易普力：深耕新疆西藏，增产升级，民爆龙头的全面进击

Investment Rating - The report assigns a "Buy" rating to the company, marking its first coverage [3]. Core Insights - The company is a leader in the civil explosives industry, benefiting from a dual focus on hydropower and military applications, and is supported by high-quality shareholders [3][35]. - The company has a managed explosive capacity of 565,500 tons, with a significant portion in packaged explosives, positioning it as the industry leader [3][50]. - The civil explosives industry is experiencing strict supply constraints, leading to a continuous market clearing, which benefits leading enterprises [20]. - The demand side is expected to see long-term prosperity due to government bond issuance and infrastructure development in the western regions [3][35]. Summary by Relevant Sections Company Overview - The company has undergone a restructuring, enhancing its capacity and operational efficiency, and is transitioning from selling civil explosive products to providing integrated blasting services, which are expected to increase profitability [48][25]. - The company has a strong order book, with nearly 30 billion yuan in contracts signed from 2023 to Q1 2024, indicating robust demand for its services [15][35]. Market Dynamics - The civil explosives industry is seeing a consolidation trend, with the top 10 companies expected to account for over 60% of the industry's production value by 2025 [20]. - The company is strategically expanding its operations in high-capex regions like Xinjiang and Tibet, where it holds a significant market share [24][39]. Financial Projections - Revenue projections for the company are 9.25 billion yuan in 2024, 10.50 billion yuan in 2025, and 11.59 billion yuan in 2026, with net profits expected to be 771 million yuan, 910 million yuan, and 1.08 billion yuan respectively [35][41]. - The company’s earnings per share (EPS) are projected to be 0.62 yuan in 2024, 0.73 yuan in 2025, and 0.87 yuan in 2026, reflecting a positive growth trajectory [35][41].