易普力(002096)：新疆煤炭矿服和降本增效驱动业绩稳增

Core Viewpoint - The company reported its 2024 annual results, achieving revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 8.546 billion, 713 million, and 672 million respectively, with year-on-year growth of +1.4%, +12.49%, and +7.04% [1] Group 1: Financial Performance - In Q4 2024, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 2.243 billion, 189 million, and 162 million respectively, with year-on-year growth of +4.66%, +17.84%, and +2.59% [1] - The Xinjiang blasting service market was the core driver for steady growth in performance, with blasting service revenue growing by +15.1% while civil explosive materials revenue decreased by -27.87% due to the company's optimization of excess packaged explosives in certain regions [1] - The coal production in Xinjiang increased by +17.5% in 2024, further boosting the company's coal mining service revenue, with Xinjiang's blasting subsidiary achieving revenue of 3.783 billion, a year-on-year increase of +4.89%, and its revenue share rising to 44.27% [1] Group 2: Cost Management and Profitability - The company maintained a stable gross margin year-on-year, while the net profit margin increased by +0.91 percentage points, attributed to significant cost reduction in expenses [2] - The prices of ammonium nitrate, a key raw material for industrial explosives, decreased by -10.9% in 2024, contributing to an increase in gross margins for blasting services and industrial explosives by +1 percentage point and +1.14 percentage points respectively [2] - The overall gross margin remained stable primarily due to the structural change with a higher proportion of low-margin blasting service revenue [2] Group 3: Future Outlook - The company is optimistic about continued steady growth in 2025, with plans to achieve revenue of 9.692 billion and total profit of 981 million, representing year-on-year growth of +11.89% and +8.52% respectively [2] - As of the end of 2024, the company had over 30 billion in hand orders, with expectations for further order increases supported by high demand in Xinjiang and Tibet, along with the consolidation of Henan Songguang's 60,000-ton capacity [2] - Projections for 2025, 2026, and 2027 indicate revenues of 9.592 billion, 10.808 billion, and 11.698 billion respectively, with year-on-year growth rates of 12.25%, 12.67%, and 8.23% [3]