JIULI Hi-tech(002318) 光大证券·2024-10-31 07:00Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The company achieved a revenue of 7.143 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 16.07%. The net profit attributable to the parent company was 1.045 billion yuan, down 5.68% year-on-year, while the net profit after deducting non-recurring gains and losses was 1.017 billion yuan, up 15.60% year-on-year [1][2]. - In Q3 2024, the company reported a revenue of 2.313 billion yuan, a decrease of 3.23% year-on-year and 5.29% quarter-on-quarter. The net profit attributable to the parent company reached 401 million yuan, an increase of 1.31% year-on-year and a significant increase of 26.86% quarter-on-quarter [1]. - The company’s investment income saw a dramatic decline of 85% year-on-year, yet the net profit in Q3 2024 reached a new high for the past five quarters, with a net profit margin of 17.33% [1][3]. Summary by Sections Financial Performance - For Q3 2024, the company’s non-recurring gains and losses amounted to 37 million yuan, a year-on-year increase of 1133%. This includes gains from the fair value changes of financial assets and liabilities held by non-financial enterprises [2]. - The company has initiated a dual enhancement action plan aimed at improving long-term investment value, focusing on innovation, quality upgrades, stable dividends, and expanding international cooperation [2]. Share Buyback - The company has been actively repurchasing shares, with a total of 15.61 million shares bought back from November 23, 2023, to September 3, 2024, representing 1.60% of the total share capital, with a total transaction amount of 300 million yuan [3]. Earnings Forecast and Valuation - Due to the decline in investment income, the company has adjusted its net profit forecasts for 2024 and 2025 downwards by 11.75% and 5.33% respectively, projecting net profits of 1.364 billion yuan and 1.624 billion yuan. The 2026 net profit forecast remains unchanged at 1.876 billion yuan. The company is recognized as a leading domestic industrial stainless steel pipe manufacturer, with ongoing product structure upgrades and increasing overseas orders [3].