金奧博 國內(nèi)民爆智能裝備行業(yè)的龍頭企業(yè)

31Jan2024Leadingenterprisein■熱點速評FlashAnalysis(PleaseseeAPPENDIX1forEnglishsummary).公司為國內(nèi)民爆智能裝備行業(yè)龍頭。公司1994年成立，2017年于深交所上市。公司主營業(yè)務(wù)包括民用爆破行業(yè)智能裝備、軟件系統(tǒng)、工藝技術(shù)、關(guān)鍵化工原輔材、工業(yè)炸藥、起爆器材、爆破一體化服務(wù)，以及各類六軸、并聯(lián)和柔性協(xié)作工業(yè)機器人的應(yīng)用及其解決方案。公司研究開發(fā)的高端智能成套裝備通過了工信部安全生產(chǎn)司和科技司組織的科技成果鑒定和生產(chǎn)驗收；截至23H1，公司在國內(nèi)建設(shè)了190多條生產(chǎn)線。各類并聯(lián)機器人和六軸多關(guān)節(jié)機器人目前在民爆、食品、軍工、包裝等領(lǐng)域已獲應(yīng)用。.積極推進民爆器材智能制造。公司在現(xiàn)有工業(yè)炸藥包裝型、現(xiàn)場混裝型以及工業(yè)雷管裝配線的裝備制造基礎(chǔ)上提質(zhì)升級，研發(fā)安全性更高的生產(chǎn)設(shè)備，通過機器人換人、視覺監(jiān)測系統(tǒng)、智能數(shù)字孿生技術(shù)，進一步降低危險工房操作人員數(shù)量，實現(xiàn)全線的自動化、智能化和無（少）人化生產(chǎn)。公司積極開拓環(huán)保節(jié)能領(lǐng)域業(yè)務(wù)，積極參與火工品和民爆領(lǐng)域“黑燈工廠”建設(shè)。在智慧云板塊，公司將繼續(xù)發(fā)揮公司在民爆行業(yè)信息化的領(lǐng)先優(yōu)勢，利用工業(yè)互聯(lián)網(wǎng)、大數(shù)據(jù)、數(shù)字孿生等技術(shù)手段，建立健全企業(yè)智能網(wǎng)絡(luò)監(jiān)管和應(yīng)急管理平臺。.優(yōu)化整合科研生產(chǎn)資源，產(chǎn)業(yè)鏈有效延伸。公司并購重組了江蘇天明化工、山東圣世達、京煤集團有關(guān)民爆資產(chǎn)及山東泰山民爆等民爆生產(chǎn)企業(yè)，目前合計擁有工業(yè)炸藥年許可生產(chǎn)能力11.5萬噸，數(shù)碼電子雷管年許可生產(chǎn)能力8522萬發(fā)，以及保留導(dǎo)爆管雷管、工業(yè)電雷管年許可生產(chǎn)能力4000萬發(fā)用于出口。公司利用集團智能裝備和工藝技術(shù)優(yōu)勢賦能下屬子公司，對產(chǎn)線進行升級改造。公司建立電子雷管產(chǎn)能規(guī)模優(yōu)勢，實現(xiàn)擴能擴產(chǎn)，截至2023年12月，泰山民爆第一期和第二期生產(chǎn)線改造建設(shè)已通過驗收正式投產(chǎn)。.拓展精細化工板塊。公司綜合引進消化吸收國際先進的乳化劑和復(fù)合油相生產(chǎn)工藝技術(shù)，為民爆器材生產(chǎn)企業(yè)提供生產(chǎn)工業(yè)炸藥所需的多種規(guī)格和品種的一體化復(fù)合油相、乳化劑、復(fù)合乳化劑、新型高分子乳化劑和復(fù)合蠟等關(guān)鍵原輔材料；憑借技術(shù)和質(zhì)量優(yōu)勢，已逐步拓展表面活性劑在石化、紡織、印染等領(lǐng)域的應(yīng)用。.有序推進軍工相關(guān)訂單。公司中標某軍工企業(yè)銷毀裝備兩個采購項目，進入了拆彈設(shè)備領(lǐng)域；另外，研制的自動篩分系統(tǒng)已經(jīng)完成了功能測試，邁入火藥裝備領(lǐng)域。公司將高效的智能制造裝備和信息技術(shù)結(jié)合運用到軍工裝備行業(yè)，發(fā)揮整體解決方案優(yōu)勢及系統(tǒng)集成能力，實現(xiàn)智能化、人機隔離、少人化/無人化的目標。響應(yīng)國家“一帶一路”戰(zhàn)略，積極拓展海外市場。公司在海外市場包括俄羅斯、阿爾及利亞、烏干達、蒙古、越南、緬甸、尼泊爾、老撾、塔吉克斯坦、烏茲別克斯坦、拉脫維亞、幾內(nèi)亞等國家地區(qū)承建了20多條生產(chǎn)線，在國內(nèi)外民爆行業(yè)打造了良好的品牌影響力和服務(wù)信譽。公司正在積極推進和深化開展國際合作，相關(guān)海外工程項目正在實施中。公司充分利用集團資源優(yōu)勢對天津泰克頓進行賦能，創(chuàng)新業(yè)務(wù)模式，通過多渠道、多措施進一步拓展海外市場，出口包括生產(chǎn)線裝備、工藝技術(shù)、化工原材料、民爆器材和爆破綜合服務(wù)等業(yè)務(wù)。.風(fēng)險提示：安全生產(chǎn)風(fēng)險；產(chǎn)業(yè)鏈延伸和擴張風(fēng)險；宏觀經(jīng)濟波動風(fēng)險。21Feb20242公司為國內(nèi)民爆智能裝備行業(yè)龍頭。公司1994年成立，2017年于深交所上市。公司主營業(yè)務(wù)包括民用爆破行業(yè)智能裝備、軟件系統(tǒng)、工藝技術(shù)、關(guān)鍵化工原輔材、工業(yè)炸藥、起爆器材、爆破一體化服務(wù)，以及各類六軸、并聯(lián)和柔性協(xié)作工業(yè)機器人的應(yīng)用及其解決方案。公司研究開發(fā)的高端智能成套裝備通過了工信部安全生產(chǎn)司和科技司組織的科技成果鑒定和生產(chǎn)驗收；截至23H1，公司在國內(nèi)建設(shè)了190多條生產(chǎn)線。各類并聯(lián)機器人和六軸多關(guān)節(jié)機器人目前在民爆、食品、軍工、包裝等領(lǐng)域已獲應(yīng)用。2019-2022年公司實現(xiàn)營收分別為4.5、6.3、8.2、11.9億元，分別同比+8%、+40%、+29%和+46%。2019-2022年公司實現(xiàn)歸母凈利潤分別為0.6、0.7、0.4、0.3億元，分別同比-6%、+12%、-42%和-37%。8642020192020202120222023Q1-Q3營業(yè)總收入（億元）同比(%，右軸)50454035302520500.0806040200(20)(40)(60)歸母凈利潤（億元）同比(%，右軸)31Feb20243APPENDIX1SummaryThecompanyisaleadingplayerinthedomesticintelligentequipmentindustryforcivilexplosives.Thecompanywasestablishedin1994andwaslistedontheShenzhenStockExchangein2017.Thecompany'smainbusinessincludesintelligentequipment,softwaresystems,processtechnology,keychemicalrawmaterials,industrialexplosives,detonatingequipment,integratedblastingservicesinthecivilblastingindustry,aswellastheapplicationandsolutionsofvarioussixaxis,parallel,andflexiblecollaborativeindustrialrobots.Thehigh-endintelligentcompleteequipmentdevelopedbythecompanyhaspassedthescientificandtechnologicalachievementappraisalandproductionacceptanceorganizedbytheSafetyProductionDepartmentandtheScienceandTechnologyDepartmentoftheMinistryofIndustryandInformationTechnology;Asof23H1,thecompanyhasbuiltover190productionlinesinChina.Varioustypesofparallelrobotsandsixaxismultijointrobotshavebeenappliedinfieldssuchascivilexplosives,food,militaryindustry,andpackaging.Activelypromotetheintelligentmanufacturingofcivilexplosivematerials.Onthebasisoftheexistingequipmentmanufacturingforindustrialexplosivepackaging,on-sitemixedloading,andindustrialdetonatorassemblylines,thecompanyhasupgradedanddevelopedproductionequipmentwithhighersafety.Throughrobotreplacement,visualmonitoringsystems,andintelligentdigitaltwintechnology,thenumberofdangerousworkshopoperatorshasbeenfurtherreduced,achievingautomation,intelligence,andunmanned(less)productionthroughouttheentireline.Thecompanyactivelyexpandsitsbusinessinthefieldofenvironmentalprotectionandenergyconservation,andactivelyparticipatesintheconstructionof"blacklightfactories"inthefieldsofinitiatingexplosivedevicesandcivilexplosives.Inthesmartcloudsector,thecompanywillcontinuetoleverageitsleadingadvantageininformationtechnologyinthecivilexplosiveindustry,utilizingindustrialinternet,bigdata,digitaltwinsandothertechnologicalmeanstoestablishandimproveanenterpriseintelligentnetworksupervisionandemergencymanagementplatform.Optimizeandintegratescientificresearchandproductionresources,andeffectivelyextendtheindustrialchain.ThecompanyhasacquiredandrestructuredcivilexplosiveassetsrelatedtoJiangsuTianmingChemical,ShandongShengshida,andJingmeiGroup,aswellascivilexplosiveproductionenterprisessuchasShandongTaishan.Currently,ithasatotalannuallicensedproductioncapacityof115000tonsofindustrialexplosives,anannuallicensedproductioncapacityof85.22milliondigitalelectronicdetonators,andareservedannuallicensedproductioncapacityof40milliondetonatorsandindustrialelectricdetonatorsforexport.Thecompanyutilizestheadvantagesofthegroup'sintelligentequipmentandprocesstechnologytoempoweritssubsidiariesandupgradeandtransformtheirproductionlines.Thecompanyhasestablishedaproductioncapacityadvantageforelectronicdetonatorsandachievedcapacityexpansion.AsofDecember2023,therenovationandconstructionofthefirstandsecondproductionlinesofTaishanCivilExplosiveshavepassedtheacceptanceandbeenofficiallyputintooperation.Expandthefinechemicalindustrysector.Thecompanycomprehensivelyintroducesandabsorbsinternationaladvancedemulsifiersandcompositeoilphaseproductiontechnology,providingkeyrawandauxiliarymaterialssuchasintegratedcompositeoilphase,emulsifier,compositeemulsifier,newpolymeremulsifier,andcompositewaxrequiredfortheproductionofindustrialexplosivesforcivilexplosiveequipmentproductionenterprisesinvariousspecificationsandvarieties;Withtechnologicalandqualityadvantages,theapplicationofsurfactantsinfieldssuchaspetrochemicals,textiles,andprintinganddyeinghasgraduallybeenexpanded.Orderlypromotemilitaryrelatedorders.Thecompanywonthebidfortwoprocurementprojectsforthedestructionofequipmentbyamilitaryindustrialenterpriseandenteredthefieldofbombdisposalequipment;Inaddition,thedevelopedautomaticscreeningsystemhascompletedfunctionaltestingandenteredthefieldofgunpowderequipment.Thecompanywillcombineefficientintelligentmanufacturingequipmentandinformationtechnologytoapplytothemilitaryequipmentindustry,leveragetheadvantagesofoverallsolutionsandsystemintegrationcapabilities,andachievethegoalsofintelligence,human-machineisolation,andlowhuman/unmannedoperation.Inresponsetothenational"BeltandRoad"strategy,activelyexpandoverseasmarkets.Thecompanyhasconstructedmorethan20productionlinesinoverseasmarkets,includingRussia,Algeria,Uganda,Mongolia,Vietnam,Myanmar,Nepal,Laos,Tajikistan,Uzbekistan,Latvia,Guinea,andothercountriesandregions,andhasbuiltagoodbrandinfluenceandservicereputationinthedomesticandforeigncivilexplosiveindustry.Thecompanyisactivelypromotinganddeepeninginternationalcooperation,andrelatedoverseasengineeringprojectsarebeingimplemented.Thecompanyfullyutilizestheadvantagesofthegroup'sresourcestoempowerTianjinTekton,innovateitsbusinessmodel,andfurtherexpandoverseasmarketsthroughmultiplechannelsandmeasures.Itsexportsincludeproductionlineequipment,processtechnology,chemicalrawmaterials,civilexplosiveequipment,andcomprehensiveblastingservices.41Feb20244Risks:Safetyproductionrisks;Risksofindustrialchainextensionandexpansion;Macroeconomicvolatilityrisk.5APPENDIX2ESGCommentsEnvironmental:提倡科學(xué)環(huán)保、節(jié)能減排，倡導(dǎo)綠色環(huán)保，積極踐行環(huán)境責(zé)任Social:創(chuàng)新為金，融全球智力”為發(fā)展戰(zhàn)略，以“國際化、專業(yè)化、精品化”為發(fā)展目標Governance:榮膺“2023年廣東省制造業(yè)企業(yè)500強”榜單6下下7 8