久立特材：不锈钢管龙头持续发力高端，开拓海外市场成长空间广阔

Investment Rating - The investment rating for the company is "Buy" and it is maintained [1]. Core Views - The company, Jiuli Special Materials, is a leading manufacturer of industrial stainless steel pipes and has been focusing on high-end product development and global market expansion [5][13]. - The company has achieved significant revenue growth driven by high-end product offerings, global market penetration, and the development of new business lines [6][7]. Company Overview - Jiuli Special Materials was established in 1987 and specializes in the research and production of industrial stainless steel and special alloy pipes, rods, wires, and composite pipes [5][13]. - The company has a market capitalization of 24.3 billion yuan and a circulating market capitalization of 23.7 billion yuan [1]. Financial Performance - In 2023, the company achieved a revenue of 85.68 billion yuan, representing a year-on-year growth of 31% [30]. - The company expects to maintain a strong growth trajectory with projected net profits of 16.14 billion yuan, 18.69 billion yuan, and 20.83 billion yuan for 2024, 2025, and 2026 respectively [7]. Product Development - The company has successfully increased the proportion of high-end products in its revenue, with high-end product revenue reaching approximately 19 billion yuan in 2023, accounting for about 22% of total revenue [5][6]. - The company has made significant advancements in product categories, including seamless pipes, welded pipes, composite pipes, and alloy materials, with notable revenue growth in composite pipes and alloy materials [30][34]. Market Expansion - Jiuli Special Materials has expanded its global market presence, exporting products to over 70 countries and regions, with overseas revenue reaching 29.45 billion yuan in 2023, a year-on-year increase of 84% [5][6]. - The acquisition of the German company EBK has further enhanced the company's overseas market strategy [5][6]. Production Capacity - The company has continuously increased its production capacity, achieving an annual production capacity of 200,000 tons of industrial stainless steel pipes and 15,000 tons of pipe fittings as of 2023 [28][30]. - The company aims to achieve a total sales volume of approximately 182,900 tons of industrial finished steel pipes in 2024, reflecting a 34% increase from 2023 [30].