21世纪经济报道记者邓浩 编者按：全球产业链重构与绿数 "双转型" 的浪潮中，中国企业的全球化竞争已从"规模扩张" 迈入"价值深耕"阶段。 真正的出海突围，从来不止于地理边界的突破，更在于对本地化运营、供应链韧性与跨文化协同的系统性掌控。 近日，21世纪经济报道携同埃克森美孚（中国）投资有限公司对出海业务的先行企业进行了系列调研。 埃克森美孚是全球能源巨头，近年来加大了对中国企业出海供应链服务的布局。在埃克森美孚看来，可持续的国际化 本质是"全球资源与本地发展的双向赋能"，而非单项的产品输出。这一特征在矿山开发等资源密集型行业尤为凸显。 其中的逻辑在于，矿产开发的长期性与复杂性，决定了设备可靠性、全生命周期服务、生态保护责任等系统性能力， 是项目落地的关键支撑。 以金诚信为例，其代表的中国矿服核心企业，凭借"矿服+资源"双轮驱动战略转型，精准卡位全球铜资源供需紧平衡 格局，更以商业化实践诠释了中国高端制造与工程技术服务的全球化进阶路径。 以绿电和AI算力中心为代表的新经济，正在持续拉动铜需求的爆发增长。 A股矿服龙头金诚信，自2019年起逐步延伸至资源开发领域，加速出海扩张，大力收购优质铜矿，成为这一波新兴经 ...

Core Viewpoint - The company has shown strong revenue growth in the first three quarters of 2025, with a significant increase in operating income, while net profit remained stable, indicating resilience in its financial performance despite challenges in cash flow [2][3]. Financial Performance - The company achieved operating revenue of 14.552 billion, a year-on-year increase of 55.92% [2]. - The net profit attributable to shareholders was 653 million, remaining roughly flat compared to the previous year [2]. - Cash flow from operating activities was -236 million, down from 189 million in the same period last year [2]. Business Segments - The mining service segment is expanding, focusing on key domestic markets such as Xinjiang, Tibet, and Inner Mongolia, while also pursuing opportunities along the Belt and Road Initiative with a backlog of over 35 billion in orders [3][6]. - The civil explosives segment has increased its production capacity to 725,500 tons, maintaining stable business scale amid industry consolidation [3][12]. - The defense equipment segment is performing well, with recent acquisitions and ongoing military trade projects, reflecting the company's commitment to transitioning towards military applications [3][10]. Strategic Plans - The company plans to enhance operational efficiency and market competitiveness through internal management improvements [5]. - There is a strong focus on expanding the mining service segment in Xinjiang, with significant investments in resources and capabilities [7]. - The company is committed to achieving a target of one million tons in civil explosives capacity and is actively pursuing mergers and acquisitions in this sector [10]. - The defense equipment segment is expected to grow, with ongoing investments in high-end intelligent weapon systems and related supply chain enhancements [10][12]. Future Outlook - The company maintains confidence in its growth trajectory, particularly in the mining service and defense sectors, with a strategic emphasis on international expansion and large-scale projects [6][9][12].

Group 1 - The core viewpoint of the article is that Guangdong Hongda's mining service segment has a current order backlog of 35 billion yuan, indicating strong future revenue potential [1] - The company plans to continue focusing on its main business and improving internal management to reduce costs and enhance efficiency [1] - There is an emphasis on improving operational efficiency and market competitiveness as part of the company's strategic direction [1]

Group 1 - The core point of the article is that Guangdong Hongda's mining service segment currently has a backlog of orders amounting to 35 billion yuan, indicating a strong demand and future growth potential [1] - The company plans to continue focusing on its main business and aims to enhance internal management to reduce costs and improve efficiency [1] - There is an emphasis on improving operational efficiency and market competitiveness as part of the company's strategic direction [1]

Investment Rating - The report maintains an "Outperform" rating for the company [6]. Core Insights - The company's Q3 2025 performance met expectations, with total revenue of 99.3 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 42.5%. The net profit attributable to the parent company was 17.5 billion yuan, up 60.4% year-on-year [6]. - The report highlights a significant increase in the resource segment's profitability, with a gross profit of 22.3 billion yuan for Q1-Q3 2025, a year-on-year increase of 156% [6]. - The company is expected to benefit from rising copper prices, leading to upward revisions in profit forecasts for 2025-2027 [6]. Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 129.57 billion yuan, with a year-on-year growth rate of 30.3% [5]. - The net profit attributable to the parent company is forecasted to be 24.84 billion yuan for 2025, with a corresponding PE ratio of 17 [5]. - The gross profit margin is expected to improve from 34.8% in Q1-Q3 2025 to 35.8% in 2025E [5]. Operational Highlights - The mining service segment reported a gross profit of 11.96 billion yuan for Q1-Q3 2025, with a gross margin of 22.7% [6]. - The company anticipates a recovery in its mining service business as operations at the Kamoa-Kakula copper mine gradually resume [6]. - The report outlines ongoing expansion projects, including the Lonshi copper mine, which is expected to reach full production by Q4 2024 [6].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company's Q3 2025 performance met expectations, with total revenue of 9.93 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 42.5%, and a net profit attributable to shareholders of 1.75 billion yuan, up 60.4% year-on-year [7] - The mining service segment faced short-term pressure due to various operational challenges, but is expected to recover as production resumes at key projects [7] - The resource segment showed significant growth, with gross profit of 2.23 billion yuan for Q1-Q3 2025, a year-on-year increase of 156% [7] - The company has adjusted its profit forecasts for 2025-2027 due to rising copper prices, projecting net profits of 2.48 billion, 2.84 billion, and 3.36 billion yuan respectively for those years [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are 12.96 billion yuan, with a year-on-year growth rate of 30.3% [6] - The expected net profit for 2025 is 2.48 billion yuan, with a corresponding PE ratio of 17 [6] - The company anticipates a gross profit margin of 35.8% for 2025, with a return on equity (ROE) of 22.6% [6]

Group 1 - The report highlights that public fund holdings in the TMT sector have reached a historical high of approximately 40%, suggesting a need for more balanced industry allocation [1][5][6] - The report indicates that the TMT sector has seen a significant increase in fund allocation, with a rise of 11.20 percentage points to 39.85%, marking a historical peak [5][6] - The report recommends focusing on sectors with better cost-performance ratios, particularly in TMT and other high-performing industries [7] Group 2 - The "14th Five-Year Plan" emphasizes strategic stability, risk response, and efficiency improvement, indicating a focus on maintaining competitive advantages in international markets [9][10] - The report outlines that the North Exchange is entering a strategic opportunity period, with a focus on product innovation and market vitality enhancement [14][16] - The North Exchange aims to support innovative small and medium enterprises and enhance market openness through various reforms [14][16] Group 3 - The report on Huace Navigation indicates that the company has shown robust performance in its core business, with a projected net profit of 7.3 billion, 9.5 billion, and 12.1 billion yuan for 2025-2027 [3][20] - The company has experienced significant growth in overseas markets, contributing to its overall revenue and profit increase [18][20] - The report notes that Huace Navigation's gross profit margin has improved, reaching 60.4% in the first three quarters of 2025 [19] Group 4 - The report on Jucheng Co. highlights a significant increase in revenue and net profit, with a 21.29% year-on-year growth in revenue for the first three quarters of 2025 [22][24] - The company has successfully expanded its high-value product offerings, leading to improved profitability [23][24] - The report emphasizes the importance of R&D investment, which reached a historical high of 1.46 billion yuan in the first three quarters of 2025 [23] Group 5 - The report on Tianhe Pharmaceutical indicates a gradual improvement in its fundamentals, with a notable increase in net profit for the third quarter of 2025 [41][43] - The company is focusing on international expansion and enhancing its service capabilities through strategic acquisitions [42][43] - The report projects significant revenue growth for Tianhe Pharmaceutical, with expected revenues of 71.93 billion, 79.78 billion, and 90.86 billion yuan for 2025-2027 [43]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 9.933 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 42.5%, and a net profit attributable to shareholders of 1.753 billion yuan, up 60.4% year-on-year [1][7] - The copper mining business is experiencing accelerated growth, with a copper production of 24,600 tons in Q3 2025, a 12.2% increase from the previous quarter [2] - The mining service business is expected to continue its growth trajectory, with a revenue of 5.26 billion yuan in the first three quarters of 2025, a 7.9% increase year-on-year [3] Summary by Sections Revenue and Profit - For Q3 2025, the company achieved a revenue of 3.617 billion yuan, a year-on-year increase of 34.1% and a quarter-on-quarter increase of 3.2% [1] - The net profit for Q3 2025 was 642 million yuan, reflecting a year-on-year increase of 33.7% but a quarter-on-quarter decrease of 6.8% [1] Resource Business - The resource business generated a revenue of 4.57 billion yuan in the first three quarters of 2025, marking a significant year-on-year increase of 131.3% [2] - The gross profit from the resource business was 2.23 billion yuan, with a gross margin of 48.9% [2] - The company anticipates that ongoing projects, such as the Lu Ban Bi copper mine and the San Matias project in Colombia, will contribute to future growth [2] Mining Service Business - The mining service segment reported a revenue of 5.26 billion yuan in the first three quarters of 2025, with a gross profit of 1.2 billion yuan and a gross margin of 22.7% [3] - The company is actively restoring production at the Kamoa-Kakula copper mine and expects the Komakau copper mine to gradually ramp up operations [3] - The acquisition of Terra Mining is expected to improve profitability over time, despite initial pressure on margins [3] Earnings Forecast - The company projects EPS of 3.87, 4.68, and 5.45 yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 17, 14, and 12 [3]

Core Insights - The company reported Q3 2025 results with revenues, net profit attributable to shareholders, and net profit excluding non-recurring items at 1.4552 billion, 653 million, and 643 million yuan respectively, showing year-on-year growth of 55.92%, 0.54%, and 5.49% [1] - In Q3 2025, the company achieved revenues, net profit attributable to shareholders, and net profit excluding non-recurring items of 540.1 million, 149 million, and 161 million yuan respectively, reflecting year-on-year changes of +44.14%, -36.93%, and -29.69% [1] - Profit performance was impacted by expenses and impairment provisions, with a credit impairment provision of 70 million yuan in Q3 2025, which affected overall profitability [1] Financial Performance - The company's gross profit margin in Q3 2025 was 20.07%, a decrease of 0.8 percentage points year-on-year, indicating relatively stable profitability [1] - Management expenses increased by 86 million yuan quarter-on-quarter, attributed to higher depreciation and overseas travel costs [1] Business Segment Insights - The mining service business faced revenue growth challenges due to declines in coal production in Xinjiang and overseas projects, with coal production in Xinjiang down by 13.8%, 10.5%, and 6.9% year-on-year for July to September 2025 [2] - The company has over 35 billion yuan in hand orders for its mining service business as of October 2025, with expectations for revenue recovery in Q4 due to a rebound in coal prices and narrowing production declines [2] - Accounts receivable, inventory, and contract assets grew significantly, with year-on-year increases of 93.86%, 288.71%, and 44.25% respectively [2] Profit Forecast and Investment Rating - The company is projected to achieve revenues of 19.131 billion, 22.274 billion, and 26.286 billion yuan for 2025-2027, with year-on-year growth rates of 40.13%, 16.43%, and 18.01% respectively [3] - Net profit attributable to shareholders is expected to be 1.047 billion, 1.260 billion, and 1.558 billion yuan for the same period, with growth rates of 16.68%, 20.30%, and 23.64% respectively [3] - The current stock price corresponds to PE ratios of 28, 23, and 19 for 2025-2027, maintaining a "strong buy" rating [3]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company's Q3 performance was below expectations, with total revenue of 54.01 billion yuan in Q3 2025, a year-on-year increase of 44%, but a quarter-on-quarter decrease of 2% [8] - The company has a strong order backlog exceeding 35 billion yuan in mining services, with significant growth in the Xinjiang and Tibet regions [8] - The defense equipment sector is entering a growth phase, supported by recent acquisitions and partnerships [8] Financial Data and Profit Forecast - Total revenue projections for 2025 are 22.22 billion yuan, with a year-on-year growth rate of 62.8% [2] - The forecasted net profit attributable to shareholders for 2025 is 1.01 billion yuan, reflecting a 13% increase from the previous year [2] - Earnings per share (EPS) are projected to be 1.34 yuan for 2025, with a price-to-earnings (PE) ratio of 29 [2] Market Data - As of October 23, 2025, the closing price of the stock was 38.12 yuan, with a market capitalization of 25.17 billion yuan [3] - The company has a price-to-book ratio of 4.3 and a dividend yield of 1.71% [3] - The stock has experienced a 52-week high of 45.78 yuan and a low of 24.29 yuan [3]