8月27日，雪峰科技盘中下跌2.09%，截至13:19，报9.83元/股，成交2.85亿元，换手率2.96%，总市值 105.35亿元。 分红方面，雪峰科技A股上市后累计派现8.49亿元。近三年，累计派现6.43亿元。 资金流向方面，主力资金净流出4939.61万元，特大单买入1402.91万元，占比4.92%，卖出3864.25万 元，占比13.54%；大单买入6089.70万元，占比21.34%，卖出8567.98万元，占比30.03%。 责任编辑：小浪快报 雪峰科技所属申万行业为：基础化工-化学制品-民爆制品。所属概念板块包括：新疆振兴、天然气、国 资改革、社保重仓、融资融券等。 截至8月10日，雪峰科技股东户数4.29万，较上期减少3.93%；人均流通股22682股，较上期增加4.09%。 2025年1月-6月，雪峰科技实现营业收入26.79亿元，同比减少4.96%；归母净利润2.33亿元，同比减少 40.64%。 雪峰科技今年以来股价涨15.78%，近5个交易日涨10.33%，近20日涨15.11%，近60日涨13.12%。 资料显示，新疆雪峰科技(集团)股份有限公司位于新疆维吾尔自治区乌鲁木齐市经 ...

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 ...

Financial Data and Key Metrics Changes - Operating revenue for the first half of the year was 74.44 billion RMB, with total profit at 11.94 billion RMB, down 28.6% year over year [4] - Net profit attributable to shareholders was 7.7 billion RMB, down 21.3% year over year, with basic earnings per share at 0.58 RMB, down 21.6% [4] - Under international accounting standards, profit before tax was 11.6 billion RMB, down 35.5% year over year [4] - The asset to liability ratio improved to 45%, down 1.3 percentage points from the beginning of the year [12] Business Line Data and Key Metrics Changes - The company produced 67.34 million tons of commercial coal, an increase of 0.84 million tons or 1.3% year over year [5] - Self-produced commercial coal sales reached 67.11 million tons, up 0.92 million tons or 1.4% year over year [6] - Sales of key coal chemicals totaled 3.166 million tons, an increase of 83,000 tons or 2.7% year over year [6] - The unit sales cost of self-produced commercial coal was 2,262.97 RMB per ton, down 10.2% year over year [7] Market Data and Key Metrics Changes - Average sales price of self-produced commercial coal was 470 RMB per ton, down 19.5% [9] - Thermal coal price was 436 RMB per ton, down 14.7%, while coking coal price dropped to 885 RMB per ton, down 35.4% [9] - The overall market saw a decline in coal prices, impacting profitability significantly [10] Company Strategy and Development Direction - The company is committed to high-quality development goals and will strengthen production sales coordination to achieve annual targets [15] - Focus on enhancing lean management and cost control to maintain profitability levels [15] - Plans to accelerate key project construction and implement innovation-driven strategies [16] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining stable operations despite falling coal prices and lower industry profitability [10] - Future coal prices are expected to stabilize around 675 RMB for long-term contracts and slightly over 700 RMB for spot prices [24][42] - The company aims to continue enhancing corporate governance and investor communication [16] Other Important Information - The company plans to distribute an interim cash dividend of 2.198 billion RMB or 0.166 RMB per share, consistent with the previous year [14] - Capital expenditures for the first half increased by 32%, with a total of 6.972 billion RMB invested [46] Q&A Session All Questions and Answers Question: Impact of supply changes on coal prices - Management noted a drop in prices followed by a recovery, with spot prices expected to stabilize around 700 RMB per ton [21][24] Question: Cost management strategies - The company reported a 10% reduction in sales costs due to optimized procurement and cost management [27] Question: Long-term contract coal prices - Long-term contract coal prices dropped by 3.6%, while spot prices saw a larger decline of nearly 11% [32] Question: Profitability of subsidiaries - Profitability improved for certain subsidiaries due to effective cost management despite price declines [39] Question: Production volume changes - Production volume was impacted by accidents and weather conditions, but the company remains confident in meeting annual targets [51] Question: Dividend payout standards - The company will continue to use the lower of international or Chinese accounting standards for dividend payouts [76]

最新一期业绩显示，2025年半年报，公司实现营业收入91.50亿元，同比63.83%；净利润5.04亿元，同 比22.05%，销售毛利率19.86%。 8月22日，广东宏大今日收盘35.5元，上涨3.26%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到27.29倍，总市值269.80亿元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)6广东宏大27.2930.054.03269.80亿行业平均 30.8731.663.61155.53亿行业中值36.9639.903.5051.64亿1海油发展10.6211.231.49410.67亿2中曼石油 12.0112.952.2193.99亿3海油工程12.1111.560.94249.81亿4金诚信19.4921.313.62337.53亿5中海油服 20.3021.931.54688.06亿7中油工程34.7731.630.75200.99亿8龙高股份36.9639.904.0251.05亿9石化油服 58.3962.134.22392.41亿10通源石油60.0356.582.2631.48亿11科力股份61.3868.085.523 ...

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]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 8.70 yuan and expected PE ratios of 16X, 11X, and 9X for the years 2025, 2026, and 2027 respectively [4][3]. Core Insights - The company has significant regional advantages, being located in Xinjiang, which has abundant resources. The demand for civil explosives in this region is expected to remain high due to its application in coal mining and other mining activities [2][3]. - As an industry leader, the company is positioned to benefit from consolidation in the civil explosives sector, with the potential for increased international competitiveness following mergers and acquisitions [3][4]. - The company’s projected net profits for 2025, 2026, and 2027 are estimated to be 5.93 billion yuan, 8.26 billion yuan, and 10.85 billion yuan respectively, indicating a positive growth trajectory [3][4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 2.68 billion yuan, a year-over-year decrease of 4.96%, and a net profit of 233 million yuan, down 40.64% year-over-year. The second quarter saw a revenue of 1.55 billion yuan, a decrease of 5.11% year-over-year but an increase of 38.40% quarter-over-quarter [1][2]. - The company’s ability to produce and sell ammonium nitrate, a key raw material for explosives, positions it well to benefit from the rising demand in the civil explosives market [2][3]. Industry Outlook - The civil explosives industry is characterized by regional demand, with Xinjiang's total explosive production reaching 254,100 tons in the first half of 2025, a year-over-year increase of 9.63% [2]. - The Ministry of Industry and Information Technology's policy aims to consolidate the industry, potentially leading to the emergence of 3 to 5 large civil explosive companies with international competitiveness by 2027 [3].

Investment Rating - The report suggests a positive outlook on Sichuan Road and Bridge as a leading player in Southwest infrastructure, highlighting its current combination of regional infrastructure growth and dividend yield [3][15]. Core Insights - The report emphasizes the importance of local manufacturing in Africa, particularly for companies like Keda Manufacturing, which is positioned as a leader in localized production and sales [4][16]. - The report notes a price increase in RTF copper foil, indicating a high demand for HVLP products, and suggests continued investment in copper foil and electronic cloth sectors [5][17]. - The report tracks the performance of various materials, indicating a downward trend in cement prices and a mixed outlook for glass and fiberglass markets [6][18][22]. Summary by Sections Weekly Discussion - Sichuan Road and Bridge is highlighted for its strong position in Southwest infrastructure, with a reported investment of 134.9 billion yuan in transportation construction, ranking second nationally and showing a 3.5% increase year-on-year [3][15]. Cyclical Linkage - Cement prices averaged 340 yuan per ton, down 43 yuan year-on-year, with an average shipment rate of 44.7% [6][18]. - Glass prices increased to 1295.28 yuan per ton, reflecting a 4.58% rise, while concrete mixing stations reported a capacity utilization rate of 7.12% [6][18]. - The report warns of potential price declines in steel due to market fundamentals [6][18]. National Subsidy Tracking - The report mentions the allocation of 690 billion yuan for consumer goods replacement subsidies, with plans for further funding in October [7][19]. Important Changes - Notable acquisitions include Defu Technology's purchase of Circuit Foil Luxembourg for 174 million euros and the listing of Hanhai Group on the A-share market [8][20][21]. Market Performance - The construction materials index fell by 3.96% over the week, with specific declines in glass manufacturing and fiberglass sectors [24]. Material Price Changes - Cement prices continued to decline, with a national average of 340 yuan per ton, while glass prices showed a slight increase [32][41]. - Fiberglass prices remained under pressure, with a reported average of 3595.25 yuan per ton [66].

Group 1 - The company, Kailong Co., Ltd. (002783), has announced unusual fluctuations in its stock trading due to recent market reports related to the "Yaxia Hydropower Project" concept [1] - The company operates in the civil explosives industry, focusing on the production and sales of civil blasting materials, ammonium nitrate and compound fertilizers, nano calcium carbonate, and stone products, as well as providing blasting services [1] - There is uncertainty regarding the company's potential participation in the hydropower project [1]

Core Viewpoint - The Houthi forces have escalated their military actions in the Red Sea, targeting vessels associated with Israel, which they claim violates their prohibitions, indicating a significant geopolitical tension in the region [1][2][6]. Group 1: Incident Details - On October 6, the Houthi forces attacked the cargo ship "Magic Ocean," which has since sunk, using a combination of remote-controlled explosive boats, ballistic missiles, cruise missiles, and drones [1][2]. - The "Magic Ocean" was carrying approximately 17,000 tons of ammonium nitrate, a chemical widely used in fertilizers and explosives, raising concerns about potential environmental hazards from its leakage [2][3]. - Following the attack on "Magic Ocean," another Liberian-flagged vessel, "Eternal C," was reportedly targeted by Houthi missiles on October 7, although the Houthis have not confirmed this incident [4]. Group 2: Context and Implications - The recent attacks are part of a broader strategy by the Houthi forces to support Palestinians in Gaza amid the ongoing Israel-Palestine conflict, which has intensified since October 2023 [6]. - The Houthi forces have issued warnings against vessels entering Israeli ports, asserting their readiness to use necessary force to prevent such actions [2][6].