Group 1: Company Overview - Hanbell Precise Machinery - Hanbell Precise Machinery is a leading company in the compressor industry, benefiting from the high growth demand in downstream AIDC construction, with its magnetic levitation compressor products expected to see significant sales growth [2][25] - The company has achieved a compound annual growth rate (CAGR) of 17.1% in revenue from 2014 to 2024, with a projected net profit margin of 23.5% and a return on equity (ROE) of 21.77% in 2024, indicating strong operational health [3][28] - The company’s operating cash flow for the first half of 2025 was 410 million, accounting for 27.4% of its revenue, showcasing its strong cash flow generation capability [3][28] Group 2: Market Demand and Trends - The demand for magnetic levitation compressors is expanding due to the surge in data center construction driven by AI applications, with liquid cooling becoming the mainstream cooling technology [4][29] - The estimated market demand for magnetic levitation centrifugal compressors for 100,000 GB300 cabinets is approximately 14.3 billion, highlighting the significant market potential [4][29] - Hanbell is positioned as a leader in the magnetic levitation compressor market, accelerating the import substitution process in the data center cooling market, with production capacity established in multiple regions including Shanghai, Taiwan, Vietnam, the US, and Europe [4][29] Group 3: Industry Insights - Wholesale and Retail - The wholesale and retail industry is expected to benefit from rising gold prices, with the gold and jewelry sector showing low valuations and strong domestic demand support [6][7] - The anticipated increase in gold prices is expected to enhance the sales elasticity of gold jewelry brands, particularly those with a high proportion of sales from investment gold [7][8] - The industry is projected to see a steady net increase in channel expansion despite market challenges, with brands that focus on investment gold and high-value products likely to outperform [7][8] Group 4: Industry Insights - Military Industry - The military industry is experiencing high prosperity, as demonstrated by the recent military parade showcasing new equipment, reflecting China's military technology innovation and strategic deterrence capabilities [11][12] - The focus on modernizing military equipment is expected to drive long-term growth in the military sector, with increased defense spending anticipated due to rising geopolitical tensions [13][21] - Key military companies are expected to benefit from this trend, with recommendations for investment in companies such as AVIC and North Navigation [13][21] Group 5: Overseas Strategy Insights - The current AH premium level has potential downward space, primarily driven by traditional industries, with real estate and banking sectors still having room for premium contraction [10][18] - Emerging industries like semiconductors and hardware are also expected to see a gradual narrowing of AH premiums, indicating a shift in market dynamics [10][18]

8月29日，久立特材盘中上涨2.07%，截至10:23，报22.67元/股，成交1.67亿元，换手率0.78%，总市值 221.52亿元。 资金流向方面，主力资金净流入571.24万元，特大单买入1173.48万元，占比7.03%，卖出306.55万元， 占比1.84%；大单买入3034.57万元，占比18.17%，卖出3330.25万元，占比19.94%。 久立特材今年以来股价涨0.90%，近5个交易日涨0.22%，近20日涨0.93%，近60日跌5.50%。 截至6月30日，久立特材股东户数2.06万，较上期增加16.03%；人均流通股46427股，较上期减少 13.80%。2025年1月-6月，久立特材实现营业收入61.05亿元，同比增长26.39%；归母净利润8.28亿元， 同比增长28.48%。 分红方面，久立特材A股上市后累计派现34.68亿元。近三年，累计派现18.02亿元。 机构持仓方面，截止2025年6月30日，久立特材十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股4463.71万股，相比上期增加183.34万股。富国兴远优选12个月持有期混合A（011164）位 居第八大流 ...

2025 年 08 月 28 日 久立特材 (002318) —— 2025 年半年报点评：海外订单如期兑现，业绩同比 稳步增长 报告原因：有业绩公布需要点评 投资要点： 财务数据及盈利预测 | | 2024 | 2025H1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 10,918 | 6,105 | 11,618 | 12,235 | 12,779 | | 同比增长率（%） | 27.4 | 26.4 | 6.4 | 5.3 | 4.5 | | 归母净利润（百万元） | 1,490 | 828 | 1,682 | 1,895 | 2,091 | | 同比增长率（%） | 0.1 | 28.5 | 12.9 | 12.7 | 10.4 | | 每股收益（元/股） | 1.55 | 0.87 | 1.72 | 1.94 | 2.14 | | 毛利率（%） | 27.6 | 27.2 | 27.8 | 28.6 | 29.1 | | ROE（%） | 18.9 | 10.7 | 19.5 | 19. ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index within the next 12 months [6]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 6.105 billion yuan, a year-on-year increase of 26.39%, and net profit of 828 million yuan, up 28.48% [1]. - The composite pipe business experienced rapid growth, with revenue from composite pipes increasing by 219.26% year-on-year, primarily driven by large orders from EBK composite pipes [2]. - The company's gross margin remained high at 27.20% for the first half of 2025, an increase of 2.29 percentage points year-on-year, with seamless pipes and composite pipes showing significant margin growth [2]. - The company is focusing on high-end capacity release and international business collaboration, with a production capacity of 200,000 tons of industrial pipes and ongoing projects expected to enhance production capabilities [3]. - Future profit forecasts for the company indicate a net profit of 1.722 billion yuan in 2025, with expected growth rates of 15.5% and a PE ratio of 13x [4][5]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 6.105 billion yuan, a 26.39% increase year-on-year, and a net profit of 828 million yuan, up 28.48% [1]. - Q2 2025 saw revenue of 3.223 billion yuan, a 31.97% increase year-on-year, and a net profit of 438 million yuan, reflecting a 38.74% year-on-year growth [1][2]. Business Segments - Revenue from seamless pipes, welded pipes, and composite pipes in H1 2025 was 2.318 billion yuan, 821 million yuan, and 2.050 billion yuan, respectively, with composite pipes showing the highest growth [2]. - The international revenue increased significantly, with overseas sales rising from 1.669 billion yuan to 3.219 billion yuan, contributing to 52.73% of total revenue [2]. Future Outlook - The company is expected to continue enhancing its profitability with the gradual release of high-end production capacity, projecting net profits of 1.722 billion yuan in 2025, 1.893 billion yuan in 2026, and 2.176 billion yuan in 2027 [4][5]. - The completion of various projects, including the EBK company upgrade, is anticipated to further support capacity expansion and performance improvement [3].

Investment Rating - The report maintains a "Buy" rating for Jiuli Special Materials (002318.SZ) [2][6][14] Core Views - The company's main business profits have shown rapid growth, significantly supported by the composite pipe business [3][4] - In the first half of 2025, the company achieved 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 [4] - The profit growth in the first half of the year mainly came from composite pipes and seamless pipe products, with high-value, high-tech products in high-end equipment manufacturing and new materials generating revenue of 1.22 billion yuan, a year-on-year increase of 15.42% [4][5] Financial Performance - In the second quarter of 2025, the company reported a single-quarter revenue of 3.223 billion yuan, a year-on-year increase of 31.97%, and a net profit of 438 million yuan, up 38.74% year-on-year [4] - Jiuli Europe, a subsidiary, reported revenue of 1.506 billion yuan in the first half of 2025, a year-on-year increase of 295%, and a net profit of 176 million yuan, a year-on-year increase of 365% [5] - The company has signed a pipeline steel supply contract with the Abu Dhabi National Oil Company worth approximately 5.92 billion euros (about 4.6 billion yuan), with significant revenue expected in the second half of 2025 [5] Production Capacity and Forecast - The company currently has an annual production capacity of 200,000 tons of finished pipes and is expected to further increase its capacity with a new project for high-performance pipes [5] - The profit forecasts for 2025-2027 are 1.693 billion yuan, 1.860 billion yuan, and 2.029 billion yuan, corresponding to P/E ratios of 13.0, 11.9, and 10.9 times respectively [6][7]

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].

久立特材 002318.SZ 公司研究 | 深度报告 | | 买入 （维持） | | --- | --- | | 股价（2025年06月13日） | 24.14 元 | | 目标价格 | 32.36 元 | | 52 周最高价/最低价 | 25.52/17.4 元 | | 总股本/流通 A 股（万股） | 97,717/95,476 | | A 股市值（百万元） | 23,589 | | 国家/地区 | 中国 | | 行业 | 钢铁 | | 报告发布日期 | 2025 年 06 月 15 日 | | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | 0.63 | -0.21 | 8.1 | 5.38 | | 相对表现% | 0.88 | 0.61 | 9.31 | -4.21 | | 沪深 300% | -0.25 | -0.82 | -1.21 | 9.59 | 刘洋 021-63325888*6084 liuyang3@orientsec.com.cn 执业证书编号：S0860520010002 香港证监会牌照：BTB ...

Group 1: Company Overview and Market Position - The company has a comprehensive nuclear product line, including various equipment and piping for nuclear levels 1, 2, and 3, as well as non-nuclear grades [2] - The company aims to strengthen its position in the nuclear market by actively exploring new application areas and investing in R&D for nuclear-grade products [2][3] Group 2: Strategic Actions Post-Acquisition - Following the acquisition of EBK, the company focuses on optimizing organizational structure and enhancing brand image and customer recognition [3] - The company is implementing effective measures to promote resource integration and enhance competitiveness in the composite pipe market [3] Group 3: Globalization Strategy - The company's overseas revenue growth is primarily driven by pipeline steel projects and EBK sales performance [3] - Future globalization strategies include establishing overseas regional headquarters and expanding branches in emerging markets [3] Group 4: Key Drivers for Profit Growth - Core factors driving profit growth include breakthroughs in technological innovation, particularly in high-end products like high-temperature and corrosion-resistant materials [3] - The company plans to enhance product value through structural optimization and expansion into deep processing areas [3] Group 5: Capital Expenditure Plans - The company will accelerate smart manufacturing and digital transformation, focusing on high-end material R&D and intelligent production line construction [3] - Investment will prioritize high-value-added areas to achieve self-sufficiency in high-end materials and expand international market influence [3] Group 6: High-End Product Market Development - The utilization rate and sales performance of high-end product lines have been gradually increasing due to new customer acquisition and application exploration [4] - The company will balance ordinary and high-end products, using ordinary products as a market foundation while focusing on technological innovation and cost control [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a record high net profit attributable to shareholders of 1.49 billion yuan in 2024, with a year-on-year growth of 0.12%. The net profit excluding non-recurring gains increased by 24.63% to 1.52 billion yuan [1] - The company's main business continues to show significant improvement, with a 42.02% year-on-year growth in net profit after excluding investment income from joint ventures [1] - The sales gross margin and net margin showed fluctuations throughout 2024, benefiting from accelerated international expansion and increased downstream nuclear power investments [1] Revenue and Profit Growth - In 2024, the company reported operating revenue of 10.918 billion yuan, a year-on-year increase of 27.42% [1] - The revenue from high-value-added and high-tech products reached approximately 2.4 billion yuan, accounting for about 22% of total revenue, with a year-on-year growth of 25% [2] - The company plans to achieve total sales of approximately 190,000 tons of industrial finished steel pipes in 2025, representing a growth of 23.7% compared to 2024 [3] Production Capacity and Future Outlook - The company currently has a production capacity of 200,000 tons of industrial finished pipes and plans to increase capacity by an additional 20,000 tons with new projects [3] - The ongoing projects include high-performance pipes for nuclear energy and oil and gas, with completion rates of 98%, 85%, and 30% respectively [2] - The company expects to maintain a growth trend in both volume and price due to improvements in product structure [3] Financial Projections - The company forecasts net profits of 1.81 billion yuan, 2.05 billion yuan, and 2.31 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 13.2, 11.7, and 10.4 [3] - The projected operating revenue for 2025 is approximately 11.424 billion yuan, with a growth rate of 4.6% [4]