2025年8月26日，久立特材(002318.SZ)发布2025年中报。 公司营业总收入为61.05亿元，较去年同报告期营业总收入增加12.75亿元，实现5年连续上涨，同比较去年同期上涨26.39%。归母净利润为8.28亿元，在已披 露的同业公司中排名第2，较去年同报告期归母净利润增加1.83亿元，同比较去年同期上涨28.48%。经营活动现金净流入为2.46亿元，在已披露的同业公司 中排名第3，较去年同报告期经营活动现金净流入增加1765.97万元，实现2年连续上涨，同比较去年同期上涨7.74%。 公司最新资产负债率为46.18%，在已披露的同业公司中排名第3。 公司最新毛利率为27.20%，在已披露的同业公司中排名第1，较去年同期毛利率增加2.29个百分点，实现2年连续上涨。最新ROE为10.68%，在已披露的同业 公司中排名第1，较去年同期ROE增加1.73个百分点。 公司摊薄每股收益为0.87元，在已披露的同业公司中排名第1，较去年同报告期摊薄每股收益增加0.20元，同比较去年同期上涨29.85%。 公司最新总资产周转率为0.42次，较去年同期总资产周转率增加0.05次，实现2年连续上涨，同比较去年同期 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.4 yuan, based on a PE valuation of 14X for comparable companies [4][6]. Core Views - The company achieved a net profit attributable to shareholders of 2.798 billion yuan in the first half of 2025, representing a year-on-year increase of 2.67%. The second quarter of 2025 saw a quarter-on-quarter increase of 2.21% in net profit, indicating a continuous improvement in performance [10]. - The demand for special steel is expected to continue growing, with the company focusing on strategic sectors such as energy and automotive, which are anticipated to drive profit expansion [10]. - The company has a strong dividend policy, with a cash dividend payout of 2.56 billion yuan for 2024, accounting for 49.95% of the net profit, resulting in a dividend yield of 4.45%, the highest in five years [10]. Financial Performance Summary - The company's revenue for 2025 is projected to be 104.795 billion yuan, with a year-on-year decrease of 4.0%. The operating profit is expected to be 6.543 billion yuan, reflecting a growth of 10.1% compared to the previous year [14]. - The net profit attributable to the parent company is forecasted to be 5.563 billion yuan in 2025, an increase of 8.5% year-on-year. The earnings per share are estimated at 1.10 yuan for 2025, with a gradual increase to 1.24 yuan by 2027 [4][14]. - The gross margin is expected to improve from 12.8% in 2024 to 14.2% in 2025, while the net margin is projected to rise from 4.7% to 5.3% in the same period [14].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company has shown significant improvement in quarterly performance, with a notable upward trend expected to continue. In the first half of 2025, the company achieved operating 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 [1]. - The contribution from high-end products is increasing, with revenue from high value-added products reaching 1.22 billion yuan in the first half of 2025, accounting for approximately 20% of total revenue, reflecting a year-on-year growth of 15.42% [2]. - The company is focused on expanding production capacity, with a target of approximately 190,000 tons of industrial finished steel pipes in 2025, representing a growth of 23.7% compared to 2024 [2]. Financial Performance - In Q2 2025, the company achieved a net profit of 438 million yuan, a year-on-year increase of 38.74% and a quarter-on-quarter increase of 12.66% [1]. - The company's projected net profits for 2025, 2026, and 2027 are estimated to be 1.81 billion yuan, 2.03 billion yuan, and 2.27 billion yuan, respectively, with corresponding P/E ratios of 12.2, 10.9, and 9.7 [3][4]. - The financial indicators show a steady increase in revenue and net profit, with operating revenue projected to reach 11.424 billion yuan in 2025, reflecting a growth rate of 4.6% year-on-year [4]. Production Capacity and Projects - The company currently has a production capacity of 200,000 tons for industrial finished pipes and plans to increase capacity by an additional 20,000 tons with new projects [2]. - Ongoing projects include the second phase of special steel and high-performance pipes for nuclear energy and oil and gas, with completion rates of 100% for two projects and 35% for one [2]. Market Position - The company is positioned in the high-end stainless steel pipe manufacturing sector, benefiting from a favorable downstream demand and an accelerated high-end product iteration [3]. - The total market capitalization of the company is approximately 22.07 billion yuan, with a closing price of 22.59 yuan as of August 25 [5].

Core Insights - The company Jiuli Special Materials (002318.SZ) reported a revenue of 6.105 billion yuan for the first half of 2025, representing a year-on-year growth of 26.39% [1] - The net profit attributable to shareholders of the listed company was 828 million yuan, showing a year-on-year increase of 28.48% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 787 million yuan, reflecting a year-on-year growth of 20.62% [1] - The basic earnings per share were 0.87 yuan [1] Revenue Breakdown - Revenue from high value-added and high-tech products in the high-end equipment manufacturing and new materials sectors reached 1.22 billion yuan, accounting for approximately 20% of the company's total revenue, with a year-on-year growth of 15.42% [1]

Investment Rating - The report rates the industry as "Outperform" compared to the market [1] Core Insights - The mechanical equipment sector underperformed the CSI 300 index, with a weekly increase of 2.75% compared to the index's 4.18% [11] - The robotics sub-sector has the highest PE-TTM at 185.0x, indicating strong investor interest and growth potential [18] - The introduction of NVIDIA's Jetson Thor platform is expected to significantly enhance the capabilities of robotics, marking a shift towards "Physical AI" [30][33] Summary by Sections Industry Performance - The mechanical equipment sector ranked 17th out of 31 in the Shenwan industry classification [11] - The engineering machinery components sub-sector performed the best with a weekly increase of 7.72% [15] Valuation Metrics - The overall PE-TTM for the mechanical equipment sector is 37.7x, with the robotics sub-sector leading at 185.0x [18] - The sub-sectors with the lowest PE-TTM include engineering machinery (20.5x) and rail transit (20.6x) [18] Key Investment Recommendations - Focus on leading robotics manufacturers that are accelerating product cost reduction and channel expansion, such as Dechang Electric and Zhongdali [3] - The advanced packaging industry is expected to benefit from high demand for key equipment, with companies like Shengmei Shanghai and Changchuan Technology recommended for investment [3] - The nuclear fusion sector is seeing increased activity, with companies like Xibu Superconductor and Hezhu Intelligent recommended due to ongoing technological advancements [3] Recent Developments - NVIDIA's Jetson Thor platform was launched on August 25, enhancing robotics capabilities significantly [30] - The platform is expected to drive the transition of robots from execution to intelligent agents capable of environmental awareness and autonomous decision-making [33] - The domestic market for robotics is anticipated to grow rapidly, especially if breakthroughs in domestic chips and large models continue [33]

格隆汇8月25日丨久立特材(002318.SZ)公布半年度报告，2025年上半年，面对外部环境的诸多挑战，公 司坚持创新驱动与开放合作的战略方向，通过持续深化技术革新、优化业务布局、完善人才机制，实现 经营质量稳步提升。在全体员工的共同努力下，上半年公司营业收入实现61.05亿元，同比增长 26.39%；归属于上市公司股东的净利润8.28亿元，同比增长28.48%。 ...

第四条 公司审计部、监察部为内部审计机构，对董事会负责，向审计委员 会报告工作。内部审计机构在对公司业务活动、风险管理、内部控制、财务信息 等情况进行检查监督过程中，应当接受审计委员会的监督指导。 第五条 审计部设负责人一名，并配备三名以上专职审计人员及若干名兼职 审计人员；监察部设负责人一名，并配备一名以上专职监察人员。审计部负责人 和监察部负责人由审计委员会提名，董事会任免。 浙江久立特材科技股份有限公司 内部审计制度 （2025 年 8 月修订） 第一章 总则 第一条 为加强浙江久立特材科技股份有限公司（以下简称"公司"）内部 审计工作，规范内部审计行为，增强审计整体监督效能，保护公司、股东和债权 人的合法权益，根据《深圳证券交易所上市公司自律监管指引第 1 号——主板上 市公司规范运作》、《中国内部审计准则》和《公司章程》等有关规定，结合公 司实际情况，制定本制度。 第二条 本制度所称内部审计，是一种独立、客观的确认和咨询活动，它通 过运用系统、规范的方法，审查和评价组织的业务活动、财务信息、内部控制和 风险管理的适当性和有效性，以促进组织完善治理、增加价值和实现目标。 第三条 内部审计范围应当涵盖公 ...

浙江久立特材科技股份有限公司 反舞弊与举报制度 （2025 年 8 月修订） 第一章 总 则 第一条 为加强浙江久立特材科技股份有限公司（以下简称"公司"）的公司 治理和内部控制，规范经营行为，降低公司风险，确保公司经营目标的实现和公 司持续、稳定、健康发展，维护公司和股东合法权益，根据《企业内部控制基本 规范》及上市公司法律、法规、证券交易市场和监管机构的规定与要求，结合公 司实际情况，制定本制度。 第二条 反舞弊工作的宗旨是规范公司管理层及员工的职业行为，促使公司 全体员工严格遵守相关法律法规、行业规范和准则、公司规章制度及职业道德， 树立廉洁自律和勤勉尽责的良好风气，坚决抵制采用违法违规手段损害或谋取公 司经济利益、同时可能为个人带来不正当利益的行为。 第三条 本制度适用于公司及下属公司。 第二章 舞弊的概念及形式 第四条 本制度所称舞弊，是指公司内、外部人员采用违法违规手段，谋取 个人不正当利益，损害公司正当经济利益的行为；或谋取不当的公司经济利益， 同时可能为个人带来不正当利益的行为。 损害公司正当经济利益的舞弊，是指公司内、外部人员为谋取自身利益，采 用欺骗等违法违规手段使公司正当经济利益遭受损害 ...

浙江久立特材科技股份有限公司 董事会薪酬与考核委员会实施细则 （2025 年 8 月修订） 第一章 总 则 第一条 为进一步建立健全公司董事及高级管理人员（以下简称"经理人员"） 的考核和薪酬管理制度，完善公司治理结构，根据《中华人民共和国公司法》《上 市公司治理准则》《浙江久立特材科技股份有限公司章程》（以下简称"《公司章 程》"）及其他有关规定，公司特设立董事会薪酬与考核委员会，并制定本实施细 则。 第二条 薪酬与考核委员会是按照董事会决议设立的专门工作机构，对董事 会负责。 第三条 本细则所称董事是指在本公司领取薪酬的董事长、董事（独立董事 除外），经理人员是指董事会聘任的总经理、副总经理、董事会秘书、财务负责 人、总工程师等高级管理人员。 第二章 人员组成 第四条 薪酬与考核委员会成员由三名董事组成，其中二名为独立董事。 第五条 薪酬与考核委员会委员由董事长、二分之一以上独立董事或者全体 董事的三分之一提名，并由董事会选举产生。 第六条 薪酬与考核委员会设主任委员（召集人）一名，由独立董事委员担 任，负责主持委员会工作；主任委员通过在委员内选举，并报请董事会批准后产 生。 第七条 薪酬与考核委员会任期 ...

浙江久立特材科技股份有限公司 董事会提名委员会实施细则 （2025 年 8 月修订） 第一章 总 则 第一条 为规范公司领导人员的产生，优化董事会组成，完善公司治理结构， 根据《中华人民共和国公司法》、《上市公司治理准则》、《浙江久立特材科技股份 有限公司章程》（以下简称"《公司章程》"）及其他有关规定，公司特设立董事会 提名委员会,并制定本实施细则。 第二条 董事会提名委员会是按照董事会决议设立的专门工作机构，主要负 责拟定董事、高级管理人员的选择标准和程序，对董事、高级管理人员人选及其 任职资格进行遴选、审核。 第二章 人员组成 第三条 提名委员会成员由三名董事组成，其中二名为独立董事。 第四条 提名委员会委员由董事长、二分之一以上独立董事或者全体董事的 三分之一提名，并由董事会选举产生。 第五条 提名委员会设主任委员（召集人）一名，由独立董事委员担任，负 责主持委员会工作；主任委员在委员内选举，并报请董事会批准后产生。 第六条 提名委员会任期与董事会任期一致，委员任期届满，连选可以连任。 期间如有委员不再担任公司董事职务，则自动失去委员资格，并由委员会根据上 述第三至第五条规定补足委员人数。 第三章 职 ...