Core Viewpoint - The company is positioned as a leading integrated service provider in the mining explosives and mining service industry, with a clear growth path driven by internal and external development strategies [1] Group 1: Company Overview - The company has established three main business segments: mining explosives, mining services, and defense equipment [1] - The company has a strong mixed-ownership structure that enhances operational efficiency and employee motivation [1] - The compound annual growth rate (CAGR) of the company's net profit attributable to shareholders is projected to be 17% from 2010 to 2024 [1] Group 2: Industry Dynamics - The mining explosives industry is expected to see increased concentration, with leading companies likely to expand capacity through mergers and acquisitions [1] - The market for mining services is substantial, exceeding 200 billion, with significant growth potential as the revenue from mining services for explosives companies was only 35.3 billion in 2024 [1] - The demand across different regions shows a divergence, with increased activity in Xinjiang's coal and Tibet's water conservancy projects, positioning the western development strategy at the forefront [1] Group 3: Strategic Initiatives - The company has a 61% ratio of mixed explosives and leads the industry in mining service scale, with over 30 billion in orders on hand [2] - The company ranks second in industrial explosives production capacity at 699,500 tons per year, with a notable increase in revenue from the western region [2] - The company is actively pursuing international expansion, having secured multiple overseas projects and established a factory in Zambia [2] Group 4: Financial Projections - Revenue projections for the company are 22.22 billion, 26.01 billion, and 29.34 billion for the years 2025 to 2027, with corresponding net profits of 1.17 billion, 1.47 billion, and 1.73 billion [3] - The expected growth rates for net profit are 30%, 26%, and 18% for the respective years [3] - The company is anticipated to have a price-to-earnings (PE) ratio of approximately 20 times in 2025, which is above the average PE of comparable companies at 18 times [3]

Group 1: Market Insights - The market for coal mine explosion-proof switches is influenced by mining conditions and the profitability of coal enterprises, with opportunities and challenges coexisting [1] - The demand for intelligent mining solutions is increasing, leading to higher requirements for the intelligence and system integration of explosion-proof switches [1] Group 2: Financial Performance - In Q1 2025, the net profit attributable to shareholders was 20.63 million yuan, with a net profit of 19.98 million yuan after deducting non-recurring gains and losses [2] - The revenue from computing power services in 2024 exceeded 30 million yuan, accounting for approximately 2% of the company's total revenue [2] Group 3: Future Business Development - The company plans to increase investment in computing power services, which will become a new growth point as demand for AI technology in coal mining rises [2] - The manufacturing sector will focus on both mining and factory explosion-proof electrical equipment, leveraging existing advantages in system integration [2][3] Group 4: Industry Outlook - The demand for explosion-proof electrical equipment in industries such as oil, chemicals, mining, and natural gas is expected to grow steadily [3] - Companies with technological innovation capabilities and comprehensive system solutions will have greater development opportunities in the upcoming industry upgrade [3]

Core Insights - The event aimed to deepen the application of intelligent mining technology and promote high-quality development in the mining industry [1] - The focus was on sharing cutting-edge technology and industry practices to inject innovative momentum into the core business of Luoyang Luanchuan Molybdenum Group [1] Group 1: Intelligent Mining Technology - The chairman of Dimai Technology, Wang Liguang, presented on "Key Technologies and Applications of Intelligent Mining for Metal Mines," addressing the actual needs of Luanchuan Molybdenum Group [2] - He emphasized the need for a dual-mode approach combining both open-pit and underground mining, centering on ore flow, and proposed a digitalized mining framework across four core dimensions: resource and production technology digitization, intelligent production operations, information management, and safety supervision [2] - The presentation included practical case studies and outlined a feasible path for the construction of digital mines, highlighting the strategic opportunities for global mining during a period of new productive forces [2] Group 2: Collaboration and Talent Development - During the discussion segment, technical experts and management personnel from Luanchuan Molybdenum Group engaged in in-depth dialogue with Wang Liguang, focusing on the key aspects and implementation paths of digital construction in metal mining [4] - There was a mutual interest in deepening cooperation in talent cultivation, including targeted graduate training, specialized workshops, and technical salons to foster a pathway for industry-academia-research integration [4] - All parties agreed on the necessity to strengthen collaboration among enterprises, universities, and research institutions to share technological achievements and data resources, thereby building an intelligent ecological system for the mining industry [4] Group 3: Future Directions - Dimai Technology aims to drive development through innovation and deepen the collaborative innovation system among government, industry, academia, and research [6] - The consensus reached between Luanchuan Molybdenum Group and Dimai Technology on intelligent mining technology, talent development, and research cooperation lays a solid foundation for the comprehensive promotion of intelligent solutions [6] - The partnership is expected to accelerate the integration of new productive forces with the mining industry, enhancing cost reduction, safety improvements, and sustainable development, thereby injecting new momentum into high-quality mining development [6]

（文章来源：证券日报） 龙软科技营业收入主要来源于LongRuanGIS智能矿山工业软件及数智化整体解决方案业务，目前公司以 LongRuanGIS时空信息平台为根基，向各行业应用领域拓展，已形成龙软科技工业软件为支撑的自主智 能矿山整体架构及技术体系，覆盖智能矿山建设的关键技术领域，并探索出高级智能化矿井的可行性建 设模式。 据披露，截至报告期末，国家能源局71个智能化煤矿建设示范矿，龙软科技参与建设的透明化地质保障 系统、智能化管控平台、采掘工作面自适应截割、智能化洗选等系统的煤矿数量为46个，市场渗透率领 先。LongRuanGIS全国煤矿装机已超过7万台，累计使用单位超过1800家，市场占有率大于85%。公司 在全国已累计实施地质保障系统120余对矿井、综合管控平台250余对矿井，为矿山的智能化、智慧化建 设提供了有力的技术支撑。 值得一提的是，目前龙软科技的主要收入来源于煤炭行业，面对未来的发展，龙软科技也在积极拓展非 煤行业的市场需求，并将对龙软云GIS结合客户需求进一步优化，加强对智能矿山及非煤矿山、CAE工 业软件的研发力度，进一步完善产品技术体系，积极拓展行业领域；同时加大时空智能技术在矿山 ...

Investment Rating - The industry rating is "Outperform" (maintained) [5] Core Insights - AI is expected to significantly reduce operational costs in the oil and gas sector, with estimates suggesting a potential reduction of approximately $7 per BOE, translating to a decrease of about 17.5% [43] - The coal industry is witnessing advancements in smart mining, with AI applications enhancing disaster warning systems and operational efficiency, potentially increasing profits by 7%-12% and improving ROI by 2%-3% [46] - In the chemical industry, AI is being integrated into material research and intelligent manufacturing, with significant potential for innovation and efficiency improvements [70] Summary by Sections AI in Oil and Gas Exploration - AI is being utilized in geophysical exploration, drilling, and reservoir engineering, with companies like EOG demonstrating a reduction in operational costs through AI integration [12][17][27] - Domestic oil and gas companies are leading in AI deployment, focusing on building high-quality data sets and AI models for exploration and operational optimization [22] AI in Coal Industry - The coal sector is advancing towards smart mining, with companies implementing AI technologies to enhance safety and operational efficiency [44] - The potential for profit enhancement through AI in coal mining is significant, with studies indicating a profit increase of 7%-12% [46] AI in Chemical Industry - AI is being applied in material research and synthesis, with the potential to accelerate the discovery of new materials and optimize production processes [50][70] - The integration of AI in chemical manufacturing is expected to improve production efficiency and quality control, with notable projects already underway [71]