研報掘金丨中郵證券:首予廣東宏大“增持”評級,深耕軍工譜新篇
中郵證券研報指出,廣東宏大爲礦服民爆一體化龍頭,深耕軍工譜新篇。公司是廣東省承擔武器裝備科研生產任務的唯一省屬軍工企業,是全國地方重點軍工企業。在防務裝備板塊,公司佈局了國內及國際軍貿兩大市場,產品包含傳統彈藥和智能武器裝備。2024年,公司實現對江蘇紅光的全資控股,江蘇紅光以黑索今爲主要產品,而在常規武器的基本裝藥中,以黑索今爲基的混合炸藥是國內外發展的重點。俄烏戰爭經驗表明,現代戰爭對於彈藥的需求量依然巨大。民爆領域,公司擁有69.75萬噸工業炸藥產能,位居國內前列,收購祕魯EXSUR開啓國際化發展新徵程。礦服領域,公司是國內龍頭企業,國際化加快佈局、智能化逐見成效。首次覆蓋,給予“增持”評級。
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