久立特材（002318）：高端化+国际化+平台化战略，强周期：逆周期：弱周期发展

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 42.85 CNY per share based on a 23x PE for 2026 [2][5][23]. Core Insights - The company is perceived as a beta-type stock following the steel sector's fluctuations, but the report argues it is an alpha-type company due to its clear strategies in high-end, international, and platform development, maintaining a ROE above 20% over the past three years [2][17]. Summary by Sections High-End Strategy - The company's high-end products have shown significant revenue growth, with a CAGR of 31.93%, and their proportion is increasing, expected to rise from 16% in 2020 to 22% in 2024 [3][18]. - The nuclear power sector presents growth opportunities, with the company providing core products like steam generator U-shaped heat transfer tubes, which have strong growth certainty [3][18]. - The oil and gas sector has a substantial demand for advanced high-nickel seamless pipes, and the company is also expanding into semiconductor equipment and aerospace sectors for long-term growth [3][18]. Internationalization - The company's overseas revenue is growing rapidly, with a CAGR of 33.85% from 2017 to 2024, and the revenue share is expected to increase from 20% in 2021 to 53% in 2025H1 [3][19]. - The acquisition of EBK has significantly advanced the company in the composite pipe sector, enhancing its technology, customer base, and brand reputation [3][19]. - The company plans to continue its global strategy through further acquisitions to enhance its industry chain layout [3][19]. Platform Strategy - The company is extending upstream into raw materials and broadening its product categories, transitioning from a production and sales role to a comprehensive solution provider [3][20]. - Internally, the company is focusing on digital and green transformations to achieve cost reduction and efficiency improvements [3][20]. Financial Projections - The company is projected to achieve revenues of 136.48 billion, 146.74 billion, and 157.76 billion CNY from 2025 to 2027, with growth rates of 25.0%, 7.5%, and 7.5% respectively [4][22]. - The net profit attributable to the parent company is expected to be 17.89 billion, 19.99 billion, and 22.28 billion CNY for the same period, with corresponding EPS of 1.83, 2.05, and 2.28 CNY [4][22].