民爆用品 壶化股份（003002.SZ） 买入-B(首次) 山西民爆龙头，西部项目引领发展新征程 2025 年 12 月 1 日 公司研究/深度分析 公司近一年市场表现 投资要点： 一体化大型民爆企业，产能位居行业前列。公司是一家集民用爆破器材 研发、生产、销售、进出口、爆破服务于一体的大型民爆企业。拥有从民爆 上游原材料研发生产，到下游专业爆破服务的完整产业链条，已形成"民爆、 出口、爆破、军工"四大产业版块。拥有数码电子雷管产能 5880 万发、工业 炸药产能共计 11.4 万吨、工业雷管产能 2000 万发、起爆具产能 2300 吨。 市场数据：2025 年 11 月 28 日 经营稳中有增，财务持续稳健。2020-2024 年，公司收入从 5.56 亿元增 至 11.01 亿元，CAGR 为 25.58%；归母净利润由 0.97 亿元增至 1.4 亿元，CAGR 为 13.01%。2024 年在国内经济景气度低迷、民爆行业缩量下行的严峻形势下， 收入、利润均保持在健康合理的空间。2025 上半年，公司出口市场和省外市 场拓展增幅较大，主营产品雷管、炸药、起爆具产销量均显著提升。前三季 度公司实现营业收 ...

Core Insights - Shanxi Huhua Group Co., Ltd. has officially relocated its global business operations hub to Hainan Free Trade Port, marking a significant strategic move for the company [1] - The establishment of the Hainan International Center is based on the company's assessment of the policy benefits offered by the Hainan Free Trade Port [1][2] - The company has experienced strong export growth, with a 213% year-on-year increase in export volume for the first three quarters of 2025, setting a historical record for the same period [1] Company Strategy - The Hainan International Center will focus on four core functions: import and export of explosive products and raw materials, cross-border trade of non-explosive machinery and equipment, investment in overseas production bases, and integrated blasting engineering services [2] - The strategic layout aligns with the policy advantages of Hainan Free Trade Port, which include a relaxed import-export management system and a favorable corporate income tax rate of 15% for encouraged enterprises [2] Industry Context - The move comes amid accelerated consolidation in the explosive industry, with recent policies from the Ministry of Industry and Information Technology supporting leading explosive companies in participating in the Belt and Road Initiative and expanding exports of high-end products like electronic detonators [2] - As a pioneer in the production of digital electronic detonators and other advanced explosive products, the company aims to use Hainan as a strategic base to expand its overseas business footprint and enhance its global presence [2]

Group 1: Company Performance - Total revenue for the first half of 2025 reached 4.713 billion CNY, a year-on-year increase of 20.42% due to high-quality development and market investment [3] - Net profit attributable to shareholders was 409 million CNY, up 16.43% year-on-year, while the net profit excluding non-recurring items was 400 million CNY, reflecting a 17.60% increase [3] - Operating cash flow reached 531 million CNY, a significant increase of 587.20% year-on-year, attributed to optimized settlement methods and improved accounts receivable management [3] Group 2: Industry Outlook - The civil explosives industry is expected to benefit from strong demand in downstream coal and non-ferrous metal sectors, maintaining a high level of prosperity [3] - In the first half of 2025, industrial explosive production was 2.0839 million tons, a slight increase of 0.20%, while on-site mixed explosives production reached 789,700 tons, up 1.50% [3] - Domestic coal production from January to June 2025 was approximately 2.405 billion tons, reflecting a year-on-year growth of 5.4% [3] Group 3: International Expansion - The company is actively responding to the "Belt and Road" initiative, expanding its international business in countries like Liberia, Namibia, Pakistan, and Malaysia [4] - Future plans include deepening cooperation with domestic and foreign mining enterprises and enhancing market development in key regions such as Africa and Latin America [4] Group 4: Capacity and Investment - The company has established a production capacity of 25,000 tons of industrial explosives in Tibet, aligning with national strategies for high-quality development in the region [4] - In the first half of 2025, the company acquired Henan Songguang Explosives, adding 60,000 tons of industrial explosive capacity [5] - The company’s revenue from blasting services reached 3.551 billion CNY, a year-on-year increase of 28.49%, indicating strong growth in this segment [6] Group 5: Regional Performance - Revenue from the northwest region reached 2.353 billion CNY, a year-on-year increase of 38.56%, while the southwest region's revenue was 739 million CNY, up 20.09% [6] - The gross profit margin in the central region improved by 3.57% due to increased market demand and effective cost control measures [6]

Group 1 - The core viewpoint of the article highlights the significant opportunities arising for companies in the hydropower industry chain, particularly for blasting companies like Yipuli, as major hydropower projects in Tibet commence [1] - Yipuli, established in 1993 alongside the Three Gorges Project, has become a leading expert in hydropower blasting, completing nearly 70% of the blasting work for the Three Gorges Project [1][2] - The construction of the Three Gorges permanent ship lock marked a turning point for Yipuli, which undertook the excavation of approximately 40 million cubic meters of earth and rock, showcasing its advanced blasting techniques [2] Group 2 - Yipuli achieved a 100% quality acceptance rate and an 82.6% excellent rate for the first phase of the Three Gorges permanent ship lock excavation, meeting all design requirements [3] - In 1999, Yipuli contributed to the Three Gorges Project by supplying sand and gravel, while also innovating a blasting block size prediction model based on neural networks, enhancing the precision of excavation quality control [4] - The introduction of on-site mixed loading explosives for underground blasting marked a significant advancement for Yipuli, allowing for effective blasting in complex underground structures [5] Group 3 - Yipuli's innovative techniques, such as the VCR mining method, enabled the safe and rapid penetration of key water diversion shafts, significantly reducing construction time [6] - In 2006, Yipuli undertook the demolition of the Three Gorges Project's RCC cofferdam, achieving record-breaking results in total demolition volume, total explosive quantity, and total segment count [7] - The successful application of digital electronic detonator technology during the demolition of the cofferdam underscored Yipuli's capability to tackle complex engineering challenges, solidifying its position as a leader in the hydropower blasting industry [7]

Core Viewpoint - The report confirms that Shanxi Huhua Group Co., Ltd. has accurately reflected the usage of funds raised from its initial public offering as of March 31, 2025, in accordance with the regulations set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange [2][3]. Fundraising Situation - The company raised a total of RMB 368 million from the issuance of 50 million shares, with a net amount of RMB 340.6 million after deducting issuance costs of RMB 70.4 million [3][5]. - The funds were deposited into a special account on September 14, 2020, and the initial balance was RMB 368 million [3]. Actual Usage of Funds - As of March 31, 2025, the total amount of funds used was RMB 22.4 million, with a change in purpose amounting to RMB 22.4 million, representing 65.84% of the total funds raised [5][6]. - The company has terminated several projects, including the Engineering Technology Research Center and the Powdered Emulsified Explosive Production Line, due to changes in market conditions and regulatory requirements [6][7][9]. Project Performance - The company reported that the expanded production line for emulsified explosives has generated a loss of RMB 283.54 million, which is below the expected benefits by over 20% due to increased competition and lower sales prices [12]. - The electronic detonator automation production line project has been delayed, with the first phase completed but not yet operational [11]. Changes in Fund Usage - The company has decided to redirect remaining funds from terminated projects to new initiatives, including the acquisition of a 98.69963% stake in Hebei Tianning Chemical Co., Ltd. [11][12]. - The remaining unused funds as of March 31, 2025, amounted to RMB 19.37 million, representing 5.69% of the total raised funds [11].

Core Viewpoint - The company Jin Aobo is actively participating in the construction of hydropower station projects in the lower reaches of the Yarlung Tsangpo River, leveraging its expertise in civil explosives to meet market demands [1] Company Overview - Jin Aobo's main civil explosive products include emulsified explosives, expanded explosives, ammonium oil explosives, digital electronic detonators, industrial electric detonators, detonating cords, and plastic detonating cords, which cater to various blasting operations in mining, tunneling, urban demolition, and infrastructure construction [1] - The company currently possesses relevant equipment, technology, raw materials, and civil explosive product operations in the Tibet market [1] Market Strategy - The company aims to seize market opportunities presented by relevant policies, continuing to optimize its products and services [1] - Jin Aobo is preparing thoroughly to engage in the hydropower station construction project, indicating a proactive approach to project involvement [1]

Core Viewpoint - The acquisition of 21% of Xuefeng Technology by Guangdong Hongda is expected to create a win-win situation, enhancing scale advantages, improving valuation, and accelerating industry consolidation [1][2][5]. Group 1: Guangdong Hongda - The acquisition allows Guangdong Hongda to enhance its scale advantages and seize market opportunities in Xinjiang [3]. - Guangdong Hongda is a leading integrated company in the mining and civil explosives sector, with a design capacity of 49.4 million tons and a production of 41.6 million tons in 2023, ranking among the top three in the country [3]. - The company has acquired a total capacity of 19.75 million tons in 2024, bringing its total capacity close to 70 million tons, indicating rapid expansion and integration [3]. Group 2: Xuefeng Technology - Xuefeng Technology is the only producer of ammonium nitrate and nitro compound fertilizers in Xinjiang, benefiting from increased demand due to coal mining development [4]. - The company has a design capacity of 11.75 million tons for industrial explosives and a utilization rate of 98%, with significant growth potential in ammonium nitrate production [4]. - The expected asset injection from Guangdong Hongda is anticipated to enhance Xuefeng Technology's valuation and position it as an industry leader [4]. Group 3: Industry Implications - The acquisition reflects the industry's trend towards increased concentration, with the goal of forming 3-5 large integrated civil explosive enterprises with strong industry influence and international competitiveness [5][6]. - The consolidation process among leading companies is expected to accelerate, enhancing their bargaining power and addressing issues of capacity surplus and product structure optimization [6].