在京会见武契 奇，粤企广东宏 大加快出海步伐 _南方+_南方 plus 9月3日，来华访 问的塞尔维亚总 统亚历山大·武 契奇在北京会见 广东宏大控股集 团股份有限公司 总经理张耿城一 行，并就广东宏 大在塞国相关业 务合作和可持续 发展进行了交 流。中国驻塞尔 维亚大使李明等 陪同会见。 图片来源：广东宏大控股集团股份有限公司 会谈中，武契奇 总统高度肯定广 东宏大在塞公司 业内的实力和地 位，塞尔维亚政 府愿意在民爆、 矿服等领域开展 更深更广的合 作，希望双方继 续保持密切合 作，加快相关项 目洽谈进度，共 同推动广东宏大 在塞业务得到更 好发展。 广东宏大控股集 团股份有限公司 总经理张耿城感 谢武契奇总统的 盛情邀请，对塞 尔维亚政府长期 关心帮助广东宏 大发展表示最诚 挚的谢意。张耿 城还介绍了广东 宏大民爆、矿服 和能化等业务板 块最新进展，结 合塞尔维亚实际 提出矿业开发、 工程规划、产能 及项目为巩固塞 中两国全面战略 伙伴关系、推动 当地经济社会发 展所作的贡献。 武契奇表示，基 于广东宏大在行 现代化改造、技 术转移等方案， 同武契奇总统就 广东宏大在塞公 司和项目经营发 展交换意见，表 ...

Group 1: Snow Peak Technology (603227) - The company is positioned as a leader in the civil explosives and chemical industry in Xinjiang, with a dual business layout of "civil explosives + chemicals" [10][12] - Revenue forecasts for 2025-2027 are projected at 6.582 billion, 7.665 billion, and 8.613 billion yuan, with corresponding net profits of 545 million, 820 million, and 1.035 billion yuan, indicating growth rates of -19%, 51%, and 26% respectively [12] - The company benefits from a significant regional advantage in Xinjiang, where the scarcity of ammonium nitrate is highlighted, and the entry of Guangdong Hongda is expected to facilitate the scale-up of explosives production [12] Group 2: Meituan (03690) - The company maintains a "buy" rating despite a decrease in profits due to increased competition in the food delivery and instant retail sectors, with adjusted net profits for 2025-2027 revised to -4.5 billion, 38.5 billion, and 57.6 billion yuan [11][15] - The core local business revenue grew by 7.7% year-on-year to 65.3 billion yuan, but operating profit fell by 75.6% to 3.7 billion yuan, indicating significant pressure on profit margins [13][15] - The company is actively expanding its logistics network and enhancing service quality, with a peak daily order volume exceeding 150 million in July [13][15] Group 3: Banking Sector Insights - Industrial Bank (601166) reported a revenue of 110.5 billion yuan in 1H25, a decrease of 2.3%, but net profit increased by 0.2% to 43.1 billion yuan, indicating a recovery in profitability [17][19] - CITIC Bank (601998) achieved a revenue of 105.8 billion yuan in 1H25, down 3%, while net profit rose by 2.8% to 36.5 billion yuan, reflecting stable asset quality [21][23] - Su Nong Bank (603323) reported a slight revenue increase of 0.2% to 2.28 billion yuan in 1H25, with net profit growing by 5.2% to 1.18 billion yuan, showcasing a robust fundamental performance [25][26]

Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company reported a revenue of 9.15 billion yuan for the first half of 2025, representing a year-on-year increase of 63.8%, and a net profit attributable to shareholders of 500 million yuan, up 22.0% year-on-year [2][8]. - The acquisition of 60% of Dalian Changzhilin Technology Co., Ltd. for 1.02 billion yuan is expected to enhance the company's defense equipment segment and overall competitiveness in the military industry [14]. Financial Performance - In Q2 2025, the company achieved a revenue of 5.5 billion yuan, a year-on-year increase of 64.9% and a quarter-on-quarter increase of 50.4% [2][8]. - The company's mining service revenue for the first half of 2025 was 6.44 billion yuan, a year-on-year growth of 48.7% [14]. - The gross margin for the mining service segment was 16.5%, a decrease of 1.9 percentage points year-on-year [14]. Business Segments - The company’s revenue from civil explosives products reached 1.38 billion yuan, a year-on-year increase of 40.31%, primarily due to the consolidation of Changzhilin's revenue [14]. - The overseas business revenue totaled 720 million yuan, accounting for 7.9% of total revenue, with an 18.9% year-on-year growth [14]. Future Outlook - The company expects net profits attributable to shareholders to be 1.13 billion yuan, 1.34 billion yuan, and 1.69 billion yuan for the years 2025, 2026, and 2027, respectively [14].

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Investment Rating - The investment rating for the company is "Outperform the Market" [5][24]. Core Viewpoints - The company's mining service business drives steady growth in revenue and profit, with 2024 revenue reaching 13.652 billion yuan, a year-on-year increase of 17.6%, and net profit attributable to shareholders of 898 million yuan, up 25.4% [1][8]. - The company is actively integrating explosive production capacity and optimizing its layout, having acquired controlling stakes in two companies, which will increase its explosive capacity to 697,500 tons per year, ranking it among the top two in the country [1][14]. - The company has a balanced service across various mineral types, with current mining service orders exceeding 30 billion yuan, and a significant market share in the domestic blasting service sector [2][15]. - The overseas business has shown robust growth, with revenue increasing by 43.66% in 2024, contributing to an increasing share of total revenue [2][22]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 13.652 billion yuan, a 17.6% increase year-on-year, and a net profit of 898 million yuan, reflecting a 25.4% growth [1][8]. - The mining business generated 10.811 billion yuan in revenue, up 21.01%, with a gross margin of 17.72% [9]. - The explosive materials sales business reported revenue of 2.309 billion yuan, a slight increase of 1.18%, while the defense equipment business saw a significant rise of 88.03% in revenue [9][23]. Business Segments - The mining service business focuses on large projects and clients, with the top five clients accounting for 45.70% of revenue [2][15]. - The company has expanded its explosive production capacity through acquisitions, enhancing its market position in the explosive materials sector [14][11]. - The defense equipment segment has also seen growth due to increased deliveries and acquisitions, contributing positively to overall performance [23]. Market Position and Strategy - The company ranks first in domestic blasting service revenue with a market share of 31.95%, an increase of 4.39 percentage points from the previous year [2][15]. - The overseas business is expanding, with significant investments in Zambia and Peru to support local mining projects and enhance market presence [22][24]. - The company is well-positioned to capitalize on the growing demand for mining services and explosive materials, supported by a strong order backlog and strategic acquisitions [15][24].