JIULI Hi-tech(002318) 光大证券·2025-03-25 11:42Investment 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]