4. 风险提示 Equity – Asia Research 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国际证券集团其他各成员单位的证券 研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请 参阅附录。(Please see appendix for English translation of the disclaimer) 1. 易普力：综合性大型民爆企业 2. 受益于民爆行业整合 3. 募投项目及盈利预测 For full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at equities.htisec.com 2 公司为综合性大型民爆企业 资料来源：公司官网，公司23年年报，海通国际整理 3 国务 ...

► 全面进击：规模领先、深耕西北、结构升级 [Table_Date] 2024 年 06 月 29 日 证券研究报告|公司深度研究报告 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 [Table_Report] [Table_Industry] ——易普力公司首次覆盖 公 司 首 次 覆 盖 民爆行业龙头，爆破服务排头兵 易普力(002096) | --- | --- | --- | --- | --- | --- | |----------------|--------------------------|-------------------|-------|----------------------------|-------| | | | | | | | | [table_Authors | 钟浩 ] ( 分析师 ) | 钱伟伦 ( 分析师 ) | | | | | | 021-38038445 | 021-38038878 | | | | | | zhonghao027638@gtjas.com | | | qianweilun027712@gtjas.com | | | 登记编号 | S0880522120008 | S0880523040003 | ...

速在整合后非常快。这个其实我觉得背后反映的一个逻辑就是公司在新疆在西藏都拿到了，新 疆在新区域这些区域都拿到了比较明确的一些在手订单。这个是我们觉得他可能比较有优势的 一个这个点，订单会比较充足。其实我们看他，因为其实每个季度就类似于机电建筑企业一样， 每个季度都会披露自己的这个新签订单的一个比较大的。比如说五个亿往上走或者两个亿往上 走的这种大的订单，其实看起来拆下来的话，绝大部分还是以一个新疆是统计了一下数据，可 能 60%往上走是来自于新疆的一些煤矿。所以它其实受益于这两年新这两三年新疆作为煤炭的 保供基地，全国煤炭保供基地，它这边受益的一个幅度还是非常明显的。 需求端它下游明报的下游 70%需求来自于矿山开采。矿山开采里面的话，金属矿可能会在各分 3 分之 1，就金属矿占 3 分之 1，煤矿占 3 分之 1，还有比如非金属矿占 3 分之 1。其余 30%的下 游应用里面，主要还是是基建，就比如说铁路、水利、水电这些为主。 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 发言人 12:13 发言人 13:30 个布局，去看他在新疆、西藏，然后包括海外的一个市场，我们是比较看好这一块的。因为前 ...

本次电话会议仅供民生证券专业投资者参考会议内容任何情况下都不构成投资建议任何机构或个人不得以任何形式泄露本次会议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 本公司保留追究其法律责任的权利好的各位投资人大家早上好我是民生建材分析师李奥我们近期发布了一篇易卜力的报告从系统性去处理一下易卜力的相关核心观点我们请我们组的教民来为各位领导汇报一下他的一个主要情况好的 各位朋友大家上午好我们简单汇报一下我们关于IPLE的一个情况我觉得就用简单几句话总结的话可能五月以来市场最为关注的点肯定会是在西藏可能在西藏的一些基建项目上那么我们觉得首先在这个项目上IPLE是拥有大规模的集团的一个赋能包括前期可能有一些产能在西藏的布局也比较快 除了这个点之外 其实我们整体跟明报行业交流下来的话你要想把现场混装的占比给提上去其实你是需要下游有矿 下游跟矿的业主的关系比较好你才能把现场混装占比提上去 那么你要想做到相当于把这个下游有矿其实你因为现在的这个煤矿铜矿的资本开支其实是集中在西部的所以说其实你是需要有西部区域西北区域西部区域的一些提前布局那么你可能才能未来把这个现场火山的战斧提上去 所以能否把自己的这个拿到西部区的一个产 ...

非常感谢各位播论参会,我们邀请到的是易卜力的主秘邱总来为我们去解读一下近况,那可以看到跟其实今年以来我们就一直很看好公司所属的赛道它的积极度, 包括前两天的话整个民贸行业的数据也出入了就是1到5月份的情况所以我们结合行业的情况和公司情况先麻烦周总来帮我们去分享一下公司的一个情况后面我们会采访线上的问答时间周总您好好的我还是简要介绍一下我们公司的基本情况 此前我们相关情况应该也已经进行过交流我们公司呢就是去年完成重大资产重组以后我们上市公司的新的上市公司的整个业务结构啊市场的质量啊均进行的这个这个重大的变化啊那么主要的体现在这个我们一个就是我们的此前上市的话我们此前的话呢明报是以我们的这种 联邦的器材的销售为主体的这种这种企业我们简易模式那么我们纯属以后我们逸普利公司的主体是以联邦作为我们的核心资源然后重点是落在矿商服务领域的这么一个公司所以我们从我们联邦的这个情况来看大家也可以看到我们纯属以后我们主要业务收入的结构包括服务我们占了 65%存储前的狗粥包衣服地的单体的这个公司来讲就是不包含原老上升公司那么我们的这个收入结构里面民包服务是占到75%左右的所以这个是我们上升公司的一个业务结构方面发生了一个很重要的变 ...

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].