EXPL(002096) 国信证券·2025-03-31 01:10Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][15] Core Views - The company's revenue and profit are steadily growing, driven by the mining blasting service business, despite a decline in civil explosive product sales [1][9][10] - The concentration in the civil explosive industry continues to rise, with the company maintaining a solid position as the second-largest producer in China [2][11] - The company has a strong order backlog, particularly in regions like Xinjiang, which supports future revenue growth [3][14] Financial Performance - In 2024, the company achieved total revenue of 8.546 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 713 million yuan, up 12.49% [1][9] - The sales net profit margin improved to 8.92%, an increase of 0.91 percentage points year-on-year [1][9] - The mining blasting service business generated revenue of 6.182 billion yuan, a 15.10% increase, while the civil explosive product sales dropped by 27.87% to 1.923 billion yuan [1][10] Market Position - The civil explosive industry concentration (CR5 and CR10) reached 40.19% and 62.47% respectively in 2024, indicating a strengthening of market dynamics [2][11] - The company’s market share in civil explosive production is 9.05%, slightly down from the previous year, but it remains the second-largest player in the market [2][11] Future Outlook - The company has signed contracts worth 8.404 billion yuan for blasting services in 2024, with a significant portion of these contracts having long execution periods [3][14] - The company is expected to see net profits of 835 million yuan, 926 million yuan, and 1.009 billion yuan for the years 2025, 2026, and 2027 respectively, with a corresponding diluted EPS of 0.67, 0.75, and 0.81 yuan [4][15]