久立特材：季度业绩环比改善，主业利润持续高增

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].