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 ...

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]