2025 年 8 月 26 日 公司研究 高端产品、海外订单持续贡献利润，上半年归母净利润延续高增 ——久立特材（002318.SZ）2025 年中报点评 要点 事件： 2025H1 实现营业收入 61.05 亿元，同比+26.39%；归母净利润 8.28 亿 元，同比+28.48%；扣非后归母净利润 7.87 亿元，同比+20.62%。2025Q2 营 业收入 32.23 亿元，同比+31.97%，环比+11.79%；归母净利润 4.38 亿元，同 比+38.74%，环比+12.66%；扣非后归母净利润 3.94 亿元，同比+25.95%，环 比-0.02%。 2025H1 公司毛利增量主要来自于无缝钢管、复合钢管：2025H1 公司毛利总额 为 16.6 亿元，同比+37.99%，其中无缝钢管、复合钢管毛利同比+1.73、+3.84 亿元，焊接钢管、合金材料、管件毛利同比-0.61、-0.08、-0.48 亿元。 2025H1 高附加值、高技术含量产品营收同比+15.42%：公司积极布局新兴市场， 加大对高附加值、高技术含量产品的研发投入与市场推广力度，上半年研发投入 达到 2.12 亿元，同比+14.2 ...

Core Viewpoint - Qinglong Pipe Industry has signed a strategic cooperation framework agreement with Beijing Tianshan High-tech Wind Power Equipment Co., Ltd. to enhance their market presence in the wind power sector, aiming for mutual benefits through resource sharing and collaboration [1][3]. Group 1: Strategic Cooperation Details - The agreement stipulates that Tianshan High-tech will prioritize Qinglong Pipe Industry for concrete wind turbine tower orders in specific regions, following a public procurement process [2]. - Qinglong's wholly-owned subsidiary, Tianjin Hailong Pipe Industry Co., Ltd., will have priority in producing these orders if capacity and pricing rules are met [2]. - Both companies will explore various cooperation methods to assist Tianshan High-tech and its parent company, Goldwind Technology, in securing wind power project orders [2]. Group 2: Company Profile and Market Entry - Qinglong Pipe Industry specializes in high-quality water supply pipelines and related products, offering comprehensive solutions in water-saving projects, including design, manufacturing, construction, and operation services [3]. - The partnership with Tianshan High-tech marks Qinglong's official entry into the wind power mixed tower industry, aligning with its strategic development plans [3]. - The collaboration is expected to effectively leverage both companies' resources and strengths, facilitating the expansion of Qinglong's wind power mixed tower business and supporting the achievement of its strategic goals [3].

Core Viewpoint - The company, Qinglong Pipe Industry, is enhancing investor relations and transparency while reporting significant growth in revenue and profit for 2024, alongside strategic market expansion plans [1][2]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 2.817 billion yuan, representing a year-on-year increase of 36.71% [2]. - The net profit attributable to shareholders, excluding non-recurring items, reached 246 million yuan, marking a staggering growth of 5977.59% year-on-year [2]. - The company plans to distribute a total dividend of 69.3693 million yuan for the year, building on a mid-year dividend of 29.7303 million yuan [2]. Group 2: Market Strategy - The company is focusing on becoming a comprehensive service provider in the water-saving sector, leveraging quality commitments and brand strength [2]. - It is actively expanding its market presence by filling gaps in less served areas while deepening its engagement in existing markets [2]. - The company has adopted a "Eastward and Southward" market strategy, with a significant project win in the Guangdong region, which is pivotal for future growth [3]. Group 3: Investor Engagement - The company is committed to maintaining open communication with investors through various channels, including online platforms and direct interactions [1]. - A recent online performance briefing addressed investor inquiries, particularly regarding future performance expectations for 2025 [2][3]. - The company is considering a simplified procedure for a potential capital increase, aimed at enhancing its financial strength and long-term competitiveness [3].

Group 1: Company Performance and Market Outlook - The company anticipates a stable growth trend in the pipeline industry due to increased national investment in water conservancy, with a projected investment of CNY 1.3529 trillion in 2024, a year-on-year increase of 12.8% [2] - The company aims to become a comprehensive service provider in the water-saving sector, focusing on quality, brand, and technological innovation across three main product lines: concrete pipes, composite steel pipes, and plastic pipes [2] Group 2: Stock Performance and Shareholder Returns - Despite strong performance, stock prices have not increased due to various influencing factors, including national policies and macroeconomic conditions [3] - The company has consistently prioritized shareholder returns, having distributed dividends for 15 consecutive years [3] Group 3: Financial Management and Project Execution - In 2024, the company adjusted its accounts receivable and payment strategies, implementing measures to enhance contract management and risk assessment [3] - The decline in Q1 2025 financial results was attributed to project delays in northern regions due to weather conditions, with expectations for increased shipments starting in Q2 [3] Group 4: Strategic Expansion Plans - The company is considering a simplified procedure for a private placement to support strategic projects that align with industry development and enhance capital structure [3] - The company has initiated a market strategy to expand into southern regions, with a significant contract won in 2023 for a CNY 400 million project in Guangdong, marking a key step in this strategy [3]