久立特材 2024 年年度股东大会法律意见书 国浩律师（杭州）事务所 国浩律师（杭州）事务所 关 于 浙江久立特材科技股份有限公司 2024 年年度股东大会的 法律意见书 国浩律师（杭州）事务所 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 关 于 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 久立特材 2024 年年度股东大会法律意见书 国浩律师（杭州）事务所 二〇二五年四月 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 法律意见书 致：浙江久立特材科技股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受浙江久立特材科技股份 有限公司（以下简称"公司"）委托，指派律师出席公司 202 ...

证券代码： 002318 证券简称：久立特材 浙江久立特材科技股份有限公司投资者关系活动记录表 编号：105 | | □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 | 通过全景网参与公司 2024 年度网上业绩说明会的投资者 | | 人员姓名 | | | 时间 | 2025 年 4 月 14 日（周一）下午 15:00~17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 董事长 李郑周 | | | 董事会秘书 寿昊添 | | 员姓名 | 财务负责人 章琳金 | | | 独立董事 赵志毅 | | 投资者关系活动 | 价，不负股东和投资者的期望 | | | 1、董事长你好，目前公司不过是业绩表现还是社会口碑， 都是比较优秀的，请问在最近股市震荡起伏，国际关税贸易战火 | | | 热的背景下，公司有 ...

2025年04月14日，久立特材2024年度网上业绩说明会在全景网顺利举行。出席本次业绩说明会的人员有 董事长李郑周、财务负责人章琳金、独立董事赵志毅、董事会秘书寿昊添。 根据全景数据后台统计，在今天的交流过程中，来自全国多个省、市地区的投资者共向上市公司提问23 个，公司嘉宾共回答问题23个，答复率100.00%，充分实现了上市公司与投资者的良好互动。 以下为业绩说明会问答实录： 1、问：公司在2024年多次召开审计委员会会议，并听取了审计部的工作情况。请问公司在内部审计和 风险管理方面有哪些新的举措或改进，以确保公司治理的规范性和效率？【征集问题】 回答：您好，公司在2024年进一步完善内部审计制度，由审计委员会监督实施，审计部配备5名专业人 员定期检查内控有效性并督促整改。同时，公司以风险为导向，建立覆盖全业务的分级自我评估体系， 组织各部门开展系统内控自评，并加强全员风险培训，提升风险意识。通过强化内控监督机制（如独立 董事和监事会审查资金管理）及确认内控无重大缺陷，保障了治理规范与效率。感谢您对公司的关注。 2、问：【查询-001】高管您好。请问贵公司本期财务报告中，盈利表现如何？谢谢。 回答：您好 ...

业绩超预期，分红创新高 ——久立特材 2024 年报点评 核心观点 盈利预测与投资建议 ⚫ 由于公司高端产品持续发力，无缝管、管件等产品毛利率超预期，我们预测公司 2025-2027 年每股收益为 1.75、1.93 和 2.14 元（原 2025-2026 年每股收益的预测值 为 1.67、1.84 元）。以 DCF 法进行估值，目标价 32.04 元，维持买入评级。 风险提示 下募投项目进度不及预期风险、产品升级不及预期风险、宏观经济增速放缓、能源价格 大幅波动风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 8,568 | 10,918 | 13,106 | 13,729 | 14,554 | | 同比增长 (%) | 31.1% | 27.4% | 20.0% | 4.8% | 6.0% | | 营业利润(百万元) | 1,734 | 1,813 | 2,036 | 2,239 | 2,491 | | 同比增长 (%) | 24.8% ...

业绩超预期，分红创新高 ——久立特材 2024 年报点评 核心观点 盈利预测与投资建议 ⚫ 由于公司高端产品持续发力，无缝管、管件等产品毛利率超预期，我们预测公司 2025-2027 年每股收益为 1.75、1.93 和 2.14 元（原 2025-2026 年每股收益的预测值 为 1.67、1.84 元）。以 DCF 法进行估值，目标价 32.04 元，维持买入评级。 风险提示 下募投项目进度不及预期风险、产品升级不及预期风险、宏观经济增速放缓、能源价格 大幅波动风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 8,568 | 10,918 | 13,106 | 13,729 | 14,554 | | 同比增长 (%) | 31.1% | 27.4% | 20.0% | 4.8% | 6.0% | | 营业利润(百万元) | 1,734 | 1,813 | 2,036 | 2,239 | 2,491 | | 同比增长 (%) | 24.8% ...

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].

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]