易普力(002096)：业绩略超预期 新签订单有所修复

Core Viewpoint - The company reported a slight earnings beat in Q1 2025, with revenue and net profit showing year-over-year growth, while facing a sequential decline due to seasonal factors [1] Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 2.01 billion yuan, representing a year-over-year increase of 13% but a quarter-over-quarter decrease of 10% [1] - The net profit attributable to shareholders was 165 million yuan, up 23% year-over-year but down 13% quarter-over-quarter [1] - The gross margin was 20.39%, down 0.89 percentage points year-over-year and down 11.23 percentage points quarter-over-quarter [1] - The net profit margin stood at 8.68%, an increase of 0.71 percentage points year-over-year and a slight decrease of 0.44 percentage points quarter-over-quarter [1] - The period expense ratio decreased by 1.14 percentage points year-over-year to 10.81% [1] Group 2: Industry Insights - The civil explosives industry saw profit improvements in Q1 2025, with total profits for production enterprises reaching 1.31 billion yuan, a year-over-year increase of 23.03% [1] - Industrial explosives sales volume was 888,700 tons, up 1.07% year-over-year, while ammonium nitrate prices decreased by 15-17% year-over-year [1] - The company announced plans to acquire 51% of Henan Songguang Civil Explosives, adding 60,000 tons of production capacity, bringing total capacity to 581,500 tons [1] Group 3: Market Developments - In Q1 2025, civil explosive production enterprises achieved blasting service revenue of 7.24 billion yuan, a year-over-year increase of 35.52% [2] - The sales value in the Xinjiang region was 834 million yuan, up 19% year-over-year, with industrial explosives sales volume reaching 105,600 tons, a 16% increase [2] - The company has established a comprehensive service system centered on integrated civil explosives services, focusing on major mining areas and provinces with high industrial explosives usage [2] - The company secured new contracts for blasting services worth 2.088 billion yuan, with a significant portion from the Xinjiang region [2] - A notable contract in Guangdong province was awarded for approximately 2.904 billion yuan, completed in April [2] Group 4: Investment Analysis - The company maintains projected net profits attributable to shareholders for 2025-2027 at 885 million, 1.065 billion, and 1.281 billion yuan, respectively [3] - The current market capitalization corresponds to price-to-earnings ratios of 17, 14, and 12 times for the respective years [3] - The investment rating is maintained at "Accumulate" [3]