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 ...

证券代码:002096 证券简称:易普力 公告编号：2024-030 易普力股份有限公司关于 参加湖南辖区 2024 年度投资者网上集体接待日 活动的公告 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。 | --- | |----------------------------------------------------------------------------------| | | | 为进一步加强与投资者的互动交流，易普力股份有限公司（以下简称公司） | | 将参加由湖南证监局、湖南省上市公司协会与深圳市全景网络有限公司联合举办 | | 的"湖南辖区 2024 年度投资者网上集体接待日"活动，现将相关事项公告如下： | | 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 | | （ https://rs.p5w.net ），或关注微信公众号：全景财经，或下载全景路演 | | 参与本次互动交流，活动时间为 2024 年 10 月 10 日（星期四） | | 时公司高管将在线就公司 2023 年至 2024 半年度业绩、公司治理、发展 ...

446 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|----------------------------------------|-------------------------------------------------------|----------------------| | 2024 年 09 月 08 日 \n易普力（ 002096.SZ ） \n精准拓展优化布局，盈利稳步增长 | 投资评级 | | 公司研究●证券研究报告 \n公司快报 \n基础化工 \| \n增持 | 民爆用品Ⅲ \n-B(维持) | | | 股价 | | | 元 | | | | (2024-09-06) | | 11.93 | | 投资要点 | | | | | ...

Group 1: Business Performance - The company's blasting service revenue increased by 6.75% year-on-year, accounting for 70.63% of total revenue, indicating an optimization of the business structure [2] - In Q2 2024, the company achieved a 20.38% quarter-on-quarter revenue growth and a 60.40% increase in net profit attributable to shareholders [2] - The company strategically exited low-efficiency markets, leading to a continuous increase in the proportion of blasting service revenue [2] Group 2: Market Expansion Strategies - The company has been deeply engaged in the Xinjiang and Tibet markets, focusing on large open-pit mining and national key engineering projects [1] - In Namibia, the company achieved stable growth in existing projects, with overseas revenue increasing by 9.58% year-on-year [2] - The company plans to enhance its market development efforts in Tibet, leveraging the region's strategic resources [3] Group 3: Technological Innovation - The company has established an innovation system that integrates research, production, and application, leading to breakthroughs in key technologies [3] - New technologies such as 5G, AI, and IoT are being applied to develop intelligent safety production management platforms [3] - The company is focusing on the development of new energy mining equipment and smart mining technologies [5] Group 4: Risk Management - The company has implemented a mechanism for collecting and analyzing policy information to manage macroeconomic risks [4] - A centralized procurement management system has been established to control raw material prices and ensure supply chain stability [4] Group 5: Long-term Growth Strategy - The company aims to become a leader in technological innovation within the blasting industry, focusing on both short-term performance and long-term development goals [4] - The company is committed to sustainable development practices, aligning with ESG principles and the "30·60" dual carbon goals [4]

Investment Rating - The report maintains a rating of "Buy" for the company [5] Core Views - The company, Yipuli, is a leading player in the civil explosives industry, benefiting from high demand in mining, energy, and water conservancy sectors due to favorable policies and market conditions [2][3] - The company has a strong market position and is expected to achieve stable growth driven by its integrated service model and expansion into western regions and overseas markets [3][6] Summary by Sections Company Overview - Yipuli is a leading civil explosives company in China, with a focus on integrated blasting services, production, and sales of explosives [16] - The company ranks second in production value and first in industrial explosives output among civil explosive manufacturers in 2023 [16] Industry Analysis - The civil explosives industry is supported by high demand from mining (70% of demand) and infrastructure projects (approximately 10%) [2] - The industry is experiencing improved supply dynamics due to policy-driven capacity reductions and increased concentration among leading firms [2] Business Analysis - The company’s integrated blasting service accounts for 63.7% of its revenue, with a focus on mining and infrastructure projects [26] - The company has a strong order book, with new contracts signed in 2023 amounting to 31.9 billion yuan, indicating robust future revenue potential [24] Financial Forecast - Revenue is projected to grow at a CAGR of 13.0% from 2024 to 2026, with net profit expected to increase by 20.7% in 2024 [6][7] - The company’s current PE and PB ratios are at historical lows, suggesting undervaluation relative to its growth potential [3][7] Growth Drivers - Key growth drivers include ongoing investments in mining and infrastructure projects, favorable commodity prices, and the company’s strategic expansion into western China and international markets [11][24]

| --- | |-------| | | | | | | | | 易普力(002096) 开拓高效市场+降本增效，推动公司业绩稳健增长 ◼ 走势比较 (30%) (16%) (2%) 12% 26% 40% 23/9/5 23/11/1724/1/2924/4/1124/6/2324/9/4 易普力 沪深300 ◼ 股票数据 总股本/流通(亿股) 12.4/12.4 总市值/流通(亿元) 147.61/147.61 12 个月内最高/最低价 (元) 15.27/8.59 相关研究报告 << 易普力（002096.SZ）： 新公司完 成首份答卷，公司有望步入新阶 段>>--2024-06-24 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 事件：公司发布 2024 年半年报，2024 年上半年公司实现营业收入 39.14 亿元，同比下降 2.15%，归母净利润 3.51 亿元，同比增长 15.43%。 维持"买入"评级。 依靠高效市场 ...

[Table_MainInfo] 公司研究/化工/基础化工材料制品 证券研究报告 易普力（002096）公司半年报点评 2024 年 08 月 31 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------|------------| | 股票数据 | | | 08 [ Table_StockInfo 月 30 日收盘价（元） ] | 11.86 | | 52 周股价波动（元） | 8.59-15.27 | | 总股本 / 流通 A 股（百万股） | 1240/488 | | 总市值 / 流通市值（百万元） | 14712/5793 | | 相关研究 | | | [Table_ReportInfo] 《 23 年扣非净利润同比 +26.77% | ，受益于民 | | 爆行业集中度提高》 2024.06.05 | | 市场表现 [Table_QuoteInfo] -22.72% -11.72% -0.72% 10.28% 21.28% 32.28% 2023/9 ...

Investment Rating - The report maintains an "Outperform" rating for the company [6] Core Views - The company reported a revenue of 3.914 billion yuan for H1 2024, a slight year-on-year decrease of 2.15%, while net profit attributable to shareholders increased by 15.43% to 351 million yuan [5][6] - The company's Q2 2024 revenue was 2.138 billion yuan, showing a year-on-year decrease of 7.04% but a quarter-on-quarter increase of 20.38% [5] - The company has a robust order backlog, with new contracts signed or executed amounting to 6.93 billion yuan in H1 2024, indicating sustainable future revenue growth [6] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 39.14 billion yuan, with a net profit of 3.51 billion yuan, reflecting a year-on-year growth of 15.43% [5] - The average price of ammonium nitrate, a key raw material, decreased by 8.73% year-on-year to 2,612 yuan per ton [5] - The company's gross margin for Q2 2024 was 26.03%, an increase of 3.41 percentage points year-on-year [5] Market Position and Strategy - The company has strategically exited low-efficiency markets, which has contributed to the improvement in profitability [5] - The company is focusing on integrated services in the blasting industry, optimizing production and sales, and enhancing collaboration in engineering blasting services [6] - The company has secured numerous long-term contracts in resource-rich provinces, laying a solid foundation for future growth [6] Future Projections - The company is projected to achieve net profits of 761 million yuan, 906 million yuan, and 1.093 billion yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 18, 15, and 13 [6][7]