型公司 基础化工 疆内民爆能化引领者,宏大入主产业共振在即 投资要点: 财务数据及盈利预测 | | 2024 | 2025H1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 6,101 | 2,679 | 6,582 | 7,665 | 8,613 | | 同比增长率(%) | -13.1 | -5.0 | 7.9 | 16.4 | 12.4 | | 归母净利润（百万元） | ୧୧୫ | 233 | 545 | 820 | 1,035 | | 同比增长率(%) | -21.7 | -40.6 | -18.5 | 50.5 | 26.2 | | 每股收益(元/股) | 0.62 | 0.22 | 0.51 | 0.77 | 0.97 | | 毛利率(%) | 23.2 | 19.7 | 19.5 | 23.0 | 25.2 | | ROE (%) | 13.6 | 4.7 | 10.4 | 13.7 | 15.1 | | 市零率 | 16 | | 20 | 13 | 10 | "净资产收益率" 是指摊 ...

投资要点： 上 市 公 司 财务数据及盈利预测 基础化工 | | 2024 | 2025H1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,101 | 2,679 | 6,582 | 7,665 | 8,613 | | 同比增长率（%） | -13.1 | -5.0 | 7.9 | 16.4 | 12.4 | | 归母净利润（百万元） | 668 | 233 | 545 | 820 | 1,035 | | 同比增长率（%） | -21.7 | -40.6 | -18.5 | 50.5 | 26.2 | | 每股收益（元/股） | 0.62 | 0.22 | 0.51 | 0.77 | 0.97 | | 毛利率（%） | 23.2 | 19.7 | 19.5 | 23.0 | 25.2 | | ROE（%） | 13.6 | 4.7 | 10.4 | 13.7 | 15.1 | | 市盈率 | 16 | | 20 | 13 | 10 | 注： "净资产收益率"是指摊薄后归属于母公司所有者的 ROE ...

市公司 其础化工 2025 年 08 月 23 日 一东宏大 (002683) 并表雪峰民爆规模再上台阶，矿服高成长持续兑现, 军工并购力度加大 报告原因: 有业绩公布需要点评 增持(维持) | 市场数据: | 2025 年 08 月 22 日 | | --- | --- | | 收盘价（元） | 35.50 | | 一年内最高/最低（元） | 40.99/17.66 | | 市净率 | 4.0 | | 股息率%（分红/股价） | 1.83 | | 流通 A | 23,444 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | 注："股息率"以最近一年已公布分红计算 | | 李绍程 A0230525070002 lisc@swsresearch.com 联系人 任本 (8621)23297818× renjie@swsresearch.com | 基础数据: | 2025年06月30日 | | --- | --- | | 每股净资产（元） | 8.80 | | 资产负债率% | 51.61 | | 总股本/流通 A 股 (百万) | 760/660 | | 流通 B 股/H 股 (百 ...

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 | | | ...

基础化工/化学制品 雅化集团（002497.SZ） Q2 锂价下行拖累公司业绩，看好公司长期成长 2025 年 08 月 22 日 投资评级：买入（维持） | 日期 | 2025/8/21 | | --- | --- | | 当前股价(元) | 14.00 | | 一年最高最低(元) | 16.65/7.98 | | 总市值(亿元) | 161.36 | | 流通市值(亿元) | 148.20 | | 总股本(亿股) | 11.53 | | 流通股本(亿股) | 10.59 | | 近 3 个月换手率(%) | 340.9 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2024-08 2024-12 2025-04 雅化集团 沪深300 相关研究报告 《Q1 利润同比大幅增长，锂精矿自给 率提升在即—公司信息更新报告》 -2025.5.7 《锂业+民爆"双主业"并行，未来业 绩增长可期—公司首次覆盖报告》 -2025.2.25 | 金益腾（分析师） | 蒋跨跃（分析师） | 李思佳（分析师） | | --- | --- | --- | | jinyiteng@kysec.c ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][25]. Core Views - The company's revenue and profit have significantly increased due to the expansion of its mining service business and the consolidation of Xuefeng Technology, with a revenue of 9.15 billion yuan in the first half of 2025, representing a year-on-year growth of 63.83%, and a net profit of 504 million yuan, up 22.05% [1][9]. - The company is focusing on expanding its civil explosives production capacity, achieving a revenue of 1.38 billion yuan in the civil explosives segment, a year-on-year increase of 40.31%, with a gross margin of 36.35% [1][10]. - The mining service segment has a strong order backlog of over 35 billion yuan, with significant revenue growth in key markets such as Xinjiang and Tibet [2][17]. - The company is actively pursuing overseas business opportunities, with international revenue reaching 718 million yuan, a growth of 18.87% year-on-year, and plans to expand into markets in Asia, South America, Europe, and Africa [2][18]. - The company is transitioning towards military industry, with plans to acquire a 60% stake in Dalian Changzhilin, which specializes in aviation equipment [3][24]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 9.15 billion yuan, a 63.83% increase year-on-year, and a net profit of 504 million yuan, up 22.05% [1][9]. - The civil explosives segment generated a revenue of 1.38 billion yuan, with a gross margin of 36.35%, while the mining service segment reported a revenue of 6.44 billion yuan, a 48.74% increase [2][10]. Business Expansion - The company is expanding its civil explosives production capacity, currently holding an annual capacity of 725,500 tons, and aims to achieve a million-ton capacity through mergers and acquisitions [1][10]. - The mining service segment has a strong order backlog of over 35 billion yuan, with significant growth in revenue from Xinjiang and Tibet [2][17]. International Operations - The company is enhancing its overseas business, with international revenue of 718 million yuan, representing an 18.87% year-on-year increase, and plans to establish production lines in various regions [2][18]. Strategic Acquisitions - The company is pursuing acquisitions to strengthen its military equipment segment, including the planned acquisition of a 60% stake in Dalian Changzhilin, which focuses on aviation components [3][24]. Earnings Forecast - The earnings forecast for the company has been adjusted upwards, with expected net profits of 1.10 billion yuan, 1.30 billion yuan, and 1.52 billion yuan for 2025, 2026, and 2027 respectively [25].

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][14]. Core Views - The company's main profit contribution in the first half of 2025 came from its civil explosives business, while the lithium segment is expected to recover in the second half due to the ramp-up of self-controlled lithium mines and downstream capacity expansion [3][14]. - The target price for the company is set at 17.00 yuan, reflecting a 20x PE valuation for 2026, considering the expected growth in lithium production and stable demand in the civil explosives sector [14]. Financial Summary - The company achieved total revenue of 34.23 billion yuan in the first half of 2025, a year-on-year decrease of 13.0%, with a net profit attributable to the parent company of 1.36 billion yuan, up 32.9% year-on-year [14]. - The second quarter of 2025 saw revenues of 18.86 billion yuan, down 9.5% year-on-year but up 22.7% quarter-on-quarter, with a net profit of 0.53 billion yuan, down 38.9% year-on-year and 35.4% quarter-on-quarter [14]. - The lithium business faced challenges due to a significant drop in lithium prices, with the average price of battery-grade lithium hydroxide falling by 26.97% year-on-year to 67,401 yuan per ton in the first half of 2025 [14]. Business Segments - The civil explosives segment reported revenue of 14.65 billion yuan in the first half of 2025, a 3.7% increase year-on-year, with a net profit of 2.53 billion yuan, up 2.4% year-on-year [14]. - The company is expected to see improvements in its lithium business in the second half of 2025 as self-controlled mines ramp up production and the price gap in refining improves [14]. - The civil explosives business has a diversified target market, with market shares of 5% and 11% for industrial explosives and electronic detonators, respectively, and a significant presence in the Sichuan region [14].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 2.68 billion yuan for the first half of 2025, a year-on-year decrease of 5.0%, and a net profit attributable to shareholders of 230 million yuan, down 40.6% year-on-year [2][5] - In Q2 alone, the company achieved a revenue of 1.56 billion yuan, a year-on-year decrease of 5.1% but a quarter-on-quarter increase of 38.4% [2][5] - The company's performance in the civil explosives sector faced challenges, with total revenue from blasting services and civil explosive products amounting to 1.03 billion yuan, a decline of 11.8% year-on-year [11] - The chemical products segment also saw a revenue drop of 13.6% year-on-year, attributed to falling prices of key products such as ammonium nitrate and urea [11] - The company is steadily advancing capacity injection from its major shareholder, with recent acquisitions adding 71,000 tons per year of industrial explosive capacity [11] - The company is expected to achieve net profits attributable to shareholders of 640 million yuan, 770 million yuan, and 820 million yuan for the years 2025, 2026, and 2027 respectively [11] Summary by Sections Financial Performance - The company achieved a total revenue of 2.68 billion yuan in H1 2025, with a net profit of 230 million yuan, reflecting a significant decline compared to the previous year [2][5] - Q2 results showed a revenue of 1.56 billion yuan and a net profit of 170 million yuan, indicating a recovery in performance compared to Q1 [2][5] Sector Analysis - The civil explosives sector is experiencing increased competition, leading to a decline in revenue and profit margins [11] - The chemical products segment is under pressure due to falling prices and rising costs of raw materials, particularly natural gas [11] Capacity Expansion - The company is actively expanding its production capacity through acquisitions, which is expected to enhance its revenue and profit potential in the coming years [11]

Core Viewpoint - Jiangnan Chemical has established a strategic partnership with Hubei Chutian Chemical, marking a significant step in the integration of the civil explosives industry in Hubei and enhancing the company's operational capabilities in the region [1][2]. Group 1: Company Formation and Structure - Jiangnan Chutian was officially registered on August 13, with Jiangnan Chemical and its subsidiary holding a combined 51% stake, making it the controlling shareholder [1]. - The joint venture has acquired 90% of Hubei Dongshen Chutian Chemical, which has an industrial explosive production capacity of 30,500 tons [1]. - The partnership also consolidates assets in Central China, with Chutian Chemical holding significant stakes in Jiangnan Chemical's subsidiaries, enhancing overall production capacity [1][2]. Group 2: Capacity and Market Position - Post-integration, Jiangnan Chutian and its subsidiaries will have a total explosive production capacity of 67,500 tons, positioning the company as a leading player in the civil explosives sector [2]. - The collaboration aims to create a new model of deep cooperation among leading enterprises in the civil explosives industry, leveraging strong support from state-owned enterprises [2][3]. Group 3: Strategic Goals and Future Plans - Jiangnan Chemical aims to enhance the quality of the civil explosives industry in Hubei and set a benchmark for cooperation between state-owned and local resources [2][3]. - The company is committed to high-quality development and plans to explore market opportunities while improving its regional layout in the civil explosives sector [3].

Group 1 - The stock price of Guotai Group is reported at 12.58 yuan as of August 15, 2025, reflecting an increase of 0.16% from the previous trading day, with a transaction volume of 1.08 billion yuan [1] - Guotai Group is primarily engaged in the research, production, and sales of civil explosive materials and chemical products, including industrial explosives, detonators, and detonating cords [1] - The company will hold a semi-annual performance briefing on August 22, 2025, with participation from senior executives including Vice Chairman and General Manager Hong Yuhe [1] Group 2 - On August 15, the net outflow of main funds was 14.16 million yuan, with a total net outflow of 41.43 million yuan over the past five days [1]