易普力（002096）：业绩略超预期，新签订单有所修复

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's Q1 2025 performance slightly exceeded expectations, with total revenue of 2.01 billion yuan, a year-on-year increase of 13% [7] - The net profit attributable to the parent company for Q1 2025 was 165 million yuan, reflecting a year-on-year growth of 23% [7] - The company is experiencing a recovery in new orders, particularly in the Xinjiang region, where sales increased by 19% year-on-year [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 10,076 million yuan, with a year-on-year growth rate of 17.9% [6] - The net profit attributable to the parent company is forecasted to be 885 million yuan for 2025, representing a year-on-year increase of 24.2% [6] - The company's gross margin is expected to improve to 26.4% in 2025 [6] Industry Insights - The civil explosives industry is seeing profit improvements, with a total profit of 1.31 billion yuan for Q1 2025, up 23.03% year-on-year [7] - The company is actively expanding its production capacity through acquisitions, such as the planned cash acquisition of 51% of Henan Songguang Civil Explosives [7] - The company has established a comprehensive service system centered on integrated civil explosives services, focusing on major mining areas [7]