Group 1: Macro Insights - The report outlines a new order concept of "tariff threats + dollar safety zone" as part of the "Mar-a-Lago Agreement" [3] - Tariffs play a dual role as both a means and an end, with inflation and financial market volatility affecting their implementation pace but not their direction [3][4] - The U.S. aims to promote dollar depreciation to revitalize manufacturing through multilateral and unilateral currency agreements [2][3] Group 2: A-Share Market Strategy - The A-share market is expected to enter a phase of consolidation after previous catalysts, with a lack of strong macro policy or economic growth expectations [4][23] - April is highlighted as a critical month for growth performance in the stock market, with a predicted overall A-share profit growth rate of -1.5% for 2024 [5][24] - The report emphasizes the importance of maintaining a balanced investment style, focusing on sectors benefiting from equipment upgrades and low PB stocks [5][25] Group 3: Company Updates - Jiuli Special Materials achieved a revenue of 10.918 billion yuan in 2024, a year-on-year increase of 27.42%, with a net profit of 1.49 billion yuan [12][14] - The company’s overseas revenue accounted for 42.79% of total revenue in 2024, with a significant growth in composite pipe sales [12][14] - Jiuli Special Materials plans to invest in a project to produce 20,000 tons of high-performance pipes for nuclear and oil and gas applications, indicating future capacity growth [12][14] Group 4: Industry Insights - The "deep-sea technology" sector is identified as a significant growth engine, with China's marine economy exceeding 10 trillion yuan in 2024 [15][16] - The report highlights the rapid development of deep-sea equipment manufacturing as a core component of "deep-sea technology," with a focus on domestic production capabilities [17][18] - Investment recommendations include core midstream deep-sea equipment manufacturers and key component suppliers with strong domestic replacement potential [18]

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 [15]. Core Insights - The company's sales gross margin and net profit margin for 2024 are projected to be 27.6% and 13.9%, respectively, with the gross margin increasing due to a higher proportion of high-end products [4]. - The company aims to achieve a total sales volume of approximately 190,000 tons of industrial finished pipes and 10,500 tons of pipe fittings by 2025, with ongoing project developments showing significant progress [4]. - Revenue forecasts for 2025-2027 are estimated at 126 billion, 140 billion, and 157 billion yuan, representing year-on-year growth rates of 15.7%, 11.0%, and 12.2% respectively [5]. Financial Summary - The company reported a total revenue of 85.7 billion yuan in 2023, with a growth rate of 31.07%, and is expected to reach 109.2 billion yuan in 2024 [6]. - The net profit attributable to the parent company for 2025 is projected to be 17.4 billion yuan, reflecting a year-on-year growth of 16.7% [6]. - The company's earnings per share (EPS) for 2025 is estimated at 1.78 yuan, with a corresponding price-to-earnings (P/E) ratio of 14 times [5][6]. Production Capacity and Project Progress - The company currently has an annual production capacity of 200,000 tons of finished pipes, 15,000 tons of fittings, and 26,000 tons of alloy materials [4]. - Key projects include the "Special Metallurgy Phase II Project" at 98% completion, the "EBK Company Upgrade Project" at 70%, and the "20,000 Tons of High-Performance Pipes for Nuclear and Oil & Gas" project at 30% [4]. Market Position - The company is recognized as a leading domestic high-end stainless steel pipe manufacturer, maintaining the highest market share in the industry for several years [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6]. Core Insights - The company reported a total revenue of 10.918 billion yuan for 2024, reflecting a year-on-year growth of 27.42%. The net profit attributable to the parent company was 1.49 billion yuan, with a slight increase of 0.12% [6]. - The growth in revenue is primarily driven by the increase in high-end product sales, particularly in the composite pipe segment, which saw a significant volume increase of 247.24% [6]. - The company is accelerating its international expansion and focusing on high-end market segments, with high-value products contributing approximately 24 billion yuan to revenue, representing a 25% year-on-year growth [6]. Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 8.568 billion yuan - 2024: 10.918 billion yuan - 2025E: 11.618 billion yuan - 2026E: 12.235 billion yuan - 2027E: 12.779 billion yuan - The net profit attributable to the parent company is forecasted to be: - 2023: 1.489 billion yuan - 2024: 1.490 billion yuan - 2025E: 1.682 billion yuan - 2026E: 1.895 billion yuan - 2027E: 2.091 billion yuan - The company’s earnings per share (EPS) are projected to increase from 1.53 yuan in 2023 to 2.14 yuan in 2027 [2][8]. Market Data - As of March 26, 2025, the closing price of the company's stock was 24.94 yuan, with a market capitalization of 23.812 billion yuan [3]. - The company has a price-to-earnings (P/E) ratio projected to decrease from 16 in 2024 to 12 in 2027, indicating potential value for investors [2][3].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 30.78, up from the previous target of 24.16 [1][7]. Core Views - The company's 2024 performance meets expectations, driven by high-end products and rapid growth in overseas business, which is expected to continue contributing to revenue growth [2][7]. - The overseas revenue proportion reached 42.79% in 2024, an increase of 8.42 percentage points year-on-year, with an overseas gross margin of 29.97%, surpassing domestic levels [7]. - The composite pipe business saw a significant revenue increase of 599.8% year-on-year, with sales volume rising by 247.24% [7]. Financial Summary - Revenue for 2024 is projected at 10,918 million, a year-on-year increase of 27.4%, while net profit attributable to the parent company is expected to be 1,490 million, a slight increase of 0.1% [4][7]. - The earnings per share (EPS) for 2025-2027 are forecasted at 1.71, 1.93, and 2.19 respectively [7]. - The company plans to distribute a cash dividend of 9.2 billion, representing 61.74% of the net profit attributable to the parent company, indicating a significant increase in the dividend payout ratio [7]. Business Growth - High-value, high-tech products accounted for approximately 24 billion in revenue, making up 22% of total revenue, with a year-on-year growth of 25% [7]. - The alloy materials segment experienced a revenue increase of 59.94% year-on-year, driven by the second phase of production and market expansion [7]. - The company is investing in a new project to produce 20,000 tons of high-performance pipes for nuclear and oil and gas applications, indicating future capacity growth [7].

A股窄幅震荡，三大股指小幅低收：两市成交11543 亿元 A股三大股指3月26日集体低开。盘初冲高后，两市早盘高位震荡。午后两市继续窄幅震荡，尾盘走低 三大股指小幅低收。 从盘面上看，银行、电力跌幅靠前，深海科技、锂电池概念股回调；机器人、光伏题材反弹明显，养 殖、化纤、地产行业涨幅居前。 至收盘，上证综指跌0.04%，报3368.7点；科创50指数跌0.26%，报1029.05点；深证成指跌0.05%，报 10643.82点；创业板指跌0.26%，报2139.9点。 Wind统计显示，两市及北交所共3544只股票上涨，1667只股票下跌，平盘有185只股票。 沪深两市成交总额11543亿元，较前一交易日的12582亿元减少1039亿元。其中，沪市成交4852亿元，比 上一交易日5164亿元减少312亿元，深市成交6691亿元。 两市及北交所共有103只股票涨幅在9%以上，10只股票跌幅在9%以上。 在板块方面，汽车板块午后走高，万通智控（300643）、美力科技（300611）、联明股份（603006）、 东风科技（600081）、南方精工（002553）、光洋股份（002708）、隆基机械（002363） ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 27.44 [8][9]. Core Views - The company achieved a revenue of RMB 10.918 billion in 2024, representing a year-over-year increase of 27.42%, and a net profit attributable to shareholders of RMB 1.490 billion, which is in line with previous expectations [1][2]. - The sales volume of composite pipes saw a significant increase of 247.24% year-over-year, driven by the completion of overseas project acquisitions [2]. - The company plans to distribute a high dividend ratio of 61.74% for 2024, the highest since 2019, reflecting strong shareholder returns [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of RMB 3.775 billion, a year-over-year increase of 56.36% and a quarter-over-quarter increase of 63.23% [1]. - The overall gross margin for 2024 was 27.63%, with Q4 gross margin at 28.96%, showing a slight decrease due to the sales rhythm of high-end products [2]. Sales and Product Mix - The sales volumes for welded pipes, seamless pipes, and composite pipes in 2024 were 63.7 thousand tons, 61.2 thousand tons, and 28.7 thousand tons, respectively, with composite pipes showing a notable increase [2]. Investment and Acquisitions - The company’s overseas investment project, EBK, contributed a net profit of RMB 220 million in 2024, while the joint venture alloy company contributed RMB 109 million [3]. - The company plans to reduce its stake in Yongxing Materials by up to 15.83 million shares to optimize its asset structure and focus on core business development [4]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected to be RMB 1.77, RMB 1.91, and RMB 2.07, respectively [5]. - The report adjusts the 2025 price-to-earnings (PE) ratio to 15.5 times, reflecting the anticipated performance from overseas projects and increased production capacity [5].

Core Viewpoint - Jiu Li Special Materials reported a revenue of 10.918 billion yuan for 2024, representing a year-on-year increase of 27.42%, with a net profit attributable to shareholders of 1.49 billion yuan, which is in line with previous expectations [1] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 3.775 billion yuan, up 56.36% year-on-year and 63.23% quarter-on-quarter, with a net profit of 445 million yuan, reflecting a year-on-year increase of 17.01% and a quarter-on-quarter increase of 11.12% [1] - The sales volume for welded pipes, seamless pipes, and composite pipes in 2024 was 63.7 thousand tons, 61.2 thousand tons, and 28.7 thousand tons respectively, with composite pipes showing a significant increase of 247.24% year-on-year [2] - The overall gross margin for 2024 was 27.63%, an increase of 1.45 percentage points year-on-year, while Q4 gross margin was 28.96%, showing a quarter-on-quarter decrease of 2.19 percentage points [2] Group 2: Investment and Dividends - The company plans to distribute a dividend ratio of over 60% for 2024, with a proposed dividend ratio of 61.74%, the highest since 2019 [2] - The overseas investment project EBK contributed a net profit of 220 million yuan in 2024, while the joint venture alloy company achieved a net profit of 109 million yuan [2] - The company intends to reduce its stake in Yongxing Materials by up to 15.83 million shares, accounting for 3% of the total shares, to optimize its asset structure and focus on core business R&D [3] Group 3: Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025-2027 are adjusted to 1.77 yuan, 1.91 yuan, and 2.07 yuan respectively, reflecting an increase from previous estimates [4] - The target price is set at 27.44 yuan, based on a price-to-earnings (PE) ratio of 15.5 times for 2025, considering the successful release of overseas project performance and the potential for increased high-end product sales [4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 20% compared to the market benchmark index within the next six months [5][16]. Core Insights - The company achieved a revenue of 10.918 billion yuan in 2024, representing a year-on-year growth of 27.42%. The net profit attributable to shareholders was 1.490 billion yuan, with a slight increase of 0.12% [2][3]. - The net profit, excluding investment income from joint ventures, showed a significant increase of 42.02%, reaching 1.416 billion yuan [3]. - The company plans to distribute a cash dividend of 9.70 yuan per 10 shares, with an expected payout of 920 million yuan in 2024, resulting in a dividend payout ratio of 61.74% [3]. Financial Performance - The company's high-end product revenue reached approximately 2.4 billion yuan in 2024, accounting for about 22% of total revenue, with a year-on-year growth of 25% [4]. - The overall sales gross margin improved by 1.45 percentage points to 27.63%, while the net profit margin decreased by 3.49 percentage points to 13.92% due to a lack of investment income from joint ventures [4]. - The company’s alloy business generated revenue of 1.33 billion yuan, with a net profit of 109 million yuan, significantly higher than the previous year [4]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 1.741 billion yuan, 1.935 billion yuan, and 2.149 billion yuan, respectively, with corresponding P/E ratios of 14.2, 12.8, and 11.5 [5][6].

Summary of Jiuli Special Materials Conference Call Company Overview - **Company**: Jiuli Special Materials - **Fiscal Year**: 2024 - **Revenue**: 10.9 billion CNY, achieving initial sales target [3][4] Key Financial Performance - **High-end Products Revenue**: 2.4 billion CNY, a growth of approximately 25% year-on-year [3] - **Main Business Profit**: 1.416 billion CNY, a year-on-year increase of 42% [3] - **Revenue Distribution**: - Oil and gas sector: ~63% - Power equipment manufacturing (including nuclear power): ~13% - Nuclear power: 10%-11% [5] Strategic Focus and Growth Drivers - **Acquisition Impact**: The acquisition of EBK has significantly enhanced composite pipe business performance [3] - **Product Value Addition**: Focus on increasing product value and optimizing cost structure [3][7] - **Stable Seamless Pipe Sales**: Approximately 60,000 tons in 2024, with growth in oil well pipe demand [9] - **Composite Pipe Sales**: 30,000 tons in 2024, with a significant contribution from overseas markets [11] Product Development and Market Position - **High-end Product Definition**: Products priced over 100,000 CNY with a gross margin exceeding 30% [6] - **Nuclear Power Business**: Expected to contribute 10%-11% to overall revenue, with new orders for advanced materials [15][17] - **Future Product Applications**: Composite pipes are expected to expand beyond oil and gas to other sectors [24] Operational Insights - **Production Capacity**: Expected total capacity post-investment to reach 70,000-80,000 tons, with domestic capacity around 30,000 tons [12] - **Welding Pipe Strategy**: Focus on quality over quantity, avoiding price competition [13] - **Pipe Fitting Business**: Revenue and profit exceeded expectations, with increased customer acceptance of packaged services [14] R&D and Technological Advancements - **AI Integration**: Plans to incorporate AI technology to enhance R&D efficiency and supply chain management [28][29] - **Future R&D Directions**: Continuous investment in R&D to ensure stable growth over the next 3 to 10 years [7] Market Outlook and Future Projections - **2025 Expectations**: Anticipated production of approximately 150,000 tons, with a focus on high-quality orders [25] - **Nuclear Power Orders**: Long-term contracts secured for U-shaped evaporator heat exchange tubes, with stable supply planning [17][18] - **Overall Market Sentiment**: Positive outlook for 2025-2026, with a focus on maintaining customer relationships and improving order quality [31] Additional Considerations - **Dividend Strategy**: Reflects management's confidence in sustainable growth and shareholder returns [8] - **International Market Dynamics**: Increased demand for composite pipes in domestic markets, driven by successful overseas sales [27] This summary encapsulates the key points from the Jiuli Special Materials conference call, highlighting the company's financial performance, strategic focus, product development, operational insights, and future outlook.

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - In 2024, the company achieved operating revenue of 10.918 billion yuan, a year-on-year increase of 27.42%, and a net profit attributable to shareholders of 1.490 billion yuan, a slight increase of 0.12% [1] - The company reported a significant increase in high value-added and high-tech product revenue, which rose by 25% year-on-year, contributing approximately 2.4 billion yuan to total revenue [2] - The company plans to achieve a sales target of 190,000 tons for industrial finished steel pipes in 2025 [2] - The company’s European operations saw a net profit of 220 million yuan, a year-on-year increase of 58.07% [3] - The cash dividend ratio reached 61.74% in 2024, with total cash dividends amounting to 920 million yuan [3] Financial Performance Summary - The company’s operating income for 2024 was 10.918 billion yuan, with a net profit of 1.490 billion yuan and a non-recurring net profit of 1.521 billion yuan, reflecting a year-on-year growth of 24.63% [1] - The average selling price of seamless pipes increased by 6.86% to 70,004 yuan per ton, while the average gross profit per ton rose by 25.59% to 23,335 yuan [2] - The company’s total assets increased to 14.166 billion yuan in 2024, with total liabilities at 6.049 billion yuan [12] Profitability and Valuation Metrics - The report forecasts net profits of 1.624 billion yuan for 2025, 1.876 billion yuan for 2026, and 2.160 billion yuan for 2027 [4] - The company’s P/E ratio is projected to decrease from 16 in 2024 to 11 by 2027, indicating an improving valuation outlook [14] - The gross profit margin is expected to improve from 27.6% in 2024 to 30.4% by 2027 [13]