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 ...

5月份以来，A股上市公司调研热度升温，其中军工概念股备受关注。 根据中研普华研究院撰写的《2024-2029年中国军工新材料行业市场全景调研与发展前景预测报告》， 全球军工新材料市场呈现出稳步增长的趋势，市场规模不断扩大。随着国际形势的变化和各国军事实力 的竞争，军工新材料市场需求将持续增长。 中国企业资本联盟副理事长柏文喜表示，现代军事装备的发展对性能提出了更高要求，如航空航天领 域，飞机、导弹等需要更轻质、高强度、耐高温的材料来提升飞行性能和作战能力，这促使军工新材料 在相关领域的应用不断扩大。 目前国泰集团在军工新材料的业务主要由其多个控股子公司开展，公司依托下属子公司拓泓新材、三石 有色开展钽铌业务，当前拓泓新材主要生产冶金级钽铌氧化物处于稳定量产阶段，三石有色业务覆盖钽 铌高纯氧化物及超高纯氧化物等高附加值产品，其中高纯度产品处于试制阶段。 5月26日，江西国泰集团（603977）股份有限公司（以下简称"国泰集团"）接受机构调研时表示："公司 将持续做强做优做大民爆一体化产业，军工新材料产业作为公司战略新兴产业，紧跟国家重大战略安排 和关键能力备份，有望成为公司业绩增长'新引擎'，轨交自动化及信息化 ...

同德化工分析师会议 调研日期：2025年05月20日 调研行业：化学制品 参与调研的机构：投资者网上提问等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的 ...

2025 年 04 月 28 日 公司点评 增持/首次 国泰集团(603977) 民爆一体化+军工新材料+轨交业务，一体两翼发展稳步推进 ◼ 走势比较 (30%) (18%) (6%) 6% 18% 30% 24/4/29 24/7/10 24/9/20 24/12/1 25/2/11 25/4/24 ◼ 股票数据 | 总股本/流通(亿股) | 6.21/6.21 | | --- | --- | | 总市值/流通(亿元) | 77.9/77.9 | | 12 个月内最高/最低价 | 15.35/8.93 | | (元) | | 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 事件：国泰集团近期发布 2024 年报，期间公司实现营业收入 23.54 亿元，同比下降 7.34%；归母净利润 1.81 亿元，同比下降 40.84%。公司 拟每 10 股派现 0.9 元（含税）。 点评： 商誉减值导致利润大幅下滑。公司 2024 年实现营业收入 23.54 亿元， 同比下降 7.34%；归母净利润 1.81 亿元，同比下降 40.84% ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 13.65 billion yuan in 2024, representing a year-on-year growth of 17.61%, and a net profit attributable to shareholders of 898 million yuan, up 25.39% year-on-year [1] - The mining service business generated revenue of 10.81 billion yuan in 2024, with a gross margin of 17.72%, and saw significant growth in both domestic and international markets [1][2] - The defense equipment segment reported a revenue of 350 million yuan, reflecting a substantial year-on-year increase of 47.74% [3] - The company is focused on enhancing its market position through strategic acquisitions and international expansion, particularly in the mining and explosives sectors [4] Summary by Sections Mining Service Business - Revenue reached 10.81 billion yuan in 2024, with a year-on-year growth of 21.01% and a gross margin increase of 0.9 percentage points [1] - The company is expanding its international presence, particularly in South America and South Africa, and is establishing production facilities in Zambia and Peru [1] Explosives Business - Revenue for the explosives segment was 2.31 billion yuan in 2024, with a slight year-on-year growth of 1.18% and a gross margin of 36.5% [2] - The company is actively pursuing acquisitions to enhance its production capacity and market share, particularly in the Xinjiang region [2] Defense Equipment Segment - The defense equipment segment achieved a revenue of 350 million yuan in 2024, driven by a recovery in military demand and increased delivery volumes [3] - The company is enhancing its product offerings through autonomous production lines and strategic partnerships in the defense sector [3] Strategic Development - The company aims to become a leading global player in mining services, explosives production, and defense equipment [4] - It plans to integrate its mining and explosives services, focusing on key markets along the Belt and Road Initiative [4] - The company is also increasing its stake in the Guangdong Provincial Military Industry Group, which is expected to enhance its capabilities in the defense sector [4] Financial Projections - The company forecasts net profits of 1.10 billion yuan, 1.33 billion yuan, and 1.62 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 22X, 18X, and 15X [4]