Financial Performance - The company's operating revenue for Q1 2024 was ¥1,775,834,657.02, representing a 4.46% increase compared to ¥1,699,946,106.67 in the same period last year[4] - Net profit attributable to shareholders for Q1 2024 was ¥134,781,668.64, up 4.20% from ¥129,347,968.89 year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥130,918,069.92, reflecting a 4.33% increase from ¥125,487,469.46 in the previous year[4] - The basic earnings per share decreased by 26.40% to ¥0.1087 from ¥0.1477 in the same period last year[4] - The weighted average return on equity fell to 1.91%, down 1.49% from 3.40% year-on-year[4] - The company reported a net decrease in cash and cash equivalents of ¥295,638,910.80 for the period, compared to an increase of ¥177,264,063.45 in the prior period[35] - The net profit for the period was ¥141,480,909.97, compared to ¥134,960,326.24 in the previous period, reflecting an increase of about 4%[50] - The company's operating profit was ¥171,675,125.27, up from ¥164,319,675.32, marking an increase of about 4%[50] - Total comprehensive income amounted to 145,796,872.76, an increase from 138,440,136.69 in the previous period[52] - Net income attributable to the parent company was 139,097,631.43, up from 132,827,779.34[52] Assets and Liabilities - Total assets at the end of Q1 2024 were ¥10,425,571,890.03, a slight decrease of 0.46% from ¥10,473,461,654.87 at the end of the previous year[4] - The total liabilities decreased to ¥2,982,446,702.44 from ¥3,190,610,742.48, reflecting a reduction of approximately 6.5%[27] - The total liabilities decreased to ¥2,192,083,532.53 from ¥2,398,280,212.52, showing a reduction of approximately 9%[46] - The total equity attributable to shareholders increased to ¥7,128,448,583.83, up from ¥6,978,334,640.15, representing a growth of 2.2%[27] - Shareholders' equity attributable to the parent company increased by 2.15% to ¥7,128,448,583.83 from ¥6,978,334,640.15 year-on-year[4] Cash Flow - The net cash flow from operating activities improved by 8.42%, reaching -¥248,477,291.91 compared to -¥271,335,607.11 in the same period last year[4] - Net cash flow from operating activities was ¥958,028,039.21, down from ¥1,002,602,851.74 in the previous period[33] - Cash inflow from operating activities totaled 1,058,440,027.16, down from 1,124,879,066.68[58] - Cash outflow from operating activities was 1,306,917,319.07, compared to 1,396,214,673.79 in the previous period[58] - Cash flow from investment activities showed a net outflow of -41,144,303.67, contrasting with a significant inflow of 425,290,182.53 previously[58] - The company received tax refunds amounting to 743,209.59, a decrease from 15,399,757.86[58] - Cash received from other operating activities was 99,668,778.36, down from 106,876,457.08[58] - The company reported a decrease in cash paid to employees, totaling 313,850,162.81 compared to 335,502,231.33 previously[58] Expenses - Total operating costs amounted to ¥1,618,858,975.43, up 4.7% from ¥1,545,729,726.77 in the prior period[29] - Research and development expenses increased to ¥36,011,448.46, a rise of 28% from ¥28,166,717.40 year-over-year[29] - The company reported a significant increase in credit impairment losses, which rose by 640.77% to ¥4,757,525.61 due to the recovery of previously written-off receivables[24] - The company’s financial expenses decreased significantly to ¥439,045.26 from ¥9,354,719.31, indicating improved cost management[29] Shareholder Information - The number of shares held by the largest shareholder, China Gezhouba Group Co., Ltd., is 538,032,152, representing a 43.37% stake[42] - The company has a total of 154,545,912 shares held by Hunan Nanling Chemical Group Co., Ltd., accounting for 12.46% of the total shares[42] Deferred Tax and Investment - The company reported a deferred tax asset of ¥56,984,852.30, an increase from ¥49,962,411.02[46] - The company recorded investment income of ¥4,560,730.65, an increase from ¥3,942,296.21 in the previous period[29]

证券代号：002096 股票简称：易普力 公告编号：2024-020 易普力股份有限公司 2023 年度股东大会决议公告 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。 特别提示: 1.本次股东大会无否决提案的情形； 2.本次股东大会不涉及变更前次股东大会决议。 一、会议召开情况 （一）会议通知：召开本次会议的通知于2024年3月29日刊登在《证券时报》 《中国证券报》《上海证券报》《证券日报》和巨潮资讯网www.cninfo.com.cn 上。2024年4月8日，公司在《证券时报》《中国证券报》《上海证券报》《证券 日报》和巨潮资讯网www.cninfo.com.cn上披露了《关于2023年度股东大会增加 临时提案暨股东大会补充通知的公告》。 （二）会议时间： 1.现场会议召开时间：2024 年 4 月 19 日（星期五）下午 15:00。 2.网络投票时间：2024 年 4 月 19 日。 则》《深圳证券交易所股票上市规则》及《公司章程》等法律、法规及规范性文 件的规定。 二、会议的出席情况 通过深圳证券交易所交易系统进行网络投票的时间为 2024 年 4 ...

湖南启元律师事务所 关于易普力股份有限公司 2023年度股东大会的 法律意见书 二零二四年四月 致：易普力股份有限公司 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华 人民共和国证券法》（以下简称"《证券法》"）《上市公司股东大会规则》（以 下简称"《股东大会规则》"）等我国现行法律、法规、规范性文件以及《易普力 股份有限公司章程》（以下简称"《公司章程》"）的有关规定出具本法律意见书。 为出具本法律意见书，本所律师声明如下： （一）本所律师出具本法律意见书是基于公司已承诺所有提供给本所律师的 文件的正本以及经本所律师查验与正本保持一致的副本均为真实、完整、可靠， 无隐瞒、虚假或重大遗漏之处。 （二）本所律师遵循了勤勉尽责和诚实信用原则，严格履行了法定职责，对 本法律意见书出具日以前已经发生或者存在的事实进行了充分的核查验证，保证 本法律意见书所认定的事实真实、准确、完整，所发表的结论性意见合法、准确， 不存在虚假记载、误导性陈述或者重大遗漏。 （三）本所律师未授权任何单位或个人对本法律意见书作任何解释或说明。 鉴此，本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责精神， 就本次股 ...

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：2024 年 4 月 声明和承诺 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 2023 年度持续督导意见 中国国际金融股份有限公司（以下简称"中金公司"）接受委托，担任易普 力股份有限公司（以下简称"易普力"或"上市公司"或"公司"）发行股份购 买资产并募集配套资金暨关联交易的独立财务顾问（以下简称"本独立财务顾 问"）。根据《上市公司重大资产重组管理办法》、《上市公司并购重组财务顾问业 务管理办法》等有关规定，按照证券行业公认的业务标准、道德规范，本着诚实 信用、勤勉尽责的态度，本独立财务顾问经过审慎核查，结合上市公司2023年年 度报告，出具了关于易普力发行股份购买资产并募集配套资金暨关联交易的持续 督导意见。 1、本独立财务顾问对易普力发行股份购买资产并募集配套资金暨关联交易 出具持续督导意见所依据的文件、书面资料、财务数据、业务数据等由上市公司 及重组各方提供并由各方对其真实性、准确性和完整性承担全部责任。本独立财 务顾问对本次持续督导所发表意见的真实性、准确性 ...

Investment Rating - The investment rating for the company is "Buy (First Rating)" with a reasonable valuation range of 12.40 - 14.26 CNY [25]. Core Views - The report highlights that after the major asset restructuring, the company achieved significant growth in revenue and gross profit, with the blasting service business becoming the largest segment, contributing 64% of revenue and 48% of gross profit in 2023 [36]. - The company has a strong financial position with a net cash flow increase of 16.42 billion CNY in 2023, a return on equity (ROE) of 14.27%, and a low debt-to-asset ratio of 30.46%, indicating a healthy asset structure and operational capability [65]. Summary by Sections Company Overview - The company, originally established to serve the Three Gorges Project, has evolved into a leading integrated civil explosives enterprise in China, with a comprehensive strength and development potential ranking among the top in the industry [52]. Financial Performance - In 2023, the company reported a revenue of 84.28 billion CNY and a net profit of 6.34 billion CNY, marking a substantial increase post-restructuring [36]. - The revenue forecast for the upcoming years shows a growth trajectory, with expected revenues of 9.3 billion CNY in 2024 and 11.31 billion CNY in 2026, reflecting a compound annual growth rate (CAGR) of 10.4% and 8.6% respectively [26]. Industry Context - The civil explosives industry is experiencing an upward trend in demand, driven by the mining and infrastructure sectors, with the company positioned to benefit from this growth [70]. - The report notes that the production of industrial explosives in China has been steadily increasing, with a total output of 457.6 million tons in 2023, reflecting a compound annual growth rate of approximately 1.36% since 2018 [11]. Competitive Position - The company ranks first in both industrial explosives and on-site mixed explosives production in China, showcasing its leading market position [70]. - The restructuring has allowed the company to enhance its electronic detonator production capacity, which is expected to contribute positively to its overall performance [70].

公司董事会收到提案后，董事会提名委员会对肖同军先生进行资格审查。董 事会和董事会提名委员会同意将肖同军先生（简历详见附件）作为第七届董事会 非独立董事的提案提交 2023 年度股东大会审议。审议通过后，肖同军先生任期 与公司第七届董事会任期一致，自公司股东大会审议通过之日起至公司第七届董 事会任期届满之日止。 肖同军先生担任公司非独立董事后，公司第七届董事会董事中兼任公司高级 管理人员以及由职工代表担任的董事人数总计未超过公司董事总数的二分之一。 证券代码：002096 证券简称：易普力 公告编号：2024-019 易普力股份有限公司 收到控股股东关于调整公司董事临时提案的公告 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。 易普力股份有限公司（以下简称"公司"）董事会于 2024 年 4 月 7 日收到 控股股东中国葛洲坝集团股份有限公司（持有公司股份 538,032,152 股，占公司 总股本的 43.37%）《关于易普力股份有限公司 2023 年度股东大会增加临时提案 的函》，提议将《关于调整公司董事的提案》作为新增临时提案提交公司 2023 年度股东大 ...

证券代码：002096 证券简称：易普力 公告编号：2024-018 易普力股份有限公司 关于 2023 年度股东大会增加临时提案暨股东大会补充通知 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。 易普力股份有限公司（以下简称"公司"）于 2024 年 3 月 27 日召开第七届 董事会第十次会议审议通过了《关于召开公司 2023 年度股东大会的议案》，决 定于 2024 年 4 月 19 日（星期五）召开 2023 年度股东大会，并于 2024 年 3 月 29 日在《证券时报》《中国证券报》《上海证券报》《证券日报》及公司指定 信息披露网站 www.cninfo.com.cn 上披露了《关于召开公司 2023 年度股东大会 的通知》。 2024 年 4 月 7 日，公司董事会收到控股股东中国葛洲坝集团股份有限公司 《关于易普力股份有限公司 2023 年度股东大会增加临时提案的函》，提议将《关 于调整公司董事的提案》作为新增临时提案提交公司 2023 年度股东大会审议。 根据《公司法》《公司章程》和公司《股东大会议事规则》的有关规定："单 独或者合计 ...

2024年1-3月份日常经营合同情况公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，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 证券代码：002096 证券简称：易普力 公告编号：2024-017 区制灰用灰岩矿矿山施工总承包合同服务期限为15年，安徽省青阳县小阳山冶 金用白云岩矿矿山开采及矿石加工生产运营合同服务期限为9年，其他合同服务 期限为1-5年。合同数据为阶段性数据，仅供参考，最终确认收入的金额及确认 期间将以相关定期报告披露的数据为准，敬请投资者注意投资风险。 2.上述部分"合同金额"是根据合同约定的服务内容及期限等测算得出的 数据，合计金额39.18亿元爆破服务工程类项目均已经签署相关业务合作合同。 本公司子公司中国葛洲坝集团易普力股份有限公司及其所属企业（以下合 称"葛洲坝易普力公司"）2024 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 39.18 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： | 序号 | 合同签订主体 | 项目(合同)名称 | 合同金额 | | --- | ...

Financial Performance - Revenue for 2023 reached 8,427,743,594.49 yuan, a year-on-year increase of 52.90%[25] - Net profit attributable to shareholders of the listed company was 633,884,742.10 yuan, a slight decrease of 0.24% compared to the previous year[25] - Net cash flow from operating activities was 721,932,483.24 yuan, a decrease of 4.79% year-on-year[25] - Total assets at the end of 2023 were 10,473,461,654.87 yuan, an increase of 125.43% compared to the end of 2022[25] - The company's weighted average return on net assets was 10.72%, a decrease of 17.44 percentage points compared to the previous year[25] - Company achieved revenue of 8,427.74 million yuan, a year-on-year increase of 52.90%[104] - Net profit attributable to shareholders was 628.05 million yuan, up 26.77% year-on-year[104] - Revenue in 2023 reached 8,427,743,594.49 yuan, a year-on-year increase of 52.90%[127] - Net profit attributable to shareholders was 628,051,400 yuan, up 26.77% year-on-year[126] - Gross profit margin increased by 2.53 percentage points to 25.69%[126] - Operating costs increased by 47.87% to 6,262.83 million yuan, mainly due to merger factors[109] - Sales expenses increased by 181.38% to 120.44 million yuan due to the merger with Gezhouba Expl Co[142] - Management expenses rose by 131.20% to 824.91 million yuan, primarily due to the merger[142] - R&D expenses increased by 78.77% to 346.70 million yuan, driven by the merger[142] - The company's government subsidies included in current profits and losses were 23,073,408.73 yuan[48] - The company's non-operating income and expenditure were -15,203,181.13 yuan[48] Business Operations and Market Expansion - The company's main business regions are concentrated in the Northwest, Central, and Southwest regions, with overall gross profit margins showing an upward trend[40] - The company achieved a historic breakthrough in annual key project signings, with the scale and quality of signed conversions steadily improving[40] - The company implemented precise measures for loss-making enterprises, effectively controlling the scope and amount of losses[40] - The company strengthened customer risk control and increased the management mechanism for accounts receivable, stopping cooperation with clients with poor credit ratings and long repayment cycles[40] - The company's market share in regions such as Hunan, Guangxi, Chongqing, and Hubei increased[40] - The company's industrial explosive production capacity is 521,500 tons/year after the reorganization and listing, optimizing product structure and production capacity layout[55] - The company's electronic detonator sales business achieved good operating results by upgrading and converting electronic detonator production capacity and expanding the market[54] - The company's mixed explosive production capacity meets the Ministry of Industry and Information Technology's requirement of no less than 35% of mixed explosive production capacity, eliminating the risk of packaging explosive production capacity reduction[45] - The company's cumulative production value in 2023 was 43.658 billion yuan, a year-on-year increase of 10.93%[52] - The company's cumulative sales value in 2023 was 43.448 billion yuan, a year-on-year increase of 11.73%[52] - The company's cumulative main business income in 2023 was 49.951 billion yuan, a year-on-year increase of 14.19%[52] - The company's cumulative profit in 2023 was 8.527 billion yuan, a year-on-year increase of 44.99%[52] - The company's cumulative blasting service income in 2023 was 33.804 billion yuan, a year-on-year increase of 6.80%[52] - The company's total annual production capacity of electronic detonators has reached 64.5 million units after the replacement process[57] - The company's blasting integrated service business model involves obtaining contracts through bidding, setting up project management institutions, and organizing daily production and construction based on customer plans[58] - The company's civil explosive product sales business model is strictly regulated by licensing systems, with all processes supervised by authorities[59] - The company's civil explosive business covers over 20 provinces in China, with stable business layouts in major mining provinces such as Xinjiang, Inner Mongolia, and Tibet[61] - The company has a strong order backlog, with numerous long-term contracts in resource-rich provinces like Xinjiang, Tibet, Inner Mongolia, and Anhui[62] - The company's total assets have significantly increased after the completion of a major asset restructuring in January 2023, with comprehensive strength greatly enhanced[70] - The company ranks second in production value, first in industrial explosive annual output, and second in blasting service revenue among civil explosive production enterprise groups in 2023[75] - The company's operating income in 2023 reached 8.428 billion yuan, a year-on-year increase of 52.90%[79] - The company has an annual industrial explosive production capacity of 521,500 tons, with the highest proportion of on-site mixed explosive capacity in the industry[81] - The company's business covers over 20 provinces (autonomous regions and municipalities) in China, with stable operations in major mining provinces such as Xinjiang, Inner Mongolia, and Tibet[83] - The company has expanded its international business to countries such as Liberia, Pakistan, Namibia, and Malaysia, leveraging its brand and market development capabilities[98] - The company has established a comprehensive industrial chain in the civil explosives sector, integrating R&D, production, sales, transportation, and blasting services[80] - The company has been recognized as a "National Safety Culture Construction Demonstration Enterprise" by four of its subsidiaries and as a "Provincial Safety Culture Construction Demonstration Enterprise" by five subsidiaries[87] - The company has established a comprehensive industrial chain system for integrated civil explosive services[99] - The company has 19 high-tech enterprises among its subsidiaries[100] - The company has formed long-term stable partnerships with several large mining enterprises[99] - The company has developed a professional innovation team covering fields such as blasting technology and rock mechanics[100] - The company has implemented a market-oriented talent selection mechanism and optimized its governance structure[106] - Industrial explosives revenue surged 151.80% to 1,808,229,036.90 yuan[126] - Central China region revenue grew 324.05% to 1,957,730,560.26 yuan[128] - Direct sales accounted for 82.57% of total revenue, reaching 6,958,744,807.71 yuan[112] - Overseas business revenue increased by 17.57% to 438,946,669.65 yuan[112] - Distribution sales revenue soared 165.87% to 1,468,998,786.78 yuan[112] - Blasting service revenue rose 19.16% to 5,371,037,973.10 yuan[112] - Northwest region revenue increased by 22.08% to 3,685,075,914.31 yuan[128] - Industrial explosive production capacity increased to 521,500 tons/year, with a utilization rate of 89.97%[131] - Electronic detonator production capacity reached 64.5 million units/year, with a utilization rate of 79.36%[131] - Total sales amount to the top five customers was 3.29 billion yuan, accounting for 39.01% of total annual sales[139] - The company merged with 20 subsidiaries from Gezhouba Expl Co, increasing the total number of subsidiaries to 70[138] - The top five suppliers accounted for 16.52% of total annual procurement, with 2.47% from related parties[141] - The company invested 27 million yuan in the Xinjiang Zhundong production site, which has passed trial production acceptance[131] - The company invested 28 million yuan in the Xiangqi Company electronic detonator production line, which has passed trial production acceptance[131] - The company completed the optimization of the formula for the new water-gel explosive technology and successfully applied it in a project department, reducing production costs and improving market competitiveness[144] - The EDF-2 coal mine electronic detonator passed the company's mid-term acceptance and obtained the coal safety certification in January 2023, with the project progressing normally[144] - The company developed an intelligent on-site mixed ammonium nitrate fuel oil vehicle with high precision and intelligence, which passed the Ministry of Industry and Information Technology's scientific achievement appraisal[144] - The company completed the development and application of a static emulsification mixed oil phase formula, reducing labor intensity and production costs while improving ground station production efficiency[144] - The company successfully applied the integrated drilling and charging technology in tunnel blasting, improving cycle footage and contour overbreak/underbreak[144] - The company completed the development and application of a remote delivery system for on-site mixed emulsion explosives, establishing a new integrated operation model[144] - The company achieved full-process automated production of carbon dioxide phase change expansion products, reaching a domestically leading level[146] - The company developed a digital blasting design and construction system, enhancing its digital service and technical support capabilities[146] - The company increased its R&D investment intensity from 3%-3.5% of revenue to over 4% to support high-quality development[150] - The company developed an IoT-based digital management system for on-site mixed equipment, improving the precision and efficiency of charging operations[146] - The company developed a management platform for on-site mixing vehicles based on IoT technology, aiming to improve data collection and decision-making[166] - The company completed the development of 2 dust suppressant product formulations, aiming to improve road surface smoothness and enhance competitive differentiation[166] - The company's initial investment cost in Xuefeng Technology (stock code: 603227) was 65 million yuan, with a year-end book value of 138 million yuan, resulting in a profit of 3 million yuan for the reporting period[178] - Total securities investment at the end of the period was 165.8 million yuan, with a cumulative fair value change of 73 million yuan included in equity[180] - The subsidiary Hunan Shenfu Group Xiangnan Blasting Equipment Co., Ltd. reported revenue of RMB 392,434,015.37[199] - The subsidiary Gezhouba Yipuli Hunan Erhua Civil Explosives Co., Ltd. reported revenue of RMB 183,210,900.92[199] - The subsidiary Chenzhou 7320 Chemical Co., Ltd. reported revenue of RMB 228,269,720.89[199] - The subsidiary Hunan Nanling Civil Explosives Engineering Co., Ltd. reported revenue of RMB 271,803,102.42[199] - The subsidiary Hunan Shenfu Group 169 Chemical Co., Ltd. reported revenue of RMB 287,006,554.53[199] - The subsidiary Gezhouba Yipuli Chongqing Lineng Civil Explosives Co., Ltd. reported revenue of RMB 166,887,153.95[199] Cash Flow and Financing - Operating cash inflow increased by 61.53% to 6.64 billion yuan, while operating cash outflow increased by 76.53% to 5.92 billion yuan, resulting in a net operating cash flow decrease of 4.79% to 721.93 million yuan[186] - Investment cash inflow increased by 40.35% to 536.68 million yuan, while investment cash outflow increased by 29.92% to 185.35 million yuan, resulting in a net investment cash flow increase of 46.57% to 351.33 million yuan[186] - Financing cash inflow increased by 14,192.96% to 1.78 billion yuan, while financing cash outflow increased by 72.99% to 1.21 billion yuan, resulting in a net financing cash flow increase of -182.80% to 569.30 million yuan[186] - The net increase in cash and cash equivalents was 1.64 billion yuan, an increase of 418.37% compared to the previous year[186] - The company issued shares to raise 1.339 billion yuan, with a net fundraising amount of 1.303 billion yuan after deducting underwriting fees[186] - The company's monetary funds at the end of the year were 2.67 billion yuan, accounting for 25.52% of total assets, an increase of 3.33% compared to the beginning of the year[187] - The company's fixed assets at the end of the year were 2.02 billion yuan, accounting for 19.31% of total assets, an increase of 2.97% compared to the beginning of the year[187] - The company's investment amount for the reporting period was 174.90 million yuan, a decrease of 11.30% compared to the same period last year[192] - The company issued 117,147,856 A shares at a price of RMB 11.43 per share, raising a total of RMB 1,338,999,994.08[195] - After deducting underwriting fees of RMB 36,084,999.91, the actual funds received were RMB 1,302,914,994.17[195] - As of December 31, 2023, the company has used RMB 667,767,048.53 of the raised funds, including RMB 635,485,000 for repaying bank loans and RMB 32,000,000 for supplementing working capital[195] - The remaining funds in the account amount to RMB 636,337,719.59, which will be used for debt repayment and working capital[195] R&D and Innovation - The company holds a total of 648 valid patents, including 119 invention patents, 456 utility model patents, 1 international PCT patent, and 3 design patents[87] - In 2023, the company was granted 49 new patents, including 8 invention patents, 37 utility model patents, 1 design patent, and 3 software copyrights[87] - R&D investment increased by 78.77% to 346.7 million yuan, accounting for 4.11% of operating revenue[166] - The number of R&D personnel increased by 10.34% to 1,014, with R&D personnel accounting for 13.25% of total employees[166] Revenue Breakdown - The company's revenue from explosive products in 2023 was RMB 2,666,895,522.18, accounting for 31.64% of total revenue, with a year-on-year growth of 197.64%[93] - The company's revenue from blasting services in 2023 was RMB 5,371,037,973.10, accounting for 63.73% of total revenue, with a year-on-year growth of 19.16%[93] - The company's revenue from other businesses in 2023 was RMB 389,810,099.21, accounting for 4.63% of total revenue, with a year-on-year growth of 259.64%[93] - Blasting service business revenue reached 5,371.04 million yuan, accounting for 63.73% of total revenue[108] - Industrial detonator revenue surged 382.69% to 858.67 million yuan[108] Costs and Expenses - Labor costs in the blasting service business increased by 25.88% to 311.58 million yuan, accounting for 4.97% of operating costs[158] - Material costs in the blasting service business increased by 14.43% to 1.25 billion yuan, accounting for 19.94% of operating costs[158] - The top 5 customers accounted for 39.01% of total annual sales, with the largest customer contributing 16.42% (1.38 billion yuan)[160] - The top 5 suppliers accounted for 16.52% of total annual procurement, with the largest supplier contributing 5.94% (304.57 million yuan)[162] Subsidiaries and Investments - The subsidiary Hunan Shenfu Group Xiangnan Blasting Equipment Co., Ltd. reported revenue of RMB 392,434,015.37[199] - The subsidiary Gezhouba Yipuli Hunan Erhua Civil Explosives Co., Ltd. reported revenue of RMB 183,210,900.92[199] - The subsidiary Chenzhou 7320 Chemical Co., Ltd. reported revenue of RMB 228,269,720.89[199] - The subsidiary Hunan Nanling Civil Explosives Engineering Co., Ltd. reported revenue of RMB 271,803,102.42[199] - The subsidiary Hunan Shenfu Group 169 Chemical Co., Ltd. reported revenue of RMB 287,006,554.53[199] - The subsidiary Gezhouba Yipuli Chongqing Lineng Civil Explosives Co., Ltd. reported revenue of RMB 166,887,153.95[199]

Investment Rating - The investment rating for the company is "Outperform" [15]. Core Views - The company reported a revenue of 8.428 billion yuan in 2023, representing a year-on-year growth of 52.9%. However, the net profit slightly decreased by 0.24% to 634 million yuan, which was below expectations [15]. - The gross profit margin improved significantly in Q4 2023, reaching 31.47%, up by 5.62 percentage points quarter-on-quarter. The company has a strong order backlog, ensuring long-term growth [15]. - The company is expected to benefit from the recovery and growth in the civil explosives industry, with a projected net profit of 761 million yuan in 2024, 906 million yuan in 2025, and 1.093 billion yuan in 2026 [15]. Financial Summary - Total revenue (million yuan): - 2022: 5,512 - 2023: 8,428 - 2024E: 9,725 - 2025E: 11,271 - 2026E: 13,074 [17] - Net profit (million yuan): - 2022: 635 - 2023: 634 - 2024E: 761 - 2025E: 906 - 2026E: 1,093 [17] - Earnings per share (yuan/share): - 2022: 0.84 - 2023: 0.56 - 2024E: 0.61 - 2025E: 0.73 - 2026E: 0.88 [17] - The company’s return on equity (ROE) is projected to increase from 9.1% in 2023 to 11.2% in 2026 [5].