JIULI Hi-tech(SZ:002318) EBSCN·2025-03-25 10:12Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - In 2024, the company achieved operating revenue of 10.918 billion yuan, a year-on-year increase of 27.42%, and a net profit attributable to shareholders of 1.490 billion yuan, a slight increase of 0.12% [1] - The company reported a significant increase in high value-added and high-tech product revenue, which rose by 25% year-on-year, contributing approximately 2.4 billion yuan to total revenue [2] - The company’s European operations saw a net profit of 220 million yuan, a year-on-year increase of 58.07%, with a substantial growth in composite steel pipe revenue [3] Financial Performance Summary - The company’s operating income for 2024 was 10.918 billion yuan, with a net profit of 1.490 billion yuan and a non-recurring net profit of 1.521 billion yuan, reflecting a year-on-year growth of 24.63% [1] - The average selling price for seamless pipes increased by 6.86% to 70,004 yuan per ton, while the average gross profit per ton rose by 25.59% to 23,335 yuan [2] - The company’s cash dividend payout ratio reached 61.74% in 2024, with total cash dividends amounting to 920 million yuan [3] Profit Forecast and Valuation - The company is projected to achieve net profits of 1.624 billion yuan in 2025, 1.876 billion yuan in 2026, and 2.160 billion yuan in 2027 [4] - The report provides a detailed financial forecast, including revenue growth rates and profit margins, indicating a stable outlook for the company [5][12]