Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Insights - The company's revenue for 2024 reached 10.918 billion yuan, a year-on-year increase of 27.42%, while the net profit attributable to shareholders was 1.490 billion yuan, a slight increase of 0.12% [1][2]. - The company's core profit, excluding investment income from joint ventures, increased by 42.02% year-on-year, indicating strong operational performance despite a decline in investment income [2]. - The sales volume of composite pipes surged by 247.24% year-on-year, significantly contributing to overall sales growth [2]. - The company plans to distribute a cash dividend of 9.7 yuan per 10 shares, amounting to approximately 920 million yuan, which represents 61.74% of the annual net profit, reflecting a 30.70 percentage point increase year-on-year [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 3.775 billion yuan, a year-on-year increase of 56.36% and a quarter-on-quarter increase of 63.23% [1]. - The gross profit margin for 2024 was 27.63%, up by 1.45 percentage points year-on-year, while the Q4 gross profit margin was 28.96%, showing a decrease compared to the previous quarter [2]. Future Outlook - The company is focusing on high-end capacity release and accelerating international expansion, with a production capacity of 200,000 tons of industrial finished pipes and 15,000 tons of fittings [4]. - The company aims to achieve a sales target of 190,000 tons of finished pipes in 2025, representing a year-on-year increase of 23.70% [2]. - The company has significant ongoing projects, with completion rates of 98%, 85%, 70%, 40%, and 30% for various high-end production projects as of 2024 [4]. Profit Forecast - The projected net profit for 2025, 2026, and 2027 is expected to be 1.713 billion yuan, 1.882 billion yuan, and 2.045 billion yuan, respectively, with corresponding PE ratios of 14x, 13x, and 12x [5][6].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 28.64 CNY [2][8]. Core Insights - The company achieved a total revenue of 10.918 billion CNY in 2024, representing a year-on-year growth of 27.42%. The net profit attributable to shareholders was 1.490 billion CNY, with a slight increase of 0.12%. The adjusted net profit was 1.521 billion CNY, showing a growth of 24.63% [2][4]. - In Q4 2024, the company reported a revenue of 3.775 billion CNY, marking a significant year-on-year increase of 56.36% and a quarter-on-quarter increase of 63.23%. The net profit for the quarter was 444.5 million CNY, up 17.01% year-on-year and 11.12% quarter-on-quarter [2][4]. - The company is focusing on high-end, intelligent, and international transformation strategies, leading to steady growth across multiple business segments, particularly in alloy materials, pipe fittings, and composite pipe products [2][8]. Financial Performance Summary - The company's revenue is projected to grow to 14.4 billion CNY in 2025, with a year-on-year growth rate of 31.9%. The net profit is expected to reach 1.748 billion CNY, reflecting a growth of 17.3% [4][9]. - The gross profit from the company's traditional business of seamless and welded pipes was 1.902 billion CNY in 2024, with a year-on-year increase of 11.23%. The sales price of seamless pipes increased to 70,000 CNY per ton, a growth of 7% [2][8]. - The company plans to distribute a cash dividend of 9.70 CNY per 10 shares, amounting to approximately 9.20 billion CNY, which represents 61.74% of the annual net profit attributable to shareholders [2][8]. Business Growth and Strategy - The company reported that high-value-added and high-tech products generated approximately 2.4 billion CNY in revenue, accounting for about 22% of total revenue, with a year-on-year growth of 25% [2][8]. - Ongoing projects, including a 20,000-ton annual production capacity for high-performance pipes for nuclear energy and oil and gas applications, are expected to further enhance the company's high-end product offerings [2][8]. - The report indicates an upward revision of profit forecasts for 2025-2027, with expected net profits of 1.748 billion CNY, 1.909 billion CNY, and 2.101 billion CNY, respectively [2][8].

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’s European operations saw a net profit of 220 million yuan, a year-on-year increase of 58.07%, with a substantial growth in composite steel pipe revenue [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 for 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 cash dividend payout ratio reached 61.74% in 2024, with total cash dividends amounting to 920 million yuan [3] Profit Forecast and Valuation - The company is projected to achieve net profits of 1.624 billion yuan in 2025, 1.876 billion yuan in 2026, and 2.160 billion yuan in 2027 [4] - The report provides a detailed financial forecast, including revenue growth rates and profit margins, indicating a stable outlook for the company [5][12]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a record high net profit attributable to shareholders of 1.49 billion yuan in 2024, with a year-on-year growth of 0.12%. The net profit excluding non-recurring gains increased by 24.63% to 1.52 billion yuan [1] - The company's main business continues to show significant improvement, with a 42.02% year-on-year growth in net profit after excluding investment income from joint ventures [1] - The sales gross margin and net margin showed fluctuations throughout 2024, benefiting from accelerated international expansion and increased downstream nuclear power investments [1] Revenue and Profit Growth - In 2024, the company reported operating revenue of 10.918 billion yuan, a year-on-year increase of 27.42% [1] - The revenue from high-value-added and high-tech products reached approximately 2.4 billion yuan, accounting for about 22% of total revenue, with a year-on-year growth of 25% [2] - The company plans to achieve total sales of approximately 190,000 tons of industrial finished steel pipes in 2025, representing a growth of 23.7% compared to 2024 [3] Production Capacity and Future Outlook - The company currently has a production capacity of 200,000 tons of industrial finished pipes and plans to increase capacity by an additional 20,000 tons with new projects [3] - The ongoing projects include high-performance pipes for nuclear energy and oil and gas, with completion rates of 98%, 85%, and 30% respectively [2] - The company expects to maintain a growth trend in both volume and price due to improvements in product structure [3] Financial Projections - The company forecasts net profits of 1.81 billion yuan, 2.05 billion yuan, and 2.31 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 13.2, 11.7, and 10.4 [3] - The projected operating revenue for 2025 is approximately 11.424 billion yuan, with a growth rate of 4.6% [4]

久立特材: 年度股东大会通知 证券代码:002318 证券简称:久立特材 公告编号：2025-018 浙江久立特材科技股份有限公司 关于召开2024年年度股东大会的通知 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、误导性陈述或者重大遗漏。 一、召开会议基本情况 （一）股东大会届次：2024 年年度股东大会 （二）召集人：公司第七届董事会 （三）会议召开的合法、合规性：本次股东大会的召开符合有关法律、行政 法规、部门规章、规范性文件、深圳证券交易所业务规则和《公司章程》等的规 定。 （四）会议召开日期和时间：2025 年 4 月 15 日（星期二）14 时 30 分 网络投票时间为：2025 年 4 月 15 日，其中，通过深圳证券交易所交易系统 进行网络投票的具体时间为 2025 年 4 月 15 日 9:15-9:25，9:30-11:30 和 13:00- （五）会议召开方式：本次股东大会采取现场投票与网络投票相结合的方式。 公司将通过深圳证券交易所交易系统和互联网投票系统向公司股东提供网 络形式的投票平台，公司股东可以在上述网络投票时间内通过深圳证券交易所的 交易系统或互联 ...

审计说明…………………………………………………………第 1—2 页 二、非经营性资金占用及其他关联资金往来情况汇总表 ……………第 3 页 目 录 一、非经营性资金占用及其他关联资金往来情况的专项 非经营性资金占用及其他关联资金往来情况的 专项审计说明 天健审〔2025〕721 号 浙江久立特材科技股份有限公司全体股东： 我们接受委托，审计了浙江久立特材科技股份有限公司（以下简称久立特材 公司）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表， 2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所 有者权益变动表，以及财务报表附注，并出具了审计报告。在此基础上，我们审 计了后附的久立特材公司管理层编制的 2024 年度《非经营性资金占用及其他关 联资金往来情况汇总表》（以下简称汇总表）。 一、对报告使用者和使用目的的限定 第 1 页 共 3 页 三、注册会计师的责任 我们的责任是在实施审计工作的基础上对久立特材公司管理层编制的汇总 表发表专项审计意见。 四、工作概述 我们的审计是根据中国注册会计师执业准则进行的。中国注册会计师执业准 则要求我们计划和 ...

目 录 一、内部控制审计报告…………………………………………第 1—2 页 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了浙江久立特材科技股份有限公司（以下简称久立特材公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是久立 特材公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 内部控制审计报告 天健审〔2025〕720 号 浙江久立特材科技股份有限公司全体股东： 第 1 页 共 2 页 天健会计师事务所（特殊普通合伙） 中国注册会计 ...

审 计 报 告 天健审〔2025〕719 号 浙江久立特材科技股份有限公司全体股东： 一、审计意见 我们审计了浙江久立特材科技股份有限公司（以下简称久立特材公司）财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母 公司现金流量表、合并及母公司所有者权益变动表，以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映了 久立特材公司 2024 年 12 月 31 日的合并及母公司财务状况，以及 2024 年度的合并及母公司 经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对 财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计师职 业道德守则，我们独立于久立特材公司，并履行了职业道德方面的其他责任。我们相信，我 们获取的审计证据是充分、适当的，为发表审计意见提供了基础。 由于营业收入是久立特材公司关键业绩指标之一，可能存在久立特材公司管理层（以下 简称管理层）通过不恰当的收入确认以达到特定目标或预期的固有风险 ...

浙江久立特材科技股份有限公司 2024年度独立董事述职报告 （赵志毅） 各位股东及股东代表： 本人作为浙江久立特材科技股份有限公司（以下简称"公司"）的独立董事， 在任职期间严格按照《公司法》《证券法》《上市公司独立董事管理办法》《深 圳证券交易所股票上市规则》及《公司章程》等相关法律、法规、规章的规定和 要求，在2024年度工作中，恪尽职守，勤勉尽责，充分发挥自己作为独立董事的 作用，维护了公司、公司全体股东尤其是中小股东的利益。现就本人2024年度履 行独立董事职责情况汇报如下： 一、独立董事基本情况 本人赵志毅，1962年10月出生，博士研究生，教授，博士生导师。历任北京 科技大学材料科学与工程学院助教、讲师、副教授，高等工程师学院副院长、院 长。现任本公司独立董事。 报告期内，本人任职符合《上市公司独立董事管理办法》规定的独立性要求， 不存在影响独立性的情况。 在公司定期报告编制过程中切实履行独立董事的职责，向公司管理层了解主 要经营情况和在投项目的进展情况，积极配合董事会审议公司定期报告，保证了 公司及时、准确、完整的披露定期报告。 二、出席会议情况 2024年度，公司共召开了7次董事会会议，本人按 ...

浙江久立特材科技股份有限公司 2024年度，公司共召开了7次董事会会议，本人按时亲自出席了各次会议， 没有缺席或连续两次未亲自出席会议的情况。出席会议具体情况如下： | 独董姓名 | 应参加董事 | 亲自出席次数 | 以通讯方式参 | 委托出 | 缺席次数 | 列席股东 | | --- | --- | --- | --- | --- | --- | --- | | | 会次数 | | 加董事会次数 | 席次数 | | 大会次数 | | 杨萱 | 7 | 1 | 6 | 0 | 0 | 1 | 2024年度独立董事述职报告 （杨萱） 各位股东及股东代表： 本人作为浙江久立特材科技股份有限公司（以下简称"公司"）的独立董事， 在任职期间严格按照《公司法》《证券法》《上市公司独立董事管理办法》《深 圳证券交易所股票上市规则》及《公司章程》等相关法律、法规、规章的规定和 要求，在2024年度工作中，恪尽职守，勤勉尽责，充分发挥自己作为独立董事的 作用，维护了公司、公司全体股东尤其是中小股东的利益。现就本人2024年度履 行独立董事职责情况汇报如下： 一、独立董事基本情况 本人杨萱，1981年出生，中国国籍，无永久境外 ...