证券研究报告·军工公司深度研究·地面兵装Ⅱ 甘化科工（000576） 购入弹药核心资产，迎接装备放量大周期 2025 年 08 月 25 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 323.28 | 396.29 | 528.68 | 678.32 | 838.46 | | 同比 | (27.42) | 22.58 | 33.41 | 28.30 | 23.61 | | 归母净利润（百万元） | (233.07) | 20.51 | 105.09 | 159.02 | 234.62 | | 同比 | (295.59) | 108.80 | 412.25 | 51.33 | 47.54 | | EPS-最新摊薄（元/股） | (0.53) | 0.05 | 0.24 | 0.36 | 0.54 | | P/E（现价&最新摊薄） | (20.90) | 237.41 | 46.35 | 30.63 | 20. ...

Group 1 - Guangdong Hongda announced a cash acquisition of 60% stake in Dalian Changzhilin Technology for 1.02 billion yuan to strengthen its defense equipment sector [1] - Following the acquisition, Hongda Defense will become the controlling shareholder of Changzhilin, with an increased control ratio of 96.25% after an additional capital injection of 1.62 billion yuan [1] - The acquisition aligns with the company's strategic shift towards military industry, enhancing its defense equipment business and improving its financial sustainability [1] Group 2 - In the previous year, Guangdong Hongda fully acquired Jiangsu Hongguang Chemical, expanding its presence in the explosives sector and building a comprehensive military industry chain [2] - The company holds a 65% stake in Guangdong Provincial Military Industry Group, which serves as a key platform for developing military industry in the province, leveraging local resources [2] - The military industry is expected to experience significant growth due to policy support, increasing market demand, and technological innovation, providing Guangdong Hongda with various advantages in this sector [2]