久立特材（002318）：2025年半年报点评：海外订单如期兑现，业绩同比稳步增长

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a strong performance in the first half of 2025, with revenue of 6.105 billion yuan, a year-on-year increase of 26.39%, and a net profit attributable to shareholders of 828 million yuan, up 28.48% year-on-year [6] - The company continues to optimize its product structure, with seamless pipe revenue showing steady growth and composite pipe revenue experiencing significant increases due to overseas orders [6] - The company is expanding its presence in high-end sectors, with high-value products contributing to 20% of total revenue, reflecting a 15.42% year-on-year growth [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 11.618 billion yuan, with a year-on-year growth rate of 6.4% [2] - Net profit attributable to shareholders is projected to be 1.682 billion yuan in 2025, representing a 12.9% increase year-on-year [2] - Earnings per share are expected to be 1.72 yuan in 2025, with a projected PE ratio of 13 [2] Market Data - As of August 27, 2025, the closing price of the stock is 22.37 yuan, with a market capitalization of 21.362 billion yuan [3] - The stock has a dividend yield of 4.34% based on the most recent dividend announcement [3] - The company has a price-to-book ratio of 2.8 [3]