2 证券代码：002318 证券简称：久立特材 | | | 争力。同时，公司将以技术创新为核心动力，专注于研发 | | | --- | --- | --- | --- | | | | 耐高温、耐腐蚀等创新材料，加速推进产品系列化和配套 | | | | | 化进程，从而提高产品附加值。此外，公司将持续拓宽国 | | | | | 际市场的渠道，致力于在全球范围内提升产品的市场份 | | | | | 额，确保公司的长远发展。 | | | 附件清单 | | | 无 | | 日期 | 月 7 | 6 日 | 2025 年 | 浙江久立特材科技股份有限公司投资者关系活动记录表 3 编号：106 | | | √特定对象调研□ 分析师会议 | | --- | --- | --- | | 投资者关系活动 | □ 媒体采访□业绩说明会 | | | 类别 | □ 新闻发布会□ 路演活动 | | | | □ 现场参观 | | | | □ 其他 | | | 参与单位名称及 | 长江证券、东方证券、广发基金、富国基金、博时基金、易方达 | | | | 基金、泰康资产、大成基金、中欧基金、高毅资产、安信基金、 | | | 人员姓名 | 南 ...

证券代码:002318 证券简称:久立特材 公告编号:2025-029 浙江久立特材科技股份有限公司 关于第三期员工持股计划出售完毕暨终止的公告 1 在巨潮资讯网（www.cninfo.com.cn）披露的《关于第三期员工持股计划非交易过 户完成暨回购股份处理完成的公告》（公告编号：2022-049）。 3、本员工持股计划第一个锁定期于2023年9月29日届满，可解锁分配的权益 份额占本员工持股计划持有权益总额的30%，对应的标的股票数量为504.00万股， 占公司总股本的0.52%。具体内容详见公司于2023年9月29日在巨潮资讯网（ww w.cninfo.com.cn）披露的《关于第三期员工持股计划第一个锁定期届满的提示性 公告》（公告编号：2023-062）。 4、本员工持股计划第二个锁定期于2024年5月29日届满，可解锁分配的权益 份额占本员工持股计划持有权益总额的30%，对应的标的股票数量为504.00万股， 占公司总股本的0.52%。具体内容详见公司于2024年5月29日在巨潮资讯网（ww w.cninfo.com.cn）披露的《关于第三期员工持股计划第二个锁定期届满的提示性 公告》（公告编号： ...

Core Viewpoint - The company has implemented its third employee stock ownership plan, which includes specific lock-up periods and performance assessment criteria for unlocking shares [1][2][3]. Summary by Sections Employee Stock Ownership Plan Overview - The third employee stock ownership plan was approved by the company's board and shareholders, with a maximum duration of 60 months and a lock-up period for the acquired shares [1][2]. - The first lock-up period will end on September 29, 2023, allowing for the release of 30% of the total equity, equivalent to 5.04 million shares, which is 0.52% of the company's total share capital [2]. Performance Assessment and Unlocking Conditions - The second lock-up period will conclude on May 29, 2024, with the same unlocking conditions as the first period [3]. - The third lock-up period will end on May 29, 2025, allowing for the release of 40% of the total equity, corresponding to 6.72 million shares, which is 0.69% of the company's total share capital [3]. Performance Targets - The performance target for the third unlocking period is set at a net profit growth rate of no less than 108.98% compared to the adjusted net profit of 2021, which was approximately 1.55 billion yuan [4]. Individual Performance Assessment - Individual performance assessments will determine the unlocking ratio for each participant, with grades ranging from A (100% unlock) to E (0% unlock) based on their performance [5]. Compliance and Regulations - The employee stock ownership plan will adhere to market trading rules and regulations set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange, including restrictions on trading during specific periods [6]. Plan Duration and Changes - The plan's duration can be extended with board approval, and changes can be made regarding stock sources, funding, and performance assessments [6][7]. Asset Distribution - After the plan's duration, assets will be liquidated within 30 working days, and distributions will be made to holders based on their shares after deducting relevant taxes [7].

证券代码：002318 证券简称：久立特材 公告编号：2025-028 浙江久立特材科技股份有限公司 关于第三期员工持股计划第三个锁定期届满的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 浙江久立特材科技股份有限公司（以下简称"公司"）于2022年8月20日召开 的第六届董事会第十七次会议、第六届监事会第十三次会议以及2022年9月13日 召开的2022年第二次临时股东大会审议通过了《关于<公司第三期员工持股计划 （草案）>及其摘要的议案》等相关议案，同意公司实施第三期员工持股计划 （以下简称"本员工持股计划"）。具体内容详见公司刊登于巨潮资讯网（http: //www.cninfo.com.cn）的相关公告。 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》、 《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》等 相关规定，本员工持股计划第三个锁定期将于2025年5月29日届满，现将本员工 持股计划锁定期届满的相关情况公告如下： 一、本员工持股计划的持股情况和锁定期届满的情况说明 截至2022年9月27日，公司本员 ...

Core Viewpoint - The recent financial report of Jiuli Special Materials (002318) shows strong growth in revenue and net profit for Q1 2025, indicating a positive performance despite challenges in the market environment [1][5]. Financial Performance - Total revenue for Q1 2025 reached 2.883 billion yuan, a year-on-year increase of 20.67% compared to 2.389 billion yuan in Q1 2024 [1]. - Net profit attributable to shareholders was 389 million yuan, up 18.59% from 328 million yuan in the same period last year [1]. - The gross profit margin improved to 28.08%, an increase of 4.00% year-on-year, while the net profit margin decreased to 13.82%, down 4.54% [1]. - The company reported a significant increase in operating cash flow per share, which rose to 0.04 yuan, a remarkable increase of 693.75% [1]. Accounts Receivable and Financial Health - Accounts receivable amounted to 1.479 billion yuan, representing 99.21% of the net profit, indicating a high level of receivables relative to earnings [1][3]. - The company’s cash and cash equivalents decreased by 36.38% to 2.501 billion yuan, raising concerns about liquidity [1][3]. - The total expenses for sales, management, and finance were 193 million yuan, accounting for 6.71% of revenue, which is an increase of 6.76% year-on-year [1]. Market Position and Analyst Expectations - The company's return on invested capital (ROIC) was reported at 16.89%, reflecting strong capital efficiency [3]. - Analysts expect the company to achieve a revenue of 1.714 billion yuan and an average earnings per share of 1.75 yuan for the year 2025 [3]. - Jiuli Special Materials has been favored by prominent fund managers, with increased holdings noted in several funds [4]. Strategic Response to Market Challenges - The company is actively monitoring macroeconomic conditions and adjusting its strategies to maintain stable performance amid market volatility and international trade tensions [5]. - Emphasis is placed on technological innovation and market expansion to optimize product structure and enhance collaboration with quality clients [5]. - The company aims to provide long-term returns to shareholders through steady operational performance and potential share buybacks and dividends [5].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported Q1 2025 revenue of 2.883 billion RMB, a year-over-year increase of 20.67% and a quarter-over-quarter decrease of 23.64%. The net profit attributable to the parent company was 389 million RMB, up 18.59% year-over-year but down 12.64% quarter-over-quarter. The non-recurring net profit was 394 million RMB, reflecting a year-over-year increase of 15.72% [1] - The company's gross margin for Q1 2025 was 28.08%, showing a year-over-year increase of 1.08 percentage points but a quarter-over-quarter decrease of 0.88 percentage points. The company demonstrated strong cost control, with total expenses of 286 million RMB and an expense ratio of 9.91% [2] - The company is actively expanding its production capacity, with a total capacity of 200,000 tons of finished pipes and ongoing projects expected to enhance future performance. The proportion of high-end products is anticipated to continue increasing [3] Summary by Sections Financial Performance - For 2025-2027, the forecasted net profit attributable to the parent company is 1.726 billion RMB, 1.863 billion RMB, and 2.022 billion RMB, respectively. The corresponding EPS for these years is projected to be 1.77 RMB, 1.91 RMB, and 2.07 RMB. The target price is set at 27.44 RMB, based on a PE ratio of 15.5 times for 2025 [4] Market Position - The company is positioned favorably within its industry, with a competitive PE average of 9.3 times among comparable companies. The report highlights the potential for growth through overseas acquisitions and increased production capacity for composite pipes [4][12]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [5][16]. Core Insights - In Q1 2025, the company achieved a record high net profit attributable to shareholders of 3.89 billion yuan, representing a year-on-year increase of 18.59% [1]. - The company's revenue for Q1 2025 was 28.83 billion yuan, reflecting a year-on-year growth of 20.67% [1]. - The company continues to focus on high R&D investment, with R&D expenses amounting to 0.92 billion yuan in Q1 2025, a year-on-year increase of 4.27% [2]. - The company is prioritizing capital expenditure towards high-value-added sectors, particularly in advanced materials and smart manufacturing [2]. - The company plans to further reduce its stake in Yongxing Materials, with a proposed sale of up to 15.83 million shares [3]. Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 16.24 billion yuan, with subsequent estimates of 18.76 billion yuan in 2026 and 21.60 billion yuan in 2027 [3][4]. - The company's revenue is expected to grow from 11.83 billion yuan in 2025 to 12.71 billion yuan in 2026, with a growth rate of 8.37% [4][11]. - The estimated EPS for 2025 is 1.66 yuan, increasing to 2.21 yuan by 2027 [4][11]. Profitability and Valuation Metrics - The company's gross margin is projected to improve from 27.6% in 2025 to 30.5% by 2027 [13]. - The P/E ratio is expected to decrease from 14 in 2025 to 10 by 2027, indicating a potentially attractive valuation [14]. - The return on equity (ROE) is forecasted to remain stable around 18.9% in 2025, with a slight increase to 19.9% by 2027 [13].

Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Views - The company has experienced rapid growth in Q1 2025, driven by high-end product sales and the acquisition of EBK, which has enhanced production capacity and market share [6]. - Revenue for 2024 is projected to reach 109.18 billion yuan, representing a year-on-year growth of 27.42%, primarily due to the expansion into mid-to-high-end markets in the domestic and international petrochemical and natural gas sectors [6]. - The company aims to achieve a total sales volume of approximately 190,000 tons of industrial finished pipes and 10,500 tons of fittings by 2025 [6]. Financial Data and Valuation - Total revenue is expected to grow from 85.68 billion yuan in 2023 to 161.06 billion yuan by 2027, with a compound annual growth rate (CAGR) of 31% in 2023 and 27% in 2024 [2][20]. - Operating profit is projected to increase from 17.34 billion yuan in 2023 to 27.35 billion yuan in 2027, with a notable growth of 25% in 2023 [2][20]. - Net profit attributable to shareholders is forecasted to rise from 14.89 billion yuan in 2024 to 22.64 billion yuan in 2027, with a growth rate of 16% in 2023 [2][20]. - The company’s price-to-earnings (PE) ratio is expected to decrease from 15.1 in 2023 to 10.0 in 2027, indicating potential undervaluation [2][21]. Key Financial Ratios - The company’s return on equity (ROE) is projected to be 19.1% in 2024, reflecting strong profitability [3][21]. - The asset-liability ratio is expected to remain stable at around 42.7% in 2024, indicating a balanced financial structure [21]. - The gross margin is anticipated to improve slightly to 27.6% in 2024, driven by better cost management and product mix [21].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [15]. Core Views - The company achieved steady growth in performance, with a 20.67% year-on-year increase in revenue to 2.883 billion yuan and an 18.59% increase in net profit attributable to shareholders, reaching 389 million yuan in Q1 2025 [2][3]. - The growth in revenue is primarily attributed to the contribution from the composite pipe business, particularly a significant contract with Abu Dhabi National Oil Company for the supply of pipeline steel pipes, valued at approximately 5.92 billion euros (around 4.6 billion yuan) [3]. - The company is advancing its high-end strategy, resulting in improved profitability, with a gross margin of 28.08%, an increase of 1.08 percentage points year-on-year [3]. Financial Data and Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 1.693 billion yuan, 1.860 billion yuan, and 2.029 billion yuan respectively, with corresponding P/E ratios of 13.3, 12.1, and 11.1 [4][5]. - Revenue is expected to grow from 10.918 billion yuan in 2024 to 12.899 billion yuan in 2025, reflecting an 18% growth rate [5]. - The company’s construction projects have increased by 43.58% year-on-year, with ongoing investments in high-performance pipe production expected to enhance capacity by 2026 [4].

Core Viewpoint - The company has disclosed its first quarter report for 2025, ensuring the accuracy and completeness of the information provided, and has outlined key financial data, shareholder information, and significant corporate actions planned for the future [1][2][11]. Financial Data - The first quarter report is unaudited [3]. - The company has not made any retrospective adjustments or restatements to previous years' accounting data due to changes in accounting policies or corrections of accounting errors [4]. - The company reported a total of 12,936,717 shares repurchased, representing 1.32% of the total share capital, with a total transaction amount of 299,830,575.70 yuan [6]. Shareholder Information - As of the reporting period, the company holds 28,543,377 shares in its repurchase account, accounting for 2.92% of the total shares, which is not included in the top ten shareholders [4]. Corporate Actions - The company plans to sell up to 15,831,400 shares of its associate company, aiming to optimize its asset structure and improve liquidity [7]. - The company intends to adjust the guarantee limit for its controlling subsidiary, increasing the total guarantee amount from 56,200,000 yuan to 84,000,000 yuan [8]. - A profit distribution proposal for the year 2024 has been suggested, which includes a cash dividend of 9.70 yuan per 10 shares, with no stock dividends or capital reserve transfers [8]. Meeting Resolutions - The board of directors and the supervisory board have both approved the first quarter report, confirming that the report reflects the company's true financial status without any misleading statements or omissions [13][18].