Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 27.44 [8][9]. Core Views - The company achieved a revenue of RMB 10.918 billion in 2024, representing a year-over-year increase of 27.42%, and a net profit attributable to shareholders of RMB 1.490 billion, which is in line with previous expectations [1][2]. - The sales volume of composite pipes saw a significant increase of 247.24% year-over-year, driven by the completion of overseas project acquisitions [2]. - The company plans to distribute a high dividend ratio of 61.74% for 2024, the highest since 2019, reflecting strong shareholder returns [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of RMB 3.775 billion, a year-over-year increase of 56.36% and a quarter-over-quarter increase of 63.23% [1]. - The overall gross margin for 2024 was 27.63%, with Q4 gross margin at 28.96%, showing a slight decrease due to the sales rhythm of high-end products [2]. Sales and Product Mix - The sales volumes for welded pipes, seamless pipes, and composite pipes in 2024 were 63.7 thousand tons, 61.2 thousand tons, and 28.7 thousand tons, respectively, with composite pipes showing a notable increase [2]. Investment and Acquisitions - The company’s overseas investment project, EBK, contributed a net profit of RMB 220 million in 2024, while the joint venture alloy company contributed RMB 109 million [3]. - The company plans to reduce its stake in Yongxing Materials by up to 15.83 million shares to optimize its asset structure and focus on core business development [4]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected to be RMB 1.77, RMB 1.91, and RMB 2.07, respectively [5]. - The report adjusts the 2025 price-to-earnings (PE) ratio to 15.5 times, reflecting the anticipated performance from overseas projects and increased production capacity [5].

Core Viewpoint - Jiu Li Special Materials reported a revenue of 10.918 billion yuan for 2024, representing a year-on-year increase of 27.42%, with a net profit attributable to shareholders of 1.49 billion yuan, which is in line with previous expectations [1] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 3.775 billion yuan, up 56.36% year-on-year and 63.23% quarter-on-quarter, with a net profit of 445 million yuan, reflecting a year-on-year increase of 17.01% and a quarter-on-quarter increase of 11.12% [1] - The sales volume for welded pipes, seamless pipes, and composite pipes in 2024 was 63.7 thousand tons, 61.2 thousand tons, and 28.7 thousand tons respectively, with composite pipes showing a significant increase of 247.24% year-on-year [2] - The overall gross margin for 2024 was 27.63%, an increase of 1.45 percentage points year-on-year, while Q4 gross margin was 28.96%, showing a quarter-on-quarter decrease of 2.19 percentage points [2] Group 2: Investment and Dividends - The company plans to distribute a dividend ratio of over 60% for 2024, with a proposed dividend ratio of 61.74%, the highest since 2019 [2] - The overseas investment project EBK contributed a net profit of 220 million yuan in 2024, while the joint venture alloy company achieved a net profit of 109 million yuan [2] - The company intends to reduce its stake in Yongxing Materials by up to 15.83 million shares, accounting for 3% of the total shares, to optimize its asset structure and focus on core business R&D [3] Group 3: Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025-2027 are adjusted to 1.77 yuan, 1.91 yuan, and 2.07 yuan respectively, reflecting an increase from previous estimates [4] - The target price is set at 27.44 yuan, based on a price-to-earnings (PE) ratio of 15.5 times for 2025, considering the successful release of overseas project performance and the potential for increased high-end product sales [4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 20% compared to the market benchmark index within the next six months [5][16]. Core Insights - The company achieved a revenue of 10.918 billion yuan in 2024, representing a year-on-year growth of 27.42%. The net profit attributable to shareholders was 1.490 billion yuan, with a slight increase of 0.12% [2][3]. - The net profit, excluding investment income from joint ventures, showed a significant increase of 42.02%, reaching 1.416 billion yuan [3]. - The company plans to distribute a cash dividend of 9.70 yuan per 10 shares, with an expected payout of 920 million yuan in 2024, resulting in a dividend payout ratio of 61.74% [3]. Financial Performance - The company's high-end product revenue reached approximately 2.4 billion yuan in 2024, accounting for about 22% of total revenue, with a year-on-year growth of 25% [4]. - The overall sales gross margin improved by 1.45 percentage points to 27.63%, while the net profit margin decreased by 3.49 percentage points to 13.92% due to a lack of investment income from joint ventures [4]. - The company’s alloy business generated revenue of 1.33 billion yuan, with a net profit of 109 million yuan, significantly higher than the previous year [4]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 1.741 billion yuan, 1.935 billion yuan, and 2.149 billion yuan, respectively, with corresponding P/E ratios of 14.2, 12.8, and 11.5 [5][6].

久立特材 20250325 在下游分布方面，油气领域占比约 63%，电力设备制造领域包括核电订单稳定 交付，占比约 13%，其中核电占 10%-11%。其他机械设备制造相对稳定，占比 10%-13%。此外，还有一些不可分行业如棒材加工、废料销售等。 久立特材如何定义和发展高端产品？ 高端产品定义为售价在 10 万元以上且毛利率在 30%以上的材料。这些产品不仅 限于管材，还包括工业用不锈钢管、管件、预制件以及板棒、线丝等成品材料。 未来，公司将继续完善内部产业链，通过提供配套服务化方案来优化成本，实 现固定成本摊销，并不断提升各类高端产品附加值。 摘要 Q&A 请介绍一下久立特材 2024 年的整体业绩表现及其主要驱动因素。 2024 年久立特材的全年营收为 109 亿元，基本达成了年初设定的销售收入目标。 高端产品的收入绝对值为 24 亿元，同比 2023 年增长了 25%左右。高端产品一 直是市场关注的重点，其量和利润占比都在逐步提升。在无缝管和焊接管总量 没有显著变化的情况下，公司实现了 14.16 亿元的主业利润，同比增长 42%。 这一增长主要得益于以下几个方面：首先，收购 EBK 后大订单履行带来 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - In 2024, the company achieved operating revenue of 10.918 billion yuan, a year-on-year increase of 27.42%, and a net profit attributable to shareholders of 1.490 billion yuan, a slight increase of 0.12% [1] - The company reported a significant increase in high value-added and high-tech product revenue, which rose by 25% year-on-year, contributing approximately 2.4 billion yuan to total revenue [2] - The company plans to achieve a sales target of 190,000 tons for industrial finished steel pipes in 2025 [2] - The company’s European operations saw a net profit of 220 million yuan, a year-on-year increase of 58.07% [3] - The cash dividend ratio reached 61.74% in 2024, with total cash dividends amounting to 920 million yuan [3] Financial Performance Summary - The company’s operating income for 2024 was 10.918 billion yuan, with a net profit of 1.490 billion yuan and a non-recurring net profit of 1.521 billion yuan, reflecting a year-on-year growth of 24.63% [1] - The average selling price of seamless pipes increased by 6.86% to 70,004 yuan per ton, while the average gross profit per ton rose by 25.59% to 23,335 yuan [2] - The company’s total assets increased to 14.166 billion yuan in 2024, with total liabilities at 6.049 billion yuan [12] Profitability and Valuation Metrics - The report forecasts net profits of 1.624 billion yuan for 2025, 1.876 billion yuan for 2026, and 2.160 billion yuan for 2027 [4] - The company’s P/E ratio is projected to decrease from 16 in 2024 to 11 by 2027, indicating an improving valuation outlook [14] - The gross profit margin is expected to improve from 27.6% in 2024 to 30.4% by 2027 [13]

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Insights - The company's revenue for 2024 reached 10.918 billion yuan, a year-on-year increase of 27.42%, while the net profit attributable to shareholders was 1.490 billion yuan, a slight increase of 0.12% [1][2]. - The company's core profit, excluding investment income from joint ventures, increased by 42.02% year-on-year, indicating strong operational performance despite a decline in investment income [2]. - The sales volume of composite pipes surged by 247.24% year-on-year, significantly contributing to overall sales growth [2]. - The company plans to distribute a cash dividend of 9.7 yuan per 10 shares, amounting to approximately 920 million yuan, which represents 61.74% of the annual net profit, reflecting a 30.70 percentage point increase year-on-year [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 3.775 billion yuan, a year-on-year increase of 56.36% and a quarter-on-quarter increase of 63.23% [1]. - The gross profit margin for 2024 was 27.63%, up by 1.45 percentage points year-on-year, while the Q4 gross profit margin was 28.96%, showing a decrease compared to the previous quarter [2]. Future Outlook - The company is focusing on high-end capacity release and accelerating international expansion, with a production capacity of 200,000 tons of industrial finished pipes and 15,000 tons of fittings [4]. - The company aims to achieve a sales target of 190,000 tons of finished pipes in 2025, representing a year-on-year increase of 23.70% [2]. - The company has significant ongoing projects, with completion rates of 98%, 85%, 70%, 40%, and 30% for various high-end production projects as of 2024 [4]. Profit Forecast - The projected net profit for 2025, 2026, and 2027 is expected to be 1.713 billion yuan, 1.882 billion yuan, and 2.045 billion yuan, respectively, with corresponding PE ratios of 14x, 13x, and 12x [5][6].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 28.64 CNY [2][8]. Core Insights - The company achieved a total revenue of 10.918 billion CNY in 2024, representing a year-on-year growth of 27.42%. The net profit attributable to shareholders was 1.490 billion CNY, with a slight increase of 0.12%. The adjusted net profit was 1.521 billion CNY, showing a growth of 24.63% [2][4]. - In Q4 2024, the company reported a revenue of 3.775 billion CNY, marking a significant year-on-year increase of 56.36% and a quarter-on-quarter increase of 63.23%. The net profit for the quarter was 444.5 million CNY, up 17.01% year-on-year and 11.12% quarter-on-quarter [2][4]. - The company is focusing on high-end, intelligent, and international transformation strategies, leading to steady growth across multiple business segments, particularly in alloy materials, pipe fittings, and composite pipe products [2][8]. Financial Performance Summary - The company's revenue is projected to grow to 14.4 billion CNY in 2025, with a year-on-year growth rate of 31.9%. The net profit is expected to reach 1.748 billion CNY, reflecting a growth of 17.3% [4][9]. - The gross profit from the company's traditional business of seamless and welded pipes was 1.902 billion CNY in 2024, with a year-on-year increase of 11.23%. The sales price of seamless pipes increased to 70,000 CNY per ton, a growth of 7% [2][8]. - The company plans to distribute a cash dividend of 9.70 CNY per 10 shares, amounting to approximately 9.20 billion CNY, which represents 61.74% of the annual net profit attributable to shareholders [2][8]. Business Growth and Strategy - The company reported that high-value-added and high-tech products generated approximately 2.4 billion CNY in revenue, accounting for about 22% of total revenue, with a year-on-year growth of 25% [2][8]. - Ongoing projects, including a 20,000-ton annual production capacity for high-performance pipes for nuclear energy and oil and gas applications, are expected to further enhance the company's high-end product offerings [2][8]. - The report indicates an upward revision of profit forecasts for 2025-2027, with expected net profits of 1.748 billion CNY, 1.909 billion CNY, and 2.101 billion CNY, respectively [2][8].

2025 年 3 月 25 日 公司研究 扣除联营企业投资收益后归母净利润同比+42%，现金分红比例超过 60% ——久立特材（002318.SZ）2024 年年报点评 要点 资料来源：Wind，光大证券研究所预测，股价时间为 2025-03-24 事件： 2024 年，公司实现营业收入 109.18 亿元，同比+27.42%；实现归母净利 润 14.90 亿元，同比+0.12%；实现扣非后归母净利润 15.21 亿元，同比+24.63%。 2024Q4 营业收入 37.75 亿元，同比+56.36%，环比+63.23%；实现归母净利润 4.45 亿元，同比+17.01%，环比+11.12%；实现扣非后归母净利润 5.04 亿元， 同比+47.95%，环比+38.37%。 2024 年无缝管、焊接管销量同比微降，2025 年工业用成品钢管销量目标 19 万 吨：2024 年无缝管销量 6.12 万吨，同比-0.34%，焊接管销量 6.37 万吨，同比 -1.94%。无缝管吨钢平均售价为 70004 元，同比+6.86%，吨钢平均毛利为 23335 元，同比+25.59%；焊接管吨钢平均售价为 30518 元， ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 03 25 年 月 日 久立特材（002318.SZ） 主业利润持续高增，趋势有望延续 事件：公司发布 2024 年度报告。2024 年公司实现营业收入 109.18 亿元，同比 增长 27.42%；归属于上市公司股东的净利润为 14.9 亿元，同比增长 0.12%；归 属于上市公司股东的扣除非经常性损益的净利润为15.21亿元，同比增长24.63%； 基本每股收益为 1.55 元；拟向全体股东每 10 股派发现金红利 9.70 元（含税）。 2024 年归母净利创历史新高，主业利润持续高增。公司 2024 实现归母净利 14.9 亿元，刷新历史新高；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 司股东的净利润 141,572.13 万元，同比增长 42.02%，主业增速较去年加快 5.96pct，公司主业高增趋势延续。公司 2024Q1-2024Q4 逐季销售毛利率分别为 27.00%、22.85%、31.15%、28.96%，逐季销售净利率分别为 14.47%、13.08%、 17.66%、11.83%，受益于国际化布局加快、下游 ...

审计说明…………………………………………………………第 1—2 页 二、非经营性资金占用及其他关联资金往来情况汇总表 ……………第 3 页 目 录 一、非经营性资金占用及其他关联资金往来情况的专项 非经营性资金占用及其他关联资金往来情况的 专项审计说明 天健审〔2025〕721 号 浙江久立特材科技股份有限公司全体股东： 我们接受委托，审计了浙江久立特材科技股份有限公司（以下简称久立特材 公司）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表， 2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所 有者权益变动表，以及财务报表附注，并出具了审计报告。在此基础上，我们审 计了后附的久立特材公司管理层编制的 2024 年度《非经营性资金占用及其他关 联资金往来情况汇总表》（以下简称汇总表）。 一、对报告使用者和使用目的的限定 第 1 页 共 3 页 三、注册会计师的责任 我们的责任是在实施审计工作的基础上对久立特材公司管理层编制的汇总 表发表专项审计意见。 四、工作概述 我们的审计是根据中国注册会计师执业准则进行的。中国注册会计师执业准 则要求我们计划和 ...