Guangdong Hongda (002683) 国信证券·2025-01-22 03:35Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][16] Core Views - The company has shown continuous improvement in its mining service and explosives business, with significant growth in overseas operations [1][16] - In 2024, the company achieved a total production value of 2.905 billion yuan in explosives, a year-on-year increase of 8.11%, ranking third in the domestic market with a market share of 6.97% [2][6] - The company generated 11.282 billion yuan in blasting service revenue in 2024, a year-on-year increase of 21.10%, ranking first in the domestic market with a market share of 31.95% [2][11] - The company maintains a strong order backlog exceeding 30 billion yuan, ensuring revenue stability for the coming years [2][12] - The company is actively expanding its overseas explosive production capacity and has established partnerships in various countries, leading to a significant increase in overseas revenue [14][15] Summary by Sections Company Overview - The company ranks among the top three in industrial explosive production capacity in China and leads in mining service scale [2][16] - The company has a strong order acquisition capability, with a focus on expanding market share in a consolidating industry [2][16] Financial Performance - The company forecasts net profits for 2024-2026 to be 843 million, 951 million, and 1.050 billion yuan respectively, with diluted EPS of 1.11, 1.25, and 1.38 yuan [2][16] - The current stock price corresponds to a PE ratio of 24.6, 21.8, and 19.7 for the years 2024-2026 [2][16] Market Position - The company has successfully increased its market share in the blasting service sector, with a notable rise in revenue and market presence [11][12] - The concentration in the explosives industry continues to rise, with the company's market share expanding amidst industry consolidation [6][7] Overseas Expansion - The company has seen over 50% growth in overseas business revenue in the first half of 2024, contributing to 10.94% of total revenue [14][15] - The company is enhancing its industrial explosive capacity in South America and Africa, with ongoing partnerships and projects in various countries [14][15]