Guangdong Hongda (002683)2024-10-24 09:05Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 9.272 billion CNY, a year-on-year increase of 16.75% [2] - The net profit attributable to shareholders reached 650 million CNY, reflecting a growth of 30.83% compared to the same period last year [2] - The growth in performance is attributed to the expansion of the mining service segment, improved gross margins, and stable operations in the civil explosives segment [2] Business Highlights - The mining service segment has a backlog of orders exceeding 30 billion CNY, with new orders steadily increasing each year [2] - The company has enhanced its production capacity to 580,000 tons, with mixed loading capacity accounting for approximately 58% (338,000 tons) [2] - The defense equipment segment has seen an increase in traditional product delivery and the acquisition of Jiangsu Hongguang, which contributes to improved performance [2] Industry Outlook - The civil explosives industry is expected to benefit from demand in national infrastructure, mining, and engineering blasting, creating synergies with the mining service business [2] - The company is actively pursuing mergers and acquisitions in the civil explosives sector to enhance production capacity and optimize capacity layout [2] - Key markets for expansion include Xinjiang, Tibet, and overseas regions, with a focus on increasing market presence in Africa and South America [2] Strategic Initiatives - The company plans to acquire Xuefeng Technology to achieve industry integration and expand its competitive advantage in the Xinjiang coal industry [2] - Ongoing efforts are being made to enhance the operational level of the integrated "mining service and civil explosives" service model [2] - The overseas mining service business is primarily concentrated in Serbia, Colombia, and Guyana, with plans to further develop markets in Africa and South America [4]