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 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a 6-month target price of 30.80 CNY [5][6]. Core Insights - The company achieved a revenue of 7.143 billion CNY in the first three quarters of 2024, representing a year-on-year increase of 16.07%. The gross margin was 26.93%, and the net profit attributable to shareholders was 1.045 billion CNY, down 5.68% year-on-year, with a net profit margin of 14.63% [2][3]. - The company's operating profit grew significantly, with a 52.34% year-on-year increase in net profit attributable to shareholders after excluding investment income from Yongxing Materials, reaching 975 million CNY [3]. - The alloy subsidiary performed exceptionally well, generating 1.006 billion CNY in revenue and 100 million CNY in net profit in the first three quarters of 2024, surpassing the entire performance of 2023 [4]. Financial Performance Summary - For 2024, the company is projected to achieve revenues of 10.282 billion CNY, 11.906 billion CNY, and 13.728 billion CNY for 2024, 2025, and 2026 respectively, with growth rates of 20.0%, 15.8%, and 15.3% [5][9]. - The net profit is expected to be 1.509 billion CNY, 1.787 billion CNY, and 2.028 billion CNY for the same years, with growth rates of 1.4%, 18.4%, and 13.4% respectively [5][9]. - The company’s price-to-earnings (PE) ratio is projected to be 20 times for 2024, compared to a PE of 13 times for comparable companies in the steel sector [5][10]. Market Position and Strategy - The company has a strong position in the high-end product market, with approximately 22% of its revenue coming from high-end equipment manufacturing and new materials, which grew by 40% year-on-year [3]. - The alloy company's continuous innovation in materials and technology is expected to drive stable benefits for the company in the future [4].

Revenue and Profit - Revenue for the third quarter was RMB 2.31 billion, a decrease of 3.23% year-over-year[3] - Net profit attributable to shareholders for the third quarter was RMB 400.85 million, an increase of 1.31% year-over-year[3] - Operating income rose by 16.07% to 7,143,204,732.22 RMB[7] - Net profit attributable to shareholders decreased by 5.68% to 1,044,958,715.20 RMB[7] - The company's operating income for the period from the beginning of the year to the reporting date was RMB 7,143,204,732.22, compared to RMB 6,154,060,066.61 in the same period last year[17] - Net profit attributable to parent company shareholders reached RMB 1,044,958,715.20, compared to RMB 1,107,874,616.30 in the same period last year[18] - Sales revenue from goods and services reached RMB 8,028,334,867.08, up from RMB 6,375,564,127.88 year-over-year[19] - Total comprehensive income attributable to parent company shareholders was RMB 1,043,880,457.07, compared to RMB 1,105,734,744.50 year-over-year[19] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 13.95 billion, an increase of 7.19% compared to the end of the previous year[3] - Accounts receivable increased by 36.88% to RMB 1.53 billion, mainly due to increased sales and extended payment terms for large projects[6] - Inventory increased by 56.36% to RMB 3.82 billion, primarily due to production preparation for existing orders and increased stock for single orders[6] - Fixed assets increased by 3.62% to RMB 2.67 billion[6] - Construction in progress increased by 28.40% to RMB 318.60 million[6] - Accounts payable increased by 76.61% to 1,148,750,908.96 RMB due to expanded procurement scale and improved supplier credit[7] - Contract liabilities grew by 17.23% to 2,696,326,103.66 RMB[7] - The company's total assets as of September 30, 2024, amounted to RMB 13,951,695,207.99, an increase from RMB 13,016,027,034.79 at the beginning of the year[13][14][15][16] - The company's inventory as of September 30, 2024, was RMB 3,818,104,710.61, an increase from RMB 2,441,932,383.70 at the beginning of the year[14] - The company's accounts receivable as of September 30, 2024, was RMB 1,527,197,273.67, an increase from RMB 1,115,741,593.88 at the beginning of the year[14] - The company's total current assets as of September 30, 2024, were RMB 9,434,842,281.24, compared to RMB 8,637,527,423.88 at the beginning of the year[14] - The company's total non-current assets as of September 30, 2024, were RMB 4,516,852,926.75, compared to RMB 4,378,499,610.91 at the beginning of the year[14] - The company's total current liabilities as of September 30, 2024, were RMB 5,729,552,893.85, compared to RMB 5,157,818,606.22 at the beginning of the year[15] - The company's total non-current liabilities as of September 30, 2024, were RMB 403,715,779.69, compared to RMB 406,330,525.23 at the beginning of the year[15] - Total assets under construction and long-term assets payments amounted to RMB 467,228,238.85, up from RMB 346,142,826.04 year-over-year[21] Cash Flow - Net cash flow from operating activities dropped by 6.74% to 370,127,524.57 RMB[7] - Net cash flow from investing activities decreased by 833.43% to -1,682,709,319.73 RMB due to investments in financial products and fixed assets[7] - Net cash flow from financing activities surged by 17876.20% to -867,827,634.54 RMB due to repayment of bank loans and share repurchases[7] - Operating cash flow was RMB 370,127,524.57, a decrease from RMB 396,895,203.93 in the previous year[21] - Investment cash flow showed a net outflow of RMB 1,682,709,319.73, compared to a net inflow of RMB 229,430,280.30 last year[21] - Cash and cash equivalents at the end of the period were RMB 1,467,836,344.52, down from RMB 2,565,225,778.81 at the same time last year[22] Shareholder and Equity Information - The company's weighted average return on equity (ROE) for the reporting period was 5.42%, a decrease of 0.47 percentage points year-over-year[3] - The company's basic earnings per share (EPS) for the third quarter was RMB 0.42, an increase of 2.44% year-over-year[3] - The company's largest shareholder, Jiuli Group Co., Ltd., holds 34.52% of the shares[8] - The company completed its share repurchase plan, repurchasing 15,606,660 shares, accounting for 1.60% of the total shares[11] - Basic earnings per share were RMB 1.09, down from RMB 1.14 in the same period last year[19] Government Subsidies and R&D - Government subsidies received during the reporting period amounted to RMB 22.68 million[4] - R&D expenses increased to RMB 287,068,555.07, up from RMB 254,560,817.23 year-over-year[18] Subsidiary and Guarantees - The company provided guarantees for its subsidiary Eisenbau Krämer GmbH to secure bank credit lines[10] Interest Income - Interest income increased to RMB 86,144,232.05, up from RMB 51,182,532.25 year-over-year[18]

浙江久立特材科技股份有限公司（以下简称"公司"）第七届监事会第六次会 议于 2024 年 10 月 25 日以电子邮件方式发出通知，并于 2024 年 10 月 30 日以 现场结合通讯表决的方式召开。本次监事会应出席监事3名，实际出席监事3名。 本次会议的召集和召开符合《公司法》和《公司章程》的有关规定。 证券代码：002318 证券简称：久立特材 公告编号：2024-055 浙江久立特材科技股份有限公司 第七届监事会第六次会议决议公告 本公司及监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。 一、会议召开情况 二、会议审议情况 与会监事经认真审议，以记名投票表决方式通过了如下决议： （一）会议以 3 票同意，0 票反对，0 票弃权的表决结果，审议通过了《2024 年第三季度报告》。 经审核，监事会认为：董事会编制和审核公司《2024 年第三季度报告》的 程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反 映了公司的真实情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 第七届监事会第六次会议决议。 特此公告。 浙江久立特材科技股份有限公司监事会 ...

证券代码：002318 证券简称：久立特材 公告编号：2024-052 浙江久立特材科技股份有限公司 第七届董事会第八次会议决议公告 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。 一、会议召开情况 浙江久立特材科技股份有限公司（以下简称"公司"）第七届董事会第八次 会议于 2024 年 10 月 30 日以现场结合通讯表决的方式召开。本次会议的通知于 2024 年 10 月 25 日以电子邮件方式送达全体董事。本次董事会应出席董事（含 独立董事）11 名，实际出席董事 11 名，公司高管列席了本次会议。本次会议的 召集和召开符合《公司法》和《公司章程》的有关规定。 二、会议审议情况 与会董事经认真审议，以记名投票表决方式通过了如下决议： （一）会议以 11 票同意、0 票反对、0 票弃权，审议通过了《2024 年第三季 度报告》。 该议案已经公司审计委员会审议通过，具体内容详见公司同日在《证券时 报》、《上海证券报》和巨潮资讯网（www.cninfo.com.cn）上披露的《2024年 第三季度报告》。 （二）会议以 11 票同意、0 票反对、0 票弃权，审 ...

证券代码:002318 证券简称:久立特材 公告编号:2024-054 浙江久立特材科技股份有限公司 关于为控股子公司湖州久立永兴特种合金材料有限公司 提供担保的公告 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。 一、担保情况概述 鉴于浙江久立特材科技股份有限公司（以下简称"公司"）为控股子公司湖州 久立永兴特种合金材料有限公司（以下简称"合金公司"）提供的部分担保到期， 考虑到合金公司经营需要，公司拟为合金公司提供额度不超过人民币21,000万元 的连带责任保证，具体担保事项以公司与银行签订的保证合同为准。 7、经营范围：高品质特种合金新材料的研发、生产和销售；货物及技术的 进出口。（依法须经批准的项目，经相关部门批准后方可开展经营活动） 1 2、成立日期：2014年5月23日 3、注册地址：湖州市霅水桥路618号8幢 4、法定代表人：李郑周 5、注册资本：38919.8642万人民币 6、企业类型：有限责任公司（自然人投资或控股） 8、股权结构：公司持有合金公司68.5%股权，永兴特种材料科技股份有限公 司持有合金公司31.5%股权。 9、与公司存在的关 ...