JIULI Hi-tech(002318) 国泰君安·2025-03-26 08:02Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 30.78, up from the previous target of 24.16 [1][7]. Core Views - The company's 2024 performance meets expectations, driven by high-end products and rapid growth in overseas business, which is expected to continue contributing to revenue growth [2][7]. - The overseas revenue proportion reached 42.79% in 2024, an increase of 8.42 percentage points year-on-year, with an overseas gross margin of 29.97%, surpassing domestic levels [7]. - The composite pipe business saw a significant revenue increase of 599.8% year-on-year, with sales volume rising by 247.24% [7]. Financial Summary - Revenue for 2024 is projected at 10,918 million, a year-on-year increase of 27.4%, while net profit attributable to the parent company is expected to be 1,490 million, a slight increase of 0.1% [4][7]. - The earnings per share (EPS) for 2025-2027 are forecasted at 1.71, 1.93, and 2.19 respectively [7]. - The company plans to distribute a cash dividend of 9.2 billion, representing 61.74% of the net profit attributable to the parent company, indicating a significant increase in the dividend payout ratio [7]. Business Growth - High-value, high-tech products accounted for approximately 24 billion in revenue, making up 22% of total revenue, with a year-on-year growth of 25% [7]. - The alloy materials segment experienced a revenue increase of 59.94% year-on-year, driven by the second phase of production and market expansion [7]. - The company is investing in a new project to produce 20,000 tons of high-performance pipes for nuclear and oil and gas applications, indicating future capacity growth [7].