证券代码：000778 证券简称：新兴铸管 公告编号：2025-21 新兴铸管股份有限公司 关于召开 2024 年度股东大会的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 新兴铸管股份有限公司（以下简称"本公司""公司"）于 2025 年 4 月 11 日在《中 国证券报》、《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）上披露了《关于 召开 2024 年度股东大会的通知》。定于 2025 年 5 月 8 日召开公司 2024 年度股东大会。 本次股东大会采用现场表决与网络投票相结合的方式召开，为进一步保护投资者的合法 权益，方便本公司股东行使股东大会表决权，现发布《关于召开 2024 年度股东大会的 提示性公告》。 一、召开会议基本情况 1、会议届次：2024 年度股东大会。 2、会议召集人：公司董事会。经公司第十届董事会第十次会议审议通过，决定召开 2024 年度股东大会。 3、会议召开的合法性、合规性情况：本次股东大会会议召开符合有关法律、行政法 规、部门规章、规范性文件和公司章程的规定。 4、会议召开的日期和时 ...

证券研究报告 新兴铸管 (000778 CH) 钢铁行业供给侧优化或渐进，钢铁行业利润有望继续修复 2024 年钢铁行业供给过剩较多，中钢协统计重点企业平均销售利润率 0.71%，同比下降 0.63 个百分点。2024 年以来政府多方积极发声，强调严 控钢铁产量，防止"内卷"式竞争，进一步预示供给侧优化重启或渐近。据 华泰钢铁《钢铁供给侧优化重启的推演》（2025-3-4），2025 年全球铁矿石 产能预计将持续扩张，不考虑西芒杜铁矿影响，初步预测全球部分新投产铁 矿项目将为市场带来约 5000 万吨铁矿石供应增量，可能导致铁矿石年度均 价或进一步下降，因此我们判断 2025 年钢铁行业利润有望继续修复。 维持"增持"评级 我们维持盈利预测，测算 2025-2027 年 EPS 分别为 0.18、0.24、0.26 元； BVPS 分别为 6.57、6.74、6.90 元。可比公司 2025 年 Wind 一致预期 PB 均值为 0.52X，考虑公司铸管需求受益水利投资高景气，给予公司 2025 年 0.61X PE，对应目标价 3.98 元（前值 4.48 元，基于 2025 年 PB 估值 0.68X）。 ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 29 年 月 日 | 增持（维持） | | | --- | --- | | 股票信息 | | | 行业 | 普钢 | | 前次评级 | 增持 | | 04 月 28 日收盘价（元） | 3.38 | | 总市值（百万元） | 13,395.56 | | 总股本（百万股） | 3,963.18 | | 其中自由流通股（%） | 98.24 | | 30 日日均成交量（百万股） | 29.84 | 新兴铸管（000778.SZ） 季度业绩环比改善，关注基建需求潜力 事件：公司发布 2025 年一季度报告。公司一季度实现营业收入 83.75 亿 元，同比下降 8.21%；归属于母公司所有者的净利润 1.37 亿元，同比下 降 19.84%；基本每股收益 0.0345 元，同比减少 19.39%。 季度业绩环比改善，一季度毛利率逐步修复。公司 2025Q1 实现归母净利 1.37 亿元，同比下降 19.84%，环比增长 143.36%；2025Q1 钢价走弱， 行业钢企盈利比例位于 50%左右，公司归母净利同比仍下滑，但环比显著 改善，2025Q1 ...

季度业绩环比改善，关注基建需求潜力 事件：公司发布 2025 年一季度报告。公司一季度实现营业收入 83.75 亿 元，同比下降 8.21%；归属于母公司所有者的净利润 1.37 亿元，同比下 降 19.84%；基本每股收益 0.0345 元，同比减少 19.39%。 季度业绩环比改善，一季度毛利率逐步修复。公司 2025Q1 实现归母净利 1.37 亿元，同比下降 19.84%，环比增长 143.36%；2025Q1 钢价走弱， 行业钢企盈利比例位于 50%左右，公司归母净利同比仍下滑，但环比显著 改善，2025Q1 公司铸管产品在铸管公开市场的招标占比持续提升。公司 2024Q2-2025Q1 逐季销售毛利率分别为 6.84%、4.81%、4.84%、7.61%， 逐季销售净利率分别为 2.52%、0.36%、-4.98%、1.83%，受益于行业供 给端调控预期升温，叠加基建投资及消费驱动的需求改善趋势，后续行业 及公司盈利有望逐步好转。 产能挖潜空间大，加快布局海外产能及储能电池领域。2025 年公司金属 制品产量目标为 992 万吨，同比增加 22.6%，产能挖潜空间较大。2023 年新兴铸管股份有限 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥8,375,153,244.86, a decrease of 8.21% compared to ¥9,124,363,531.11 in the same period last year[5] - Net profit attributable to shareholders was ¥137,022,223.99, down 19.84% from ¥170,936,900.84 year-on-year[5] - The net profit after deducting non-recurring gains and losses increased by 99.29% to ¥120,521,139.21 from ¥60,475,888.91 in the previous year[5] - The weighted average return on net assets decreased to 0.54% from 0.67% year-on-year[5] - Net profit for the period was ¥153,495,982.09, slightly up from ¥152,525,366.56, indicating a marginal increase of 0.6% year-over-year[22] - Earnings per share (EPS) decreased to ¥0.0345 from ¥0.0428, reflecting a decline of approximately 19.0% year-over-year[22] Cash Flow - The net cash flow from operating activities was -¥2,781,485,016.75, a decline of 36.78% compared to -¥2,033,604,359.08 in the same period last year[5] - Cash flow from operating activities decreased to ¥7,135,344,244.97 from ¥8,127,784,706.93, a decrease of about 12.2% year-over-year[23] - Net cash flow from operating activities was -2,781,485,016.75, compared to -2,033,604,359.08 in the previous period, indicating a decline in operational performance[24] - Net cash flow from financing activities improved significantly to ¥2,253,738,096.51 from -¥1,156,900,091.55, marking a 294.81% increase[12] - The total cash and cash equivalents at the end of the period stood at 7,295,131,243.91, down from 9,353,397,170.15, reflecting a decrease in liquidity[25] Assets and Liabilities - The total assets at the end of the reporting period were ¥55,343,846,794.06, an increase of 3.93% from ¥53,250,295,800.59 at the end of the previous year[5] - Long-term borrowings increased by 60.55% to ¥10,549,174,113.48 from ¥6,570,699,081.99, indicating a strategy to optimize the debt structure[10] - Total liabilities increased to ¥27,046,624,113.90 from ¥25,073,296,070.00, an increase of approximately 7.9% year-over-year[20] Research and Development - Research and development expenses rose by 34.64% to ¥96,400,063.72 from ¥71,599,977.43, reflecting the company's commitment to technological innovation[11] - The company reported a decrease in research and development expenses to ¥96,400,063.72 from ¥71,599,977.43, an increase of about 34.7% year-over-year[21] Market Conditions - The steel industry is facing a cyclical downturn, with a reported profit loss of ¥15.5 billion in the black metal smelting and rolling industry for the first two months of the year[17] - The company is actively pursuing cost reduction and efficiency improvement strategies to adapt to the challenging market environment[17] Shareholder Information - The top shareholder, Xinxing Cathay International Group Co., Ltd., holds a significant 40.24% stake in the company, totaling approximately 1.59 billion shares[15] - The company has reported a total of 1.52 billion unrestricted shares held by its top shareholders, indicating a strong liquidity position[15] Inventory and Receivables - The company reported a significant increase in receivables, with accounts receivable rising by 30.65% to ¥4,075,853,064.74 from ¥3,119,558,497.12[10] - Accounts receivable increased significantly to approximately ¥4.08 billion, up from ¥3.12 billion, representing a growth of around 30.8%[18] - The inventory level rose to approximately ¥5.16 billion, compared to ¥4.96 billion previously, marking an increase of about 4.2%[18]

Core Viewpoint - Guangdong Xinxing Foundry Co., Ltd. is leveraging innovation to enhance productivity and achieve significant operational milestones in the first quarter of the year [1][3]. Group 1: Production Achievements - In the first quarter, the company set 19 historical records in key casting processes [3][4]. - The company achieved zero unplanned downtime in iron smelting operations, indicating high efficiency [3]. - All key production and operational indicators were fully met, successfully achieving the first quarter's "opening red" target [3]. Group 2: Operational Strategies - The company is guided by a "cross" strategy focusing on consolidation, adjustment, enhancement, breakthrough, and cultivation [5]. - There is a strong emphasis on safety, supply assurance, and efficiency, with a focus on comprehensive energy consumption optimization [3][7]. - The company promotes a culture of innovation among all employees, encouraging participation in technological advancements and problem-solving [1][5]. Group 3: Future Directions - The company aims to continue enhancing operational capabilities by benchmarking against industry leaders and improving quality and efficiency [7]. - There is a commitment to advancing safety standards and accelerating the implementation of intelligent manufacturing processes [7]. - The integration of party and business operations is emphasized to strengthen the leadership and guarantee production and operational success [7].

Core Viewpoint - 2024 is a critical year for the steel industry, facing deep adjustments and challenges due to unfavorable international conditions and insufficient domestic demand, while the company is actively enhancing its capabilities and international presence to ensure high-quality development [1] Group 1: Company Performance - The company achieved a revenue of 36.194 billion yuan in 2024, with a net profit attributable to shareholders of 167 million yuan [3] - The company’s product competitiveness improved, with the production scale and technology of centrifugal ductile iron pipes ranking first globally, and the production scale of steel grating ranking among the top in Asia [1][3] - The company’s market share in the domestic public bidding market increased by 6%, and export sales of cast pipes grew by 29% year-on-year [1][2] Group 2: Product Development - The company’s product structure adjustment was significant, with the proportion of special steel increasing by 24% year-on-year [1] - New orders for steel grating increased by 9% year-on-year, with a monthly conversion volume exceeding 500 tons [3][6] - The company signed over 3 million tons of new cast pipe contracts in the year, with a contract reserve of over 1.3 million tons at year-end [2] Group 3: Cost Control and Efficiency - The company implemented systematic cost reduction measures, enhancing operational efficiency and successfully outperforming the industry average [4][5] - The company’s iron water cost ranked among the top six in the industry, and the cost of rebar ranked among the top three [5] - The company achieved a 25 yuan per ton increase in efficiency through rapid adjustments in production strategies [2] Group 4: Technological Innovation - The company invested 365 million yuan in R&D in 2024, achieving significant technological advancements, including the creation of a drinking water safety assurance technology system [6][7] - The company holds a total of 2,669 patents, including 592 invention patents, with several innovations recognized at the national level [7] - The company plans to focus on ten key areas in 2025, including enhancing sales-driven market expansion and promoting technological innovation [7]

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 4.3 yuan [2][8]. Core Viewpoints - The company's revenue for 2024 was 36.194 billion yuan, a decrease of 16.32% year-on-year, with a net profit attributable to shareholders of 167 million yuan, down 87.60% year-on-year. The fourth quarter of 2024 saw a revenue of 9.114 billion yuan, an increase of 31.48% year-on-year, but a net loss of 316 million yuan [2][4]. - The steel industry is facing challenges due to oversupply and declining demand, with the steel price index dropping by 8.40% year-on-year, while costs only decreased by 4.41%, leading to compressed profit margins for the company [8]. - Despite industry pressures, the company has seen a 6% increase in market share for ductile iron pipes and a 29% increase in export sales, maintaining a gross margin of 9.32% for its ductile iron products [8]. - The company has adjusted its steel product mix, increasing the proportion of special steel by 24%, which is expected to enhance profitability [8]. - The report forecasts a rebound in the steel industry by 2025, which could provide performance elasticity for the company, with projected net profits for 2025-2027 revised to 636 million yuan, 697 million yuan, and 866 million yuan respectively [8]. Financial Summary - For 2024, the company reported total revenue of 36,194 million yuan, with a year-on-year growth rate of -16.3%. The net profit attributable to shareholders was 167 million yuan, with a year-on-year growth rate of -87.6% [4]. - The earnings per share (EPS) for 2024 is projected at 0.04 yuan, with a price-to-earnings (P/E) ratio of 78 [4]. - The company’s total assets are estimated at 53.25 billion yuan, with a debt-to-equity ratio of 49.8% [9].

Investment Rating - The report adjusts the investment rating to "Cautious Recommendation" [5] Core Views - The company reported a revenue of 36.194 billion yuan in 2024, a year-on-year decrease of 16.32%, and a net profit attributable to shareholders of 167 million yuan, down 87.60% year-on-year [1] - The company is a leader in the ductile iron pipe industry and is actively expanding into overseas markets, with a significant project in Egypt [2][3] - The demand for ductile iron pipes is expected to grow due to urban pipeline renovation projects, with an estimated total investment of around 4 trillion yuan over the next five years [3] Summary by Sections Financial Performance - In 2024, the company sold 8.2164 million tons of cast iron and steel, a decrease of 4.2% year-on-year, with specific product sales showing varied performance [2] - The gross profit margin for 2024 was 5.40%, a decrease of 0.89 percentage points year-on-year [2] - The fourth quarter of 2024 saw a revenue of 9.114 billion yuan, a quarter-on-quarter increase of 9.16% and a year-on-year increase of 31.48% [1] Market Position and Strategy - The company has a production capacity of 3.2 million tons for cast iron and pipe castings, maintaining a leading position globally [2] - The company has increased its focus on key markets, with a 29% increase in export sales and over 300,000 tons of new cast iron contracts signed in 2024 [3] Future Outlook - The company expects to achieve net profits of 396 million yuan, 584 million yuan, and 784 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 33, 22, and 17 [4] - The anticipated growth in urban pipeline construction is expected to provide new opportunities for the domestic cast iron market [3]

Investment Rating - The report adjusts the investment rating to "Cautious Recommendation" [5] Core Views - The company reported a revenue of 36.194 billion yuan in 2024, a year-on-year decrease of 16.32%, and a net profit attributable to shareholders of 167 million yuan, down 87.60% year-on-year [1] - The company is a leader in the ductile iron pipe industry and is actively expanding into overseas markets, with a current production capacity of 3.2 million tons [2][3] - The demand for ductile iron pipes is expected to gradually increase due to urban pipeline renovation projects, with an estimated total investment demand of approximately 4 trillion yuan over the next five years [3] Summary by Sections Financial Performance - In 2024, the company sold 8.2164 million tons of cast pipes and steel, a decrease of 4.2% year-on-year, with specific product sales showing a decline in cast pipes and common steel but an increase in special steel [2] - The gross profit margin for 2024 was 5.40%, a decrease of 0.89 percentage points year-on-year, with the fourth quarter showing a gross profit margin of 4.84% [2] - The company experienced significant impairment losses, which negatively impacted its financial performance [2] Market Outlook - The company is well-positioned to benefit from domestic urban pipeline renovation, with a projected net profit of 396 million yuan in 2025, representing a growth rate of 136.5% [4] - The company has secured over 300,000 tons of new cast pipe contracts in 2024, with a year-end contract reserve of over 130,000 tons [3] Investment Projections - The projected net profits for 2025, 2026, and 2027 are 396 million yuan, 584 million yuan, and 784 million yuan, respectively, with corresponding price-to-earnings ratios of 33, 22, and 17 [4]