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]

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]

证券研究报告 | 年报点评报告 gszqdatemark 2025 03 25 年 月 日 久立特材（002318.SZ） 主业利润持续高增，趋势有望延续 事件：公司发布 2024 年度报告。2024 年公司实现营业收入 109.18 亿元，同比 增长 27.42%；归属于上市公司股东的净利润为 14.9 亿元，同比增长 0.12%；归 属于上市公司股东的扣除非经常性损益的净利润为15.21亿元，同比增长24.63%； 基本每股收益为 1.55 元；拟向全体股东每 10 股派发现金红利 9.70 元（含税）。 2024 年归母净利创历史新高，主业利润持续高增。公司 2024 实现归母净利 14.9 亿元，刷新历史新高；同时主业显著改善，扣除联营企业投资收益后归属于上市公 司股东的净利润 141,572.13 万元，同比增长 42.02%，主业增速较去年加快 5.96pct，公司主业高增趋势延续。公司 2024Q1-2024Q4 逐季销售毛利率分别为 27.00%、22.85%、31.15%、28.96%，逐季销售净利率分别为 14.47%、13.08%、 17.66%、11.83%，受益于国际化布局加快、下游 ...

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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 ...

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