格隆汇8月26日｜国盛证券研报指出，久立特材上半年实归属于母公司所有者的净利润8.28亿元，同比 增长28.48%；Q2实现归母净利4.38亿元，同比增长38.74%，环比增长12.66%，季度业绩显著改善，主 业利润持续高增。受益于国际化布局加快、下游核电投资高增以及高端产品放量，后续销售净利率有望 持续增长。公司专注中高端不锈钢管制造，产能扩张带动产销规模持续增长，下游需求持续向好有效支 撑其盈利释放，产品加速高端化迭代有望支撑其估值走高，该行预计公司2025年~2027年实现归母净利 分别为18.1亿元、20.3亿元、22.7亿元，对应PE为12.2、10.9、9.7倍，维持"买入"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The company achieved a total revenue of 1.41 billion yuan in 2024, representing a year-on-year growth of 48%, and a net profit attributable to shareholders of 388 million yuan, up 28% year-on-year, aligning with market expectations [8]. - For Q1 2025, the company reported a revenue of 357 million yuan, a 15% increase year-on-year, but a net profit of 93 million yuan, which is a 10% decline year-on-year, slightly below market expectations [8]. - The company's gross margin for 2024 was 66%, down from 76% in 2023, attributed to price declines and an increased proportion of contact lenses [8]. - The company is optimistic about the growth of high-end products, particularly the "All View" multifocal intraocular lenses, which are expected to gain market share in 2025 [8]. - The report notes a slight downward adjustment in profit forecasts due to industry growth slowdown, with projected net profits for 2025, 2026, and 2027 being 471 million yuan, 575 million yuan, and 706 million yuan respectively [8]. Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 1.76 billion yuan, with a year-on-year growth rate of 24.8% [6]. - The company anticipates a gross margin of 65.9% for 2025, with a return on equity (ROE) of 16.9% [6]. - The earnings per share (EPS) for 2025 is estimated at 2.49 yuan, with a price-to-earnings (PE) ratio of 32 [6].