JIULI Hi-tech(SZ:002318) 光大证券研究·2025-10-28 23:08Core Viewpoint - The company demonstrated strong financial performance in the first three quarters of 2025, with significant year-on-year growth in revenue and net profit, indicating a positive outlook for its operations and market position [4]. Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 9.747 billion, a year-on-year increase of 36.45%, and a net profit attributable to shareholders of 1.262 billion, up 20.73% year-on-year [4]. - In Q3 2025, the company reported operating revenue of 3.642 billion, reflecting a year-on-year growth of 57.46% and a quarter-on-quarter increase of 13.01% [4]. - The net profit attributable to shareholders in Q3 2025 was 434 million, showing a year-on-year increase of 8.29% but a slight quarter-on-quarter decrease of 0.98% [4]. Profitability Metrics - The company's net profit after deducting non-recurring gains and losses reached 409 million in Q3 2025, marking the second-highest level since its listing, only behind Q4 2024 [5]. Investment and Projects - As of Q3 2025, the company's construction in progress amounted to 524 million, a year-on-year increase of 58.78%, primarily due to investments in high-performance pipe projects for nuclear energy and oil and gas [6]. - Long-term equity investments decreased to 457 million, down 56.98% year-on-year, mainly due to the disposal of part of the equity in the joint venture Yongxing Materials [7]. Accounts Receivable - The company's accounts receivable stood at 1.965 billion in Q3 2025, reflecting a year-on-year increase of 60.94%, attributed to increased sales revenue and adjustments in credit terms for key clients [8]. Management Confidence - The company and its concerted parties increased their holdings, acquiring a total of 8.7828 million shares, which represents 0.90% of the total share capital, indicating management's confidence in the company's long-term development [9][10].