Core Viewpoint - The recent financial report of Jiuli Special Materials (002318) shows strong growth in revenue and net profit for Q1 2025, indicating a positive performance despite challenges in the market environment [1][5]. Financial Performance - Total revenue for Q1 2025 reached 2.883 billion yuan, a year-on-year increase of 20.67% compared to 2.389 billion yuan in Q1 2024 [1]. - Net profit attributable to shareholders was 389 million yuan, up 18.59% from 328 million yuan in the same period last year [1]. - The gross profit margin improved to 28.08%, an increase of 4.00% year-on-year, while the net profit margin decreased to 13.82%, down 4.54% [1]. - The company reported a significant increase in operating cash flow per share, which rose to 0.04 yuan, a remarkable increase of 693.75% [1]. Accounts Receivable and Financial Health - Accounts receivable amounted to 1.479 billion yuan, representing 99.21% of the net profit, indicating a high level of receivables relative to earnings [1][3]. - The company’s cash and cash equivalents decreased by 36.38% to 2.501 billion yuan, raising concerns about liquidity [1][3]. - The total expenses for sales, management, and finance were 193 million yuan, accounting for 6.71% of revenue, which is an increase of 6.76% year-on-year [1]. Market Position and Analyst Expectations - The company's return on invested capital (ROIC) was reported at 16.89%, reflecting strong capital efficiency [3]. - Analysts expect the company to achieve a revenue of 1.714 billion yuan and an average earnings per share of 1.75 yuan for the year 2025 [3]. - Jiuli Special Materials has been favored by prominent fund managers, with increased holdings noted in several funds [4]. Strategic Response to Market Challenges - The company is actively monitoring macroeconomic conditions and adjusting its strategies to maintain stable performance amid market volatility and international trade tensions [5]. - Emphasis is placed on technological innovation and market expansion to optimize product structure and enhance collaboration with quality clients [5]. - The company aims to provide long-term returns to shareholders through steady operational performance and potential share buybacks and dividends [5].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported Q1 2025 revenue of 2.883 billion RMB, a year-over-year increase of 20.67% and a quarter-over-quarter decrease of 23.64%. The net profit attributable to the parent company was 389 million RMB, up 18.59% year-over-year but down 12.64% quarter-over-quarter. The non-recurring net profit was 394 million RMB, reflecting a year-over-year increase of 15.72% [1] - The company's gross margin for Q1 2025 was 28.08%, showing a year-over-year increase of 1.08 percentage points but a quarter-over-quarter decrease of 0.88 percentage points. The company demonstrated strong cost control, with total expenses of 286 million RMB and an expense ratio of 9.91% [2] - The company is actively expanding its production capacity, with a total capacity of 200,000 tons of finished pipes and ongoing projects expected to enhance future performance. The proportion of high-end products is anticipated to continue increasing [3] Summary by Sections Financial Performance - For 2025-2027, the forecasted net profit attributable to the parent company is 1.726 billion RMB, 1.863 billion RMB, and 2.022 billion RMB, respectively. The corresponding EPS for these years is projected to be 1.77 RMB, 1.91 RMB, and 2.07 RMB. The target price is set at 27.44 RMB, based on a PE ratio of 15.5 times for 2025 [4] Market Position - The company is positioned favorably within its industry, with a competitive PE average of 9.3 times among comparable companies. The report highlights the potential for growth through overseas acquisitions and increased production capacity for composite pipes [4][12]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [5][16]. Core Insights - In Q1 2025, the company achieved a record high net profit attributable to shareholders of 3.89 billion yuan, representing a year-on-year increase of 18.59% [1]. - The company's revenue for Q1 2025 was 28.83 billion yuan, reflecting a year-on-year growth of 20.67% [1]. - The company continues to focus on high R&D investment, with R&D expenses amounting to 0.92 billion yuan in Q1 2025, a year-on-year increase of 4.27% [2]. - The company is prioritizing capital expenditure towards high-value-added sectors, particularly in advanced materials and smart manufacturing [2]. - The company plans to further reduce its stake in Yongxing Materials, with a proposed sale of up to 15.83 million shares [3]. Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 16.24 billion yuan, with subsequent estimates of 18.76 billion yuan in 2026 and 21.60 billion yuan in 2027 [3][4]. - The company's revenue is expected to grow from 11.83 billion yuan in 2025 to 12.71 billion yuan in 2026, with a growth rate of 8.37% [4][11]. - The estimated EPS for 2025 is 1.66 yuan, increasing to 2.21 yuan by 2027 [4][11]. Profitability and Valuation Metrics - The company's gross margin is projected to improve from 27.6% in 2025 to 30.5% by 2027 [13]. - The P/E ratio is expected to decrease from 14 in 2025 to 10 by 2027, indicating a potentially attractive valuation [14]. - The return on equity (ROE) is forecasted to remain stable around 18.9% in 2025, with a slight increase to 19.9% by 2027 [13].

Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Views - The company has experienced rapid growth in Q1 2025, driven by high-end product sales and the acquisition of EBK, which has enhanced production capacity and market share [6]. - Revenue for 2024 is projected to reach 109.18 billion yuan, representing a year-on-year growth of 27.42%, primarily due to the expansion into mid-to-high-end markets in the domestic and international petrochemical and natural gas sectors [6]. - The company aims to achieve a total sales volume of approximately 190,000 tons of industrial finished pipes and 10,500 tons of fittings by 2025 [6]. Financial Data and Valuation - Total revenue is expected to grow from 85.68 billion yuan in 2023 to 161.06 billion yuan by 2027, with a compound annual growth rate (CAGR) of 31% in 2023 and 27% in 2024 [2][20]. - Operating profit is projected to increase from 17.34 billion yuan in 2023 to 27.35 billion yuan in 2027, with a notable growth of 25% in 2023 [2][20]. - Net profit attributable to shareholders is forecasted to rise from 14.89 billion yuan in 2024 to 22.64 billion yuan in 2027, with a growth rate of 16% in 2023 [2][20]. - The company’s price-to-earnings (PE) ratio is expected to decrease from 15.1 in 2023 to 10.0 in 2027, indicating potential undervaluation [2][21]. Key Financial Ratios - The company’s return on equity (ROE) is projected to be 19.1% in 2024, reflecting strong profitability [3][21]. - The asset-liability ratio is expected to remain stable at around 42.7% in 2024, indicating a balanced financial structure [21]. - The gross margin is anticipated to improve slightly to 27.6% in 2024, driven by better cost management and product mix [21].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [15]. Core Views - The company achieved steady growth in performance, with a 20.67% year-on-year increase in revenue to 2.883 billion yuan and an 18.59% increase in net profit attributable to shareholders, reaching 389 million yuan in Q1 2025 [2][3]. - The growth in revenue is primarily attributed to the contribution from the composite pipe business, particularly a significant contract with Abu Dhabi National Oil Company for the supply of pipeline steel pipes, valued at approximately 5.92 billion euros (around 4.6 billion yuan) [3]. - The company is advancing its high-end strategy, resulting in improved profitability, with a gross margin of 28.08%, an increase of 1.08 percentage points year-on-year [3]. Financial Data and Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 1.693 billion yuan, 1.860 billion yuan, and 2.029 billion yuan respectively, with corresponding P/E ratios of 13.3, 12.1, and 11.1 [4][5]. - Revenue is expected to grow from 10.918 billion yuan in 2024 to 12.899 billion yuan in 2025, reflecting an 18% growth rate [5]. - The company’s construction projects have increased by 43.58% year-on-year, with ongoing investments in high-performance pipe production expected to enhance capacity by 2026 [4].

Core Viewpoint - The company has disclosed its first quarter report for 2025, ensuring the accuracy and completeness of the information provided, and has outlined key financial data, shareholder information, and significant corporate actions planned for the future [1][2][11]. Financial Data - The first quarter report is unaudited [3]. - The company has not made any retrospective adjustments or restatements to previous years' accounting data due to changes in accounting policies or corrections of accounting errors [4]. - The company reported a total of 12,936,717 shares repurchased, representing 1.32% of the total share capital, with a total transaction amount of 299,830,575.70 yuan [6]. Shareholder Information - As of the reporting period, the company holds 28,543,377 shares in its repurchase account, accounting for 2.92% of the total shares, which is not included in the top ten shareholders [4]. Corporate Actions - The company plans to sell up to 15,831,400 shares of its associate company, aiming to optimize its asset structure and improve liquidity [7]. - The company intends to adjust the guarantee limit for its controlling subsidiary, increasing the total guarantee amount from 56,200,000 yuan to 84,000,000 yuan [8]. - A profit distribution proposal for the year 2024 has been suggested, which includes a cash dividend of 9.70 yuan per 10 shares, with no stock dividends or capital reserve transfers [8]. Meeting Resolutions - The board of directors and the supervisory board have both approved the first quarter report, confirming that the report reflects the company's true financial status without any misleading statements or omissions [13][18].

Financial Performance - The company's operating revenue for Q1 2025 reached ¥2,882,588,882.49, representing a 20.67% increase compared to ¥2,388,748,998.90 in the same period last year[4] - Net profit attributable to shareholders was ¥389,135,837.89, an 18.59% increase from ¥328,132,793.36 year-over-year[4] - The total profit for the quarter was ¥475,304,774.00, which is a 19.46% increase from ¥397,881,242.77 year-over-year[8] - The company's net profit for the current period reached CNY 398,302,066.99, an increase of 15.2% compared to CNY 345,752,220.54 in the same period last year[22] - The operating profit for the current period was CNY 480,164,704.47, an increase of 20.6% from CNY 398,190,206.75 year-on-year[22] - The company reported a total comprehensive income of CNY 425,851,921.11, which is a 25.3% increase from CNY 339,967,247.63 in the prior year[22] Cash Flow and Liquidity - The net cash flow from operating activities surged to ¥35,299,406.60, marking a significant increase of 693.75% from ¥4,447,171.26 in the previous year[4] - The company reported a significant increase in cash flow from operations, although specific cash flow figures were not provided[21] - Cash flow from operating activities showed a net increase of CNY 35,299,406.60, significantly higher than CNY 4,447,171.26 from the previous year[24] - The company experienced a net cash outflow from investing activities of CNY -230,352,514.56, compared to CNY -141,213,441.57 in the same period last year[25] - Cash and cash equivalents at the end of the period totaled CNY 1,886,332,034.20, down from CNY 3,267,848,077.97 at the end of the previous year[25] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥14,770,297,132.35, up 4.27% from ¥14,166,077,883.17 at the end of the previous year[4] - Total liabilities increased to ¥6,384,880,283.04 from ¥6,049,312,144.75, reflecting a rise of 5.5%[19] - The company's inventory increased by 11.08%, reaching ¥3,791,237,241.36, compared to ¥3,413,209,357.52 at the beginning of the period[7] - Accounts receivable increased to ¥1,478,643,835.57 from ¥1,220,940,187.47, representing a growth of 21.1% year-over-year[18] Shareholder Information - The total number of common shareholders at the end of the reporting period is 17,727[10] - The largest shareholder, Jiuli Group Co., Ltd., holds 34.33% of the shares, totaling 335,477,923 shares[10] - The company has repurchased a total of 12,936,717 shares, accounting for 1.32% of the total share capital, with a total transaction amount of 299,830,575.70 yuan[13] - The proposed profit distribution plan for 2024 is to distribute a cash dividend of 9.70 yuan per 10 shares to all shareholders, with no stock dividends or capital reserve transfers[15] Research and Development - Research and development expenses for the quarter were ¥92,258,165.32, a 4.27% increase from ¥88,479,660.38 in the previous year[8] - Research and development expenses were reported at ¥92,258,165.32, slightly down from ¥88,479,660.38, indicating a focus on cost management in R&D[21] Strategic Initiatives - The company plans to sell up to 15,831,400 shares of Yongxing Special Materials Technology Co., Ltd. to optimize asset structure and improve liquidity[14] - The guarantee limit for the controlling subsidiary has been increased from 562 million yuan to 840 million yuan to support its operational needs[14] - The company plans to expand its market presence and invest in new technologies, although specific details on new products or technologies were not disclosed[21]

本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、会议召开情况 浙江久立特材科技股份有限公司（以下简称"公司"）第七届监事会第九次会 议于 2025 年 4 月 19 日以电子邮件方式发出通知，并于 2025 年 4 月 24 日以现 场结合通讯表决的方式召开。本次监事会应出席监事 3 名，实际出席监事 3 名。 本次会议的召集和召开符合《公司法》和《公司章程》的有关规定。 二、会议审议情况 与会监事经认真审议，以记名投票表决方式通过了如下决议： 证券代码：002318 证券简称：久立特材 公告编号：2025-027 （一）会议以 3 票同意，0 票反对，0 票弃权的表决结果，审议通过了《2025 年第一季度报告》。 浙江久立特材科技股份有限公司 第七届监事会第九次会议决议公告 第七届监事会第九次会议决议。 特此公告。 浙江久立特材科技股份有限公司监事会 2025 年 4 月 25 日 经审核，监事会认为：董事会编制和审核公司《2025 年第一季度报告》的 程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反 映了公司的真实情况，不存在任何 ...

证券代码：002318 证券简称：久立特材 公告编号：2025-026 浙江久立特材科技股份有限公司 第七届董事会第十二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、会议召开情况 浙江久立特材科技股份有限公司董事会 2025年4月25日 （一）会议以 10 票同意、0 票反对、0 票弃权，审议通过了《2025 年第一季 度报告》。 该议案已经公司审计委员会审议通过，具体内容详见披露于《证券时报》、 《上海证券报》、《中国证券报》和巨潮资讯网（www.cninfo.com.cn）的 《2025年第一季度报告》。 三、备查文件 1、第七届董事会第十二次会议决议； 2、审计委员会专门会议纪要。 特此公告。 浙江久立特材科技股份有限公司（以下简称"公司"）第七届董事会第十二 次会议于 2025 年 4 月 19 日以电子邮件方式发出通知，并于 2025 年 4 月 24 日以 现场结合通讯表决的方式召开。本次董事会应出席董事（含独立董事）10 名， 实际出席董事 10 名，公司监事、高管列席了本次会议。本次会议的召集和召开 符合《公司法》和《公司 ...

Core Viewpoint - Zhejiang Jiuli Special Materials Technology Co., Ltd. has approved a profit distribution plan for the year 2024, which includes a cash dividend of 9.70 RMB per 10 shares for all shareholders, with no stock dividends or capital reserve transfers [2][5]. Summary by Sections Profit Distribution Plan - The profit distribution plan for 2024 was approved at the annual shareholders' meeting, with a cash dividend of 9.70 RMB per 10 shares (including tax) to be distributed to all shareholders [2][3]. - The total number of shares for the distribution is calculated based on the total share capital of 977,170,720 shares, minus 28,543,377 shares held in the company's repurchase account, resulting in a base of 948,627,343 shares [2][5]. - The expected total cash dividend amount is approximately 920,168,522.71 RMB (including tax) [2][5]. Implementation Details - The cash dividend will be distributed on April 24, 2025, with the record date set for April 23, 2025 [6][7]. - The actual cash dividend per share after the distribution will be adjusted to 0.9416660 RMB per share, reflecting the total cash dividend divided by the total share capital [7]. Taxation and Distribution Method - Different tax rates apply for various categories of shareholders, with specific provisions for Hong Kong investors and domestic investors holding different types of shares [5][7]. - The cash dividends will be directly credited to the accounts of A-share shareholders through their respective securities companies [7]. Consultation and Documentation - The company has provided contact information for inquiries regarding the profit distribution plan, including an email and phone number [8]. - Relevant documents, including the resolutions from the shareholders' meeting and board meetings, are available for review [8].