - Future development will focus on PEEK material applications and new products in aviation, with significant advancements in polymer materials [2] Group 3: Financial Impact and Performance Commitments - The acquisition is expected to increase business revenue and net profit by 731 million yuan and 93 million yuan, respectively, based on 2024 data [3] - Performance commitments include profit-sharing agreements based on Changzhilin's net profit exceeding certain thresholds from 2025 to 2029 [3][4] - The agreement stipulates that cash flow from operating activities must meet specified ratios to ensure profit distribution [4] Group 4: Strategic Direction and Future Outlook - The acquisition aligns with Guangdong Hongda's strategy to accelerate its transition to the military industry, enhancing synergy between new and existing businesses [4] - The company aims to develop a multi-dimensional military business model, integrating various capabilities in defense equipment [4] - An additional capital increase of 1.62 billion yuan to Hongda Defense is planned to strengthen financial capacity for future growth [4] Group 5: Financial Projections - Revenue projections for 2025-2027 are 17.266 billion, 20.053 billion, and 23.954 billion yuan, reflecting year-on-year growth rates of 26.47%, 16.14%, and 19.45% [5] - Expected net profits for the same period are 1.177 billion, 1.447 billion, and 1.703 billion yuan, with growth rates of 31.09%, 22.92%, and 17.72% [5] - The current stock price corresponds to PE ratios of 24.38, 19.83, and 16.85 for 2025-2027 [5]