2025 年 4 月 30 日 公司研究 矿服业务增势强劲，国内外布局共促成长 ——广东宏大（002683.SZ）2024 年年报、2025 年一季报点评 要点 事件： 2024 年，公司实现营收 136.52 亿元，同比+17.61%；实现归母净利润 8.98 亿元，同比+25.39%。2025Q1，公司实现营收 36.54 亿元，同比+66.14%； 实现归母净利润 9352 万元，同比+23.99%。（上年同期业绩均为调整后业绩。） 矿服：在手订单充裕，构筑公司基本盘，国内外市场份额持续扩大。24 年，矿 服板块营收为 108.11 亿元，同比+21.01%，毛利率为 17.72%，同比+0.9pcts。 公司持续深耕新疆、西藏及海外等重点市场区域，积极发展现场混装业务，截至 24 年底，在手矿服订单逾 300 亿元。公司在新疆、西藏的营收增长显著，分别 同比+96.09%、+32.41%。公司加快出海步伐，海外市场份额逐步扩大，24 年 公司海外市场营收为 13.56 亿元，同比+43.66%。公司在赞比亚投资建设炸药厂， 可满足公司当地矿山项目需求，同时辐射周边地区民爆市场。 民爆：精益化成本管控+ ...

Group 1: Financial Performance - The company achieved a revenue of 3.654 billion CNY in Q1 2025, representing a year-on-year growth of 66.14% [2] - The net profit attributable to shareholders was 93.52 million CNY, an increase of 23.99% compared to the same period last year [2] - The net profit after deducting non-recurring gains and losses reached 86.91 million CNY, reflecting a growth of 53.17% year-on-year [2] Group 2: Business Segments - The mining service segment experienced significant growth, contributing to both revenue and profit increases [2] - The civil explosives segment maintained stable production capacity, with business scale remaining flat compared to the previous year [3] - The defense equipment segment showed good performance, with active promotion of military trade [3] Group 3: Market Insights - The ammonium nitrate price decline has impacted the gross margin of civil explosives, but the overall margin is stabilizing [3][4] - The civil explosives market is expected to see an increase in gross margins due to industry consolidation and higher market concentration [4] - Revenue growth in Xinjiang is primarily driven by new mining service projects [5] Group 4: Future Strategies - The company is committed to an "outbound" strategy, focusing on overseas markets, particularly in South America and South Africa [7] - Plans include establishing an explosives factory in Zambia and acquiring a factory in Peru to expand the overseas civil explosives market [7] - The company will gradually inject civil explosives capacity into Xuefeng Technology based on actual business conditions and market demand [9]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a potential stock price increase of over 15% within the next six months [11]. Core Insights - The company achieved a record high in mining service revenue, with total revenue for 2024 reaching 13.65 billion yuan, a year-on-year increase of 17.6%. The net profit attributable to shareholders was 900 million yuan, up 25.4% year-on-year [1][3]. - The mining service segment generated revenue of 10.81 billion yuan, reflecting a 21.0% year-on-year growth, driven by increased investments in rich mineral areas and accelerated international expansion [1][2]. - The company has a robust order backlog exceeding 30 billion yuan, providing a solid foundation for future growth [1]. - The company is actively integrating and optimizing its explosive production capacity, having acquired controlling stakes in two companies to increase explosive production capacity by 82,000 tons per year [2]. Financial Performance - The company reported a comprehensive gross margin of 21.3% for 2024, an increase of 0.6 percentage points year-on-year. The net profit margin was 8.6%, up 0.16 percentage points [2]. - Forecasted revenues for 2025-2027 are projected at 21.71 billion, 24.71 billion, and 28.22 billion yuan, representing year-on-year growth rates of 59.05%, 13.80%, and 14.21% respectively [3][4]. - The earnings per share (EPS) are expected to be 1.58, 1.90, and 2.12 yuan for 2025, 2026, and 2027, with corresponding price-to-earnings (PE) ratios of 19.42, 16.14, and 14.49 [3][4]. Market Position and Strategy - The company's overseas revenue reached 1.36 billion yuan in 2024, a year-on-year increase of 43.7%, accounting for 9.9% of total revenue, up 8.1 percentage points [2]. - The company is investing in a new explosives factory in Zambia and has acquired a 51% stake in EXSUR in Peru to meet local mining project demands [2]. - The company is optimizing its explosive production capacity by relocating excess capacity to regions like Xinjiang and Tibet [2].

Core Viewpoint - The company has disclosed its first-quarter report for 2025, highlighting significant financial data and corporate actions, including acquisitions and share repurchase activities [3][5][6]. Financial Data - The first-quarter report has not been audited [8] - The company reported a net profit of -336,979.28 yuan from the merged entity in the previous period [8] - Non-recurring gains include VAT deductions of 4,333,551.08 yuan and personal income tax handling fees of 2,111,342.14 yuan [3] Corporate Actions - The company completed the acquisition of a 21% stake in Xinjiang Xuefeng Technology Group, making it a subsidiary, which increased the industrial explosive production capacity to 69.95 million tons [5][6] - A total of 6,386,736 shares were repurchased, accounting for 0.84% of the total share capital, with a total transaction amount of 122,932,490.75 yuan [6] - The company increased its stake in Guangdong Military Industry Group to 65% by acquiring an additional 10% [6] Shareholder Information - The company held its first extraordinary general meeting of 2025 on January 27, approving major asset restructuring matters [5] - The second extraordinary general meeting was held on February 28, where new non-independent and independent directors were elected [6]

Financial Performance - The company's revenue for Q1 2025 reached ¥3,653,762,983.65, representing a 66.14% increase compared to ¥2,191,457,417.96 in the same period last year[5] - Net profit attributable to shareholders was ¥93,518,093.89, up 23.99% from ¥75,425,053.98 year-on-year[5] - The net profit excluding non-recurring gains and losses was ¥86,913,801.69, reflecting a 53.17% increase from ¥56,742,435.82 in the previous year[5] - Total revenue for the current period reached ¥3,653,762,983.65, a 66.14% increase compared to the previous period's ¥2,199,248,471.62, driven by the expansion of the mining service segment and the consolidation of Xuefeng Technology[12] - Operating profit increased by 71.95% to ¥228,415,049.80 from ¥132,836,805.02, attributed to the growth in the mining service segment and new profit sources from Xuefeng Technology[12] - Net profit for the current period was ¥184,619,955.96, reflecting a 76.06% increase from ¥104,863,063.90 in the previous period[12] - Basic and diluted earnings per share improved by 24.22% to ¥0.1241 from ¥0.0999 in the previous year[5] - Net profit for the current period was ¥184,619,955.96, representing a 76.0% increase from ¥104,863,063.90 in the previous period[24] Assets and Liabilities - The company's total assets increased by 40.46% to ¥27,604,598,798.89 from ¥19,652,477,661.76 at the end of the previous year[5] - The company's total liabilities amounted to approximately ¥13.88 billion, compared to ¥11.84 billion at the beginning of the period[21] - The company's total assets reached approximately ¥27.60 billion, an increase from ¥19.65 billion at the beginning of the period[21] - The total liabilities and equity reached ¥27,604,598,798.89, compared to ¥19,652,477,661.76 in the previous period, indicating a growth of 40.5%[22] Cash Flow - The cash flow from operating activities was negative at -¥488,935,791.21, worsening by 14.68% compared to -¥424,930,950.04 in the same period last year[5] - The net cash flow from operating activities was -¥488,935,791.21, a 14.68% decline compared to -¥426,354,217.63, primarily due to increased procurement expenses related to the mining service segment[13] - Cash flow from operating activities showed a net outflow of ¥488,935,791.21, compared to a net outflow of ¥426,354,217.63 in the previous period[26] - The net cash flow from financing activities was ¥657,935,069.54, down from ¥932,405,615.56 in the previous period[26] Inventory and Receivables - The company reported a significant increase in inventory, which rose by 129.15% to ¥896,048,557.65, attributed to the consolidation of Xuefeng Technology[10] - Accounts receivable increased by 32.03% to ¥3,346,791,949.65, primarily due to the consolidation of Xuefeng Technology[10] - Accounts receivable rose to approximately ¥3.35 billion, up from ¥2.53 billion at the beginning of the period[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 24,012, with no preferred shareholders having restored voting rights[15] - Guangdong Environmental Protection Group Co., Ltd. held 24.88% of the shares, amounting to 189,099,200 shares, and has pledged 13,106,530 shares[15] - The company repurchased a total of 6,386,736 shares, accounting for 0.84% of the total share capital, with a total transaction amount of approximately ¥122.93 million[17] - The company increased its stake in Guangdong Military Industry Group to 65% by acquiring an additional 10% equity[17] Research and Development - The company reported a significant increase in research and development expenses, which rose to ¥105,637,826.58 from ¥90,344,645.16, marking a growth of 16.9%[23] Other Financial Metrics - The company experienced a 127.01% increase in taxes and surcharges, totaling ¥20,007,610.89, primarily due to the consolidation of Xuefeng Technology[12] - The company reported a significant increase in other income, which rose by 224.84% to ¥15,228,203.47, mainly due to the consolidation of Xuefeng Technology[12] - The company's goodwill rose by 51.90% to ¥3,180,553,952.70, mainly due to the acquisition of Xuefeng Technology[10] Investment Activities - The company completed the acquisition of a 21% stake in Xinjiang Xuefeng Technology, increasing its industrial explosive production capacity to 699,500 tons[16] - As of March 31, 2025, the total amount of funds raised was ¥176.75 million, with ¥147.04 million utilized, representing an investment progress of 83.19%[18] - The net cash flow from investing activities improved by 86.55%, amounting to -¥131,169,610.69, as the company redeemed more financial products compared to the previous year[13] - The company generated cash inflows from investment activities totaling ¥3,709,784,331.56, compared to ¥388,846,117.49 in the previous period[26] Accounting Standards - The first quarter report is unaudited[27] - The new accounting standards will be implemented starting in 2025[27]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 13.65 billion yuan in 2024, representing a year-on-year growth of 17.61%, and a net profit attributable to shareholders of 898 million yuan, up 25.39% year-on-year [1] - The mining service business generated revenue of 10.81 billion yuan in 2024, with a gross margin of 17.72%, and saw significant growth in both domestic and international markets [1][2] - The defense equipment segment reported a revenue of 350 million yuan, reflecting a substantial year-on-year increase of 47.74% [3] - The company is focused on enhancing its market position through strategic acquisitions and international expansion, particularly in the mining and explosives sectors [4] Summary by Sections Mining Service Business - Revenue reached 10.81 billion yuan in 2024, with a year-on-year growth of 21.01% and a gross margin increase of 0.9 percentage points [1] - The company is expanding its international presence, particularly in South America and South Africa, and is establishing production facilities in Zambia and Peru [1] Explosives Business - Revenue for the explosives segment was 2.31 billion yuan in 2024, with a slight year-on-year growth of 1.18% and a gross margin of 36.5% [2] - The company is actively pursuing acquisitions to enhance its production capacity and market share, particularly in the Xinjiang region [2] Defense Equipment Segment - The defense equipment segment achieved a revenue of 350 million yuan in 2024, driven by a recovery in military demand and increased delivery volumes [3] - The company is enhancing its product offerings through autonomous production lines and strategic partnerships in the defense sector [3] Strategic Development - The company aims to become a leading global player in mining services, explosives production, and defense equipment [4] - It plans to integrate its mining and explosives services, focusing on key markets along the Belt and Road Initiative [4] - The company is also increasing its stake in the Guangdong Provincial Military Industry Group, which is expected to enhance its capabilities in the defense sector [4] Financial Projections - The company forecasts net profits of 1.10 billion yuan, 1.33 billion yuan, and 1.62 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 22X, 18X, and 15X [4]

证券代码：002683 证券简称：广东宏大 公告编号:2025-041 广东宏大控股集团股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次提供担保后，公司对合并报表范围内子公司提供的担保 余额预计提升至 385,909.85 万元，占公司 2024 年度经审计净资产的 59.43%。 2、本次被担保对象宏大爆破工程集团有限责任公司最近一期资 产负债率超过 70%。 二、担保进展情况 近日，公司签署了两份担保合同，具体情况如下： 敬请投资者注意相关风险。 一、担保情况概述 广东宏大控股集团股份有限公司（以下简称"公司"）分别于 2025 年 2 月 12 日和 2025 年 2 月 28 日召开了第六届董事会 2025 年 第二次会议和 2025 年第二次临时股东会，审议通过了《关于 2025 年 度担保额度预计的议案》，同意 2025 年度为合并报表范围内的下属 子公司（含下属子公司之间互相担保）的新增担保额度为不超过 49 亿元，其中向资产负债率为 70%以上的担保对象的新增担保额度为不 超过 ...

Core Viewpoint - Guangdong Hongda aims for dual growth in revenue and profit in 2024, focusing on "stabilizing growth, improving efficiency, and controlling risks" while promoting the synergistic development of three major business segments [1][3] Group 1: Business Segments - The mining service business is projected to generate revenue of 10.811 billion yuan in 2024, accounting for 79.19% of total revenue, marking the first time it surpasses the 10 billion yuan threshold [3] - The overseas revenue of the mining service business has experienced a compound annual growth rate of 76.66% over the past five years, with projects in countries along the "Belt and Road" initiative, including Pakistan, Serbia, and the Democratic Republic of the Congo [3] - The civil explosives segment is expected to achieve revenue of 2.309 billion yuan in 2024, with a gross margin of 36.5%, and has expanded its presence in regions such as South China, North China, Northeast China, Northwest China, Central Asia, Southeast Asia, Africa, and South America [3] Group 2: Strategic Initiatives - The company is actively pursuing mergers and acquisitions in the civil explosives industry to enhance production capacity, successfully acquiring companies like Yangsheng Chemical, Shengshi Putian, and Xuefeng Technology [3] - The defense equipment segment is projected to reach revenue of 350 million yuan in 2024, reflecting a year-on-year growth of 47.74%, with a focus on both traditional and high-end technology equipment [4] - The company is enhancing its missile support system through a stake in Beijing Hongda Tianli Technology and increasing its shareholding in Guangdong Province's military-industrial group to build a new combat force research and development platform [4]

Group 1: Investor Relations Activity Overview - The investor open day was held on April 18, 2025, with 75 participating investors [2] - Key company representatives included the General Manager and Vice General Managers [2] - The event aimed to enhance transparency and market confidence [2] Group 2: Financial Performance - In 2024, the company achieved a revenue of 13.6 billion yuan, a year-on-year increase of 17.61% [2] - The net profit attributable to shareholders reached 898 million yuan, growing by 25.39% [2] - The mining service segment contributes approximately 80% to total revenue, while the civil explosives segment accounts for about 17% [6] Group 3: Business Segments and Strategies - The company operates in three main sectors: mining services, civil explosives, and defense equipment [3] - The mining services segment has over 30 billion yuan in current orders, with a focus on major clients and projects [4] - The civil explosives segment has a production capacity of 699,500 tons, positioning it among the top in China [4] Group 4: Future Development Plans - The company plans to deepen its market presence in key regions and enhance internationalization in the mining services sector [5] - In the civil explosives sector, the focus will be on optimizing capacity and expanding into overseas markets [5] - The defense equipment segment aims to strengthen international collaborations and expand product offerings [19] Group 5: Technological Advancements - The company is investing in smart mining technologies, including autonomous operations and advanced blasting techniques [10] - A significant project, the "Wukong Blasting Model," aims to improve blasting accuracy and reduce human error [10] Group 6: Mergers and Acquisitions - The acquisition of Xuefeng Technology aims to enhance the civil explosives supply chain and expand market reach [12] - The company is actively pursuing mergers and acquisitions to strengthen its position in the civil explosives market [17]

证券代码：002683 证券简称：广东宏大 公告编号：2025-040 广东宏大控股集团股份有限公司 2024年度股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1.本次股东会未出现否决议案的情形。 2.本次股东会未出现涉及变更前次股东会决议。 一、 会议召开和出席情况 6、会议的召集、召开符合《公司法》《上市公司股东会规则》以 及《公司章程》等有关规定 （二）会议出席情况 本次会议采取现场投票和网络投票相结合的方式。参加本次股东 1、召集人：广东宏大控股集团股份有限公司第六届董事会 2、召开时间：2025 年 4 月 18 日下午 15:00 3、召开地点：广州市天河区兴民路 222 号 C3 天盈广场东塔 56 层会议室 4、表决方式：采用现场投票与网络投票相结合的表决方式 5、会议主持人：公司董事长郑炳旭先生 会的股东（股东授权委托代表）共237人，代表股份360,020,055股， 占上市公司总股份的47.3709%。其中：出席现场投票的股东及股东代 表共13人，代表股份272,131,573股，占上市公司总股份的35.80 ...