Asia Essentials - 10 Jul 2026

研报英文原文证据摘录

Asia Essentials - 10 Jul 2026

Macquarie Equity Research

09 July 2026

ETAC (Energy Transition and Commodities)

Metals & Mining

Zhejiang Jiuli Hi-Tech China

Metals

Initiation: More than a pipe maker Albert Richard

Miao Feng

Key Points

• Jiuli is not just a commodity stainless-steel pipe maker, but a premium 002318Price (at CH9 Jul 2026) OutperformCNY19.50

supplier to the most demanding use cases. 12-month target CNY31.20

• Its moat rests on decades of hard-won qualification and long-standing 12-month TSR (%) 60.6 Volatility Index Medium

client relations, a gap that widens, not narrows, over time. Market Cap (Local) (m) 19,049

• We expect globalisation and premiumisation to drive future earnings Market Cap (USD) (m) 2,801

growth rather than simple volume expansion. Initiate at OP with TP at Free Float (%) 57

Rmb31.20. 30-day avg turnover (USD) (m) 39.6

Investment Fundamentals

• More than a stainless-steel pipe maker. Jiuli is a supplier of premium YearRevenueend(m) 31 Dec 2025A12,059 2026E9,326 2027E10,009 2028E10,588

materials for mission-critical energy and industrial systems, not just Revenue growth (%) 10.4 (22.7) 7.3 5.8

a commodity producer. Its products are used in applications where EBIT (m) 1,640 982.9 1,297 1,453

qualification and failure risk outweigh price, including nuclear steam- EBIT growth (%) (9.1) (40.0) 32.0 12.0

generator tubes, sour-service OCTG, LNG, semiconductor tubing and Reported profit (m) 1,509 1,324 1,493 1,581

Adjusted profit (m) 1,509 1,324 1,493 1,581

composite pipes. These markets feature high technical barriers, long EPS rep [CNY] 1.6 1.4 1.6 1.7

qualification cycles and limited supplier bases, supporting resilient pricing EPS rep growth (%) 2.2 (12.9) 13.9 5.9

and shielding the company from commoditisation. EPS adj [CNY] 1.6 1.4 1.6 1.7