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 | 公司点评报告 发布时间：2025-07-01 股票投资评级 公司基本情况 | 最新收盘价（元） | 33.94 | | --- | --- | | 总股本/流通股本（亿股）7.60 / 6.51 | | | 总市值/流通市值（亿元）258 / 221 | | | 52 周内最高/最低价 | 33.94 / 17.82 | | 资产负债率(%) | 60.3% | | 市盈率 | 28.73 | | 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) 航天特种动力联合创新中心成立，防务装备业务布 局进一步完善 ⚫ 事件 增持|维持 个股表现 -13% -5% 3% 11% 19% 27% 35% 43% 51% 59% 67% 2024-07 2024-09 2024-11 2025-02 2025-04 2025-06 ...

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 ...

2025 年 06 月 27 日 开源晨会 0627 ——晨会纪要 沪深300 及创业板指数近1年走势 数据来源：聚源 -16% 0% 16% 32% 48% 64% 2024-06 2024-10 2025-02 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 银行 | 1.01 | | 通信 | 0.773 | | 国防军工 | 0.552 | | 社会服务 | 0.423 | | 石油石化 | 0.273 | | 数据来源：聚源 | | 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 汽车 | -1.374 | | 非银金融 | -1.199 | | 医药生物 | -1.046 | | 美容护理 | -1.037 | | 钢铁 | -0.756 | 数据来源：聚源 wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 行业公司 【非银金融】券商中报向好叠加公募欠配，看好板块机会——行业点评报告 -20250625 综上，提经济、稳股市政策态度延续，货币政策适度宽松，证券行 ...

公司发布2024 年年报和25 年一季报 2025Q1 公司实现营业收入28.11 亿元，同比+42.49%，环比-5.41%；归母净利润4.22 亿元，同比 +54.1%，环比-14.01%；实现扣非归母4.09 亿元，同比+51.56%，环比-15.08%。 资源端：铜矿产量25 年同比计划继续提升，关注Lubambe 和Lonshi 西区进展铜：2024 年铜矿量价齐 升，2025 年仍将维持高增。2024 年铜均价75040 元/吨，同比+10.3%。2024 年全年铜（当量）产、销量 分别为4.87、4.92 万吨，同比分别+159%、+383%，期末库存1.15 万吨。2025年计划铜产量7.94 万吨， 销量7.89 万吨。2025 年，Lubambe 铜矿提产改造、Lonshi 铜矿西区稳产达产，将是资源开发板块重点 工作。 2025Q1 铜产销量分别为1.75、1.89 万吨。 Dikulushi 矿（90%权益）：2024 全年铜精矿含铜（当量）产量1.48万吨，销量1.41 万吨，库存0.32 万 吨。 2024 年公司实现营业收入约99.42 亿元，同比+34.37%；实现归母净利润1 ...

2025 年 05 月 07 日 金诚信(603979.SH) 矿服板块稳健运营，铜矿业务加速放量 公司发布 2024 年年报和 25 年一季报 2024 年公司实现营业收入约 99.42 亿元，同比+34.37%；实现归母净 利润 15.84 亿元，同比+53.59%；实现扣非归母 15.7 亿元，同比 +52.74%。 2024Q4 实现归母净利润 4.91 亿元，同比+52.77%，环比+2.15%；实 现扣非归母 4.82 亿元，同比+48.27%，环比+0.48%。 2025Q1 公司实现营业收入 28.11 亿元，同比+42.49%，环比-5.41%； 归母净利润 4.22 亿元，同比+54.1%，环比-14.01%；实现扣非归母 4.09 亿元，同比+51.56%，环比-15.08%。 资源端：铜矿产量 25 年同比计划继续提升，关注 Lubambe 和 Lonshi 西区进展 ✔Lubambe 铜矿（80%权益）：2024 年 7-12 月铜精矿含铜（当量）产 量 0.78 万吨，销量 0.79 万吨，库存 0.04 万吨。公司 2024 年 6 月正 式接管 Lubambe 铜矿计划对现有矿 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company reported a revenue of 9.94 billion yuan in 2024, representing a year-on-year growth of 34.4%, and a net profit attributable to shareholders of 1.58 billion yuan, up 53.6% year-on-year, primarily driven by rising copper prices and significant growth in copper sales [7] - The mining service segment remains stable, with a revenue of 6.54 billion yuan in 2024, accounting for 67% of total revenue, while the resource segment's gross profit margin increased to 44% [7] - The company has made strategic acquisitions, including the purchase of Terra Mining and the Lubambe copper mine, to enhance its operational capabilities and resource base [7] Financial Data and Profit Forecast - Total revenue is projected to reach 13.28 billion yuan in 2025, with a year-on-year growth rate of 33.6% [5] - The net profit attributable to shareholders is expected to be 2.09 billion yuan in 2025, reflecting a growth of 31.8% compared to the previous year [5] - The company’s earnings per share (EPS) is forecasted to be 3.35 yuan in 2025, with a price-to-earnings (PE) ratio of 11 [5][8]

Group 1: Financial Performance - The company achieved a revenue of 3.654 billion CNY in Q1 2025, representing a year-on-year growth of 66.14% [2] - The net profit attributable to shareholders was 93.52 million CNY, an increase of 23.99% compared to the same period last year [2] - The net profit after deducting non-recurring gains and losses reached 86.91 million CNY, reflecting a growth of 53.17% year-on-year [2] Group 2: Business Segments - The mining service segment experienced significant growth, contributing to both revenue and profit increases [2] - The civil explosives segment maintained stable production capacity, with business scale remaining flat compared to the previous year [3] - The defense equipment segment showed good performance, with active promotion of military trade [3] Group 3: Market Insights - The ammonium nitrate price decline has impacted the gross margin of civil explosives, but the overall margin is stabilizing [3][4] - The civil explosives market is expected to see an increase in gross margins due to industry consolidation and higher market concentration [4] - Revenue growth in Xinjiang is primarily driven by new mining service projects [5] Group 4: Future Strategies - The company is committed to an "outbound" strategy, focusing on overseas markets, particularly in South America and South Africa [7] - Plans include establishing an explosives factory in Zambia and acquiring a factory in Peru to expand the overseas civil explosives market [7] - The company will gradually inject civil explosives capacity into Xuefeng Technology based on actual business conditions and market demand [9]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a potential stock price increase of over 15% within the next six months [11]. Core Insights - The company achieved a record high in mining service revenue, with total revenue for 2024 reaching 13.65 billion yuan, a year-on-year increase of 17.6%. The net profit attributable to shareholders was 900 million yuan, up 25.4% year-on-year [1][3]. - The mining service segment generated revenue of 10.81 billion yuan, reflecting a 21.0% year-on-year growth, driven by increased investments in rich mineral areas and accelerated international expansion [1][2]. - The company has a robust order backlog exceeding 30 billion yuan, providing a solid foundation for future growth [1]. - The company is actively integrating and optimizing its explosive production capacity, having acquired controlling stakes in two companies to increase explosive production capacity by 82,000 tons per year [2]. Financial Performance - The company reported a comprehensive gross margin of 21.3% for 2024, an increase of 0.6 percentage points year-on-year. The net profit margin was 8.6%, up 0.16 percentage points [2]. - Forecasted revenues for 2025-2027 are projected at 21.71 billion, 24.71 billion, and 28.22 billion yuan, representing year-on-year growth rates of 59.05%, 13.80%, and 14.21% respectively [3][4]. - The earnings per share (EPS) are expected to be 1.58, 1.90, and 2.12 yuan for 2025, 2026, and 2027, with corresponding price-to-earnings (PE) ratios of 19.42, 16.14, and 14.49 [3][4]. Market Position and Strategy - The company's overseas revenue reached 1.36 billion yuan in 2024, a year-on-year increase of 43.7%, accounting for 9.9% of total revenue, up 8.1 percentage points [2]. - The company is investing in a new explosives factory in Zambia and has acquired a 51% stake in EXSUR in Peru to meet local mining project demands [2]. - The company is optimizing its explosive production capacity by relocating excess capacity to regions like Xinjiang and Tibet [2].

Core Insights - The company reported a revenue of 9.94 billion yuan for 2024, representing a year-on-year increase of 34.37%, and a net profit attributable to shareholders of 1.584 billion yuan, up 53.59% [1] - In Q1 2025, the company achieved a revenue of 2.811 billion yuan, a year-on-year increase of 42.49% but a quarter-on-quarter decrease of 5.41%, with a net profit of 422 million yuan, up 54.10% year-on-year but down 14.01% quarter-on-quarter [1] Resource Business - The resource development segment has fully launched as a new growth engine, with five resource projects established across four countries by the end of 2024, including four operational projects [2] - The company is progressing with the production operations at the Two Chas River phosphate mine and Dikulushi mine, while the Lonshi copper mine's west area is expected to reach full production capacity by Q4 2024 [2] - A feasibility study for the Lonshi copper mine's east area has been completed, with a planned investment of 750 million USD for construction, expected to take 4.5 years, aiming for an annual production of approximately 100,000 tons of copper metal [2] - In 2024, the company produced 48,700 tons of copper metal and sold 49,200 tons, alongside producing 356,500 tons of phosphate rock and selling 361,100 tons [2] - For 2025, the company plans to produce 79,400 tons of copper metal (equivalent) and sell 78,900 tons, while aiming to produce and sell 300,000 tons of phosphate rock [2] Mining Services Business - The mining services segment continues to develop steadily, with new and renewed contract amounts reaching approximately 11.5 billion yuan in 2024 [3] - The company focuses on "large projects, large clients, and large owners" as its market development strategy, successfully renewing contracts for the Plang copper mine and the Kamoa-Kakula copper mine [3] - The company has achieved a smooth transition from infrastructure to production in its first EPC general contracting project [3] - Earnings per share (EPS) are projected to be 3.39, 3.91, and 4.61 yuan for 2025-2027, with price-to-earnings (PE) ratios of 11, 10, and 8 respectively, maintaining a "buy" rating [3]