Leading domestic stainless steel material enterprises, continue to lead the development of the industry:

As a leader in the domestic field of industrial stainless steel and special alloy materials, Jiuli Special Materials has more than 30 years of industry history and deep technical accumulation. Since its launch in 2009, the company has shown a steady development momentum and good market position through continuous technological innovation and market expansion. As a leading enterprise in the domestic market, Jiuli Hi-Tech has shown significant advantages in corporate governance, technology research and development, and industrial layout. By continuously promoting technological innovation and industrial upgrading, the company has successfully consolidated its leading position in the field of stainless steel materials, while showing good growth potential and a stable development trend.

Products cover many industrial fields, and technical strength lays influence:

Jiuli Hi-Tech has a broad product line and strong market competitiveness in the field of stainless steel materials.

The company's main products include seamless pipes, welded pipes, pipe fittings and composite pipes, which are widely used in petroleum, natural gas, electricity, chemicals and other key fields. Relying on its continuous investment in technological innovation and product quality, Jiuli Hi-Tech has not only maintained the leading position of its products in the domestic market, but also successfully expanded its influence in the international market. Through continuous technology research and market development, the company has diversified and high-end product lines, further enhancing its competitive advantage in the stainless steel materials industry.

An important player in the field of nuclear power, its products cover high-end applications:

In the field of nuclear power materials, Jiuli Hi-Tech has shown its strategic vision of technological innovation and market layout. The company is one of the domestic enterprises with U-shaped steam generator tube qualifications. Through years of technology accumulation and R&D investment, the company has made major breakthroughs in nuclear power materials technology. The company's achievements in the field of nuclear power materials have not only opened up new growth space for the company, but also made important contributions to the independent research and development of domestic nuclear power equipment and industrial upgrading.

Investment advice:

We expect the company's revenue from 2024 to 2026 to be 10.282/11.906/13.728 billion yuan, with growth rates of 20.0%/15.8%/15.3%, and net profit of 1.501/1.771/2.013 billion yuan respectively, with growth rates of 0.9%/18.0%/13.7%, respectively. We chose relevant companies in the steel field, Wujin Stainless Steel, Changbao Co., Ltd., Fushun Special Steel, and Yongxing Materials as comparable companies. Referring to comparable companies in the industry, the PE of comparable companies in 2024 was 10 times. Considering the company's layout advantages in the high-end product field and leading position in industrial stainless steel, the company was given 15 times PE in 2024, the target price for 6 months was 23.10 yuan, and the investment rating of buy-A was given.

Risk warning: the risk of fluctuating raw material prices; the risk of falling capital expenditure in the oil and gas and chemical industries; the risk of falling short of expectations in the construction of nuclear power projects; risk that profit forecasts and assumptions fall short of expectations.