易普力股份有限公司 关于高级管理人员亲属短线交易及致歉的公告 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。 近日，易普力股份有限公司（以下简称公司）获悉公司总会计师胡丹先生的配偶 周燚女士于 2024 年 11 月 1 日至 5 日期间通过集中竞价方式买卖公司股票，根据《中 华人民共和国证券法》（以下简称《证券法》）《深圳证券交易所股票上市规则》《深圳 证券交易所上市公司自律监管指引第 10 号—股份变动管理》等相关法律法规的规定， 上述交易构成短线交易。现将有关情况公告如下： 一、短线交易具体情况 周燚女士买卖公司股票的具体交易情况如下： | | 交易时间 | | | | 买卖方向 | 成交数量 | 成交价格 | 成交金额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | （股） | （元） | （元） | | 2024 | 年 | 11 | 月 | 1 日 | 买入 | 25000 | 12.19 | 304,750 | | 2024 | 年 | 11 | 月 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported steady growth in Q3 2024, with revenue reaching 6.3 billion yuan, a year-on-year increase of 0.3%, and a net profit attributable to shareholders of 520 million yuan, up 10.7% year-on-year [2] - In Q3 alone, the company achieved revenue of 2.39 billion yuan, representing a year-on-year growth of 4.6%, while the net profit attributable to shareholders was 170 million yuan, an increase of 2.1% year-on-year [2] - The company is expected to see an increase in the proportion of revenue from mining services, despite a slight decline in revenue from explosive materials due to strategic market exits and insufficient demand in certain regions [2][4] - The company has a robust order book for blasting services, with new contracts signed amounting to 7.98 billion yuan in the first three quarters of 2024, primarily from the Xinjiang region [4] Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 1.78 billion yuan, 2.14 billion yuan, and 2.39 billion yuan, with year-on-year growth rates of 4.5%, -7.0%, and 4.6% respectively [2] - The gross profit margins for these quarters were 21.3%, 26.0%, and 23.1%, showing slight fluctuations year-on-year [2] - The company has successfully reduced sales and management expense ratios, leading to improved operational cash flow, with net cash flow from operating activities reaching 430 million yuan in Q3, a year-on-year increase of 234.7% [3] - As of Q3 2024, the company had a total debt of 400 million yuan, with a debt-to-asset ratio of 30.9% [3][7] Earnings Forecast and Valuation - The company is projected to achieve net profits attributable to shareholders of 722.82 million yuan, 865.01 million yuan, and 1,017.06 million yuan for 2024, 2025, and 2026 respectively [1][4] - The price-to-earnings (P/E) ratios based on the closing price on October 31 are estimated to be 21.14, 17.67, and 15.03 for 2024, 2025, and 2026 respectively [1][4]

易普力（002096.SZ）2024 年三季报点评 ➢ 公司披露 2024 年三季报：24Q1-Q3 实现营收 63.03 亿元，同比+0.29%， 归母净利 5.24 亿元，同比+10.68%，扣非净利 5.10 亿元，同比+8.54%。其中 24Q3 单季度收入 23.89 亿元，同比+4.56%，归母净利润 1.73 亿元，同比 +2.14%，扣非归母净利润 1.70 亿元，同比-3.84%。 ➢ 单三季度收入增速好于上半年，毛利率环比有所下调 24Q3 公司单季度收入同比+4.56%，好于上半年收入增速（24H1 收入同比2.15%），单 3 季度归母净利润增速略弱于收入，预计主因系 24Q3 单季度毛利 率 23.10%，同比-2.75pct、环比-2.93pct。 费用率角度，24Q3 公司期间费用率 13.90%，同比-2.14pct，主因系管理费用 率 明 显 下 降 ， 其 中 单 季 销 售 / 管 理 / 研 发 / 财 务 费用率 分别为 1.09%/7.12%/5.47%/0.22%，同比分别-0.30/-2.41/+0.37/+0.20pct。绝对额 角度，单 3 季度管理费用 1 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company's third-quarter performance showed a slight decline due to increased R&D expenses, but revenue growth in a declining industry demonstrates the company's strong resilience as a market leader [2][3]. - The report forecasts earnings per share (EPS) of 0.60, 0.70, and 0.79 yuan for 2024, 2025, and 2026 respectively, with a target price set at 15.35 yuan [3][4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 6.303 billion yuan, a year-on-year increase of 0.29%, and a net profit attributable to shareholders of 524 million yuan, up 10.68% year-on-year [3]. - In the third quarter alone, the company reported operating revenue of 2.389 billion yuan, a year-on-year increase of 4.56% and a quarter-on-quarter increase of 11.78%. The net profit for the same period was 173 million yuan, reflecting a year-on-year increase of 2.14% but a quarter-on-quarter decline of 19.91% [3]. - The report notes that the decline in quarterly net profit was primarily due to a one-time R&D expense of 131 million yuan, which increased by 36 million yuan quarter-on-quarter [3]. Industry Outlook - The report highlights that policy initiatives aimed at boosting infrastructure investment are expected to benefit the civil explosives industry. Recent government policies have accelerated the development of clean energy projects, which may further stimulate demand for civil explosives [3]. - Catalysts for growth include accelerated downstream infrastructure investment and industry consolidation [3].

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]

| 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" ...

Revenue and Profitability - Revenue for Q3 2024 reached ¥2,389,462,200.06, an increase of 4.56% year-over-year[2] - Net profit attributable to shareholders was ¥173,156,026.55, up 2.14% compared to the same period last year[2] - Net profit excluding non-recurring items was ¥170,304,889.52, a decrease of 3.84% year-over-year[2] - Total operating revenue for Q3 2024 was CNY 6,302,962,885.64, a slight increase from CNY 6,284,705,857.21 in Q3 2023, representing a growth of 0.29%[16] - Net profit for Q3 2024 was CNY 558,105,461.33, up from CNY 501,326,844.79 in Q3 2023, indicating an increase of 11.29%[17] - Total comprehensive income for the period reached ¥576,061,599.12, an increase from ¥497,289,937.41 in the previous period, representing a growth of approximately 15.7%[19] - Basic and diluted earnings per share both increased to ¥0.42 from ¥0.40, reflecting a growth of 5%[19] Cash Flow and Liquidity - Cash flow from operating activities increased by 86.94% year-over-year, totaling ¥323,381,708.46[2] - Cash inflow from operating activities totaled ¥4,181,168,470.07, down from ¥4,381,013,293.23, indicating a decrease of about 4.6%[21] - Net cash flow from operating activities improved to ¥323,381,708.46 compared to ¥172,989,722.96 in the previous period, marking an increase of approximately 87%[21] - Cash outflow from investing activities resulted in a net cash flow of -¥92,263,453.99, a significant decrease from the previous period's net inflow of ¥280,186,719.95[21] - Cash inflow from financing activities was ¥12,500,000.00, a sharp decline from ¥1,712,914,994.17 in the previous period[22] - Net cash flow from financing activities was -¥341,415,840.45, compared to a positive net flow of ¥540,176,614.72 in the previous period[22] - The ending balance of cash and cash equivalents was ¥2,554,398,719.72, an increase from ¥2,023,972,111.68 in the previous period[22] - The company received ¥28,884,653.19 in cash from investment income, up from ¥7,042,064.53 in the previous period, indicating a significant increase of approximately 310%[21] - The company reported a decrease in cash received from sales of goods and services to ¥4,023,798,003.57 from ¥4,189,629,647.07, reflecting a decline of about 4%[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥10,992,039,008.24, reflecting a 4.95% increase from the end of the previous year[2] - Accounts receivable increased by 54.56% to ¥2,064,453,911.57 due to the expansion of mining contracting business[6] - Total current assets rose from CNY 5,771,032,220.20 to CNY 6,351,891,542.38, indicating a growth of approximately 10%[13] - The company reported a decrease in long-term equity investments from CNY 145,350,850.29 to CNY 138,795,235.07[13] - Total liabilities rose to CNY 3,394,564,877.70 from CNY 3,190,610,742.48, reflecting an increase of 6.39%[15] - The company's cash and cash equivalents decreased from CNY 2,672,656,205.89 at the beginning of the period to CNY 2,571,976,487.04 at the end[12] - The company reported a decrease in short-term borrowings to CNY 8,000,000.00 from CNY 67,289,971.28, a reduction of 88.12%[15] - Deferred income tax assets increased to CNY 56,134,509.58 from CNY 49,962,411.02, an increase of 12.66%[15] Shareholder Information - The total number of common shareholders at the end of the reporting period is 21,990, with no preferred shareholders having restored voting rights[8] - The largest shareholder, China Gezhouba Group Co., Ltd., holds 43.37% of shares, amounting to 538,032,152 shares[9] Awards and Recognition - The company has been recognized with the "Golden Round Table Award" for value creation by the 19th China Listed Company Board of Directors[11] - The company has strengthened its information disclosure and governance, achieving an A-level rating for information disclosure quality[11] - The company is focusing on enhancing strategic communication and value analysis to improve transparency and market response[11] - The company has received multiple awards, including recognition in the top 100 growth companies and top 100 ESG companies in China[11] Operational Efficiency - The company plans to continue optimizing its business structure and enhancing operational efficiency to drive future growth[2] - Operating costs decreased to CNY 5,695,621,548.89 from CNY 5,730,184,394.50, reflecting a reduction of 0.61%[16] - Research and development expenses rose to CNY 261,407,234.66, compared to CNY 206,450,893.79 in the previous year, marking an increase of 26.66%[16] - The weighted average return on equity decreased to 2.43%, down 0.07% from the previous year[2] - The company reported a significant increase in other income, totaling ¥12,634,857.48, a 92.25% increase year-over-year[7] - Investment properties rose by 72.16% to ¥150,906,465.76 as part of fixed assets were leased out[6]

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 ...