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]

Core Viewpoint - The company, Yipuli, reported steady growth in revenue and profit driven by its mining blasting services, with total operating income reaching 8.546 billion yuan and net profit attributable to shareholders at 713 million yuan for 2024, reflecting year-on-year increases of 1.4% and 12.49% respectively [1] Group 1: Financial Performance - The sales net profit margin improved to 8.92%, an increase of 0.91 percentage points year-on-year [1] - Revenue from mining blasting services increased by 15.10% to 6.182 billion yuan, accounting for 72.34% of total revenue, up 8.61 percentage points year-on-year [1] - Revenue from civil explosive materials decreased by 27.87% to 1.923 billion yuan, with a revenue share of 22.51%, down 9.13 percentage points year-on-year [1] Group 2: Industry Position - The concentration of the civil explosive industry continues to rise, with the CR5 and CR10 reaching 40.19% and 62.47% respectively, up 2.25 and 2.49 percentage points from 2023 [1] - Yipuli ranked second in the domestic civil explosive production value with 3.773 billion yuan, holding a market share of 9.05%, a slight decrease of 0.63 percentage points from 2023 [1] Group 3: Capacity and Orders - The company's actual licensed capacity for industrial explosives was 521,500 tons/year with a utilization rate of 90.72%, producing 473,100 tons, an increase of 0.83% year-on-year [2] - A recent acquisition added 60,000 tons/year of capacity, bringing the total to 581,500 tons/year, ranking third in the domestic market [2] - The company has secured substantial contracts in resource-rich provinces, with a total contract amount of 8.404 billion yuan for blasting services in 2024, including major projects in Xinjiang and Namibia [3] - Despite a decrease in new contracts compared to 2023, the company has a robust backlog of over 30 billion yuan as of the end of 2023, with many projects having service periods of 2 to 5 years [3] - The subsidiary in Xinjiang achieved a net profit of 509 million yuan, a year-on-year increase of 9.75%, contributing significantly to the company's overall performance [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][15] Core Views - The company's revenue and profit are steadily growing, driven by the mining blasting service business, despite a decline in civil explosive product sales [1][9][10] - The concentration in the civil explosive industry continues to rise, with the company maintaining a solid position as the second-largest producer in China [2][11] - The company has a strong order backlog, particularly in regions like Xinjiang, which supports future revenue growth [3][14] Financial Performance - In 2024, the company achieved total revenue of 8.546 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 713 million yuan, up 12.49% [1][9] - The sales net profit margin improved to 8.92%, an increase of 0.91 percentage points year-on-year [1][9] - The mining blasting service business generated revenue of 6.182 billion yuan, a 15.10% increase, while the civil explosive product sales dropped by 27.87% to 1.923 billion yuan [1][10] Market Position - The civil explosive industry concentration (CR5 and CR10) reached 40.19% and 62.47% respectively in 2024, indicating a strengthening of market dynamics [2][11] - The company’s market share in civil explosive production is 9.05%, slightly down from the previous year, but it remains the second-largest player in the market [2][11] Future Outlook - The company has signed contracts worth 8.404 billion yuan for blasting services in 2024, with a significant portion of these contracts having long execution periods [3][14] - The company is expected to see net profits of 835 million yuan, 926 million yuan, and 1.009 billion yuan for the years 2025, 2026, and 2027 respectively, with a corresponding diluted EPS of 0.67, 0.75, and 0.81 yuan [4][15]

Core Viewpoint - The company reported its 2024 annual results, achieving revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 8.546 billion, 713 million, and 672 million respectively, with year-on-year growth of +1.4%, +12.49%, and +7.04% [1] Group 1: Financial Performance - In Q4 2024, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 2.243 billion, 189 million, and 162 million respectively, with year-on-year growth of +4.66%, +17.84%, and +2.59% [1] - The Xinjiang blasting service market was the core driver for steady growth in performance, with blasting service revenue growing by +15.1% while civil explosive materials revenue decreased by -27.87% due to the company's optimization of excess packaged explosives in certain regions [1] - The coal production in Xinjiang increased by +17.5% in 2024, further boosting the company's coal mining service revenue, with Xinjiang's blasting subsidiary achieving revenue of 3.783 billion, a year-on-year increase of +4.89%, and its revenue share rising to 44.27% [1] Group 2: Cost Management and Profitability - The company maintained a stable gross margin year-on-year, while the net profit margin increased by +0.91 percentage points, attributed to significant cost reduction in expenses [2] - The prices of ammonium nitrate, a key raw material for industrial explosives, decreased by -10.9% in 2024, contributing to an increase in gross margins for blasting services and industrial explosives by +1 percentage point and +1.14 percentage points respectively [2] - The overall gross margin remained stable primarily due to the structural change with a higher proportion of low-margin blasting service revenue [2] Group 3: Future Outlook - The company is optimistic about continued steady growth in 2025, with plans to achieve revenue of 9.692 billion and total profit of 981 million, representing year-on-year growth of +11.89% and +8.52% respectively [2] - As of the end of 2024, the company had over 30 billion in hand orders, with expectations for further order increases supported by high demand in Xinjiang and Tibet, along with the consolidation of Henan Songguang's 60,000-ton capacity [2] - Projections for 2025, 2026, and 2027 indicate revenues of 9.592 billion, 10.808 billion, and 11.698 billion respectively, with year-on-year growth rates of 12.25%, 12.67%, and 8.23% [3]

证券代码：002096 证券简称：易普力 公告编号：2025-015 易普力股份有限公司 关于签署日常经营关联交易协议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载，误导性陈述或重大遗漏。 一、关联交易概述 2023年5月15日，公司募集配套资金发行的新股在深圳证券交易所上市，新 增117,147,856股有限售条件流通股，公司总股本由1,123,292,914股增加至 1,240,440,770股。中国葛洲坝集团股份有限公司持有公司43.37%股份，湖南湘 科控股集团有限公司下属企业湖南省南岭化工集团有限责任公司、湖南神斧投资 管理有限公司分别持有本公司12.46%和6.97%的股份，根据《深圳证券交易所股 票上市规则》6.3.3条规定"持有上市公司5%以上股份的法人（或者其他组织） 及其一致行动人，为上市公司的关联法人。"规定，中国葛洲坝集团股份有限公 司、湖南省南岭化工集团有限责任公司、湖南神斧投资管理有限公司为本公司持 股5%以上的关联法人；另根据《深圳证券交易所股票上市规则》6.3.3条规定， 本公司原间接控股股东湖南湘科控股集团有限公司控制的前述名单内的其余企 业 ...

证券代号：002096 证券简称：易普力 公告编号：2025-020 易普力股份有限公司 关于续聘2025年度审计机构的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 易普力股份有限公司（以下简称公司或本公司）于 2025 年 3 月 27 日召开了第七 届董事会第十七次会议和第七届监事会第十次会议（临时），审议通过了《关于续聘 公司 2025 年度审计机构的议案》。同意拟续聘天健会计师事务所（特殊普通合伙） （以下简称天健事务所）为公司 2025 年度财务报告审计机构和内部控制审计机构， 聘任期限为一年。该议案尚须提交股东大会审议。现将有关事项公告如下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 1.基本信息 机构名称：天健会计师事务所（特殊普通合伙） 首席合伙人：钟建国 截至 2023 年 12 月 31 日，天健事务所合伙人 238 名，注册会计师 2,272 人，签 署过证券服务业务审计报告的注册会计师人数 836 人。 2023 年度业务收入 34.83 亿元，其中审计业务收入 30.99 亿元，证券业务收入 18.40 亿元。2023 ...

证券代号：002096 证券简称：易普力 公告编号：2025-018 易普力股份有限公司 关于募集资金年度存放与使用情况公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、募集资金基本情况 - 1 - | 加：利息收入 | 834,437.81 | | --- | --- | | 募集资金账户余额（2024.12.31） | 0 | （一）募集资金金额及到位时间 根据中国证券监督管理委员会《关于核准湖南南岭民用爆破器材股份有限公司向 中国葛洲坝集团股份有限公司等发行股份购买资产并募集配套资金的批复》（证监许 可〔2023〕32号），公司向特定对象发行A股117,147,856股，发行价格为11.43元/股， 募集资金总额为人民币1,338,999,994.08元，上述募集资金已于2023年4月19日到位 主承销商指定收款银行账户，已经天职国际会计师事务所（特殊普通合伙）出具的《验 资报告》（天职业字〔2023〕24411号）审验。 2023年4月20日，扣除发行费用（不含增值税）人民币35,510,527.22元，募集资 金净额为人民币1,303,489 ...