易普力（002096）：业绩及订单稳增，并购持续推进

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Views - The company reported a revenue of 4.71 billion yuan for the first half of 2025, representing a year-on-year increase of 20.4%. The net profit attributable to shareholders was 410 million yuan, up 16.4% year-on-year [2][6]. - In Q2 alone, the company achieved a revenue of 2.7 billion yuan, reflecting a year-on-year growth of 26.4% and a quarter-on-quarter increase of 34.5% [2][6]. - The company continues to see stable growth in new orders, with a total of 7.99 billion yuan in new contracts signed or executed in the first half of 2025, a 15% increase compared to the same period last year [13]. - The company is actively pursuing acquisitions to enhance its industrial explosive capacity, having acquired a 51% stake in Henan Songguang for 320 million yuan, adding 60,000 tons/year of industrial explosive capacity [13]. - The company is focusing on expanding its market presence in the northwest and southwest regions of China, with significant revenue contributions from Xinjiang and Tibet [13]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a total revenue of 4.71 billion yuan, with a net profit of 410 million yuan and a non-net profit of 400 million yuan, marking increases of 20.4%, 16.4%, and 17.6% respectively [2][6]. - In Q2 2025, the company reported a revenue of 2.7 billion yuan, with a net profit of 240 million yuan, reflecting year-on-year increases of 26.4% and 12.6% respectively [2][6]. Order Growth and Market Expansion - The company’s explosive service revenue for the first half of 2025 was 3.55 billion yuan, a year-on-year increase of 28.5% [13]. - The company’s new contracts in the first half of 2025 totaled 7.99 billion yuan, with major projects exceeding 1 billion yuan amounting to 7.58 billion yuan, indicating a robust order book [13]. Competitive Positioning - Despite a slight decline in revenue from civil explosive materials, the company is enhancing its market position through strategic acquisitions and cost control, maintaining a slight increase in overall profit margins [13]. - The company is well-positioned to benefit from the ongoing demand in the Xinjiang and Tibet regions, particularly with the commencement of significant projects like the Yaxia project in Tibet [13].