2025 年 04 月 14 日 公司点评 买入/维持 易普力(002096) 易普力 2024 年报点评： 爆破业务引领增长，内生外延打造"能建工程特种兵" ◼ 走势比较 (20%) (10%) 0% 10% 20% 30% 24/4/12 24/6/23 24/9/3 24/11/14 25/1/25 25/4/7 ◼ 股票数据 | 总股本/流通(亿股) | 12.4/7.01 | | --- | --- | | 总市值/流通(亿元) | 150.96/85.3 | | 12 个月内最高/最低价 | 15.27/9.79 | | (元) | | 相关研究报告 <<开拓高效市场+降本增效，推动公 司业绩稳健增长>>--2024-09-06 << 易普力（002096.SZ）： 新公司完 成首份答卷，公司有望步入新阶 段>>--2024-06-24 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 事件：易普力发布 2024 年年报，全年 ...

证券代码：002096 证券简称：易普力 公告编号：2025-023 2025年1月3日，易普力股份有限公司（以下简称"公司"）在巨潮资讯网等指定信 息披露媒体披露了《关于所属控股子公司收到中标通知书暨关联交易的公告》 （2025-001）。公司所属控股子公司中国葛洲坝集团易普力股份有限公司（以下 简称"葛洲坝易普力公司"）中标广东省德庆县简架头、云致冲花岗岩矿项目矿区 钻爆及挖装运施工总承包项目（以下简称"本项目"），中标总金额约为29.04亿元， 工期24年。 葛洲坝易普力公司为公司控股子公司，招标单位中国能源建设集团广东省电 力设计研究院有限公司（以下简称"广东院"）为中国能源建设股份有限公司（以 下简称"中国能建"）间接控制的全资子公司，广东院与公司属于受中国能建同一 控制下的关联方，根据《深圳证券交易所股票上市规则》相关规定，本次交易构 成关联交易。本项目预计可能实现的收入已纳入公司2025年日常关联交易金额范 围。 本次关联交易不构成《上市公司重大资产重组管理办法》规定的重大资产重 组，也无需经过有关部门批准。 二、关联方介绍与关联关系 1.公司名称：中国能源建设集团广东省电力设计研究院有限公司 ...

中国国际金融股份有限公司 关于易普力股份有限公司 发行股份购买资产并募集配套资金暨关联交易 之 2024 年度持续督导意见 独立财务顾问 北京市建国门外大街 1 号国贸大厦 2 座 27 层及 28 层 签署日期：2025 年 4 月 声明和承诺 4、本独立财务顾问提请投资者认真阅读上市公司的相关公告文件信息。 1 释 义 1 在本持续督导意见中，除非文义载明，以下简称具有下列含义： 本持续督导意见 指 《中国国际金融股份有限公司关于易普力股份有限公司发行股份 购买资产并募集配套资金暨关联交易之 2024 年度持续督导意见》 公司、上市公司、易 普力 指 易普力股份有限公司，曾用名湖南南岭民用爆破器材股份有限公司 南岭民爆 指 湖南南岭民用爆破器材股份有限公司 本次交易 指 上市公司向交易对方发行股份购买交易对方所持中国葛洲坝集团 易普力股份有限公司 668,793,726 股股份（约占葛洲坝易普力总股 本的 95.54%），同时向不超过 35 名特定投资者发行股份募集配套 资金 本次发行股份购买 资产、发行股份购买 资产 指 上市公司向交易对方发行股份购买交易对方所持中国葛洲坝集团 易普力股份有限公司 66 ...

易普力（002096）公告，2025年1-3月新签或开始执行的爆破服务工程类日常经营合同金额合计人民币 20.88亿元。 ...

其中，新签或开始执行的单笔合同金额在人民币 1 亿元以上的重大工程施工类 日常经营合同如下： | 单位：人民币亿元 | | --- | | 序号 | 合同签订主体 | 项目（合同）名称 | 合同金额 | | --- | --- | --- | --- | | 1 | 葛洲坝易普力新疆爆 | 新疆公司红沙泉露天煤矿 2024 年至 2026 年钻爆工程（一标 | 7.2 | | | 破工程有限公司 | 段）施工合同 | | | 2 | 葛洲坝易普力四川爆 | 新白马公司穿爆服务项目合同 | 4.32 | | | 破工程有限公司 | | | | 3 | 葛洲坝易普力广西威 | 广西锦象水泥有限公司综合利用生产系统运行管理承包合同 | 2.25 | | | 奇化工有限责任公司 | | | | 4 | 葛洲坝易普力四川爆 破工程有限公司 | 朱兰铁矿穿爆服务外委合同（2024 年）补充协议 | 1.97 | | 5 | 葛洲坝易普力四川爆 破工程有限公司 | 安宁矿业乳化炸药及爆破一体化服务采购合同 | 1.56 | | 6 | 中国葛洲坝集团易普 | 湖南省宁远县冷水坳矿区制灰用灰岩矿、建筑用白云岩矿矿 | 1.2 ...

Dividend Policy and Financial Performance - The company's dividend policy focuses on long-term sustainable development, considering factors such as business strategy, shareholder returns, cash flow, and external financing environment [1] - For the fiscal year 2024, the company achieved a net profit of CNY 713 million, a year-on-year increase of 12.49%, with total profit reaching 104.39% of the initial budget [2] Order Management and Execution - As of the end of 2024, the company had over CNY 30 billion in hand orders, with execution aligned with initial expectations despite some variations due to market conditions [2] - The company has established a robust project management system to ensure smooth order fulfillment and resource allocation [2] Industry Position and Competitive Strategy - The company aims to consolidate its leading position in the civil explosives industry by focusing on core business, innovation, and expanding its industrial chain [3] - Strategies include optimizing capacity layout, enhancing management efficiency, and fostering strong partnerships with key mining enterprises [3] Policy Impact and Market Opportunities - The company plans to leverage the "Strategic Mine Directory" policy to enhance its market share and achieve high-quality growth [4] - The civil explosives industry is expected to benefit from national energy security strategies and infrastructure demands, maintaining a high level of market activity [8] Future Growth Drivers - Key growth drivers include ongoing capacity adjustments in the civil explosives sector, strong demand from mining and infrastructure projects, and international market expansion under the "Belt and Road" initiative [5] - The company is committed to enhancing operational efficiency and resource allocation to support its growth objectives [5] Employee Incentives and Long-term Planning - The company has implemented a multi-faceted compensation system that includes performance-based rewards and long-term incentives to motivate employees [6] - A clear balance between short-term performance and long-term strategic goals is maintained, with a focus on sustainable development [7] Industry Overview and Performance Metrics - In 2024, the civil explosives industry achieved a total production value of CNY 41.695 billion, with a profit total of CNY 8.82 billion, reflecting a year-on-year profit growth of 69.36% [8] - The industry is characterized by increasing concentration, with the top 20 companies accounting for approximately 83% of total production value [8]

Investment Rating - The report maintains an "Outperform" rating for the company [2][11]. Core Views - The net profit attributable to shareholders increased by 17.84% year-on-year in Q4 2024, with a significant rise in the proportion of blasting services [1][6]. - The company achieved a revenue of 8.546 billion yuan in 2024, a year-on-year increase of 1.40%, and a net profit of 713 million yuan, up 12.49% year-on-year [6][11]. - The company plans to distribute a cash dividend of 2.30 yuan per 10 shares, totaling 285 million yuan, which accounts for 40.01% of the net profit attributable to the parent company [6][11]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 2.243 billion yuan, a 4.66% increase year-on-year, and a net profit of 189 million yuan, up 17.84% year-on-year [6][11]. - The operating revenue from blasting services was 6.182 billion yuan in 2024, a 15.10% increase, accounting for 72.34% of total revenue, with a gross profit margin of 20.54% [7][11]. - The company’s total sales and management expenses decreased by 8.40% year-on-year, contributing to profit growth exceeding revenue growth [8]. Business Strategy - The company is actively seeking high-quality target assets and plans to acquire 51% of Henan Songguang Civil Explosive, which will increase its industrial explosive production capacity by 60,000 tons [9][11]. - The company has a strong presence in resource-rich areas such as Xinjiang and Xizang, with multiple engineering projects leading to significant growth in its engineering service business [10][11]. Profit Forecast - The forecast for net profit attributable to the parent company is 872 million yuan for 2025, 1.016 billion yuan for 2026, and 1.149 billion yuan for 2027 [11]. - The target price is set at 15.40 yuan, based on a 22 times PE for 2025, reflecting a slight adjustment from previous estimates [11].

Core Viewpoint - The company Yipuli (002096) has shown a slight increase in stock price, closing at 11.61 yuan, with a trading volume of 90,500 lots and a total transaction amount of 106 million yuan as of April 3, 2025 [1]. Group 1: Company Performance - Yipuli's stock price increased by 0.43% on the trading day [1]. - The turnover rate was recorded at 1.29% [1]. - The total trading volume reached 90,500 lots, with a transaction value of 106 million yuan [1]. Group 2: Investor Relations - The company has responded to investor inquiries regarding the disclosure of supply chain and customer composition, stating that it adheres to the regulations of the China Securities Regulatory Commission and has provided information on the concentration and stability of its top five customers and suppliers in previous annual reports [2]. - The company emphasized that specific customer names are kept confidential due to commercial competition risk management and contractual confidentiality agreements [2]. Group 3: Trading Information - On the trading day, the net inflow of main funds was 4.38% of the total transaction amount, amounting to 4.6433 million yuan [2]. - Retail investors saw a net inflow of 4.31% of the total transaction amount, totaling 4.5641 million yuan [2]. - Conversely, speculative funds experienced a net outflow of 8.69% of the total transaction amount, equating to 9.2073 million yuan [2].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Views - The company benefits from the national energy security strategy and infrastructure demand, maintaining a high level of prosperity in the civil explosives industry. In December 2024, the production value of enterprises reached 4.159 billion yuan, a year-on-year increase of 5.13%, with total profits of 0.882 billion yuan, up 69.36% year-on-year. The mining sector, which accounts for over 70% of the civil explosives industry's downstream applications, is expected to create long-term and stable demand for products and services due to ongoing mining operations [2][8] - The company is actively optimizing its capacity structure, enhancing integrated blasting service capabilities, and strengthening technological innovation to consolidate its market share. The company plans to achieve revenue of 9.692 billion yuan and total profits of 0.981 billion yuan in 2025 [5][8] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 8.546 billion yuan, a year-on-year increase of 1.4%, and a net profit of 0.713 billion yuan, up 12.49% year-on-year. The gross profit margin remained stable at 25.69% [5][7] - The company expects to achieve revenues of 10.038 billion yuan in 2025, with a net profit of 0.879 billion yuan, reflecting a year-on-year growth of 17.5% and 23.2%, respectively [7][9] Market Position and Strategy - The company is positioned as a leader in the civil explosives industry, focusing on optimizing production capacity and regional layout while continuing to pursue external mergers and acquisitions. The company has a complete industrial chain, including research, production, sales, blasting services, and mining engineering contracting [8][9] - The company has a production capacity of 521,500 tons for industrial explosives and 64.5 million units for electronic detonators, with utilization rates of 90.72% and 65.10%, respectively. A planned acquisition of 51% of Songguang Explosives for 316 million yuan will add 60,000 tons of industrial explosives capacity [8][9]

Company and Industry Summary Company Overview - The company reported a net profit attributable to shareholders of 713 million yuan for 2024, representing a year-on-year increase of 12.49% [3] - Total revenue showed slight growth, with significant improvements in operational performance due to enhanced management control, leading to a decrease in sales and administrative expenses [3] Key Business Segments - The blasting services segment achieved revenue of 6.2 billion yuan, a growth of 15%, accounting for 72.34% of total revenue, primarily driven by increased contract volumes in the Xinjiang region [3] - Research and development (R&D) investment increased by 73 million yuan, a growth of 21%, with an R&D intensity of 4.91%, up by 0.8 percentage points year-on-year, focusing on digital transformation and smart mining [3] Financial Highlights - The company maintained a stable cash dividend for 2024, distributing 258.85 million yuan, with a dividend of 2.3 yuan per ten shares, reflecting a year-on-year growth of 12.2% [4] - The expected total contract orders for the year are 13 billion yuan, although fluctuations in engineering service orders are normal [5] M&A and Strategic Developments - The acquisition of the Yipuli project is progressing steadily, with a net profit of over 47 million yuan in 2024, and a reasonable layout in Hebei and Henan regions [6] - The company has not adjusted its acquisition target direction and aims to enhance synergy to improve capacity control [6] Market Insights - The Xinjiang market has shown significant mineral growth, with coal production capacity increasing from 170 million tons in 2017 to 540 million tons in 2024, aligning with national strategies [7] - The company adheres to the "Belt and Road" policy, targeting West Africa, Southern Africa, and the Asia-Pacific region for international market development, expecting overseas market layout to exceed 10% in the next two to three years [10][11] Operational Metrics - The industrial explosives operating rate was approximately 90%, with mixed explosives accounting for about 53% of production [12] - Electronic detonator production decreased to 42 million units, down by over 9 million units year-on-year, due to overall industry decline and reduced usage in large-scale mining operations [13] Accounts Receivable and Revenue Trends - Accounts receivable increased to 1.4 billion yuan, primarily due to longer billing cycles for engineering projects [15] - Revenue in the fourth quarter of 2024 declined sequentially, attributed to delays in new order conversions and postponements from major clients [16] Regional Performance - The Northwest region accounted for approximately 43% to 44% of revenue in 2024 and 2025, with Xinjiang being a key growth area [23] - The company plans to transfer about 50,000 tons of capacity to Xinjiang in 2025, addressing a projected shortfall of at least 110,000 tons in the Yangufang area [28] Competitive Landscape - The integration of Hongda and Xuefeng has intensified market competition, but the company maintains a significant market share in the coal mining sector [29] - The company is focused on enhancing its competitive position through regional advantages and centralized production of mixed explosives [29] Future Outlook - The company anticipates that the overall growth rate indicated in the annual report is conservative, with adjustments possible based on actual performance [9] - The company is committed to steady international market expansion while managing risks associated with aggressive growth strategies [26]