华福证券 公用事业 2024年04月30日 公 司 久立特材（ ） 002318.SZ 买入（维持评级） 研 究 当前价格： 24.97元 高端化战略成效显著，增强核心业务盈利能力 基本数据 总股本/流通股本(百万股) 977.17/954.28 流通A股市值(百万元) 23,828.29 每股净资产(元) 7.52 投资要点： 资产负债率(%) 41.51 一年内最高/最低价(元) 25.59/15.03  事件：公司发布 2023 年年报，2023 年实现营收 85.68 亿元，同比 一年内股价相对走势 +31.07%；归母净利润14.89亿元，同比+15.58%。2024Q1单季营收23.89 亿元，同比+42.30%；归母净利润3.28亿元，同比+40.95%。 公 司  全年归母净利润稳步增长，24Q1归母净利润表现亮眼。2023年公司 财 积极开拓国内外中高端产品市场，实现量价齐升，收入同比增长31.07%， 报 全年归母净利润同比稳步增长。2023年扣非归母净利润同比下降5.14%， 点 主要系公司对联营企业的股权投资收益减少所致，2023年扣除联营企业投 评 资收益后归母净利润9.97亿元 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of April 29, 2024, at 23.96 yuan [4]. Core Insights - The company achieved a revenue of 8.568 billion yuan in 2023, representing a year-on-year growth of 31.1%, and a net profit attributable to shareholders of 1.489 billion yuan, up 15.6% year-on-year [1][4]. - In Q1 2024, the company reported a revenue of 2.389 billion yuan, a 42.3% increase year-on-year, and a net profit of 328 million yuan, reflecting a 41% year-on-year growth [1][2]. - The company is focusing on expanding high-end production capacity, with several projects nearing completion that will enhance profitability [3]. Financial Performance - In 2023, the company sold 61,400 tons of seamless pipes, a 14.82% increase year-on-year, and 65,000 tons of welded pipes, a 6.72% increase year-on-year [2]. - The gross profit margin for 2023 was 26.18%, an increase of 0.90 percentage points year-on-year, with specific margins for seamless and welded pipes at 28.36% and 24.84%, respectively [2]. - The company aims for total sales of approximately 182,900 tons of finished steel pipes and 9,600 tons of pipe fittings in 2024 [2]. Future Outlook - The company is positioned as one of the few in China capable of using advanced extrusion processes, which enhances material yield and product quality [3]. - The production capacity includes 200,000 tons of industrial finished pipes, 15,000 tons of pipe fittings, and 26,000 tons of alloy materials annually [3]. - Projects such as the "Annual Production of 5,500 km Precision Pipe Project" and "10 Million Tons Aerospace Materials and Products Project" are expected to contribute significantly to net profits [3]. Earnings Forecast - The projected net profits for 2024, 2025, and 2026 are 1.422 billion yuan, 1.670 billion yuan, and 1.884 billion yuan, respectively, with corresponding PE ratios of 16, 14, and 12 times [3][4].

[Table_Page] 年报点评|钢铁 证券研究报告 [久Table_立Title] 特材（002318.SZ） [公Tab司le_I评nves级t] 买入 当前价格 23.96元 23 年海外业绩大增，多点布局全球中高端市场 合理价值 26.97元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-30 ⚫ 23年、24Q1归母净利润同比分别增16%、41%，盈利能力稳步上升， [相Tab对le_P市icQ场uote表] 现 海外市场业绩超预期。据久立特材2023年报及24年一季报，23年营 收86亿元，同比增31%，归母净利15亿元，同比增16%。24Q1营 62% 45% 收24亿元、同比增42%，归母净利3亿元、同比增41%。23年海外 28% 收入同比大增84%至29亿元，海外业务收入、毛利占比分别为34%、 12% 44%，23年海外市场业绩超预期并提升全年业绩。 -5%05/23 07/23 09/23 10/23 12/23 02/24 04/24 ⚫ 多点布局中高端产品，海外孙公司获46亿元管线钢管订单，助力24- -22% 久立特材 沪深300 ...

证券研究报告 | 年报点评报告 2024年04月30日 久立特材（002318.SZ） 主业盈利高增，趋势有望延续 事件：公司发布2023年报及2024年一季度报告。2023年公司实现营业收入85.68亿元， 买入（维持） 同比增长31.07%；归属于母公司所有者的净利润14.89亿元，同比增长15.58%；基本每股 收益 1.53 元，同比增长 14.18%。2024 年一季度公司实现营业收入 23.89 亿元，同比增长 股票信息 42.3%；归属于母公司所有者的净利润3.28亿元，同比增长40.95%；基本每股收益0.34元， 行业 特钢Ⅱ 同比增长41.67%。 前次评级 买入 4月29日收盘价(元) 23.96 2023年归母净利创历史新高，主业利润持续高增。公司2023实现归母净利14.89亿元，同 总市值(百万元) 23,413.01 比增长 15.58%，创出历史新高；同时主业显著改善，扣除联营企业投资收益后归属于上市公 总股本(百万股) 977.17 司股东的净利润99,687.38万元，同比增长36.06%。2024Q1归母净利同比增长40.95%，其 中投资净收益占营业利润的比例仅为4.2 ...

证券代码：002318 证券简称：久立特材 公告编号：2024-020 （问题征集专题页面二维码） 特此公告。 浙江久立特材科技股份有限公司董事会 浙江久立特材科技股份有限公司 关于召开2023年度网上业绩说明会的公告 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、误导性陈述或者重大遗漏。 浙江久立特材科技股份有限公司（以下简称"公司"）将于2024年5月13日 （星期一）15:00~17:00在全景网举办2023年度业绩说明会，本次年度业绩说明 会将采用网络远程的方式举行。投资者可登陆全景网"投资者关系互动平台" （http://ir.p5w.net）参与本次年度业绩说明会。 出席本次说明会的人员有：公司董事长李郑周先生、财务负责人章琳金女 士、独立董事赵志毅先生及董事会秘书寿昊添先生。 为提升交流的针对性，现就公司2023年度业绩说明会提前向投资者公开征 集问题，广泛听取投资者的意见和建议。投资者可于2024年5月12日（星期日） 17：00前访问http://ir.p5w.net/zj/，或扫描下方二维码，进入问题征集专题页面。 公司将在2023年度业绩说明会上对投资者普遍关 ...

Financial Performance - The company's operating revenue for Q1 2024 reached ¥2,388,748,998.90, representing a 42.30% increase compared to the same period last year[3] - Net profit attributable to shareholders was ¥328,132,793.36, marking a 40.95% increase year-over-year[3] - The net profit after deducting non-recurring gains and losses was ¥340,247,120.87, which is a 51.41% increase from the previous year[3] - Basic and diluted earnings per share both increased to ¥0.34, reflecting a 41.67% growth year-over-year[3] - The net profit for Q1 2024 was CNY 345,752,220.54, an increase of 47.5% compared to CNY 234,402,769.46 in Q1 2023[19] - The operating profit for Q1 2024 reached CNY 398,190,206.75, up from CNY 252,938,977.99 in the same period last year, representing a growth of 57.5%[19] - The total comprehensive income attributable to the parent company for Q1 2024 was CNY 322,347,820.45, compared to CNY 232,805,681.83 in Q1 2023, reflecting a growth of 38.5%[19] Cash Flow - The net cash flow from operating activities improved significantly to ¥4,447,171.26, a 103.32% increase compared to a negative cash flow in the same period last year[3] - Cash flow from operating activities for Q1 2024 was CNY 4,447,171.26, a significant recovery from a negative cash flow of CNY -134,003,153.29 in Q1 2023[21] - The company reported a net cash outflow from investing activities of CNY -141,213,441.57 in Q1 2024, compared to CNY -121,082,580.30 in Q1 2023[22] - The net cash flow from financing activities in Q1 2024 was CNY -218,057,458.84, a decrease from a positive cash flow of CNY 23,747,746.29 in Q1 2023[22] Assets and Liabilities - Total assets at the end of Q1 2024 were ¥12,952,384,243.54, a slight decrease of 0.49% from the end of the previous year[3] - The total liabilities decreased by 4.48% to CNY 2,196,844,095.71 from CNY 2,299,974,474.47 in the previous year[9] - The total liabilities decreased to ¥5,377,067,821.20 from ¥5,564,149,131.45, indicating improved financial health[17] - Shareholders' equity attributable to the parent company increased to ¥7,350,234,692.70, up 1.46% from the previous year[3] - The company's equity increased to ¥7,575,316,422.34, up from ¥7,451,877,903.34, showing growth in shareholder value[17] Operational Metrics - The company reported a significant increase in accounts receivable by 31.71%, attributed to higher sales revenue[7] - The company's sales expenses increased by 38.84% to CNY 103,902,103.35, compared to CNY 74,837,498.13 in Q1 2023[9] - Operating costs for the same period were ¥1,998,109,370.02, up 34.2% from ¥1,490,092,056.62 year-over-year[18] - Accounts receivable increased to ¥1,469,595,602.98, up 32% from ¥1,115,741,593.88 at the beginning of the year[16] - Inventory levels decreased slightly to ¥2,383,574,037.81, down from ¥2,441,932,383.70, indicating better inventory management[16] Research and Development - Research and development expenses increased by 17.82% to CNY 88,479,660.38, compared to CNY 75,095,866.61 in Q1 2023[9] - Research and development expenses rose to ¥88,479,660.38, compared to ¥75,095,866.61 in the previous year, highlighting a commitment to innovation[18] Strategic Initiatives - The company completed the acquisition of Jiuli Europe GmbH on April 30, 2023, which is expected to enhance market presence[8] - Future outlook remains positive with plans for market expansion and new product development initiatives[18] Financial Challenges - The company's financial expenses saw a dramatic increase of 496.49%, resulting in a loss of CNY -30,542,893.14, primarily due to increased interest income from deposits[9] - The company experienced a decrease in other comprehensive income, with a net amount of CNY -5,784,972.91 in Q1 2024, compared to CNY 5,959.82 in Q1 2023[19] - The company's investment income decreased by 78.77% to CNY 16,621,953.21, down from CNY 78,283,798.58 in Q1 2023[9]

Financial Performance - The company reported a total revenue of 1.2 billion CNY for the year 2023, representing a year-on-year increase of 15%[11]. - The net profit attributable to shareholders for 2023 was 200 million CNY, reflecting a growth of 10% compared to the previous year[11]. - The company's operating revenue for 2023 reached ¥8,568,414,745.02, representing a 31.07% increase compared to the previous year[15]. - Net profit attributable to shareholders for 2023 was ¥1,488,537,164.36, reflecting a 15.58% increase year-over-year[15]. - The net cash flow from operating activities significantly increased by 77.06% to ¥1,759,199,313.73[15]. - Basic and diluted earnings per share for 2023 were both ¥1.53, up 14.18% from the previous year[15]. - Future performance guidance suggests a revenue target of 1.5 billion CNY for 2024, with an expected growth rate of 25%[11]. - The gross margin improved to 35%, up from 30% in the previous year, reflecting better cost management[125]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of 4.80 CNY per share (including tax) to all shareholders, with no bonus shares issued[4]. - The total cash dividend amount represents 100% of the profit distribution total[145]. - The cash dividend distribution plan is based on a total share capital of 962,575,260 shares after accounting for repurchased shares[145]. Research and Development - Research and development expenses for 2023 amounted to 100 million CNY, accounting for 8.3% of total revenue, with a focus on new alloy materials[11]. - The company has invested significantly in R&D, forming a comprehensive technical research and development system covering the entire manufacturing process of stainless steel and special alloy pipelines[24]. - Research and development investment amounted to ¥339,344,969.75, representing an 11.54% increase from ¥304,243,957.25 in the previous year[31]. - The company is developing high-performance alloy materials for underwater production systems, aiming for domestic production and market competitiveness[57]. - The company is also working on ultra-high pressure alloy pipes for the petrochemical industry, enhancing its product offerings in this sector[58]. Market Expansion and Strategy - The company aims to expand its market presence in Europe and North America, targeting a 20% increase in international sales by 2025[11]. - The company is focusing on expanding its market presence in both domestic and international markets, particularly in the stainless steel pipe sector[88]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[125]. - A strategic acquisition of a local competitor is in progress, which is anticipated to enhance production capacity by 30%[125]. Operational Efficiency and Cost Management - The company has implemented a centralized procurement, specialized production, and unified sales model to enhance operational efficiency[24]. - The company plans to enhance its supply chain efficiency, aiming for a reduction in operational costs by 15% over the next year[125]. - The company will continue to pursue cost reduction and efficiency improvement through lean operations and digital transformation[102]. Risk Management - The company has identified potential risks in supply chain disruptions and is implementing strategies to mitigate these risks[4]. - The company faces risks related to fluctuations in raw material prices, which could impact production costs and profit margins[105]. - The company is subject to potential changes in tax incentives and government subsidies, which could affect its financial performance[106]. Governance and Compliance - The company has established a comprehensive governance structure in compliance with relevant laws and regulations, ensuring the protection of shareholder rights[111]. - The company maintains an independent business system, with no overlap in personnel or financial operations with its controlling shareholders[113]. - The company has conducted regular shareholder meetings, ensuring transparency and active participation from investors[114]. - The company has established performance evaluation and incentive mechanisms for its departments and management[111]. Environmental Initiatives - The company is committed to sustainability initiatives, aiming to reduce carbon emissions by 15% over the next three years[11]. - The company implemented measures to reduce carbon emissions, expecting to decrease emissions by 3,000 tons per year through various energy-saving technologies[162]. - The company was recognized as a national-level industrial product green design demonstration enterprise in 2023[162]. Employee Management and Training - The total number of employees at the end of the reporting period was 4,126, with 2,711 in production roles[138]. - The company has a total of 167,51 training sessions conducted, with 42,046.95 total training hours[141]. - The company has established a dynamic management system for employee compensation, with five different compensation models in place[140]. Subsidiary Performance - The company’s subsidiary, Jiuli Perforation, reported a net profit of ¥6,166,206.36 from its operations[84]. - Total revenue for the subsidiary 久立欧洲 reached EUR 1,882,748,446.17, with a significant increase in sales of 245,828,081.44 compared to the previous period[86]. - The subsidiary 合金公司 reported a revenue of 1,087,365,334.99, with a year-on-year growth of approximately 102.5%[85]. Shareholding Structure - The total number of shares held by the board members and executives at the end of the period was 29,602,923 shares, reflecting changes in shareholding due to market transactions[117]. - The largest shareholder, Jiuli Group Co., Ltd., holds 35.58% of the shares, totaling 347,637,923 shares, with an increase of 11,529,850 shares during the reporting period[188]. - The company plans to repurchase between 5,357,100 and 10,714,200 shares, representing 0.55% to 1.10% of the total share capital[195].

证券代码:002318 证券简称:久立特材 公告编号:2024-005 浙江久立特材科技股份有限公司 1、公司未在下列期间回购股份： （1）自可能对本公司股票交易价格产生重大影响的重大事项发生之日或者 在决策过程中，至依法披露之日内； 关于股份回购进展情况的公告 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。 浙江久立特材科技股份有限公司（以下简称"公司"）于 2023 年 10 月 28 日召开第六届董事会第三十一次会议，审议通过了《关于回购公司股份方案的议 案》，同意公司使用自有资金以集中竞价交易方式回购公司股份用于实施股权激 励或员工持股计划，回购股份的资金总额不低于人民币 1.5 亿元（含）且不超过 人民币 3 亿元（含），回购价格不超过人民币 28 元/股，回购股份期限为自公司 董事会审议通过回购股份方案之日起 12 个月内，具体回购股份的数量以回购期 满时实际回购的股份数量为准。具体内容详见公司在《证券时报》、《上海证券报》 和巨潮资讯网（http://www.cninfo.com.cn）披露的《关于回购公司股份方案的公 告》（公告编号：2023- ...

证券代码:002318 证券简称:久立特材 公告编号:2024-004 浙江久立特材科技股份有限公司 一、股份回购进展情况 截至 2024 年 2 月 29 日，公司通过回购专用证券账户以集中竞价交易方式已 累计回购股份 14,595,460 股，占公司当前总股本的 1.49%，最高成交价为 19.7 元 /股，最低成交价为 18.69 元/股，成交总金额为 280,721,017.9 元（不含交易费用 等）。 上述回购资金来源为公司自有资金，回购价格未超过回购方案中拟定的价格 上限 28 元/股；符合相关法律法规及公司既定回购股份方案的要求。 二、其他说明 公司回购股份的实施符合《深圳证券交易所上市公司自律监管指引第 9 号— —回购股份》第十七条和第十八条的相关规定。具体情况如下： 1 关于股份回购进展情况的公告 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。 浙江久立特材科技股份有限公司（以下简称"公司"）于 2023 年 10 月 28 日召开第六届董事会第三十一次会议，审议通过了《关于回购公司股份方案的议 案》，同意公司使用自有资金以集中竞价交易方式 ...

证券代码:002318 证券简称:久立特材 公告编号:2024-003 浙江久立特材科技股份有限公司 关于股份回购进展情况的公告 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。 浙江久立特材科技股份有限公司（以下简称"公司"）于 2023 年 10 月 28 日召开第六届董事会第三十一次会议，审议通过了《关于回购公司股份方案的议 案》，同意公司使用自有资金以集中竞价交易方式回购公司股份用于实施股权激 励或员工持股计划，回购股份的资金总额不低于人民币 1.5 亿元（含）且不超过 人民币 3 亿元（含），回购价格不超过人民币 28 元/股，回购股份期限为自公司 董事会审议通过回购股份方案之日起 12 个月内，具体回购股份的数量以回购期 满时实际回购的股份数量为准。具体内容详见公司在《证券时报》、《上海证券报》 和巨潮资讯网（http://www.cninfo.com.cn）披露的《关于回购公司股份方案的公 告》（公告编号：2023-081）、《回购股份报告书》（公告编号：2023-088）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 ...