久立特材：持续深化高端化战略，主营利润同比高增81%

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [15]. Core Views - The company has achieved a significant increase in its main profit, with a year-on-year growth of 81% in its core business profit, despite a decline in overall net profit due to investment income losses [2][3]. - The company continues to deepen its high-end strategy, with a focus on expanding its presence in the mid-to-high-end product market, leading to a 28.33% year-on-year increase in revenue for the first half of 2024 [2]. - The revenue from high-end equipment manufacturing and new materials reached approximately 1.057 billion yuan, accounting for about 22% of total revenue, reflecting a 40% year-on-year growth [2]. Financial Performance Summary - For the first half of 2024, the company reported operating revenue of 4.831 billion yuan, a year-on-year increase of 28.33%, and a net profit attributable to shareholders of 644 million yuan, a decrease of 9.56% [2]. - The gross profit margin for the first half of 2024 was 24.91%, an increase of 1.99 percentage points year-on-year, while the net profit margin was 13.77%, a decrease of 4.28 percentage points [2]. - The company’s revenue from the oil, chemical, and natural gas sectors increased by 39.3%, with a gross margin of 28.40%, reflecting a 2.29 percentage point increase year-on-year [3]. Earnings Forecast and Valuation - The report forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 1.580 billion yuan, 1.758 billion yuan, and 1.912 billion yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 11.9, 10.7, and 9.8 [3][4].