易普力(002096)：中国民爆行业领军者 爆破服务为增长的核心驱动力

中国民爆行业领军者，爆破服务为增长的核心驱动力 Leader in China's civil explosive industry& Explosive services as the coredrivingforce 最新动态 ➢公司以打造世界一流的民爆企业为目标。公司将以打造具备国际竞争力的世界一流民爆企业为目标，坚持服务国家战略，主动融入新发展格局，聚焦民爆一体化业务，着力向工程服务市场延伸，为国内外重要能源工程、基础设施建设、大型矿山工程等提供专业化、一体化的民用爆破服务和绿色化、数智化矿山施工总承包服务。同时，公司将以民爆关联产业为拓展，围绕民爆产业链条积极拓展军工安防、民爆装备、核心原材料等业务，支撑民爆主业发展。 ➢爆破服务成为公司业绩增长的核心驱动力。公司2025H1业绩实现稳健增长，主要得益于爆破服务和民爆器材两大板块业务的协同发力。2025H1，公司凭借在民爆主业的深耕布局与高效运营，实现营业收入、利润总额同比增幅均超20%，核心经营指标超额完成阶段目标。其中爆破服务板块同比增长28.49%，营收占比达75.36%，已成为公司业绩增长的核心驱动力。 动向解读 ➢公司在西藏布局3万吨工业炸药产能。公司始终将服务国家战略作为重要使命，积极响应国家关于西藏地区高质量发展的战略部署，先后在西藏设立了墨竹工卡分公司、林芝分公司以及组建西藏工程公司，深度融入区域发展大局，服务与跟踪西藏区域矿山开发、重大基础设施建设等重点项目，目前已经在当地布局了3.0万吨工业炸药产能。在产品和服务上，公司已经构建了集民爆科研、生产、销售、爆破服务及绿色矿山建设、矿山开采施工总承包于一体的完整产业链。公司发轫于三峡工程，在水电施工领域具有丰富的经验和技术积累。 ➢收购河南松光民爆，强化产能领先优势。2025H1，公司通过收购河南松光民爆公司，新增工业炸药产能6万吨。作为国内规模最大的现场混装炸药生产与爆破施工一体化服务商之一，公司将持续深耕民爆市场，聚焦结构优化升级，并依托股东资源与规模优势，统筹内外部资源，通过积极参与行业整合、重组等方式实现产能合并扩张与产业链整合，不断强化产能领先优势，进一步巩固市场竞争壁垒，持续保持民爆行业炸药产能规模第一梯队。 策略建议 ➢盈利预测。我们预测2025-2027年公司归母净利润分别为8.67、10.23、11.30亿元，参考同行业公司，考虑到公司民爆行业龙头给予一定估值溢价，给予公司2026年24倍PE，对应目标价17.52元，首次覆盖给予“买入”评级。 风险提示 宏观经济周期波动风险、产业政策调整风险、安全生产风险、原材料价格波动风险。 What’s New ➢The company aims to build a world-class civilian explosive enterprise.The company aims to build a world-class civilian explosive enterprise with international competitiveness, adhere to the national service strategy,actively integrate into the new development pattern, focus on integrated civilian explosive business, and strive toextend to the engineering service market. It provides professional and integrated civilian explosive services, as wellas green and digital mining construction general contracting services for important energy projects, infrastructureconstruction, and large-scale mining projects at home and abroad. At the same time, the company will expand intoindustries related to civil explosives, actively expanding its military security, civil explosive equipment, core rawmaterials, and other businesses around the civil explosives industry chain to support the development of its mainbusiness. ➢Blasting services have become the core driving force for the company's performance growth.The companyachieved steady growth in performance in2025H1, mainly due to the synergistic efforts of the two major businesssegments of blasting services and civil explosive equipment.In 2025H1, the companyachievedincrease of over20%YoYin operating revenue and total profit through its deep cultivation and efficient operation in the mainbusiness of civil explosives, and its core business indicators have exceeded the stage targets. The blasting servicesector saw growth of 28.49%YoY, with revenue accounting for 75.36%, becoming the core driving force for thecompany's performance growth. What’s Different ➢The company has a30000-tonindustrial explosive production capacity in Xizang.The company has alwaystaken serving the national strategy as an importantmission and actively responded to the national strategicdeployment for high-quality development in Xizang. It has successively set up Mozhu Gongka Branch, LinzhiBranch and Xizang Engineering Company in Xizang, deeply integrated into the overall situation of regionaldevelopment, served and tracked key projects such as mine development and major infrastructure construction inXizang. At present, it has laid out 30000 tons of industrial explosive production capacity locally. In terms of productsand services, the company has established a complete industrial chain that integrates civil explosive research,production, sales, blastingservices, green mine construction, and general contracting for mining construction. Thecompany originated from the Three Gorges Project and has rich experience and technical accumulation in the fieldof hydropower construction. ➢Acquiring Henan Songguang Civil Explosive to strengthen its leading production capacity advantage.In2025H1, the companyincreasedits industrial explosive production capacity by 60000 tons through the acquisitionof Henan Songguang Civil Explosive Company. As one of the largest integrated service providers for on-site mixedexplosive production and blasting construction in China, the company will continue to deeply cultivate the civilianexplosive market, focus on structural optimization and upgrading, and rely on shareholder resources and scaleadvantages to coordinate internal and external resources. Through active participation inindustry integration,restructuring, and other methods, the company will achieve capacity consolidation and expansion as well asindustrial chain integration, continuously strengthen its leading advantage in production capacity, further consolidatemarketcompetition barriers, and continue to maintain the first tier of explosive production capacity in the civilianexplosive industry. Action ➢Profit forecast.We predict that the company's net profit from 2025 to 2027 will be 867 million yuan, 1.023 billionyuan, and 1.13 billion yuan, respectively. Referring to companies in the same industry and consider