上 市 公 司 公 司 研 基础化工 2025 年 10 月 12 日 江南化工 (002226) ——拟公开摘牌重庆顺安爆破，外延内生持续推进 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 10 月 10 日 | | --- | --- | | 收盘价（元） | 7.14 | | 一年内最高/最低（元） | 7.61/4.28 | | 市净率 | 1.9 | | 股息率%（分红/股价） | 1.05 | | 流通 A 股市值（百万元） | 18,913 | | 上证指数/深证成指 | 3,897.03/13,355.42 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 3.68 | | 资产负债率% | 41.00 | | 总股本/流通 A 股（百万） | 2,649/2,649 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 10-10 11-10 12-10 01-10 02-10 03-10 04-10 05-10 0 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3][6]. Core Views - The company reported a revenue of 3.423 billion yuan in the first half of 2025, a year-on-year decrease of 13.04%, while the net profit attributable to shareholders was 136 million yuan, an increase of 32.87% year-on-year [1]. - The lithium business faced challenges due to falling prices, with revenue declining by 26.28% to 1.764 billion yuan, resulting in a net loss of 127 million yuan [2]. - The company is expanding its self-owned mining capacity, with the Zimbabwe Kamativi lithium mine expected to produce 280,000 tons of lithium concentrate in 2025, significantly reducing lithium salt costs [3]. - The company is also increasing its lithium salt production capacity, with a total expected capacity of 130,000 tons by the end of 2025 [3]. - The overseas mining service business is seen as a new growth point, with a 25.06% year-on-year increase in revenue from blasting and mining services [3]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 3.423 billion yuan, down 13.04% year-on-year, and a net profit of 136 million yuan, up 32.87% year-on-year [1]. - The second quarter of 2025 saw a revenue of 1.886 billion yuan, a decrease of 9.5% year-on-year but an increase of 22.7% quarter-on-quarter [1]. Business Segments - Lithium Business: Revenue decreased by 26.28% to 1.764 billion yuan, with a net loss of 127 million yuan due to falling lithium prices [2]. - Explosives Business: Revenue increased by 3.7% to 1.465 billion yuan, with a net profit of 253 million yuan, supported by export growth and increased market share in the Sichuan region [2]. Future Outlook - The company expects to achieve net profits of 610 million yuan, 950 million yuan, and 1.39 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 27, 17, and 12 times based on the closing price on August 20 [3][5].

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant growth in both revenue and net profit, driven by its lithium and civil explosives businesses [1][2]. Group 1: Financial Performance - The company achieved operating revenue of 3.423 billion yuan and a net profit attributable to shareholders of 136 million yuan, representing a year-on-year increase of 32.87% [1]. - The civil explosives segment generated operating revenue of 1.465 billion yuan, up 3.7% year-on-year, with a net profit of 253 million yuan, reflecting a 2.4% increase [1]. - The lithium business reported operating revenue of 1.764 billion yuan [1]. Group 2: Business Segments - The company is a major producer of lithium salt products, particularly battery-grade lithium hydroxide, and has established long-term partnerships with leading global automotive and battery manufacturers [2]. - The civil explosives segment is a leading player in China, with significant production capacity and a strong market presence in regions with high demand [2]. - The company has a competitive advantage in the lithium sector, with 91% of its lithium business revenue coming from top-tier clients [2]. Group 3: Strategic Outlook - The company plans to enhance lithium recovery rates and improve the quality of its lithium concentrate while optimizing production processes to reduce costs [3]. - In the civil explosives sector, the company aims to expand sales in key regions and pursue international development strategies to boost overseas sales [3]. - The company is focused on maintaining its competitive edge through innovation and strategic market expansion [3].

智通财经7月23日电，金奥博在互动平台表示，公司的民爆产品主要有乳化炸药、膨化炸药、铵油炸 药、数码电子雷管、工业电雷管、导爆管雷管和塑料导爆管等，可满足国内外矿山开采、隧道开挖、城 市拆除爆破和基础设施建设等绝大多数爆破作业环境的需要。公司目前在西藏市场有相关装备、工艺技 术、原材料和民爆产品业务。公司将把握相关政策带来的市场机遇，继续优化产品和服务，积极参与雅 鲁藏布江下游水电站建设工程项目，做好充分准备工作。 金奥博：将积极参与雅鲁藏布江下游水电站建设工程项目 ...

Group 1: Company Overview - The company operates in two main industries: lithium and civil explosives [2] - In the lithium industry, the company has two lithium mines and three production bases, ensuring stable resource supply [2] - The civil explosives segment has a production capacity of over 260,000 tons for industrial explosives and nearly 90 million detonators, ranking fourth in the industry [2] Group 2: Financial Performance - In 2024, the company achieved a net profit of 257 million yuan, a year-on-year increase of 539.36% [3] - The growth was driven by stable demand from long-term lithium salt customers and effective resource matching in production and sales [3] Group 3: Lithium Production Capacity - The company currently has a total lithium salt production capacity of 99,000 tons, including 63,000 tons of lithium hydroxide and 36,000 tons of lithium carbonate [3] - By the end of 2025, the total lithium salt production capacity is expected to reach nearly 130,000 tons [3] Group 4: Lithium Resource Security - The company has established a diversified resource security system through self-controlled and purchased minerals [4][5] - The Kamativi lithium mine in Zimbabwe has a processing capacity of 2.3 million tons of raw ore annually [5] Group 5: Customer Base - The company has a strong customer base, with top clients accounting for 90% of revenue, including major companies like TESLA and CATL [6] - Long-term agreements with these clients support future production capacity release [6] Group 6: Overseas Business Development - The company has developed a robust overseas expansion capability, with operations in New Zealand, Australia, and Africa [7] - Future growth in overseas mining services will leverage cost and efficiency advantages in the civil explosives sector [7] Group 7: Risk Management - In 2024, the company utilized lithium carbonate futures for hedging against price volatility risks [8] - Future hedging strategies will be aligned with production plans and market conditions to mitigate potential impacts on operations [8]

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company's revenue for 2024 is reported at 7.72 billion, a year-on-year decrease of 35.1%, while the net profit attributable to shareholders is 0.26 billion, showing a significant increase of 539.6% [1][5]. - The stable contribution from the civil explosives business is noted, while the lithium salt business is impacted by falling lithium prices [2][3]. - The company has significant potential with its own lithium mining capacity expected to ramp up, alongside ongoing expansion in lithium salt production [3]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 77.2 billion, down 35.1% year-on-year, with a net profit of 2.6 billion, up 539.6% year-on-year [1]. - For Q4 2024, revenue was 17.9 billion, a decrease of 26.1% year-on-year, while net profit was 1.0 billion, showing a turnaround from losses [1]. - In Q1 2025, revenue was 15.4 billion, down 17.0% year-on-year, but net profit increased to 0.8 billion, up 446.7% year-on-year [1]. Business Segments - The civil explosives business generated revenue of 32.6 billion in 2024, a decline of 4.0% year-on-year, but net profit for Q1 2025 increased by 23.5% [2]. - Lithium salt sales volume in 2024 reached 48,000 tons, up 63.4% year-on-year, but revenue fell to 41.2 billion, down 50.4% due to price declines [2]. Growth Potential - The company has established its own lithium mining operations in Zimbabwe and Namibia, with significant production capacity expected to come online [3]. - The lithium salt production capacity is projected to expand to nearly 130,000 tons by the end of 2025, with key customers including Tesla and CATL [3]. - The overseas mining service business is anticipated to grow, leveraging cost advantages in civil explosives [3]. Earnings Forecast - The forecast for net profit attributable to shareholders is 5.5 billion for 2025, 8.5 billion for 2026, and 10.6 billion for 2027, with corresponding PE ratios of 24, 15, and 12 [5][9].

Financial Performance - In 2024, the company achieved operating revenue of CNY 7.716 billion, a year-on-year decrease of 35.14% [2] - Net profit attributable to shareholders was CNY 257 million, an increase of 539.36% year-on-year [2] - In Q1 2025, operating revenue was CNY 1.537 billion, down 17.03% year-on-year [2] - Net profit attributable to shareholders for Q1 2025 was CNY 82.464 million, up 452.32% year-on-year [2] - Total assets at the end of Q1 2025 were CNY 14.070 billion, with net assets attributable to shareholders at CNY 10.589 billion [2] Business Overview Lithium Industry - The company entered the lithium industry in 2013 and currently operates two lithium mines: Sichuan Lijiagou and Zimbabwe's Kamativi [3] - It has three production bases for lithium salt products, with a total lithium hydroxide capacity of 63,000 tons and lithium carbonate capacity of 36,000 tons [5] - A new lithium hydroxide production line of 30,000 tons is expected to be completed in 2025, increasing total lithium salt capacity to nearly 130,000 tons [5] Explosives Industry - The company has an industrial explosives production capacity of over 260,000 tons and nearly 90 million detonators [4] - It actively participates in industry consolidation and has expanded its business across various regions, including Sichuan, Xinjiang, Tibet, and others [4] - The company provides approximately 70% of the explosive products for the Sichuan section of the Sichuan-Tibet Railway [10] Resource Management Lithium Resource Control - The company holds a 68% controlling interest in the Kamativi lithium mine, with an annual processing capacity of 2.3 million tons of lithium ore [7] - The self-sufficiency rate for lithium concentrate is expected to improve in Q2 2025 as production ramps up [9] Customer Base - The company has established strong relationships with major clients in the lithium sector, including Tesla, Panasonic, and CATL [8] - A significant portion of the company's orders comes from overseas clients, indicating a robust international market presence [8] Overseas Expansion - Since acquiring New Zealand's Red Bull Company in 2013, the company has developed a strong capability for overseas expansion [11] - It aims to leverage its cost and efficiency advantages in the explosives sector to enhance its business in Africa and Australia [12]

Group 1: Company Overview - Sichuan Yahua Industrial Group Co., Ltd. operates in two main industries: lithium and civil explosives [2][3] - The company entered the lithium industry in 2013 and currently owns two lithium mines: Li Jiagou in Sichuan and Kamativi in Zimbabwe [2] - The civil explosives segment has a production capacity of over 260,000 tons for industrial explosives and nearly 90 million detonators [3] Group 2: Lithium Production Capacity - Current lithium hydroxide production capacity is 63,000 tons, and lithium carbonate capacity is 36,000 tons [4] - A new lithium hydroxide production line with a capacity of 30,000 tons is expected to be completed in 2025, bringing total lithium salt capacity to nearly 130,000 tons [4] Group 3: Customer Contracts and Market Position - The company has established long-term contracts with major clients such as TESLA, LGES, and CATL, which supports the pricing of lithium products [5] - A significant portion of the company's orders comes from overseas clients, providing price stability for lithium products [5] Group 4: Resource Security and Expansion - The Kamativi lithium mine is projected to reach an annual processing capacity of 2.3 million tons by 2025, reducing reliance on external mineral purchases [7] - The company aims to expand its mining capacity to 3.3 million tons per year to enhance its resource base for sustainable growth [7] Group 5: International Business Development - Since acquiring New Zealand's Red Bull Company in 2013, the company has developed a strong international presence in the mining service sector [8] - Future plans include expanding civil explosives operations in Africa and Australia to drive growth in overseas mining services [8] Group 6: Risk Management Strategies - In 2024, the company utilized lithium carbonate futures for hedging against price volatility, aiming to mitigate risks associated with market fluctuations [9] - Ongoing plans to engage in hedging activities will continue to protect against potential impacts from raw material price volatility [9]

Investment Rating - The report does not explicitly state an investment rating for the chemical products industry or the specific company being analyzed [1]. Core Insights - The company has established a dual main business structure focusing on civil explosives and lithium industries, with over 70 wholly-owned and controlled subsidiaries across various regions including China and several countries like New Zealand and Zimbabwe [17][18]. - The lithium segment has seen significant development, with the company entering the lithium industry in 2013 and currently owning two lithium mines, ensuring a stable supply of lithium resources through various agreements [17][18]. - The civil explosives segment boasts a production capacity of over 260,000 tons for industrial explosives and nearly 90 million detonators, positioning the company as a leading player in the industry [17]. Summary by Sections 1. Company Overview - The company was founded in 1952 and has expanded through acquisitions in the civil explosives and lithium sectors, with operations in multiple countries [17]. 2. Lithium Industry Overview - The company has two lithium mines: the Sichuan Lijiagou and the high-quality Kamativi lithium mine in Zimbabwe, with production bases for lithium salt products [17][18]. - The company is expanding its lithium salt production capacity, with a projected total capacity of nearly 130,000 tons after the completion of new production lines [18]. 3. Civil Explosives Overview - The company has a comprehensive range of products in the civil explosives sector, actively participating in industry consolidation to maintain its competitive edge [17][18]. 4. Lithium Resource Layout - The company has secured lithium resources through various channels, including partnerships and long-term agreements with major clients like TESLA and LGES, ensuring a stable demand for its lithium products [19]. 5. Overseas Business Development - The company has developed a robust overseas business model, particularly in the civil explosives sector, leveraging its cost advantages and regional presence in Africa and Australia [19].