EXPL(002096) 新浪财经·2025-04-01 06:40Core Viewpoint - The company, Yipuli, reported steady growth in revenue and profit driven by its mining blasting services, with total operating income reaching 8.546 billion yuan and net profit attributable to shareholders at 713 million yuan for 2024, reflecting year-on-year increases of 1.4% and 12.49% respectively [1] Group 1: Financial Performance - The sales net profit margin improved to 8.92%, an increase of 0.91 percentage points year-on-year [1] - Revenue from mining blasting services increased by 15.10% to 6.182 billion yuan, accounting for 72.34% of total revenue, up 8.61 percentage points year-on-year [1] - Revenue from civil explosive materials decreased by 27.87% to 1.923 billion yuan, with a revenue share of 22.51%, down 9.13 percentage points year-on-year [1] Group 2: Industry Position - The concentration of the civil explosive industry continues to rise, with the CR5 and CR10 reaching 40.19% and 62.47% respectively, up 2.25 and 2.49 percentage points from 2023 [1] - Yipuli ranked second in the domestic civil explosive production value with 3.773 billion yuan, holding a market share of 9.05%, a slight decrease of 0.63 percentage points from 2023 [1] Group 3: Capacity and Orders - The company's actual licensed capacity for industrial explosives was 521,500 tons/year with a utilization rate of 90.72%, producing 473,100 tons, an increase of 0.83% year-on-year [2] - A recent acquisition added 60,000 tons/year of capacity, bringing the total to 581,500 tons/year, ranking third in the domestic market [2] - The company has secured substantial contracts in resource-rich provinces, with a total contract amount of 8.404 billion yuan for blasting services in 2024, including major projects in Xinjiang and Namibia [3] - Despite a decrease in new contracts compared to 2023, the company has a robust backlog of over 30 billion yuan as of the end of 2023, with many projects having service periods of 2 to 5 years [3] - The subsidiary in Xinjiang achieved a net profit of 509 million yuan, a year-on-year increase of 9.75%, contributing significantly to the company's overall performance [3]