Zhejiang JIULI Hi-tech Metals (002318) Q4 2024 earnings summary

Executive summary

• Achieved revenue of ¥10.92 billion in 2024, up 27.42% year-over-year, with net profit attributable to shareholders at ¥1.49 billion, a slight increase of 0.12% year-over-year.

• Significant growth in high-value product lines, especially composite pipes (up 599.8%), alloy materials (up 59.94%), and pipe fittings (up 39.55%).

• Overseas sales surged 58.64% year-over-year, driven by successful integration of EBK and international project deliveries.

• R&D investment reached ¥362 million, up 6.6%, with 14 new patents and 21 new research projects.

• Cash dividend of ¥9.70 per 10 shares proposed, with a total payout of ¥920 million.

Financial highlights

• Revenue: ¥10.92 billion (+27.42% YoY); Net profit: ¥1.49 billion (+0.12% YoY); Operating cash flow: ¥831 million (-52.75% YoY).

• Gross margin for composite pipes was 25.51%, and for seamless pipes 33.33%.

• Total assets at year-end: ¥14.17 billion (+8.84% YoY); Shareholders’ equity: ¥7.88 billion (+8.77% YoY).

• Basic EPS: ¥1.55; ROE: 19.85% (down 2.42 percentage points YoY).

Outlook and guidance

• 2025 sales target: 190,000 tons of finished pipes and 10,500 tons of fittings.

• Focus on optimizing product mix, expanding high-end and international markets, and advancing green, low-carbon initiatives.

• Continued investment in R&D, digitalization, and global talent to drive innovation and competitiveness.