Investment Rating - The investment rating for the company is "Buy" and is maintained [2][7] Core Views - The civil explosives industry is experiencing a short-term downturn, but the market is expected to recover. In 2024, the overall situation of the civil explosives industry is projected to decline due to macroeconomic factors, with a significant drop in the cumulative output of industrial detonators in most of the top ten provinces. The company is adopting proactive market strategies to maintain its market share and expand its customer base, leading to a forecasted net profit attributable to the parent company of between 16 million and 23 million yuan in 2024, representing a year-on-year decrease of 88.19% to 91.79% [6] - The company emphasizes research and development investment and accelerates product iteration to meet the evolving product and technology demands of customers. The future product iterations will depend on three main aspects: the new technical demands from applications like smart mining, adjustments in national policy standards, and differentiated demands from overseas markets [6] Financial Forecasts and Key Metrics - The company is expected to achieve revenues of 510 million, 560 million, and 700 million yuan in 2024, 2025, and 2026 respectively, with net profits attributable to the parent company of 20 million, 72 million, and 100 million yuan for the same years [7][9] - The projected growth rates for revenue are -37.82% in 2024, 10.18% in 2025, and 25.01% in 2026, while net profit growth rates are forecasted at -89.21% in 2024, 240.88% in 2025, and 39.25% in 2026 [9][11] - The company's earnings per share (EPS) are expected to be 0.21 yuan in 2024, 0.71 yuan in 2025, and 0.99 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 195.89, 57.47, and 41.27 [9][11]
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