Group 1: Company Developments - The establishment of the "Aerospace Special Power Joint Innovation Center" enhances the defense equipment business layout of Guangdong Hongda, which is a key strategic direction for the company [2][3] - The company has laid out both domestic and international military trade markets, focusing on traditional ammunition and smart weaponry, with recent advancements in high-end defense equipment [3] - The company aims to optimize the R&D process and improve product performance through collaboration with the Aerospace Technology Power Research Institute [3] Group 2: Production and Market Expansion - The industrial explosive production capacity has been increased to 697,500 tons, with a strategic acquisition of 51% of Peru's EXSUR company marking the start of international development [4] - The company holds approximately 45% of its explosive production capacity in Inner Mongolia, Gansu, and Xinjiang, with a significant advantage in mixed explosives production [4] - The company is recognized as a leading enterprise in the domestic mining service sector, with a focus on large projects and major clients, and has seen a 21% year-on-year increase in mining revenue to 10.811 billion yuan in 2024 [5] Group 3: Financial Projections - The projected net profits for the company from 2025 to 2027 are 1.173 billion yuan, 1.383 billion yuan, and 1.609 billion yuan respectively, with corresponding PE ratios of 22, 19, and 16 times [5][8] - The company has a backlog of over 30 billion yuan in mining service orders, indicating strong revenue growth potential [5]

证券研究报告：基础化工 | 公司深度报告 股票投资评级 增持|首次覆盖 个股表现 -12% -3% 6% 15% 24% 33% 42% 51% 60% 69% 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 广东宏大 基础化工 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 32.56 | | --- | --- | | 总股本/流通股本（亿股）7.60 / 6.51 | | | 总市值/流通市值（亿元）247 / 212 | | | 52 周内最高/最低价 | 33.82 / 17.82 | | 资产负债率(%) | 60.3% | | 市盈率 | 27.56 | | 第一大股东 | 广东省环保集团有限公 | | 司 | | 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:马强 SAC 登记编号:S1340523080002 Email:maqiang@cnpsec.com 广东宏大(002683) 矿服民爆一体化龙头，深耕军工谱新篇 ⚫ 投资要点 广 ...

Core Viewpoint - The civil explosives industry is experiencing a significant increase in market concentration, driven by mergers and acquisitions among leading companies, with a projected market size growth from 273 billion yuan in 2015 to 416.95 billion yuan by 2024, reflecting an average annual growth rate of approximately 5% [1][19]. Group 1: Industry Overview - The civil explosives industry, essential for mining, infrastructure, and construction, is categorized into civil explosive products and blasting services [4]. - The market is expected to maintain a stable growth trajectory, with key demand growth in regions like Xinjiang and Tibet, which are projected to see production value increases of 24.6% and 35.96% respectively in 2024 [7][19]. Group 2: Production and Performance - The production of industrial explosives is stable, with a projected output of 449.37 million tons in 2024, a slight decrease of 1.9% year-on-year [11]. - The transition from traditional detonators to electronic detonators is underway, with electronic detonators expected to account for 95% of total production by 2024 [11]. - Civil explosive companies listed on the A-share market are expected to report combined revenues of 649.22 billion yuan and net profits of 41.08 billion yuan in 2024, reflecting year-on-year growth of 19.52% and 12.98% respectively [12][19]. Group 3: Profitability and Policy Support - The profitability of civil explosive companies remains robust, with average gross and net profit margins of over 25% and around 7% respectively [12]. - The government has implemented policies to ensure the healthy development of the industry, including the "14th Five-Year" plan, which focuses on capacity layout, product structure, and international cooperation [13][15]. Group 4: Market Dynamics - The demand for civil explosives is closely tied to fixed asset investments in key downstream industries such as coal, metals, and non-metallic mining, which account for over 70% of total explosive consumption [21]. - The growth of coal production in Xinjiang has positioned it as the largest market for civil explosives in China, with a projected sales value of 42.13 billion yuan in 2024, up 21.8% year-on-year [23]. Group 5: Key Companies - Yipuli, a leading company in the civil explosives sector, has a production capacity of 56.55 million tons of industrial explosives and is expanding its international presence [49][50]. - Jiangnan Chemical, with the highest explosive production capacity in the industry, is also diversifying into renewable energy, positioning itself for stable growth [52][53].

本报记者徐一鸣 值得一提的是，为保护上市公司及全体股东利益，江南化工与昌龙化工签署了《业绩承诺补偿协议》。 根据协议，昌龙化工承诺峨边国昌在2025年度、2026年度和2027年度累计实现的净利润总额不低于 6307.48万元。若业绩承诺期间内峨边国昌实际净利润小于业绩承诺期内的净利润，昌龙化工应对江南 化工以现金方式进行补偿。 上海大学悉尼工商学院讲师王雨婷在接受《证券日报》记者采访时表示，若收购时没有明确业绩承诺， 当被收购公司业绩不及预期时，收购方则面临着较大风险，进而影响整体收益和战略目标实现。 支培元认为，若峨边国昌能够完成承诺的净利润，将直接为江南化工带来利润增长，提升公司整体的经 营业绩和盈利能力。从长期来看，有利于形成协同发展、互惠互利的高质量发展局面。 从行业角度看，《"十四五"民用爆炸物品行业安全发展规划》提出，到2025年，民爆行业安全水平再上 新台阶，创新能力得到新提升，结构调整取得新成效，发展质量达到新水平，治理效能得到新提高。其 中，生产企业（集团）数量由76家减少到50家以内。 王雨婷表示，在政策支持下，市场资源将向优质企业靠拢，民爆行业的集中度将会进一步提升，行业竞 争格局也会 ...

Core Viewpoint - Jiangnan Chemical has signed an acquisition agreement to purchase 51% of Sichuan Ebian Guochang Chemical Co., Ltd. for 170.34 million yuan, aiming to expand its market share in the southwestern region of China and enhance its profitability through the integration of quality civil explosive assets [1][2]. Group 1 - The acquisition involves cash payment of 170.34 million yuan for 51% equity in Ebian Guochang, which specializes in gel emulsified explosives and modified ammonium oil explosives, primarily serving the Sichuan, Yunnan, and Guizhou provinces [1]. - Ebian Guochang has an approved production capacity of 35,000 tons per year for industrial explosives, but operations are currently suspended due to relocation and construction, with production expected to resume by December 2024 [1][2]. - The company plans to complete the transfer of civil explosive assets, personnel, and related licenses to Ebian Guochang by early 2025, with expectations of turning a profit as the market recovers [2]. Group 2 - Jiangnan Chemical has signed a performance commitment compensation agreement with Changlong Chemical, ensuring that Ebian Guochang achieves a cumulative net profit of no less than 63.07 million yuan over the years 2025 to 2027 [3]. - Following the acquisition, Jiangnan Chemical will consolidate Ebian Guochang into its financial statements, which is anticipated to enhance the company's operational performance and profitability [3]. - The acquisition aligns with national policies for restructuring the civil explosive industry and aims to leverage market opportunities in Sichuan, Guizhou, and Yunnan, supporting the company's strategic development in the southwestern region [4].

天津自贸区概念资金流入榜 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 600751 | 海航科 技 | 9.03 | 9.89 | 9006.29 | 10.53 | | 600800 | 渤海化 学 | 10.10 | 13.09 | 8672.95 | 14.08 | | 600322 | 津投城 开 | 10.16 | 7.99 | 4764.58 | 20.62 | | 600082 | 海泰发 展 | 9.95 | 1.48 | 2175.56 | 51.10 | | 002134 | 天津普 林 | 2.68 | 9.13 | 697.65 | 1.31 | | 000897 | 津滨发 展 | 1.30 | 1.64 | 387.13 | 6.29 | | 002432 | 九安医 | 0.00 | 0.51 | 221.82 | 2.44 | | 疗 | | --- | 截至6月6日收盘，天津自贸区概 ...

Group 1 - The civil explosives sector saw an increase of 2.26%, ranking fifth among concept sectors, with 19 stocks rising, including Gaozheng Minexplosion, Poly United, and Yipuli, which rose by 6.56%, 6.09%, and 4.80% respectively [1][2] - The civil explosives sector attracted a net inflow of 500.1 million yuan, with 18 stocks receiving net inflows, and five stocks seeing inflows exceeding 30 million yuan, led by Gaozheng Minexplosion with a net inflow of 124 million yuan [2][3] - The top three stocks in terms of net inflow ratio were Yipuli, Poly United, and Gaozheng Minexplosion, with net inflow ratios of 21.49%, 17.33%, and 14.07% respectively [3][4] Group 2 - The civil explosives sector's performance was contrasted with other sectors, such as the metal zinc sector which increased by 3.22%, while the military equipment restructuring concept fell by 4.38% [2] - The trading volume and turnover rates for leading stocks in the civil explosives sector were notable, with Gaozheng Minexplosion having a turnover rate of 10.27% and Poly United at 12.50% [3][4] - The overall market sentiment reflected a mixed performance across various sectors, with some sectors experiencing declines while the civil explosives sector showed resilience [2][3]

Group 1 - As of June 6, the PVDF concept index rose by 1.76%, ranking 8th among concept sectors, with 10 stocks increasing in value [1] - Notable gainers in the PVDF sector included Zhejiang Zhongcheng, which hit the daily limit, and other companies like Yonghe Co., ST Lianchuang, and Duofluo, which rose by 6.56%, 2.63%, and 2.61% respectively [1] - The sector experienced a net inflow of 273 million yuan, with Zhejiang Zhongcheng leading the inflow at 189 million yuan, followed by Yonghe Co. and Juhua Co. with inflows of 54.89 million yuan and 31.85 million yuan respectively [2][3] Group 2 - The top stocks in terms of net inflow ratio included Zhejiang Zhongcheng at 45.14%, Yonghe Co. at 12.54%, and Duofluo at 7.03% [3] - The trading volume for Zhejiang Zhongcheng was significant, with a turnover rate of 8.96% and a price increase of 9.94% [3] - Other stocks in the PVDF sector showed varied performance, with some experiencing declines, such as Heimao Co. and Jinming Precision Machinery, which fell by 1.17% and 1.93% respectively [4]

Group 1 - The acrylic acid concept sector rose by 1.88%, ranking 7th among concept sectors, with 8 stocks increasing in value, including Bohai Chemical which hit the daily limit, and Shuangxiang Co., Shenyang Chemical, and Baolijia showing gains of 4.49%, 2.93%, and 2.59% respectively [1] - The main inflow of funds into the acrylic acid concept sector was 158 million yuan, with Bohai Chemical leading the net inflow at 86.73 million yuan, followed by Wanhua Chemical, Satellite Chemical, and Rike Chemical with net inflows of 71.24 million yuan, 17.03 million yuan, and 11.80 million yuan respectively [2] - In terms of net inflow ratios, Bohai Chemical, Shenyang Chemical, and Rike Chemical had the highest ratios at 14.08%, 5.97%, and 5.93% respectively [3] Group 2 - The top stocks in the acrylic acid concept sector included Bohai Chemical with a daily increase of 10.10% and a turnover rate of 13.09%, while Wanhua Chemical increased by 1.14% with a turnover rate of 0.77% [3][4] - Stocks that experienced declines included Tianlong Group, which fell by 0.98%, and Benli Technology and Acoly, both down by 0.35% [1][4] - The overall performance of the acrylic acid concept sector indicates a positive trend, with significant capital inflows and several stocks showing strong gains [2][3]

Group 1 - A-share market experiences a surge in short-term trading related to the civil explosives concept, with companies such as Poly United, Yipuli, and Gaozheng Minbao hitting the daily limit up [1] - Chongqing Port and Huhua Co. saw their stock prices increase by over 5%, indicating strong market interest [1] - Kailong Co. and Jiangnan Chemical also experienced upward movement in their stock prices, reflecting a broader trend in the sector [1]