丨证券研究报告丨 联合研究丨公司点评丨广东宏大（002683.SZ） [Table_Title] 主业稳健增长，收购长之琳未来可期 报告要点 马太 王贺嘉 张晨晨 徐静 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Summary] 公司发布 2025 半年报，实现收入 91.5 亿元（同比+63.8%），实现归属净利润 5.0 亿元（同比 +22.0%），实现归属扣非净利润 4.8 亿元（同比+26.8%）。其中 Q2 单季度实现收入 55.0 亿元 （同比+64.9%，环比+50.4%），归属净利润 4.1 亿元（同比+21.6%，环比+338.9%），实现归 属扣非净利润 3.9 亿元（同比+22.1%，环比+354.0%）。 分析师及联系人 [Table_Author] SAC：S0490516100002 SAC：S0490520110004 SAC：S0490524080007 SFC：BUT911 SFC：BUX462 1 广东宏大（002683.SZ） cjzqdt11111 [Table_Title2] 主业稳健增长，收购长之琳未来 ...

证券代码：002683 证券简称：广东宏大 2025-006 广东宏大控股集团股份有限公司投资者关系活动记录表 | | 特定对象调研 | 分析师会议 ☐ | | --- | --- | --- | | | 媒体采访 ☐ | 业绩说明会 ☐ | | 投资者关系活动类别 | 新闻发布会☐ ☐ | 路演活动 | | | ☐ 现场参观 | | | | 其他（电话会议） | | | | 方正证券 | 韩宇 | | | 国信证券 | 肖彬、王新航、贺东伟、杨林 | | | 中信证券 | 文锡炜、杨晓宇、张羽鹏 | | | 国投证券 | 宋子豪 | | | 国金证券 | 冯茗馨、任旭欢、孙泽辉、任建斌 | | | 中泰证券 | 曹惠、郝文阳、王鹏 | | | 东北证券 | 上官京杰 | | | 兴业证券 | 吉金、石砾、陈垒、李阳、徐东晓 | | | 长江证券 | 徐静 | | | 天风证券 | 邢颜凝、吴居清、裴子航 | | | 信达证券 | 张润毅 | | | 东吴证券 | 周丹露、高正泰 | | | 湘财证券 | 顾华昊 | | | 民生证券 | 孔厚融、冯鑫 | | | 中邮证券 | 马强、鲍学博 | | | ...

Core Viewpoint - Guangdong Hongda announced its 2025 semi-annual report during the board meeting held on August 21, 2025, highlighting the revenue composition for the first half of 2025 [2]. Revenue Composition - For the first half of 2025, Guangdong Hongda's revenue composition is as follows: - Mining operations accounted for 70.36% - Explosives and other income contributed 15.11% - Energy and chemical business represented 12.85% - Defense equipment made up 0.88% - Other industries accounted for 0.8% [2].

Core Viewpoint - The company plans to acquire 60% of Dalian Changzhilin Technology Co., Ltd. for 1.02 billion yuan, which is seen as a low valuation with high profitability and quality assets [1] Group 1: Acquisition Details - The acquisition of Changzhilin is valued at 1.7 billion yuan, with a projected net profit of 156 million yuan for 2024, resulting in a PE ratio of 10.9X [1] - Changzhilin's net asset value at the end of 2024 is estimated at 1.07 billion yuan, leading to a PB ratio of 1.6X [1] - The net profit margin for Changzhilin in 2024 is projected at 21.3%, significantly higher than the 8.6% margin of Guangdong Hongda [1] Group 2: Industry Position and Product Development - Changzhilin is a leader in the aerospace components sector, with its core product "aerospace clamps" holding the largest market share domestically [2] - The company has achieved breakthroughs in PEEK materials and has developed technologies that replace imports, contributing to the successful first flight of the C919 aircraft [2] - Future development will focus on PEEK material applications and new products in aviation, with significant advancements in polymer materials [2] Group 3: Financial Impact and Performance Commitments - The acquisition is expected to increase business revenue and net profit by 731 million yuan and 93 million yuan, respectively, based on 2024 data [3] - Performance commitments include profit-sharing agreements based on Changzhilin's net profit exceeding certain thresholds from 2025 to 2029 [3][4] - The agreement stipulates that cash flow from operating activities must meet specified ratios to ensure profit distribution [4] Group 4: Strategic Direction and Future Outlook - The acquisition aligns with Guangdong Hongda's strategy to accelerate its transition to the military industry, enhancing synergy between new and existing businesses [4] - The company aims to develop a multi-dimensional military business model, integrating various capabilities in defense equipment [4] - An additional capital increase of 1.62 billion yuan to Hongda Defense is planned to strengthen financial capacity for future growth [4] Group 5: Financial Projections - Revenue projections for 2025-2027 are 17.266 billion, 20.053 billion, and 23.954 billion yuan, reflecting year-on-year growth rates of 26.47%, 16.14%, and 19.45% [5] - Expected net profits for the same period are 1.177 billion, 1.447 billion, and 1.703 billion yuan, with growth rates of 31.09%, 22.92%, and 17.72% [5] - The current stock price corresponds to PE ratios of 24.38, 19.83, and 16.85 for 2025-2027 [5]

Group 1 - Guangdong Hongda announced a cash acquisition of 60% stake in Dalian Changzhilin Technology for 1.02 billion yuan to strengthen its defense equipment sector [1] - Following the acquisition, Hongda Defense will become the controlling shareholder of Changzhilin, with an increased control ratio of 96.25% after an additional capital injection of 1.62 billion yuan [1] - The acquisition aligns with the company's strategic shift towards military industry, enhancing its defense equipment business and improving its financial sustainability [1] Group 2 - In the previous year, Guangdong Hongda fully acquired Jiangsu Hongguang Chemical, expanding its presence in the explosives sector and building a comprehensive military industry chain [2] - The company holds a 65% stake in Guangdong Provincial Military Industry Group, which serves as a key platform for developing military industry in the province, leveraging local resources [2] - The military industry is expected to experience significant growth due to policy support, increasing market demand, and technological innovation, providing Guangdong Hongda with various advantages in this sector [2]

Core Viewpoint - Guangdong Hongda's subsidiary plans to acquire 60% of Changzhilin's equity for 1.02 billion yuan to strengthen its defense equipment sector and enhance financial and operational capabilities [1][2]. Group 1: Acquisition Details - The acquisition will make Hongda Defense the controlling shareholder of Changzhilin, with an increase in ownership from 92.71% to 96.25% after a capital increase of 1.62 billion yuan [2][6]. - The overall valuation of Changzhilin is set at 1.7 billion yuan, with a purchase premium of approximately 98.97% based on a net asset value of 855 million yuan as of March 31, 2025 [3]. Group 2: Company Profile and Financial Performance - Changzhilin specializes in the research and manufacturing of aviation components, holding complete qualifications for military supply, and its products are used by major clients like AVIC and COMAC [3]. - For the fiscal year 2024, Changzhilin's projected revenue and net profit attributable to the parent company are 731 million yuan and 156 million yuan, respectively, resulting in a price-to-earnings ratio of approximately 10.9 times based on the 2024 net profit [4]. - As of March 31, 2025, Changzhilin reported total revenue of 179 million yuan and a net profit of 30 million yuan for the first quarter [5]. Group 3: Guangdong Hongda's Business Overview - Guangdong Hongda, established in 1988, is a state-owned enterprise and a leading provider of integrated blasting services in China, with a significant portion of its revenue derived from mining operations [7]. - In 2024, the defense equipment segment contributed only 3.5 billion yuan, accounting for 2.57% of total revenue, while mining and civil explosives sales made up the majority [7][8]. - The company has experienced rapid growth, with total revenue increasing from 3.21 billion yuan in 2016 to 13.65 billion yuan in 2024, representing a growth rate of over 300% [8].

8月8日晚间广东宏大（002683）公告，为补强公司防务装备板块，提升公司防务板块未来财务和持续经 营能力，公司下属子公司广东宏大防务科技股份有限公司(下称"宏大防务")拟以现金10.2亿元收购大连 长之琳科技股份有限公司(下称"长之琳")60%的股权。 而广东宏大称，截至2025年3月31日，公司资产负债率为50.27%，公司货币资金为29.38亿元。本次收购 所需资金均为公司自有资金，约占公司货币资金的34.72%，可动用的资金足以覆盖本次交易对价，不 会对公司正常经营活动所需流动资金产生重大不利影响，不存在损害公司及全体股东利益的情形。 广东宏大近年来形成防务装备、民爆器材生产与销售、矿山服务、能源化工四大业务板块协同发展的产 业布局。截至2024年12月31日，公司拥有合并工业炸药产能58万吨，位居全国前列，其中混装炸药许可 产能33.6万吨，占比接近58%。2025年2月，公司收购雪峰科技（603227）21%股权事项已完成过户，雪 峰科技成为公司控股子公司，公司拥有的合并工业炸药产能从58万吨提升至69.75万吨。 本次交易完成后，宏大防务将成为长之琳的控股股东。公司董事会授权经营班子与长之琳现有 ...

Core Viewpoint - Guangdong Hongda announced the acquisition of controlling stake in Dalian Changzhilin Technology Co., Ltd. during its board meeting held on August 8, 2025 [2] Group 1: Company Overview - Guangdong Hongda's revenue composition for the year 2024 is as follows: mining accounts for 79.19%, civil explosives and other income for 16.91%, defense equipment for 2.57%, and other industries for 1.33% [2]

Core Viewpoint - Guangdong Hongda (002683) announced on August 8 that its subsidiary Hongda Defense plans to acquire 60% of Dalian Changzhilin Technology Co., Ltd. for a cash consideration of 1.02 billion yuan, which will make Hongda Defense the controlling shareholder of Changzhilin [1] Group 1 - The acquisition is aimed at strengthening the defense equipment business and improving the industrial chain layout [1]

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]