Investment Rating - Buy (Maintained) with a target price of 26.99 RMB [1] Core Views - The company reported Q3 2024 revenue of 7.14 billion RMB, up 16.1% YoY, and net profit attributable to shareholders of 1.045 billion RMB, down 5.7% YoY [2] - Excluding investment income from associates, net profit attributable to shareholders increased by 52.3% YoY to 975 million RMB [2] - Q3 2024 revenue was 2.31 billion RMB, down 3.2% YoY, while net profit attributable to shareholders increased by 1.3% YoY to 401 million RMB [2] - Gross margin in Q3 2024 reached 31.2%, up 8.3 percentage points QoQ, reflecting progress in high-end product strategy [2] - R&D expense ratio in Q3 2024 was 4.38%, up 0.21 percentage points YoY and 0.39 percentage points QoQ [2] - The company announced a share buyback plan of 150-300 million RMB, demonstrating confidence in future development [2] Financial Performance - Revenue for 2024E is projected at 11.046 billion RMB, up 28.9% YoY, with net profit attributable to shareholders of 1.383 billion RMB, down 7.1% YoY [1] - EPS for 2024E is forecasted at 1.42 RMB, down from the previous estimate of 1.46 RMB [3] - Gross margin is expected to remain stable at around 25% from 2024E to 2026E [1] - ROE is projected to decline slightly from 22.1% in 2023A to 17.8% in 2024E, before recovering to 18.5% in 2025E [1] Valuation - DCF valuation method used with a WACC of 8.27% and perpetual growth rate of 1% [6] - Target price of 26.99 RMB implies a 19.2% upside from the current price of 22.64 RMB [1] Industry and Strategy - The company continues to focus on high-end stainless steel pipe products, with revenue from high-value-added products in high-end equipment manufacturing and new materials reaching 22% of total revenue in H1 2024, up 40% YoY [2] - The "Quality and Return Dual Improvement" action plan aims to increase R&D investment and improve dividend payouts [2] - The acquisition of German EBK in 2023 is expected to contribute to future growth [3]

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [8]. Core Views - The company achieved a revenue of 7.14 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 16.1%. However, the net profit attributable to shareholders decreased by 5.7% year-on-year to 1.05 billion yuan [1]. - The company is actively expanding its composite pipe and alloy materials businesses, capturing growth opportunities in high-end stainless steel pipe markets and emerging sectors [1]. - The gross margin for the first three quarters of 2024 was 26.9%, showing an improvement due to the advancement of high-end product offerings, while the net margin was 15.0%, slightly down from the previous year [1]. Summary by Sections Performance Overview - In Q3 2024, the company reported revenue of 2.31 billion yuan, a decrease of 3.2% year-on-year and 5.3% quarter-on-quarter. The net profit for the same period was 401 million yuan, up 1.3% year-on-year and 26.9% quarter-on-quarter [1]. - The company’s revenue for the first three quarters of 2024 was 7.14 billion yuan, with a net profit of 1.05 billion yuan, reflecting a year-on-year growth in revenue but a decline in net profit [1]. Business Growth - The composite pipe and alloy materials segments are experiencing significant growth, with the company capturing high-value orders from major clients in the Abu Dhabi market [1]. - The company is investing 376 million yuan to establish a production capacity for high-performance pipes for nuclear energy and oil and gas applications, which is expected to enhance its market position [1]. Profitability Metrics - The gross margin for the first three quarters of 2024 was 26.9%, while the net margin was 15.0%. In Q3 2024, the gross margin improved to 31.2%, and the net margin increased to 17.7%, nearing historical highs [1]. - The increase in profitability is attributed to the ongoing high-end transformation of core products and improvements in the composite pipe and alloy materials businesses [1]. Market Position - The company maintains a leading position in the domestic high-end stainless steel pipe market, with a focus on expanding its presence in the petrochemical and natural gas sectors [1]. - The strategic focus on high-end equipment manufacturing and new materials is expected to drive future revenue growth [1].

证券代码：002318 证券简称：久立特材 公告编号：2024-056 浙江久立特材科技股份有限公司 关于股份回购进展情况的公告 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 2024 年 10 月 14 日 召开第七届董事会第七次会议，审议通过了《关于回购公司股份的议案》。公司 决定通过集中竞价交易方式以自有资金或自筹资金回购公司股份，用于员工持股 计划或股权激励计划和转换上市公司未来发行可转换为股票的公司债券。本次回 购价格不超过人民币 28.00 元/股（含），用于回购的资金总额不低于人民币 1.5 亿 元且不超过人民币 3 亿元（均含本数），本次回购股份的实施期限为自董事会审 议通过回购方案之日起 12 个月内。具体内容详见公司在《证券时报》、《上海证 券报》和巨潮资讯网（www.cninfo.com.cn）披露的《关于回购公司股份方案的公 告暨回购报告书》（公告编号：2024-050）。 公司后续将根据市场情况，按照《回购报告书》中披露的回购股份方案实施 股份回购，并依据相关规定及时披露回购股份进 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company's main business net profit has shown rapid growth, with significant improvements in profitability for the alloy segment, achieving a net profit exceeding 100 million yuan [4] - The company reported a revenue of 7.143 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 16%, while the net profit attributable to shareholders decreased by 6% to 1.045 billion yuan [4] - The gross margin increased by 2.15 percentage points year-on-year, indicating effective cost control [5] - Contract liabilities and inventory have grown rapidly, reflecting a robust order book and proactive production and stocking strategies [6] Financial Summary - For 2024-2026, the company is expected to achieve net profits of 1.555 billion yuan, 1.794 billion yuan, and 2.002 billion yuan, corresponding to current price-to-earnings (P/E) ratios of 14, 12, and 11 times respectively [7] - The company’s revenue is projected to grow from 8.568 billion yuan in 2023 to 13.821 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 10.74% [9] - The EBITDA is expected to increase from 1.519 billion yuan in 2023 to 2.651 billion yuan in 2026, indicating strong operational performance [9] - The company’s asset-liability ratio is projected to slightly increase from 42.7% in 2023 to 43.8% in 2024, reflecting stable financial health [11]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 20% relative to the market benchmark index within the next six months [15]. Core Insights - The company reported a 16.07% year-on-year increase in revenue for the first three quarters of 2024, reaching 7.143 billion yuan, while net profit attributable to shareholders decreased by 5.68% to 1.045 billion yuan [1][2]. - Excluding investment income, the operating profit increased by 54% year-on-year, amounting to 1.195 billion yuan, while net investment income fell by 4.75 million yuan due to the previous year's equity disposal [2][3]. - The company's gross margin improved by 2.16 percentage points to 26.93%, reflecting enhanced core business profitability driven by a high-end strategy and product optimization [2]. Financial Performance Summary - For 2024, the company is projected to achieve revenues of 10.213 billion yuan, with net profits expected to be 1.4 billion yuan, reflecting a decrease of 6% compared to the previous forecast [4][11]. - The earnings per share (EPS) for 2024 is estimated at 1.43 yuan, with a price-to-earnings (P/E) ratio of 15.8 [4][11]. - The company’s financial metrics indicate a steady growth trajectory, with projected revenues increasing to 12.262 billion yuan in 2025 and 13.277 billion yuan in 2026 [4][12][13].

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The company's Q3 performance exceeded expectations, with high-end production capacity accelerating release [1]. - The gross profit margin has increased year-on-year, indicating improved profitability [2]. - The company is optimizing its product structure and expanding high-end production capacity, which is expected to enhance its main business profitability [3]. Financial Performance Summary - For Q1-Q3 2024, the company achieved revenue of 7.143 billion yuan, a year-on-year increase of 16.1%, while net profit attributable to shareholders decreased by 5.7% to 1.045 billion yuan [1]. - The gross profit margin for Q1-Q3 2024 was 26.93%, up 2.16 percentage points year-on-year, with Q3 gross profit margin at 31.15%, an increase of 3.46 percentage points year-on-year [2]. - Investment income for Q1-Q3 2024 was 0.37 billion yuan, down 4.75 billion yuan year-on-year [2]. Production Capacity and Orders - The company has a significant scale advantage and is one of the few domestic enterprises capable of using advanced extrusion technology for production [3]. - As of H1 2024, several high-end production projects are nearing completion, which will support ongoing capacity expansion [3]. - The company's subsidiary, EBK, secured a large order from the Abu Dhabi National Oil Company, valued at approximately 5.92 billion euros (about 4.6 billion yuan) [3]. Profit Forecast - The company is expected to achieve net profits attributable to shareholders of 1.422 billion yuan, 1.711 billion yuan, and 1.981 billion yuan for 2024, 2025, and 2026, respectively [3][4]. - Corresponding PE ratios are projected to be 16, 13, and 11 times based on the closing price on October 31 [3].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 27.36 CNY, indicating an expected upside of approximately 18% from the current price of 23.16 CNY [1][2]. Core Insights - The company's Q3 2024 performance shows stable growth in its main business, with total revenue reaching 71.43 billion CNY, a year-on-year increase of 16.07%. However, the net profit attributable to shareholders decreased by 5.68% to 10.45 billion CNY. The adjusted net profit, excluding non-recurring items, increased by 15.60% to 10.17 billion CNY [1][2]. - The sales profit margin significantly improved, with a gross margin of 31.15% in Q3 2024, up 8.3 percentage points from Q2. The net profit margin also increased to 17.66%, reflecting strong profitability resilience in high-end products [2]. - The company has shown a sequential increase in core business profits, with a non-recurring net profit of 3.5 billion CNY in Q3, up 21.11% from Q2, indicating growth in its main business despite a challenging market environment [2]. Financial Summary - For the first three quarters of 2024, the company achieved a gross margin of 26.93% and a net margin of 15.03%, with the latter showing a decline of 2.97 percentage points compared to the same period in 2023 [2]. - The projected financials for the company from 2024 to 2026 indicate total revenues of 10.84 billion CNY in 2024, with a year-on-year growth rate of 26.5%. The net profit is expected to be 1.46 billion CNY in 2024, reflecting a slight decline of 1.8% [3][6]. - The company’s total assets are projected to grow from 13.02 billion CNY in 2023 to 18.72 billion CNY by 2026, with a debt-to-asset ratio of 43.96% [4][6]. Market Position and Growth Potential - The company is focusing on high-end product development, particularly in alloy materials and composite pipes, which are expected to drive future growth despite a decline in traditional oil and gas sector demand [2][3]. - The report anticipates that the company will achieve net profits of 14.61 billion CNY, 16.68 billion CNY, and 18.48 billion CNY from 2024 to 2026, with respective growth rates of -1.8%, 14.1%, and 10.8% [2][3].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company has shown improved quarterly performance with a significant increase in main business profits, driven by the demand in the nuclear power sector and the ramp-up of high-end products [1][2]. - The company aims for substantial growth in sales volume for high-end products, with a target of approximately 182,900 tons for industrial finished steel pipes in 2024, representing a 44.7% increase compared to 2023 [2]. - The projected net profits for the company from 2024 to 2026 are estimated to be 1.48 billion, 1.73 billion, and 1.97 billion yuan, respectively, with corresponding P/E ratios of 15.3, 13.1, and 11.5 [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 7.143 billion yuan, a year-on-year increase of 16.07%, while the net profit attributable to shareholders was 1.045 billion yuan, a decrease of 5.68% [1]. - The gross profit margin and net profit margin showed significant growth in Q3 2024, with gross profit margin at 31.15% and net profit margin at 17.66% [1]. - The company’s revenue is projected to grow from 8.568 billion yuan in 2023 to 10.059 billion yuan in 2024, reflecting a year-on-year growth rate of 17.4% [4][12].

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The company achieved a revenue of 7.143 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 16.07%. The net profit attributable to the parent company was 1.045 billion yuan, down 5.68% year-on-year, while the net profit after deducting non-recurring gains and losses was 1.017 billion yuan, up 15.60% year-on-year [1][2]. - In Q3 2024, the company reported a revenue of 2.313 billion yuan, a decrease of 3.23% year-on-year and 5.29% quarter-on-quarter. The net profit attributable to the parent company reached 401 million yuan, an increase of 1.31% year-on-year and a significant increase of 26.86% quarter-on-quarter [1]. - The company’s investment income saw a dramatic decline of 85% year-on-year, yet the net profit in Q3 2024 reached a new high for the past five quarters, with a net profit margin of 17.33% [1][3]. Summary by Sections Financial Performance - For Q3 2024, the company’s non-recurring gains and losses amounted to 37 million yuan, a year-on-year increase of 1133%. This includes gains from the fair value changes of financial assets and liabilities held by non-financial enterprises [2]. - The company has initiated a dual enhancement action plan aimed at improving long-term investment value, focusing on innovation, quality upgrades, stable dividends, and expanding international cooperation [2]. Share Buyback - The company has been actively repurchasing shares, with a total of 15.61 million shares bought back from November 23, 2023, to September 3, 2024, representing 1.60% of the total share capital, with a total transaction amount of 300 million yuan [3]. Earnings Forecast and Valuation - Due to the decline in investment income, the company has adjusted its net profit forecasts for 2024 and 2025 downwards by 11.75% and 5.33% respectively, projecting net profits of 1.364 billion yuan and 1.624 billion yuan. The 2026 net profit forecast remains unchanged at 1.876 billion yuan. The company is recognized as a leading domestic industrial stainless steel pipe manufacturer, with ongoing product structure upgrades and increasing overseas orders [3].

证券研究报告 久立特材 (002318 CH) 授责评级(维持): 买入 目标价(人民币): 26.66 研究员 SAC No. S0570517050001 SFC No. BPN269 libin@htsc.com +(86) 10 6321 1166 6月 28.15 SAC No. S0570522030001 SAC No. S0570122070092 wangxinyan020418@htsc.com +(86) 10 6321 1166 | --- | --- | --- | |-------|---------------------|--------| | | | | | | | | | | | | | | | 马晓晨 | | | | | | | maxiaochen@htsc.com | | | | +(86) 10 6321 1166 | | | | | | | | | 王鑫延 | 联系人 基本數据 公司公布 24Q3 业绩: 收入 23.1 亿元（yoy-3.23%，qoq-5.29%）;归母净利 润 4.01 亿元（yoy+1.31%,goq+26.86%）。24Q1-3 累计收入 ...