久立特材：公司一季度盈利维持稳定-20250425

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported Q1 2025 revenue of 2.883 billion RMB, a year-over-year increase of 20.67% and a quarter-over-quarter decrease of 23.64%. The net profit attributable to the parent company was 389 million RMB, up 18.59% year-over-year but down 12.64% quarter-over-quarter. The non-recurring net profit was 394 million RMB, reflecting a year-over-year increase of 15.72% [1] - The company's gross margin for Q1 2025 was 28.08%, showing a year-over-year increase of 1.08 percentage points but a quarter-over-quarter decrease of 0.88 percentage points. The company demonstrated strong cost control, with total expenses of 286 million RMB and an expense ratio of 9.91% [2] - The company is actively expanding its production capacity, with a total capacity of 200,000 tons of finished pipes and ongoing projects expected to enhance future performance. The proportion of high-end products is anticipated to continue increasing [3] Summary by Sections Financial Performance - For 2025-2027, the forecasted net profit attributable to the parent company is 1.726 billion RMB, 1.863 billion RMB, and 2.022 billion RMB, respectively. The corresponding EPS for these years is projected to be 1.77 RMB, 1.91 RMB, and 2.07 RMB. The target price is set at 27.44 RMB, based on a PE ratio of 15.5 times for 2025 [4] Market Position - The company is positioned favorably within its industry, with a competitive PE average of 9.3 times among comparable companies. The report highlights the potential for growth through overseas acquisitions and increased production capacity for composite pipes [4][12]