JIULI Hi-tech(002318) 中航证券·2025-03-31 02:20Investment 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 [15]. Core Insights - The company's sales gross margin and net profit margin for 2024 are projected to be 27.6% and 13.9%, respectively, with the gross margin increasing due to a higher proportion of high-end products [4]. - The company aims to achieve a total sales volume of approximately 190,000 tons of industrial finished pipes and 10,500 tons of pipe fittings by 2025, with ongoing project developments showing significant progress [4]. - Revenue forecasts for 2025-2027 are estimated at 126 billion, 140 billion, and 157 billion yuan, representing year-on-year growth rates of 15.7%, 11.0%, and 12.2% respectively [5]. Financial Summary - The company reported a total revenue of 85.7 billion yuan in 2023, with a growth rate of 31.07%, and is expected to reach 109.2 billion yuan in 2024 [6]. - The net profit attributable to the parent company for 2025 is projected to be 17.4 billion yuan, reflecting a year-on-year growth of 16.7% [6]. - The company's earnings per share (EPS) for 2025 is estimated at 1.78 yuan, with a corresponding price-to-earnings (P/E) ratio of 14 times [5][6]. Production Capacity and Project Progress - The company currently has an annual production capacity of 200,000 tons of finished pipes, 15,000 tons of fittings, and 26,000 tons of alloy materials [4]. - Key projects include the "Special Metallurgy Phase II Project" at 98% completion, the "EBK Company Upgrade Project" at 70%, and the "20,000 Tons of High-Performance Pipes for Nuclear and Oil & Gas" project at 30% [4]. Market Position - The company is recognized as a leading domestic high-end stainless steel pipe manufacturer, maintaining the highest market share in the industry for several years [5].