点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 民爆一体化区域龙头，上半年发展稳步向前 公司是江西省唯一的民爆生产企业，渠道覆盖江西省、粤东地区。上半年，公司实现销售工业包装炸药 5.53万吨，营业收入3.32亿元；销售电子雷管1123.68万发，营业收入1.44亿元；爆破一体化服务收入2.10 亿元。公司积极推进民爆主业适度扩张，2025年成功收购控股子公司龙狮科技49%股权使之成为全资子公 司。同时，公司大力拓展泛民爆业务，新产品研发有序推进。上半年，公司业务市场拓展与区域布局成效 显著，电子雷管产品成功进驻西藏市场，基本形成全国销售布局。 含能新材料项目进展顺利，上半年已产出合格产品 2024年5月公司公告，对全资孙公司九江国泰增资3.4亿元，用于建设年产3000吨-4300 ...

2025 年 8 月 22 日 公司研究 民爆业务发展稳步向前，含能新材料项目进展顺利 ——国泰集团（603977.SH）2025 年半年报点评 要点 事件：公司发布 2025 年半年度报告。公司 2025 年上半年实现营业收入 10.59 亿元，同比下降 6.03%；实现归母净利润 1.21 亿元，同比下降 11.14%。上半 年经营活动产生的现金流量净额为 1.42 亿元，同比增长 16.73%。根据公告， 上半年公司业绩下滑主要有三方面原因。控股子公司江西宏泰物流项目验收后， 计提折旧费用和财务费用增加；控股子公司江西永宁受高氯酸钾生产行业竞争加 剧影响，业绩同比出现下滑；上年同期收到省级工业发展专项计划资金 1000 万 元，本年计入当期损益的政府补助较上年减少。 民爆一体化区域龙头，上半年发展稳步向前。公司是江西省唯一的民爆生产企业， 渠道覆盖江西省、粤东地区。上半年，公司实现销售工业包装炸药 5.53 万吨， 营业收入 3.32 亿元；销售电子雷管 1123.68 万发，营业收入 1.44 亿元；爆破一 体化服务收入 2.10 亿元。公司积极推进民爆主业适度扩张，2025 年成功收购控 股子公司龙 ...

Group 1 - The A-share market has seen increased research interest in military industry concept stocks since May, with Jiangxi Guotai Group focusing on strengthening its integrated civil explosives industry and military new materials as a new growth engine [1] - In Q1 2025, Jiangxi Guotai Group reported revenue of 483 million yuan, a year-on-year decrease of 1.26%, while its net profit after deducting non-recurring items was 39.66 million yuan, an increase of 17.09% year-on-year [1] - The domestic civil explosives industry is showing a stable recovery, with increased demand and production, and Jiangxi Guotai Group's performance is better than the national average [1] Group 2 - Jiangxi Guotai Group is one of the most comprehensive manufacturers of civil explosive materials in China, with its products fully covering Jiangxi province [2] - The civil explosives industry is expected to see significant growth due to ongoing infrastructure projects, with a trend towards increased industry concentration and the adoption of digital electronic detonators [2] - The future may see the emergence of 3 to 5 large civil explosive groups with strong international competitiveness, optimizing product structure and capacity layout [2] Group 3 - The global military new materials market is steadily growing, driven by the increasing demands of modern military equipment [3] - Jiangxi Guotai Group's military new materials business is primarily conducted through its subsidiaries, focusing on tantalum and niobium products, with stable production of metallurgical-grade tantalum and niobium oxides [3] - High-purity niobium is crucial for superconducting magnets in nuclear fusion devices, indicating a significant application potential in advanced scientific fields [3] Group 4 - Jiangxi Guotai Group is set to make significant breakthroughs in energetic new materials, with a planned investment of 340 million yuan to build a production line for flexible energetic new materials [4] - The market demand for energetic materials is strong, and the new production line is expected to significantly enhance the company's performance and profitability [4] - This project will help bridge the gap between the military new materials and civil explosives industries, creating new growth momentum for the company [4]