Investment Rating - The report gives a "Buy" rating for Yipuli (002096.SZ) [9] Core Views - Yipuli has completed the merger with Nanling Explosives, enhancing its position as a leading enterprise in the civil explosives industry. The company’s industrial explosive production capacity has reached 521,500 tons, ranking second in the country, with a production volume of 503,100 tons in 2023 [4][24] - The company has signed and executed orders worth 31.901 billion yuan in 2023, with new orders of 3.918 billion yuan in the first quarter of 2024, indicating strong future growth potential [5][88] - The report forecasts net profits for Yipuli of 769 million yuan, 925 million yuan, and 1.155 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 18.5X, 15.5X, and 12.5X [9] Summary by Sections Company Overview - Yipuli's direct controlling shareholder is China Gezhouba Group Co., Ltd., holding 43.37% of the shares. The company was established in 1993 to serve the Three Gorges Project and has since developed into a leading integrated civil explosives enterprise [4][12] Merger and Industry Cycle - The merger with Nanling Explosives was completed in February 2023, solidifying Yipuli's status in the civil explosives sector. The company is expected to benefit from the industry's cyclical recovery [7][63] Financial Performance - In 2023, Yipuli achieved a revenue of 8.428 billion yuan and a net profit of 634 million yuan, significantly outperforming the combined scale of the pre-merger entities, demonstrating strong synergy effects [14] Business Segmentation - The explosive service business is the largest segment, contributing 64% of revenue and 48% of gross profit in 2023. Industrial explosives and industrial detonators contributed 21% and 10% of revenue, respectively [18][21] Capacity and Market Position - Yipuli's industrial explosive capacity is 521,500 tons, with an additional 340,000 tons under construction for electronic detonators, positioning the company favorably within the industry [24][69] Order Backlog and Future Growth - The company has a robust order backlog, with a total of 31.901 billion yuan in signed contracts for 2023, indicating a strong demand outlook [5][88] Downstream Market Dynamics - The civil explosives industry is experiencing high demand from the coal, metal, and non-metal mining sectors, which account for over 70% of total consumption, supported by rising fixed asset investments in these areas [71][72]

Investment Rating - The report gives a "Buy" rating for the company, with a target price based on a dynamic PE of 19x, 16x, and 14x for the years 2024, 2025, and 2026 respectively [154][153]. Core Insights - The company is positioned to benefit from a tight supply in the civil explosives industry and increasing demand from mining sectors, particularly in the context of the "Western Development" initiative in China, focusing on markets in Tibet and Xinjiang [154][154]. - The company has a significant market share in the industrial explosives sector, with a focus on enhancing its operational capacity and efficiency through strategic regional expansions [28][29]. - The report highlights the company's strong order book and its ability to leverage synergies from being a subsidiary of China Energy Engineering Group [14][154]. Summary by Sections Revenue and Profit Forecast - The company’s revenue for 2023 is projected at 84.28 billion yuan, with expected growth rates of 15% for 2024 and 12% for 2026, reaching 124.67 billion yuan by 2026 [2][151]. - The net profit attributable to the parent company is forecasted to be 634 million yuan in 2023, increasing to 1.008 billion yuan by 2026, with growth rates of 21%, 16%, and 13% for the years 2024 to 2026 respectively [2][151]. Business Segments - The civil explosives business generated 2.667 billion yuan in revenue in 2023, with projections of 3.019 billion yuan, 3.381 billion yuan, and 3.695 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 13%, 12%, and 9% [1][151]. - The company’s revenue structure indicates that blasting services account for 64% of total revenue, while explosives and detonators contribute 21% and 10% respectively [15][15]. Market Position and Strategy - The company is the only listed civil explosives service platform under China Energy Engineering Group, which provides a competitive edge through collaboration in large-scale infrastructure projects [14][14]. - The report emphasizes the importance of the Western Development strategy, particularly in regions like Tibet and Xinjiang, where the company is expanding its production capacity and operational footprint [29][29]. Industry Trends - The civil explosives industry is experiencing a tightening supply due to high regulatory barriers and increasing demand from mining and construction sectors, particularly in coal and metal mining [17][17]. - The report notes that over 70% of industrial explosives are used in mining, indicating a strong correlation between mining activity and explosives demand [72][72]. Valuation Analysis - The current PE ratio of the company is slightly above its peers, with a valuation that reflects its growth potential and market positioning [153][153]. - The report suggests that the company’s strategic focus on expanding in high-demand regions and enhancing operational efficiencies will support its valuation in the coming years [154][154].

[Table_InvestInfo] 投资评级 优于大市 首次覆盖 | --- | --- | --- | --- | --- | |--------------------------|-------|-------|-------|-------| | | | | | | | 沪深 300 对比 | 1M | | 2M | 3M | | 绝对涨幅（ % ） | 6.6 | | 8.8 | 12.2 | | 相对涨幅（ % ） | | | | | | 资料来源：海通证券研究所 | 7.1 | | 8.3 | 10.8 | 2023 年扣非净利润同比+26.77%，24Q1 扣非净利润同比+4.33%。2023 年 扣非净利润同比+26.77%。公司 2023 年实现营业收入 84.28 亿元，同比 +52.90%；实现归母净利润为 6.34 亿元，同比-0.24%；实现扣非净利润为 6.28 亿元，同比+26.77%。24Q1，公司实现营收 17.76 亿元，同比+4.46%； 实现归母净利润 1.35 亿元，同比+4.20%；实现扣非净利润 1.31 亿元，同比 +4.33%。2023 年公司拟分配 2. ...

Investment Rating - The report assigns an "Accumulate-B" rating to the company, indicating a positive outlook for the next six months with expected returns exceeding the CSI 300 index by 5% to 15% [11]. Core Views - The company has a robust order book and is expected to benefit from an improving industry landscape and rising demand due to infrastructure projects and mining capital expenditures [12][18]. - The company is positioned as a leader in the civil explosives industry, with strict supply controls and ongoing industry consolidation, which is expected to enhance its market position [12][18]. Financial Forecasts and Business Segmentation - The company is projected to achieve revenues of 96.54 billion, 109.29 billion, and 122.12 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 14.6%, 13.2%, and 11.7% [12]. - Net profits are expected to be 7.66 billion, 9.00 billion, and 10.21 billion yuan for the same years, reflecting growth rates of 20.8%, 17.5%, and 13.5% [12]. - The company’s revenue from blasting services is forecasted to be 64.45 billion, 75.73 billion, and 87.09 billion yuan for 2024, 2025, and 2026, with corresponding gross margins of 20.5%, 21.0%, and 21.5% [16]. - Revenue from explosives is expected to be 19.00 billion, 19.74 billion, and 20.31 billion yuan, with gross margins of 37.50%, 38.41%, and 38.71% for the same period [16]. - The company’s revenue from detonators is projected to be 8.80 billion, 9.11 billion, and 9.53 billion yuan, with gross margins declining from 31.25% to 29.03% over the forecast period [5][17]. Comparative Analysis - The report compares the company with peers such as Guangdong Hongda, Guotai Group, and Jinaobo, noting that the average PE ratios for comparable companies are 18.3x, 14.4x, and 11.3x for 2024, 2025, and 2026, respectively [18]. - The company’s projected PE ratios are 20.5x, 17.5x, and 15.4x for the same years, indicating a premium valuation compared to its peers [18].

易普力 Explosive (002096 CH) | --- | --- | --- | --- | --- | |-------------------------------------------------------------|-------------------------|-----------|------------------------|------------------| | [Table_Info] 维持优于大市 | | | Maintain OUTPERFORM | | | 评级 | | | 优于大市 | OUTPERFORM | | 现价 | | | | Rmb12.60 | | 目标价 | | | | Rmb15.55 | | HTI ESG | | | | 3.0-5.0-4.0 | | E-S-G: 0-5, (Please refer to the Appendix for ESG comments) | | | | | | 市值 | | | Rmb15.63bn / US$2.16bn | | | 日交易额 (3 个月均值 ) | | | | US$17.28m ...

本次电话会议仅服务于长江证券研究所白名单客户未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利 各位投资者早上好各位投资者早上好欢迎参加由我们长城建筑举办的系列深度报告的汇报我是长城建筑的张石那么下面呢我们就来汇报一下我们最近新发了一篇深度报告易卜力的深度 一普利呢是这个明报行业龙头同时呢他也是我们经济市场关注度比较高的一个标题之所以有我们的建筑团队跨工团一起覆盖一方面是因为他在跨工端是在明报确实是跨工行业覆盖的一个传统的行业另外呢就是从这个建筑端来看的话他的母公司是油吧是中国能建所以我们这边也做了一个覆盖下面呢我们从几个方面来做一个汇报 首先呢第一部分呢大概介绍一下一普利的基本情况第二部分呢讲一下可能一些重点的项目尤其是市场关注的一些项目对这个行业的需求带来一种弹性第三个呢讲一下这个行业未来的这个集中的提升以及一体化大趋势下公司进一步的把自己的实战率提升的一个逻辑那么首先呢进入到第一部分对公司的整个基本情况做一个介绍 一普利呢是在葛洲霸公司旗下的就成立于2001年就这家公 ...

本次电话会议仅服务于长江证券研究所白名单客户未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布复制刊载转载转发引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利 各位投资者早上好各位投资者早上好欢迎参加由我们长城建筑举办的系列深度报告的汇报我是长城建筑的张石那么下面我们就来汇报一下我们最近新发的一篇深度报告易卜力的深度 一普利呢是这个明报行业龙头同时呢他也是我们最近市场关注度比较高的一个标题了之所以由我们的建筑团队和化工团队一起覆盖一方面是因为他在化工端是在明报确实是化工行业覆盖的一个传统的行业另外呢就是从这个建筑端来看的话他的母公司是油吧是中国能建所以呢我们这边也做了一个覆盖下面呢我们从几个方面来做一个汇报 首先呢第一部分的大概介绍一下一普利的基本情况第二部分呢讲一下可能一些重点的项目尤其市场关注的一些项目对这个行业的需求带来弹性第三个呢讲一下这个行业未来的集中提升以及一体化大趋势下公司进一步的把自己的实战率提升的一个逻辑那么首先呢进入到第一部分对公司的整个基本情况做一个介绍 一普利是在葛洲霸公司旗下的成立于2001年就这家公司啊他从这个成立之初 ...

公司研究丨深度报告丨易普力（002096.SZ） [Table_Title] 民爆一体化业务龙头，市占率有望持续提升 丨证券研究报告丨 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 公司成立于 2001 年，控股股东为中国葛洲坝集团股份有限公司。 2006 年公司（南岭民爆）初 | | | 次上市， 2023 年南岭民爆与易普力重组上市。公司拥有营业性爆破作业单位、矿山工程施工总 承包"双一级"资质，建立了集民爆科研、生产、销售、爆破服务及绿 ...

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 12.95 CNY [1]. Core Views - The company is experiencing strong industry demand and has a solid order backlog, which supports its growth trajectory [4]. - The company reported a significant increase in revenue and net profit for 2023, with total revenue reaching 8.43 billion CNY, up 52.90% year-on-year, and net profit of 634 million CNY, a slight decrease of 0.24% year-on-year [4]. - The report anticipates continued growth in revenue and net profit for the years 2024 to 2026, with projected net profits of 768 million CNY, 903 million CNY, and 1.08 billion CNY respectively [4]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 8,428 million CNY, with a year-on-year growth rate of 266% [1]. - The net profit for 2023 was 634 million CNY, reflecting a year-on-year growth of 1229% [1]. - The company’s earnings per share (EPS) are projected to increase from 0.13 CNY in 2024 to 0.87 CNY by 2026 [1]. Market Position and Industry Outlook - The company is positioned as a leader in the civil explosives industry, benefiting from a favorable market environment and strong demand from downstream sectors [4]. - The report highlights that the mining industry is experiencing robust capital expenditure growth, which is expected to drive demand for the company's products [4]. - The company has successfully completed a restructuring process, enhancing its operational efficiency and market share [4]. Order and Production Capacity - The company reported a total of 319.01 billion CNY in new orders for 2023, a year-on-year increase of 204.98% [4]. - The production capacity for industrial explosives is currently at 521,500 tons, with a utilization rate of 89.97% [4]. - The company is expanding its production capacity in various regions, which is expected to alleviate bottlenecks and support order fulfillment [4].