证券研究报告 久立特材 (002318 CH) 新品放量或助力公司未来业绩稳增 2025 年 10 月 29 日│中国内地 特钢 | 公司公布三季度业绩：收入 36.42 亿元，同比 57.46%，环比 13.01%；归 | | --- | | 母净利润 4.34 亿元，同比 8.29%，环比-0.98%。前三季度公司实现收入 97.47 | | 亿元，同比 36.45%；归母净利润 12.62 亿元，同比 20.73%。公司 Q3 利润 | | 环比稳定，高分红属性突出，且产品高端化进展有望加速，我们维持公司"买 | | 入"评级。 | 三季度毛利率承压，期待高端产品持续放量后毛利率企稳回升 根据公司季报披露，三季度公司毛利率为 22.07%，同比-9.08pct，环比 -4.33pct，公司毛利率三季度有所下降，我们推测主要系公司高端产品交付 季节性变化所致，预期后续毛利率或在高端产品持续放量下企稳回升。费用 方面，公司三季度合计期间费用率为 9.07%，同比-3.99pct，环比-0.89pct， 费用控制效果优异，其中研发费用 1.12 亿元，环比下降 6.88%，销售费用 1.33 亿元，环比-4. ...

Group 1 - The stock price of Jiuli Special Materials reached 22.31 yuan as of the close on August 15, 2025, representing an increase of 0.59% from the previous trading day [1] - The trading volume on that day was 99,120 hands, with a transaction amount of 221 million yuan, resulting in a turnover rate of 1.04% [1] - The company has a total market capitalization of 21.801 billion yuan and a price-to-earnings ratio of 14.01 times [1] Group 2 - Jiuli Special Materials is primarily engaged in the research, development, production, and sales of industrial stainless steel pipes and special alloy pipes, with applications in the petroleum, chemical, electric power, and nuclear power industries [1] - On August 15, the company held a workers' representative meeting, electing Shen Xiaogang as the employee representative director of the seventh board of directors [1] - The first extraordinary general meeting of shareholders in 2025 was held on the same day, which approved the proposal to amend the company's articles of association and its attachments [1] Group 3 - On August 15, there was a net outflow of 525,300 yuan in main funds, with a cumulative net outflow of 8.4046 million yuan over the past five trading days [1]