证券代码： 002318 证券简称：久立特材 浙江久立特材科技股份有限公司投资者关系活动记录表 2 1 | （三） | 合金材料业务 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 公司控股子公司合金公司以材料研发与技术创新为核心竞争 | | | | | | | | 力，已构建起涵盖材料冶炼、锻造、热加工至冷加工的全流程生 | | | | | | | | 产管控体系，有效保障产品质量的稳定性。凭借高精度、高强度、 | | | | | | | | 耐高温高压及耐腐蚀等核心产品优势，合金公司的产品现可匹配 | | | | | | | | 油气、核电、航空等高端行业对材料安全性及严苛工况适应性的 | | | | | | | | 高要求。目前，公司正持续跟进合金公司的产能爬坡进程，从资 | | | | | | | | 金、技术、人才、市场渠道等方面提供资源支持，助力其快速拓 | | | | | | | | 展新市场空间、稳固核心客户群体，推动合金公司实现业务转型 | | | | | | | | 升级与高质量发展，为公司贡献持续增长动力。 | | | ...

| 投资者关系活 | ■特定对象调研 □分析师会议 | | --- | --- | | 动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 活动参与人员 | 中信证券、南方基金 | | 时间 2025 | 年 12 月 26 日 | | 地点 | 八里店久立特材 楼会议室 3 | | 上市公司接待 | 董事长李郑周、董事会秘书寿昊添、证券事务代表姚慧莹 | | 人员 | | | | 一、市场开拓情况 | | （一） | 核电业务 | | | 公司核电产品品类较多，覆盖核 1、2、3 级及非核级各类设 | | | 备配管、传热管、管道管等核心产品。当前，核电行业国产化进 | | | 程提速，公司作为蒸发器管等核电高附加值产品的核心供应商， | | | 将合理统筹在手订单的生产组织与发货安排；同时，公司将进一 | | | 步拓展发展视野，积极挖掘核电领域新的应用场景，加大核级产 | | | 品研发投入力度。 | | 活动主要内容 （二） | 复合管业务 | | 介绍 | 公司深度推进与 的资源整合优化，充分释放协同效应潜 EBK | | | 力。EB ...

Group 1: Company Insights - Aerospace Technology reported Q3 revenue of 603 million, a year-on-year increase of 46.60%, and net profit growth of 26.45%, driven by increased orders for aircraft engines and gas turbines [1] - The company has a backlog of orders amounting to 5.968 billion, primarily from international clients, and has signed long-term agreements to expand its global market presence [1] - Aerospace Technology has received the GE Aviation 2025 Innovation Award for its NISP technology and is experiencing strong demand in the gas turbine market, with rising equipment prices [1] Group 2: Industry Developments - AVIC Heavy Machinery is actively expanding into high-growth sectors such as commercial aerospace, civil aviation, and gas turbines, leveraging its expertise in forging, casting, and hydraulic systems [2] - The company has established stable supply relationships with key players in the commercial aerospace sector and is integrating into the domestic large aircraft supply chain [2] - AVIC Heavy Machinery's gas turbine business is projected to exceed 100 million in revenue by Q3 2025, with clients including GE and Siemens Energy [2] Group 3: Infrastructure and Robotics - Hongrun Construction is focusing on urban infrastructure in the Yangtze River Delta, with an increase in new business volume in Q3 [3] - The company has formed a joint venture to develop humanoid robots and aims to achieve commercialization by 2026, with a target team size of 60-100 [3] - The company is also investing in technology for quadruped robots and plans to expand production capabilities in response to demand [3] Group 4: Smart Driving Technology - Desay SV Automotive is responding to stricter smart driving regulations by enhancing performance and safety features in its products [4] - The company has secured new project orders from major international automotive manufacturers and is expanding its production facilities in Germany and Spain [4] - Desay SV has launched a robot smart base ICube, designed for durability and reliability in robotic applications [4]

Group 1 - The company achieved a revenue of 1.68 billion yuan in H1 2025, a year-on-year increase of 29%, with data services revenue growing by 44% and industrial segment revenue increasing by 99% [1] - In Q2 2025, the company reported a revenue of 1.05 billion yuan, a year-on-year increase of 30%, and a net profit attributable to shareholders of 96 million yuan, reflecting a 60% year-on-year growth [1] - The gross margin improved significantly to 25.86% in Q2 2025, up 3.87 percentage points from the previous quarter, indicating a potential turning point for annual performance [1] Group 2 - The company’s data service segment saw a year-on-year revenue growth of 43.77% in H1 2025, driven by high-efficiency innovative products and strengthened partnerships with major clients like H Company, ByteDance, Tencent, and Alibaba [2] - The industrial segment's revenue nearly doubled, with a 99.15% year-on-year increase, primarily due to a 219% growth in the power and energy business, benefiting from national investments in the new energy sector [2] - The special segment's revenue decreased by 19.60% in H1 2025, attributed to the timing of large project revenue recognition, but is expected to improve in the second half of the year with the new production base in Guangdong starting operations [2] Group 3 - The company is actively expanding its data center liquid cooling segment, with a robust order backlog and successful overseas order breakthroughs, positioning itself to benefit from the AI wave [3] - Revenue projections for 2025-2027 are 4.158 billion, 5.520 billion, and 6.886 billion yuan, with year-on-year growth rates of 37.9%, 32.8%, and 24.7% respectively, alongside net profits of 282 million, 385 million, and 518 million yuan [3] - The company maintains a "buy" rating with corresponding price-to-earnings ratios of 75, 55, and 41 for the years 2025, 2026, and 2027 based on the closing price as of August 29, 2025 [3]

Core Viewpoint - The company reported its 2025 mid-year results, showing a slight increase in revenue but a significant decline in net profit, indicating challenges in profitability despite stable revenue growth [1][2]. Financial Performance - For the first half of 2025, the company achieved revenue of 2.497 billion yuan, a year-on-year increase of 0.63%, while the net profit attributable to shareholders was 132 million yuan, a decrease of 24.50% [1]. - The company's net profit after deducting non-recurring items was 113 million yuan, down 30.96% year-on-year [1]. - In Q2 2025, total revenue reached 1.341 billion yuan, up 0.96% year-on-year and 16.01% quarter-on-quarter [2]. - The net profit for Q2 was 77 million yuan, a decrease of 6.02% year-on-year but an increase of 40.00% quarter-on-quarter [2]. - The company’s expense ratios for sales, management, R&D, and finance were 4.46%, 3.92%, 2.70%, and 0.62%, respectively, with sales expenses increasing by 17.27% year-on-year [2]. Business Segments - The electric motor and service segment generated revenue of 1.825 billion yuan, down 2.25% year-on-year, while the nuclear power products segment saw revenue of 627 million yuan, an increase of 13.26% [2]. - Gross margins for these segments were 20.34% and 25.49%, respectively, with year-on-year changes of +1.25 and -4.35 percentage points [2]. Industry and Policy Support - The company benefits from supportive policies aimed at promoting energy efficiency and upgrading industrial equipment, particularly in the electric motor sector [3]. - The company has made significant advancements in nuclear power technology, achieving over 70% market share domestically [4]. - The company was recognized as a "manufacturing single champion" and has received certifications for high-efficiency electric motors, enhancing its competitive edge [3]. Future Prospects - The company secured a contract for nuclear power equipment worth 609 million yuan, which is expected to positively impact future performance [4]. - The company is projected to see net profits of 370 million, 486 million, and 570 million yuan from 2025 to 2027, with corresponding EPS of 0.53, 0.70, and 0.82 yuan per share [4].

Investment Highlights - Company reported H1 2025 revenue of 2.497 billion yuan, a year-on-year increase of 0.63%, and a net profit attributable to shareholders of 132 million yuan, a year-on-year decrease of 24.50% [1] - In Q2 2025, total revenue reached 1.341 billion yuan, a year-on-year increase of 0.96% and a quarter-on-quarter increase of 16.01% [2] - The company has secured a nuclear power equipment order worth 609 million yuan, which is expected to positively impact future performance [4] Business Performance - For H1 2025, revenue from electric motors and services was 1.825 billion yuan, down 2.25% year-on-year, while revenue from nuclear power products was 627 million yuan, up 13.26% year-on-year [2] - Q2 2025 net profit attributable to shareholders was 77 million yuan, a year-on-year decrease of 6.02% but a quarter-on-quarter increase of 40.00% [2] - The company’s expenses in sales, management, R&D, and finance for H1 2025 were 4.46%, 3.92%, 2.70%, and 0.62% respectively, with sales expenses increasing by 17.27% year-on-year [2] Market Opportunities - National policies are supporting the upgrade of energy-efficient and advanced equipment, providing significant market opportunities for electric motors as a core industrial component [3] - The company has achieved breakthroughs in nuclear power technology and has a market share exceeding 70% in the domestic market for certain nuclear power applications [4] - The company is recognized for its high-efficiency and low-carbon products, enhancing its competitive edge in the market [3] Future Outlook - The company is expected to benefit from energy efficiency upgrades and equipment renewal policies, with projected net profits of 370 million, 486 million, and 570 million yuan for 2025, 2026, and 2027 respectively [4] - The company maintains a "buy" rating, indicating confidence in its growth potential in the industrial special motor sector [4]

Core Viewpoint - The recent financial report of Jiadian Co., Ltd. (000922) indicates a slight increase in total revenue but a significant decline in net profit, highlighting potential challenges in cash flow and receivables management [1][4]. Financial Performance Summary - Total revenue for the first half of 2025 reached 2.497 billion yuan, a year-on-year increase of 0.63% [1]. - Net profit attributable to shareholders was 132 million yuan, down 24.5% compared to the previous year [1]. - The gross profit margin was 22.38%, a decrease of 1.57% year-on-year, while the net profit margin fell to 6.97%, down 17.2% [1]. - The company reported a significant increase in accounts receivable, which accounted for 646.87% of the latest annual net profit [1][4]. Expense Analysis - Total sales, management, and financial expenses amounted to 225 million yuan, representing 9.0% of revenue, an increase of 12.76% year-on-year [1]. - The company experienced a 17.27% increase in sales expenses, attributed to underperformance in the electric motor segment [3]. - Management expenses rose by 11.74%, driven by increased labor and information technology costs [3]. Cash Flow and Asset Management - The company reported a negative operating cash flow per share of -1.37 yuan, a decrease of 58.72% year-on-year [1]. - Cash and cash equivalents decreased by 26.36%, primarily due to payments to small and medium-sized enterprises [3]. - The ratio of cash and cash equivalents to current liabilities was noted to be only 73.74%, indicating potential liquidity concerns [4]. Market Position and Future Outlook - Analysts project the company's performance for 2025 to reach a net profit of 370 million yuan, with an average earnings per share of 0.53 yuan [5]. - The company has a historical average return on invested capital (ROIC) of 8.92%, indicating a generally average capital return [4]. - The company’s business model relies heavily on marketing, necessitating further investigation into the underlying drivers of performance [4]. Fund Holdings - The largest fund holding Jiadian Co., Ltd. is the "Zhaoshang Heyue Stable Pension One-Year Holding Mixed Fund (FOF) A," which holds 285,600 shares and has not changed its position recently [6].

Core Viewpoint - The recent financial report of Jiadian Co., Ltd. (000922) indicates a slight increase in total revenue but a significant decline in net profit, highlighting potential concerns regarding cash flow and receivables management [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 reached 2.497 billion yuan, a year-on-year increase of 0.63% [1]. - Net profit attributable to shareholders was 132 million yuan, down 24.5% compared to the previous year [1]. - The gross profit margin decreased to 22.38%, a decline of 1.57% year-on-year [1]. - The net profit margin also fell to 6.97%, down 17.2% from the previous year [1]. - The total of selling, administrative, and financial expenses amounted to 225 million yuan, representing 9.0% of revenue, an increase of 12.76% year-on-year [1]. - Earnings per share decreased to 0.20 yuan, down 31.97% year-on-year [1]. Cash Flow and Receivables - The company reported a significant increase in accounts receivable, which reached 1.659 billion yuan, accounting for 646.87% of the latest annual net profit [1][6]. - The net cash flow from operating activities saw a drastic decline of 85.94%, attributed to payments made to small and medium-sized enterprises [2]. - The cash and cash equivalents net increase was down 415.23%, indicating severe cash flow challenges [2]. Investment and Market Position - The company’s return on invested capital (ROIC) was reported at 7.21%, indicating average capital returns [6]. - The company has faced seven years of losses since its listing, suggesting a generally poor investment outlook [6]. - The primary revenue driver for the company is marketing, necessitating a thorough examination of the underlying factors influencing this dynamic [6]. Fund Holdings - The largest fund holding Jiadian Co., Ltd. is the "Zhaoshang Heyue Stable Pension One-Year Holding Mixed Fund (FOF) A," with 285,600 shares held, showing no change in position [4].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 1.384 billion yuan in H1 2025, representing a year-on-year increase of 9.11%, and a net profit attributable to shareholders of 188 million yuan, up 23.91% year-on-year [1] - The company has secured over 1.5 billion yuan in orders for its two-machine business, with significant progress in partnerships with major global clients [3] - The nuclear power business is experiencing an upswing, with multiple contracts signed for nuclear power projects [4] - The low-altitude economy segment is advancing with a focus on engine and aircraft integration, targeting high-altitude and cold-weather markets [5] - Profit forecasts for 2025-2027 project net profits of 420 million, 574 million, and 801 million yuan respectively [5] Financial Data Summary - Revenue for 2023 is projected at 2.412 billion yuan, with a growth rate of 9.75% [11] - The net profit attributable to shareholders for 2025 is estimated at 419.51 million yuan, reflecting a growth rate of 46.49% [12] - The company’s EBITDA for 2025 is expected to be 849.74 million yuan [11] - The earnings per share (EPS) for 2025 is projected to be 0.62 yuan [12] - The price-to-earnings (P/E) ratio for 2025 is estimated at 45.26 [12]

Group 1 - The US and EU have finalized a framework trade agreement that outlines plans to potentially lower European auto tariffs and initiate discussions on reducing steel and aluminum tariffs [1][2] - The agreement includes specific benchmarks for tariff reductions in the automotive, pharmaceutical, and semiconductor sectors, as well as new commitments regarding EU digital services regulations [1][2] - The US has agreed to lower the tariff on European car imports from 15% to a lower rate, contingent upon the EU formally proposing legislation to eliminate its tariffs on US industrial products [2] Group 2 - The US is exploring the possibility of reducing tariffs on steel and aluminum through a quota system, contrasting with previous assertions that these tariffs would remain at 50% [3] - The EU has committed to investing $600 billion in the US by 2028 and purchasing approximately $750 billion in US energy resources, including liquefied natural gas and oil [3] - The EU plans to significantly increase its procurement of military and defense equipment from the US, including a minimum of $40 billion in AI chips [3] Group 3 - The agreement addresses digital trade barriers, with the EU agreeing not to adopt or maintain network usage fees [4] - The EU has committed to providing more flexibility regarding its carbon-intensive import tariffs and ensuring that sustainability due diligence requirements do not impose undue restrictions on transatlantic trade [4] - Potential adjustments may include easing compliance requirements for small and medium-sized enterprises [4]