肯尼亚的红茶、鲜花、牛油果，南非的红酒、钻石、波士茶，刚果（布）的啤酒、精油，尼日利亚的木 雕、服饰、文玩……吃穿用玩全都有——在第四届中非经贸博览会现场，众多非洲好物汇聚一堂，令人 目不暇接。 非洲商品展是中非经贸博览会的重头戏。本届博览会的非洲商品馆展区面积近5800平方米，除了100多 个标准展位，本届博览会还首设非洲品牌商品展区，乌干达、坦桑尼亚、赞比亚、科特迪瓦等20多国均 设置形象展位，集中展示本国特色产业和产品，让参观者能够"一站式"体验当地经贸与文化特色。 在乌干达国家馆，来自乌干达的近20家企业展出了咖啡、可可粉、红茶、珠宝、皮革制品等多种商品， 展区前围满了咨询洽谈的参观者和采购商。"我相信未来属于中国和非洲。中非经贸博览会帮助我们与 中国企业和市场建立联系，我们希望能在中国开展更多业务，互利共赢，共同成长。"乌干达参展商萨 米表示。 6月12日，第四届中国—非洲经贸博览会在长沙开幕。设立中非经贸博览会是中非合作论坛的重要举措 之一，经过6年发展，博览会已经成为中非之间层次最高、规模最大的综合性展会，为双方深化经贸合 作、共享发展机遇发挥了重要作用。 本届博览会主题是"中非共行动逐梦现代化 ...

沈董特别向与会企业家推介四川独特优势：天然气产量、水电装机容量及多种矿产资源全国第一，辐射 超4亿人口的西部市场，并依托长江水运、陆海新通道、中欧班列构建起通达国内外的多式联运网络。 他诚挚邀请各界伙伴把握浙川协作深化机遇，共赴四川投资兴业。 未来，正凯集团将进一步响应国家产业转移战略，抢抓四川建设国家战略备份产业基地的历史机遇，为 四川打造万亿级能源化工产业，推动创新发展和强链补链，并肩创造新时代浙商投资四川新典范。 沈董在发言中回顾了正凯集团响应国家东西部协作战略、积极布局四川的历程。2021年6月，正凯在"浙 江·四川深化东西部协作和交流会议"上与四川省政府签署框架协议，迈出了浙川产业协作的关键一步。 经深入考察，集团基于达州市坚实的工业基础、富足的天然气资源及高度契合的产业生态，在浙江四川 两省共同推动下，于同年11月30日正式签约落地达州宣汉县。 达州先进智造产业园项目规划总投资230亿元，以天然气为核心原料，致力于弥补西南地区PET新材 料、新能源产业链短板。目前，已高效完成项目一期投资及建设调试，成为全球规模最大的天然气制乙 二醇单体项目。项目的高效推进得益于四川省、市、县各级的高位推动和专班全 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][11]. Core Views - The company is positioned to benefit from the high demand in the Xinjiang civil explosives market, being the only producer of ammonium nitrate in the region, which provides both supply and licensing advantages [3][9]. - Following the acquisition by Guangdong Hongda, the company is expected to receive additional civil explosive capacity and optimized regional layout, leading to significant revenue and profit elasticity [3][9]. - Projected net profits for the company are estimated to reach 750 million, 890 million, and 940 million yuan for the years 2025 to 2027, respectively [3][9]. Company Overview - The company operates in the civil explosives and chemical sectors, covering the entire civil explosives industry chain, including upstream natural gas transportation, LNG, and ammonium nitrate production, as well as downstream blasting engineering and mining services [6][20]. - The company was established in 1958 and has undergone several transformations, becoming a joint-stock company in 2011 [20][21]. Civil Explosives Sector - The civil explosives market in Xinjiang is experiencing rapid growth due to the release of coal production capacity, with the company benefiting from its comprehensive industry chain [7][54]. - The company has a production capacity of 119,500 tons of industrial explosives and is the only producer of ammonium nitrate in Xinjiang, with a capacity of 660,000 tons per year [7][22]. - The market share of leading companies in the civil explosives industry is increasing, with the CR10 rising from 44% in 2017 to 62% in 2024 [7][59]. Chemical Sector - The company has expanded its chemical production capabilities through the acquisition of Xinjiang Yuxiang HuYang Chemical Co., which includes products like compound fertilizers, melamine, and ammonium nitrate [8][24]. - By the end of 2024, the company’s production capacities for melamine, urea, nitro compound fertilizer, and ammonium nitrate are projected to reach 210,000, 600,000, 900,000, and 660,000 tons per year, respectively [8][25]. Financial Performance - The company’s revenue and net profit have shown fluctuations, with a significant increase in revenue from 2.61 billion yuan in 2021 to 6.90 billion yuan in 2022, followed by a decline in 2024 due to low prices of bulk chemicals [31][37]. - In 2024, the company achieved a revenue of 6.10 billion yuan, a decrease of 13.1% year-on-year, and a net profit of 670 million yuan, down 21.7% year-on-year [31][41]. Market Dynamics - The demand for civil explosives is primarily driven by mining activities, with coal mining accounting for a significant portion of the demand [59][65]. - Xinjiang's coal production is expected to continue growing, supported by national policies and the region's rich coal resources, which will further drive the demand for civil explosives [69][73].