JIULI Hi-tech(002318) 民生证券·2025-03-25 11:14Investment 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].