Company Performance - On February 13, 2026, Jiuli Special Materials (002318) experienced a stock price decline of 4.16%, closing at 34.06 yuan, while the steel sector dropped by 2.46% and the special steel sector fell by 3.05% [1][2] - The stock price reached a new high of 35.98 yuan on February 12 before declining, breaking below the 5-day moving average of 34.57 yuan but remaining above the 20-day moving average of 33.20 yuan [1] - The company's net profit for the first three quarters of 2025 increased by 20.73% year-on-year, but forecasts indicate a potential decline of 5.08% in net profit for 2026 [4] Industry Context - The overall A-share market saw major indices decline, with the Shanghai Composite Index down 1.26% and the Shenzhen Component Index down 1.28%, influenced by macroeconomic expectations [2] - Despite Jiuli Special Materials' solid fundamentals, the company was affected by negative sentiment in the steel sector [2] Market Sentiment - On February 13, the net inflow of main funds was 830,800 yuan, but there was a net outflow of 6,656,600 yuan from large orders, indicating a divergence in fund flows and differing institutional views on short-term valuations [3] - The company's price-to-earnings ratio (TTM) was 19.50 times, and the price-to-book ratio was 4.08 times, which, while lower than some high-temperature alloy peers, is still at a relatively high level historically for the company [5] Future Outlook - The comprehensive target price set by institutions is 40.00 yuan, suggesting a potential upside of 17.44% from the current price, indicating limited short-term valuation recovery potential [5] - Investors are advised to monitor the progress of the company's high-end production capacity release and the disclosure of the 2025 annual report [5]

2月3日，久立特材涨5.11%，截至发稿，报33.30元/股，成交3.19亿元，换手率1.02%，总市值325.40亿 元。 资料显示，浙江久立特材科技股份有限公司位于浙江省湖州市吴兴区中兴大道1899号，成立日期2004年 1月8日，上市日期2009年12月11日，公司主营业务涉及工业用不锈钢管及特种合金的管材、管件、法 兰、棒材及管道预制件的研发、生产、销售。主营业务收入构成为：无缝管37.97%，复合管33.57%， 焊接管13.44%，合金材料6.25%，其他5.54%，管件3.23%。 从基金十大重仓股角度 数据显示，长城基金旗下1只基金重仓久立特材。长城精选进取3个月持有混合发起式(FOF)A （019678）四季度持有股数2700股，与上期相比持股数量不变，占基金净值比例为0.55%，位居第七大 重仓股。根据测算，今日浮盈赚取约4374元。 长城精选进取3个月持有混合发起式(FOF)A（019678）成立日期2023年11月20日，最新规模1394.69万。 今年以来收益5.99%，同类排名455/1327；近一年收益26.08%，同类排名405/1051；成立以来收益 31.75%。 长城精选 ...

Group 1: Business Development - The company’s nuclear power products cover levels 1-3 and non-nuclear equipment, focusing on production, quality control, and delivery to enhance customer loyalty [2] - Continuous integration with EBK Company to enhance resource synergy, leading to efficient contract delivery and market channel expansion for composite pipes [2] - The alloy materials subsidiary emphasizes R&D innovation, establishing a comprehensive production control system to meet high-end market demands [2][3] Group 2: Future Development Plans - The company aims to adjust product structure and improve quality during the 14th Five-Year Plan, focusing on mergers and acquisitions to enhance industry chain layout and market channels [3] - Accelerating smart manufacturing and digital transformation to improve operational efficiency and quality control [3] - Expanding into deep processing fields such as plates, wires, and bars, while prioritizing high-value business segments to enhance core competitiveness and risk resistance [3]

Group 1 - The core point of the news is that Jiu Li Special Materials has seen a stock price increase of 5.15%, reaching 31.65 CNY per share, with a trading volume of 416 million CNY and a turnover rate of 1.43%, resulting in a total market capitalization of 30.93 billion CNY [1] - Jiu Li Special Materials, established on January 8, 2004, and listed on December 11, 2009, specializes in the research, production, and sales of industrial stainless steel pipes and special alloy materials [1] - The company's main business revenue composition includes seamless pipes (37.97%), composite pipes (33.57%), welded pipes (13.44%), alloy materials (6.25%), other products (5.54%), and pipe fittings (3.23%) [1] Group 2 - From the perspective of fund holdings, Penghua Fund has a fund that heavily invests in Jiu Li Special Materials, with the Penghua National Steel Industry Index (LOF) A (502023) increasing its holdings by 36,800 shares in the third quarter, totaling 1.3546 million shares, which represents 4.24% of the fund's net value [2] - The current scale of the Penghua National Steel Industry Index (LOF) A fund is 404 million CNY, with a year-to-date return of 1.24% and a one-year return of 34.07% [2]

Company Overview - Jiu Li Special Materials Co., Ltd. is located in Huzhou, Zhejiang Province, established on January 8, 2004, and listed on December 11, 2009. The company specializes in the research, production, and sales of industrial stainless steel pipes and special alloy materials, including pipes, fittings, flanges, bars, and prefabricated components [1]. Financial Performance - For the period from January to September 2025, Jiu Li Special Materials achieved a revenue of 9.747 billion yuan, representing a year-on-year growth of 36.45%. The net profit attributable to shareholders was 1.262 billion yuan, with a year-on-year increase of 20.73% [2]. - The company has distributed a total of 3.468 billion yuan in dividends since its A-share listing, with 1.802 billion yuan distributed in the last three years [3]. Stock Performance - As of January 13, the stock price of Jiu Li Special Materials decreased by 2.00%, trading at 29.33 yuan per share, with a total market capitalization of 28.66 billion yuan. The stock has seen a year-to-date increase of 1.31%, a 5-day increase of 1.17%, a 20-day increase of 13.42%, and a 60-day increase of 18.46% [1]. - The number of shareholders as of September 30 was 27,600, an increase of 34.16% from the previous period, while the average circulating shares per person decreased by 25.46% to 34,604 shares [2]. Shareholding Structure - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 23.6468 million shares, a decrease of 20.9903 million shares from the previous period. New entrants among the top ten circulating shareholders include Southern CSI 500 ETF and Dachen Rui Xiang Mixed A [3]. Market Position - Jiu Li Special Materials operates within the steel industry, specifically in the special steel sector, and is involved in various concept sectors including special steel, oil and gas pipelines, pension concepts, nuclear fusion, and social security heavy positions [1].

Group 1: Business Development - The company has a diverse range of nuclear power products, covering various equipment categories, which presents market opportunities due to the acceleration of domestic production in the nuclear power industry [2] - The company is focusing on timely delivery of nuclear power orders to enhance customer cooperation and is actively exploring new application scenarios in the nuclear power sector [2] - The company aims to optimize resource integration with EBK Company to enhance collaborative efficiency and capture global composite pipe market demand [2] Group 2: Alloy Materials Business - The alloy subsidiary focuses on material research and technological innovation, establishing a comprehensive production control system to ensure product quality stability [3] - The company is supporting the alloy subsidiary's capacity ramp-up through resources in finance, technology, talent, and market channels to facilitate business transformation and high-quality development [3] Group 3: Future Development Plans - The company has clear short-term goals and long-term strategic visions, aiming for scale expansion and quality improvement to create greater value for shareholders [3] - Mergers and acquisitions are a key strategy for enhancing the industrial chain layout and core competitiveness, with a dedicated team established for project selection and advancement [3] - The company plans to accelerate smart manufacturing and digital transformation to improve production efficiency and overall operational management [3]

Group 1: Market Development - The company has a diverse range of nuclear power products, covering various equipment and core products, and is positioned as a key supplier of high-value products like evaporator tubes [2] - The company aims to enhance its research and development efforts in nuclear-grade products and explore new application scenarios in the nuclear power sector [2] - The composite pipe business is focused on resource integration and optimizing synergies, with significant contract deliveries completed this year [2][3] Group 2: Alloy Materials Business - The alloy subsidiary emphasizes material research and technological innovation, ensuring stable product quality through a comprehensive production control system [3] - The company plans to support the alloy subsidiary's capacity ramp-up and market expansion, aiming for business transformation and high-quality development [3] Group 3: Oil Well Pipe Business - Continuous efforts in new customer development and application exploration have led to improved production line utilization and product sales [3] - The company intends to focus on international markets and enhance sales channel expansion to increase global market share for oil well pipes [3] Group 4: Future Outlook - The company maintains confidence in its short-term goals and long-term strategic vision for the "14th Five-Year Plan" period [3] - Plans include deepening core business, advancing smart manufacturing and digital transformation, and overcoming technological innovation bottlenecks [3] - The company aims to strengthen industry chain collaboration and prioritize high-value-added business segments, particularly in high-performance alloy materials [3]

Core Viewpoint - Jiu Li Special Materials has shown significant stock performance with a year-to-date increase of 22.71% and a market capitalization of 26.941 billion yuan as of December 24 [1] Group 1: Stock Performance and Market Activity - On December 24, Jiu Li Special Materials' stock rose by 2.07%, reaching 27.57 yuan per share, with a trading volume of 267 million yuan and a turnover rate of 1.03% [1] - The net inflow of main funds was 12.506 million yuan, with large orders accounting for 30.64% of purchases and 28.40% of sales [1] - Over the past five trading days, the stock has increased by 3.84%, while it has risen by 12.85% over the past 20 days and 24.02% over the past 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Jiu Li Special Materials reported a revenue of 9.747 billion yuan, representing a year-on-year growth of 36.45%, and a net profit attributable to shareholders of 1.262 billion yuan, up 20.73% year-on-year [2] - Since its A-share listing, the company has distributed a total of 3.468 billion yuan in dividends, with 1.802 billion yuan distributed in the last three years [3] Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 34.16% to 27,600, while the average circulating shares per person decreased by 25.46% to 34,604 shares [2] - Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 23.6468 million shares, a decrease of 20.9903 million shares from the previous period [3] - New shareholders include Southern CSI 500 ETF and Dacheng Rui Xiang Mixed A, while Fu Guo Xing Yuan and Guangfa Stable Growth Mixed A have exited the top ten circulating shareholders [3]

Core Viewpoint - Jiu Li Special Materials experienced a stock price decline of 2.01% on November 14, with a current price of 25.85 CNY per share and a total market capitalization of 25.26 billion CNY [1] Financial Performance - For the period from January to September 2025, Jiu Li Special Materials achieved a revenue of 9.747 billion CNY, representing a year-on-year growth of 36.45% [2] - The net profit attributable to shareholders for the same period was 1.262 billion CNY, reflecting a year-on-year increase of 20.73% [2] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 34.16% to 27,600, while the average circulating shares per person decreased by 25.46% to 34,604 shares [2] - The company has distributed a total of 3.468 billion CNY in dividends since its A-share listing, with 1.802 billion CNY distributed in the last three years [3] Stock Trading Activity - On November 14, the net outflow of main funds was 12.9762 million CNY, with large orders accounting for 23.00% of purchases and 28.87% of sales [1] - Year-to-date, the stock price has increased by 15.05%, with a recent decline of 1.07% over the last five trading days [1] Business Overview - Jiu Li Special Materials, established on January 8, 2004, and listed on December 11, 2009, specializes in the research, production, and sales of industrial stainless steel pipes and special alloy materials [1] - The revenue composition includes seamless pipes (37.97%), composite pipes (33.57%), welded pipes (13.44%), alloy materials (6.25%), and other products (5.54%) [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 36.83 CNY [3][6]. Core Insights - The company has shown resilience in profitability, with a projected EPS of 1.66, 1.65, and 1.86 CNY for 2025-2027, reflecting adjustments in sales volume for composite pipe products [3]. - The company is strategically positioned in the nuclear fusion sector, which is expected to contribute to future profit growth, particularly through its involvement in the ITER project and the development of key materials [10]. - The controlling shareholder has increased their stake in the company, indicating confidence in future performance and growth potential [10]. Financial Performance Summary - The company achieved a net profit of approximately 1.26 billion CNY in the first three quarters of 2025, representing a year-on-year growth of 20.73% [10]. - Revenue projections for 2025 are set at 12.05 billion CNY, with a growth rate of 10.4% compared to the previous year [5]. - The gross margin is expected to improve from 26.2% in 2023 to 30.6% by 2027, indicating a positive trend in profitability [5]. Financial Metrics - The company’s net profit attributable to the parent company is forecasted to be 1.623 billion CNY in 2025, with a growth rate of 8.9% [5]. - The projected operating profit for 2025 is 1.935 billion CNY, reflecting a growth of 6.7% [5]. - The company’s market capitalization is approximately 24.94 billion CNY, with a current share price of 25.52 CNY [6].