Tianfeng Securities: Maintains "Buy" rating on GZMB, benefiting from high prosperity in mining and infrastructure such as railways

Tianfeng Securities maintains a "Buy" rating on GZMB, expecting the company to benefit from the high prosperity of mining and infrastructure such as railways. In the first to third quarters of 2025, the company's net profit attributable to the parent is expected to be 126 million and 114 million, representing year-on-year increases of 13.68% and 15.7%. The net profit attributable to the parent for the third quarter is expected to be 57 million, a year-on-year increase of 1.83%. Based on actual operating conditions, Tianfeng Securities has lowered the company's net profit expectations for 2025-2027 to 210 million, 310 million, and 440 million yuan

GZMB released its performance for the first three quarters, with a net profit attributable to shareholders of 126 million yuan, a year-on-year increase of 13.68%

According to the Zhitong Finance APP, GZMB released its third-quarter report for 2025. In the first three quarters, the company achieved operating revenue of 1.26 billion yuan, a year-on-year increase of 7.53%. The net profit attributable to shareholders of the listed company was 126 million yuan, a year-on-year increase of 13.68%. The net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 114 million yuan, a year-on-year increase of 15.70%

GZMB: Net profit in the first half of 2025 increased by 25.70% year-on-year

GZMB announced that in the first half of 2025, operating revenue reached 771 million yuan, a year-on-year increase of 6.55%. Net profit was 69.2 million yuan, a year-on-year increase of 25.70%

Northeast Securities: The barriers to entry in the civil explosives industry are high, and the industry continues to promote intelligence and automation

Dongbei Securities released a research report indicating that the barriers to entry in the civil explosives industry are high, and the industry's concentration continues to increase, with the CR10 reaching 62.47% in 2024. Policies are promoting civil explosive companies to participate in the "Belt and Road" construction, enhancing international competitiveness. The proportion of mixed explosives has reached 37.9%, with an electronic detonator substitution rate of 94%, and the acceleration of intelligent transformation is underway. Leading companies are actively engaging in mergers and acquisitions, improving the industry landscape, and it is expected that by 2025, the proportion of mixed explosives will exceed 35%

A-share Yajiang Hydropower concept stocks are experiencing fluctuations and adjustments. TIBET TOURISM previously hit the limit down, Poly United is approaching the limit down, and Dayu Irrigation, GZMB, BSU, TTC, and others have significant declines