久立特材（002318）：主业利润持续高增，趋势有望延续

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a record high net profit attributable to shareholders of 1.49 billion yuan in 2024, with a year-on-year growth of 0.12%. The net profit excluding non-recurring gains increased by 24.63% to 1.52 billion yuan [1] - The company's main business continues to show significant improvement, with a 42.02% year-on-year growth in net profit after excluding investment income from joint ventures [1] - The sales gross margin and net margin showed fluctuations throughout 2024, benefiting from accelerated international expansion and increased downstream nuclear power investments [1] Revenue and Profit Growth - In 2024, the company reported operating revenue of 10.918 billion yuan, a year-on-year increase of 27.42% [1] - The revenue from high-value-added and high-tech products reached approximately 2.4 billion yuan, accounting for about 22% of total revenue, with a year-on-year growth of 25% [2] - The company plans to achieve total sales of approximately 190,000 tons of industrial finished steel pipes in 2025, representing a growth of 23.7% compared to 2024 [3] Production Capacity and Future Outlook - The company currently has a production capacity of 200,000 tons of industrial finished pipes and plans to increase capacity by an additional 20,000 tons with new projects [3] - The ongoing projects include high-performance pipes for nuclear energy and oil and gas, with completion rates of 98%, 85%, and 30% respectively [2] - The company expects to maintain a growth trend in both volume and price due to improvements in product structure [3] Financial Projections - The company forecasts net profits of 1.81 billion yuan, 2.05 billion yuan, and 2.31 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 13.2, 11.7, and 10.4 [3] - The projected operating revenue for 2025 is approximately 11.424 billion yuan, with a growth rate of 4.6% [4]