JIULI Hi-tech(002318) 申万宏源证券·2025-03-27 11:12Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6]. Core Insights - The company reported a total revenue of 10.918 billion yuan for 2024, reflecting a year-on-year growth of 27.42%. The net profit attributable to the parent company was 1.49 billion yuan, with a slight increase of 0.12% [6]. - The growth in revenue is primarily driven by the increase in high-end product sales, particularly in the composite pipe segment, which saw a significant volume increase of 247.24% [6]. - The company is accelerating its international expansion and focusing on high-end market segments, with high-value products contributing approximately 24 billion yuan to revenue, representing a 25% year-on-year growth [6]. Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 8.568 billion yuan - 2024: 10.918 billion yuan - 2025E: 11.618 billion yuan - 2026E: 12.235 billion yuan - 2027E: 12.779 billion yuan - The net profit attributable to the parent company is forecasted to be: - 2023: 1.489 billion yuan - 2024: 1.490 billion yuan - 2025E: 1.682 billion yuan - 2026E: 1.895 billion yuan - 2027E: 2.091 billion yuan - The company’s earnings per share (EPS) are projected to increase from 1.53 yuan in 2023 to 2.14 yuan in 2027 [2][8]. Market Data - As of March 26, 2025, the closing price of the company's stock was 24.94 yuan, with a market capitalization of 23.812 billion yuan [3]. - The company has a price-to-earnings (P/E) ratio projected to decrease from 16 in 2024 to 12 in 2027, indicating potential value for investors [2][3].