Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported slightly better-than-expected performance for the first three quarters of 2025, with total revenue of 7.356 billion yuan (YoY +17%) and a net profit attributable to shareholders of 644 million yuan (YoY +23%) [7] - New mining service orders exceeded 10 billion yuan in the first three quarters of 2025, benefiting from the construction of the Yarlung Tsangpo River hydropower project [7] - The company has established a comprehensive service system centered on integrated civil explosives, focusing on major mining areas, particularly in Xinjiang, where coal production has significantly increased [7] - The acquisition of a 51% stake in Songguang Explosives is expected to enhance the company's explosive production capacity [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 10.076 billion yuan, with a year-on-year growth rate of 17.9% [6] - The net profit attributable to shareholders is forecasted to be 885 million yuan for 2025, reflecting a year-on-year growth of 24.2% [6] - Earnings per share are expected to reach 0.71 yuan in 2025, with a projected PE ratio of 19 [6]

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported its 2025 H1 results, which were in line with expectations, achieving a revenue of 4.713 billion yuan (YoY +20%) and a net profit of 409 million yuan (YoY +16%) [8] - The mining service segment showed significant growth, with new orders signed amounting to nearly 8 billion yuan in H1 2025, benefiting from the construction of the Yarlung Tsangpo River hydropower project [8] - The company has a robust order backlog, with total new mining service orders reaching 79.91 billion yuan in H1 2025, indicating sustainable future revenue growth [8] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 10.076 billion yuan in 2025, 11.721 billion yuan in 2026, and 13.376 billion yuan in 2027, with respective YoY growth rates of 17.9%, 16.3%, and 14.1% [7] - The forecasted net profit for 2025 is 885 million yuan, with a growth rate of 24.2% YoY, and projected to reach 1.281 billion yuan by 2027 [7] - The company’s gross margin is expected to improve to 26.4% in 2025, with a return on equity (ROE) of 10.9% [7]