JIULI Hi-tech(002318) 华创证券·2025-03-25 10:33Investment 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].