久立特材（002318）：海外持续发力，合金公司持续增长

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 29.59 CNY [5][11]. Core Insights - The company's performance in the first half of 2025 met expectations, with significant growth in overseas business and composite pipe performance [2][11]. - The demand in the downstream electric power equipment sector remains strong, and the alloy segment continues to grow, indicating stable performance ahead [2][11]. Financial Summary - Total revenue for 2025 is projected at 12,802 million CNY, reflecting a 17.3% increase from 2024 [4]. - Net profit attributable to shareholders is expected to reach 1,675 million CNY in 2025, a 12.4% increase from 2024 [4]. - Earnings per share (EPS) is forecasted to be 1.71 CNY for 2025, with a steady increase projected through 2027 [4][11]. Market Performance - The company achieved a revenue of 6,105 million CNY in the first half of 2025, a year-on-year increase of 26.39% [11]. - The net profit attributable to shareholders for the same period was 828 million CNY, up 28.48% year-on-year [11]. - The overseas revenue reached 3,219 million CNY, marking a 92.94% increase, with overseas revenue accounting for 52.73% of total revenue [11]. Product Performance - Revenue from composite pipes surged to 2,050 million CNY, a remarkable 219.26% increase year-on-year, with a gross margin of 26.37% [11]. - The revenue from welded pipes decreased by 23.09% to 821 million CNY, with a gross margin of 21.52% [11]. - Seamless pipe revenue grew by 11.63% to 2,318 million CNY, with a gross margin of 34.35% [11]. Industry Outlook - The electric power equipment industry is experiencing high demand, with revenue from this segment increasing by 43.82% to 927 million CNY in the first half of 2025 [11]. - The alloy materials segment also showed growth, with revenue of 197 million CNY, a 10.45% increase year-on-year [11].