Core Viewpoint - The report from Guosheng Securities highlights that Jiuli Special Materials achieved a net profit attributable to the parent company of 828 million yuan in the first half of the year, representing a year-on-year increase of 28.48% [1] Financial Performance - In Q2, Jiuli Special Materials realized a net profit attributable to the parent company of 438 million yuan, which is a year-on-year growth of 38.74% and a quarter-on-quarter increase of 12.66%, indicating significant improvement in quarterly performance [1] Business Growth Drivers - The company benefits from accelerated international expansion, increased downstream nuclear power investments, and the ramp-up of high-end product sales, which are expected to support continuous growth in sales net profit margin [1] Market Position and Future Outlook - Jiuli Special Materials focuses on the manufacturing of mid-to-high-end stainless steel pipes, with capacity expansion driving continuous growth in production and sales scale. The sustained improvement in downstream demand effectively supports its profit release [1] - The accelerated high-end product iteration is anticipated to bolster the company's valuation. The firm projects that Jiuli Special Materials will achieve net profits attributable to the parent company of 1.81 billion yuan, 2.03 billion yuan, and 2.27 billion yuan for the years 2025 to 2027, corresponding to price-to-earnings ratios of 12.2, 10.9, and 9.7 times, respectively [1]