JIULI Hi-tech(002318) 华福证券·2025-04-25 05:11Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [15]. Core Views - The company achieved steady growth in performance, with a 20.67% year-on-year increase in revenue to 2.883 billion yuan and an 18.59% increase in net profit attributable to shareholders, reaching 389 million yuan in Q1 2025 [2][3]. - The growth in revenue is primarily attributed to the contribution from the composite pipe business, particularly a significant contract with Abu Dhabi National Oil Company for the supply of pipeline steel pipes, valued at approximately 5.92 billion euros (around 4.6 billion yuan) [3]. - The company is advancing its high-end strategy, resulting in improved profitability, with a gross margin of 28.08%, an increase of 1.08 percentage points year-on-year [3]. Financial Data and Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 1.693 billion yuan, 1.860 billion yuan, and 2.029 billion yuan respectively, with corresponding P/E ratios of 13.3, 12.1, and 11.1 [4][5]. - Revenue is expected to grow from 10.918 billion yuan in 2024 to 12.899 billion yuan in 2025, reflecting an 18% growth rate [5]. - The company’s construction projects have increased by 43.58% year-on-year, with ongoing investments in high-performance pipe production expected to enhance capacity by 2026 [4].