久立特材：2024Q3点评：复合管持续增量，Q3盈利性大幅提振

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 [8]. Core Views - The company achieved a revenue of 7.14 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 16.1%. However, the net profit attributable to shareholders decreased by 5.7% year-on-year to 1.05 billion yuan [1]. - The company is actively expanding its composite pipe and alloy materials businesses, capturing growth opportunities in high-end stainless steel pipe markets and emerging sectors [1]. - The gross margin for the first three quarters of 2024 was 26.9%, showing an improvement due to the advancement of high-end product offerings, while the net margin was 15.0%, slightly down from the previous year [1]. Summary by Sections Performance Overview - In Q3 2024, the company reported revenue of 2.31 billion yuan, a decrease of 3.2% year-on-year and 5.3% quarter-on-quarter. The net profit for the same period was 401 million yuan, up 1.3% year-on-year and 26.9% quarter-on-quarter [1]. - The company’s revenue for the first three quarters of 2024 was 7.14 billion yuan, with a net profit of 1.05 billion yuan, reflecting a year-on-year growth in revenue but a decline in net profit [1]. Business Growth - The composite pipe and alloy materials segments are experiencing significant growth, with the company capturing high-value orders from major clients in the Abu Dhabi market [1]. - The company is investing 376 million yuan to establish a production capacity for high-performance pipes for nuclear energy and oil and gas applications, which is expected to enhance its market position [1]. Profitability Metrics - The gross margin for the first three quarters of 2024 was 26.9%, while the net margin was 15.0%. In Q3 2024, the gross margin improved to 31.2%, and the net margin increased to 17.7%, nearing historical highs [1]. - The increase in profitability is attributed to the ongoing high-end transformation of core products and improvements in the composite pipe and alloy materials businesses [1]. Market Position - The company maintains a leading position in the domestic high-end stainless steel pipe market, with a focus on expanding its presence in the petrochemical and natural gas sectors [1]. - The strategic focus on high-end equipment manufacturing and new materials is expected to drive future revenue growth [1].