Investment Rating - The report maintains an "Outperform" rating for the company [7] Core Views - The company's Q3 performance is in line with expectations, with a total revenue of 6.303 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 0.29%. The net profit attributable to shareholders reached 524 million yuan, up 10.68% year-on-year [4][5] - The company has a robust order backlog, with new contracts signed or executed amounting to 79.8 billion yuan in the first three quarters of 2024, indicating sustainable revenue growth potential [6] Financial Summary - As of September 30, 2024, the company reported a net asset value per share of 5.87 yuan and a debt-to-asset ratio of 30.88% [3] - The company achieved a gross profit margin of 23.10% in Q3 2024, with a net profit margin of 7.86% [5] - The projected net profits for 2024, 2025, and 2026 are 718 million yuan, 885 million yuan, and 1.069 billion yuan respectively, with corresponding price-to-earnings ratios of 22, 18, and 15 [7][9]

易普力股份有限公司 2024 年第三季度报告 证券代码：002096 证券简称：易普力 公告编号：2024-031 易普力股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 1 易普力股份有限公司 2024 年第三季度报告 一、主要财务数据 （一）主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|-------------------|-------------------------|------------------- ...

| 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 | 中国葛洲 坝集团 易普 | 广东省德庆县简架头、云致冲花岗岩矿项目建设运营(EPC+0) | 1.12 | | | 力股份有限公司 | 总承包项目(矿山开拓)工程施工合同 | | | 2 | 葛洲坝易 普力广 西威 奇化工有限责任公司 | 来宾市象州县广西大明矿业有限公司孔龙山石灰岩矿矿山开 采钻爆施工合同 | 2.08 | | | 葛洲坝易 普力新 疆爆 | 国家能源集团乌海能源有限责任公司平沟煤矿井田Ⅲ盘区东 | 2.40 | | 3 | 破工程有限公司 | 部边坡地质灾害治理穿孔爆破工程施工合同 | | 注：1.广东省德庆县简架头、云致冲花岗岩矿项目建设运营(EPC+0)总承包 项目(矿山开拓)工程施工合同服务期限为302天；来宾市象州县广西大明矿业有 限公司孔龙山石灰岩矿矿山开采钻爆施工合同服务期限为5年；国家能源集团乌 海能源有限责任公司平沟煤矿井田Ⅲ盘区东部边坡地质灾害治理穿孔爆破工程 施工合同服务期限为3年。 2.上述部分" ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company, Yipuli, is a leading player in the domestic civil explosives and mining services industry, benefiting from fiscal stimulus [2]. - The civil explosives industry is experiencing a clear trend of increasing concentration, with significant demand expected from mining and infrastructure projects, particularly in the western regions and under the Belt and Road Initiative [2]. - Following the merger with Nanling Explosives, the company's market position has been further solidified, allowing it to capitalize on opportunities in Xinjiang's coal mining and overseas projects [2]. Summary by Sections Company Overview - Yipuli, established in 1993, is the only civil explosives platform under China Energy Engineering Group and has expanded its market presence through mergers and acquisitions [2][24]. - The company achieved a revenue of 8.43 billion yuan and a net profit of 630 million yuan in 2023 after its restructuring [2]. Industry Trends - The civil explosives industry has seen a 14.2% increase in revenue and a 40.3% increase in profit in 2023, with the blasting service sector growing at a compound annual growth rate (CAGR) of 18% from 2019 to 2023 [2]. - The demand for civil explosives is driven by mining activities, which account for over 70% of industrial explosive consumption in China, and the government's recent announcements of targeted fiscal policies to boost investment [2]. Market Position and Capacity - Post-merger, Yipuli's market share in blasting services has increased significantly, with a production capacity of 521,500 tons of industrial explosives, the highest in the country [2][30]. - The company has secured numerous contracts in Xinjiang, with a focus on large coal mining projects, and has expanded its overseas operations in countries like Liberia and Pakistan [2]. Financial Forecast and Valuation - The report forecasts Yipuli's net profits for 2024, 2025, and 2026 to be 760 million, 890 million, and 1,030 million yuan respectively, with corresponding price-to-earnings ratios of 21.16, 18.11, and 15.64 [1][2]. - The company is expected to enjoy a valuation premium due to its leading position in the civil explosives sector and its growth potential in Xinjiang and international markets [2].

Investment Rating - The investment rating for the company is "Buy" [1][3]. Core Views - The civil explosives industry is expected to enter a long-term prosperity cycle due to supply-side consolidation and demand growth in western regions [1][3]. - The company, Yipuli, is positioned to benefit from its leading market position and extensive project service experience, particularly in the western regions of China [3][11]. Summary by Sections Company Overview - Yipuli is a leading player in the civil explosives industry, with a comprehensive service system that includes research, production, sales, and blasting services [11]. - The company was formed through the restructuring of the China Energy Construction Group's subsidiary, and it ranks second in production value among civil explosive manufacturers in 2023 [11][12]. Supply Side - The industry is experiencing accelerated consolidation and product structure optimization, driven by stringent policies that control new capacity additions [1][19]. - The share of on-site mixed explosives is increasing due to safety and environmental considerations, with a focus on integrated product services [1][19]. Demand Side - The western regions of China, particularly Xinjiang and Tibet, are becoming the main demand areas for civil explosives due to mining and infrastructure development [1][3]. - The company has a strong presence in Xinjiang, with significant contracts in the coal mining sector, and is expanding its capacity to meet growing demand [1][3][11]. Financial Performance - The company reported a significant increase in revenue and net profit in 2023, with revenue reaching 84.28 billion yuan, a year-on-year increase of 265.76%, and net profit of 6.34 billion yuan, up 1228.80% [16]. - Forecasts for 2024-2026 project net profits of 7.21 billion, 8.51 billion, and 9.31 billion yuan, respectively, with corresponding P/E ratios of 22.52, 19.07, and 17.44 [3][5]. Strategic Initiatives - Yipuli is focusing on expanding its operations in western China and overseas markets, leveraging its strong shareholder support and experience in large hydropower projects [2][11]. - The company aims to increase its overseas revenue share to 9% by the end of the 14th Five-Year Plan [2].

股票代码：002096 股票简称：易普力 易普力股份有限公司投资者关系活动记录表 编号：2024-009 | --- | --- | --- | --- | --- | --- | |-----------------------|-----------------------------------------------------------------------------------|----------------------------------------------|-------|-------|-------| | | | | | | | | | 特定对象调研 □分析师会议 | | | | | | | 媒体采访 | □业绩说明会 | | | | | 投资者关系活动类 | □新闻发布会 □路演活动 | | | | | | 别 | □现场参观 其他 （湖南辖区 | 2024 年上市公司投资者网上集体接 | | | | | | 待日） | | | | | | 参与单位名称及 | | | | | | | | 投资者网上提问 | | | | | | 人员姓名 | | | | | | | 时间 ...

证券代码:002096 证券简称:易普力 公告编号：2024-030 易普力股份有限公司关于 参加湖南辖区 2024 年度投资者网上集体接待日 活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 | --- | |----------------------------------------------------------------------------------| | | | 为进一步加强与投资者的互动交流，易普力股份有限公司（以下简称公司） | | 将参加由湖南证监局、湖南省上市公司协会与深圳市全景网络有限公司联合举办 | | 的"湖南辖区 2024 年度投资者网上集体接待日"活动，现将相关事项公告如下： | | 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 | | （ https://rs.p5w.net ），或关注微信公众号：全景财经，或下载全景路演 | | 参与本次互动交流，活动时间为 2024 年 10 月 10 日（星期四） | | 时公司高管将在线就公司 2023 年至 2024 半年度业绩、公司治理、发展 ...

446 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|----------------------------------------|-------------------------------------------------------|----------------------| | 2024 年 09 月 08 日 \n易普力（ 002096.SZ ） \n精准拓展优化布局，盈利稳步增长 | 投资评级 | | 公司研究●证券研究报告 \n公司快报 \n基础化工 \| \n增持 | 民爆用品Ⅲ \n-B(维持) | | | 股价 | | | 元 | | | | (2024-09-06) | | 11.93 | | 投资要点 | | | | | ...

股票代码：002096 股票简称：易普力 易普力股份有限公司投资者关系活动记录表 编号：2024-008 | --- | --- | --- | --- | --- | |------------------|------------------------------|--------------|-----------------------------------------------------------------------------------------------|------------| | | | | | | | | | | 特定对象调研 □分析师会议 | | | | 媒体采访 | ☑ 业绩说明会 | | | | 投资者关系活动 | □新闻发布会 | □路演活动 | | | | 类别 | □现场参观 | | | | | | 其他 （电话会议交流） | | | | | 参与单位名称及人 | 线上参与公司 2024 | | 年半年度业绩说明会的投资者 | | | 员姓名 | | | | | | 时间 | 2024 年 9 月 10 日 | | 15:00-17:00 | | | 地点 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨易普力（002096.SZ） [Table_Title] 区域结构优化，看好新疆和西藏 报告要点 [Table_Summary] 2024H1 营业收入约 39.14 亿元，同比减少 2.15%；归属净利润约 3.51 亿元，同比增加 15.4%。 分析师及联系人 [Table_Author] 张弛 张智杰 袁志芃 SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 请阅读最后评级说明和重要声明 易普力（002096.SZ） cjzqdt11111 2024-09-09 相关研究 [Table_Title2] 区域结构优化，看好新疆和西藏公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 [Table_Summary2] 事件描述 2024H1 营业收入约 39.14 亿元，同比减少 2.15%；归属净利润约 3.51 亿元，同比增加 15.4%。 事件评论 ⚫ 爆破服务是核心边际还是支撑。分业务看：1、爆破服务 27.6 亿元，同比增长 6.8%；毛 利率 20.95%，同比提升 2.49 个 pc ...