矿服龙头企业，坚定向军工转型
矿服龙头企业，坚定向军工转型 Leading mining service enterprise& Committedto transforming into military industry 最新动态 ➢收购大连长之琳，补强公司防务装备板块。为补强公司防务装备板块，提升公司防务板块未来财务和持续经营能力，公司下属子公司宏大防务拟以现金10.2亿元收购大连长之琳科技股份有限公司60%的股权。本次交易完成后，宏大防务将成为长之琳的控股股东。长之琳的主营业务为：航空零部件研发、制造，主要产品包括航空发动机零组件、管路连接件及组合导管、航空紧固件、隔热类产品等。长之琳的主要财务指标如下：2024年度，营业总收入为7.31亿元，归母净利润为1.56亿元；2025年1-3月，营业总收入为1.79亿元，归母净利润为3043.97万元。截至2025年9月26日，宏大防务收购长之琳事项已办理完成工商登记备案。公司正积极推动后续股权转让相关工作。 ➢做好雅下水电站基础设施建设的准备工作。公司在西藏地区拥有民爆产能共1.5万吨。公司将做好充分准备，包括但不限于民爆产能、技术人才、智能化设备等资源向该项目倾斜，积极参与雅鲁藏布江雅下游水电项目基础设施建设，但未来公司能否参与该水电工程项目尚存在不确定性。 动向解读 ➢推动民爆板块整合，坚定向军工转型。公司首要战略是坚定向军工转型；同时也会积极推动民爆板块并购整合，保障及优化公司的现金流；最后是加强矿服业务的发展，保障公司业绩。公司致力成为具有核心竞争力的全球知名军工企业、具有全球影响力的矿服龙头企业、全国炸药产能占有率最高的民爆龙头企业。 ➢公司持续深耕新疆、西藏及海外重点市场。截至2025年8月，公司在手矿服订单逾350亿元，市场份额稳步提升，其中，新疆、西藏地区矿服项目营收同比大幅增长121.27%、45.11%（不含雪峰科技并表影响情况下）。玉龙项目实现高原智能爆破，应用智能钻机、露天矿智能爆破管控系统、智慧矿山综合管控平台及智能爆破设计软件3Dmine Plus。在国际市场方面，25H1，公司新开拓了塞拉利昂市场。海外市场布局加速亦显成效，25H1海外矿服营收同比增长18.87%。公司国际化战略系“军贸牵引，矿服先行，民爆落地”。 策略建议 ➢盈利预测。我们预测2025-2027年公司归母净利润分别为11.58、13.83、16.34亿元，参考同行业公司，考虑到公司为矿服龙头给予一定估值溢价，给予公司2026年25.5倍PE，对应目标价46.41元，首次覆盖给予“买入”评级。 风险提示 政策风险、安全生产风险、地缘政治风险、市场风险。 What’s New ➢AcquiringDalian Changzhilin Technology Developmentto strengthen the company's defense equipmentdivision.To strengthen the company's defense equipment sector and enhance its future financial and sustainableoperating capabilities, its subsidiary Hongda Defense plans to acquire 60% equity ofDalian Changzhilin TechnologyDevelopmentfor cash of 1.02 billion yuan. After the completion of this transaction, Hongda Defense will becomethe controlling shareholder ofDalian Changzhilin Technology Development. Chang Zhilin's main business is theresearch and manufacturing of aviation components, including aviation engine parts, pipeline connectors andcombination conduits, aviation fasteners, insulation products, etc. The main financial indicators of Chang Zhilin areas follows: In 2024, the total operating revenue was 731 million yuan, and the net profit attributableto the parentcompany was 156 million yuan; From January to March 2025, the total operating revenue was 179 million yuan,and the net profit attributable to the parent company was 30.4397 million yuan. As of September 26, 2025, theacquisition of Changzhilin by Hongda Defense has completed the industrial and commercial registration and filing.The company is actively promoting the subsequent equitytransfer-relatedwork. ➢Prepare for the infrastructure construction of Yaxia Hydropower Station.The company has a total capacity of15000 tons of civil explosives in Xizang. The company will make full preparations, including but not limited to civilexplosive production capacity, technical personnel,intelligent equipment and other resources, and activelyparticipate in the infrastructure construction of the the Yarlung Zangbo River River downstream hydropower project.However, it is uncertain whether the company can participatein the hydropower project in the future. What’s Different ➢Promote the integration of the civilian explosive sector and firmly transform into the military industry.Thecompany's primary strategy is to firmly transition to the military industry; At the same time, we will actively promotethe merger and integration of the civil explosive sector to ensure and optimize the company's cash flow; Finally, weneed to strengthen the development of mining services business to ensure the company's performance. Thecompany is committed to becoming a globally renowned militaryenterprise with core competitiveness, a leadingmining service enterprise with global influence, and the leading civilian explosive enterprise with the highest nationalexplosive production capacity share. ➢The company continues to cultivate key markets in Xinjiang, Xizang and overseas.As of August 2025, thecompany's orders in hand for mining services have exceeded 35 billion yuan, and its market share has steadilyincreased. Among them, the revenue of mining services projects in Xinjiang and Xizang has increased significantlyby 121.27% and 45.11% year on year (excluding the combined impact ofXinjiang XuefengSci-Tech). The Yulongproject realizes high-altitude intelligent blasting, using intelligent drilling machines, open-pit mine intelligent blastingcontrol systems, intelligent mine comprehensive control platforms, and intelligent blasting design software 3DminePlus. In the international market, 25H1 has newly expanded into the Sierra Leone market. The acceleration ofoverseas market layout has also shown results, with overseas mining service2025H1revenue increasing by18.87% year-on-year. The company's internationalization strategy is led by military trade, mining services first, andcivilian explosives landing. Action ➢Profit forecast.We predict that the company's net profit from 2025 to 2027 will be 1.158 billion yuan, 1.383 billionyuan, and 1.634 billion yuan, respectively. Referring to companies in the same industry and considering thecompany's valuation premium as a leading miningserv
