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 ...

Core Insights - The article highlights the integration of advanced technologies such as big data and artificial intelligence into the work of labor models, leading to significant improvements in production efficiency and innovation in labor methods [1][2]. Group 1: Technological Advancements - The "Digital Twin Application for Ironmaking" project, developed by the team led by Li Xinhui, is a key driver for upgrading the ironmaking process, utilizing digital twin technology to monitor and predict internal conditions of the blast furnace [3][6]. - The project has effectively reduced fluctuations in furnace conditions, resulting in annual savings exceeding 20 million yuan for the company [3]. Group 2: Labor Model Contributions - Li Xinhui, a senior technician and deputy manager at a steel company, emphasizes the importance of technological innovation for high-quality development in the steel industry, showcasing a commitment to practical solutions [2][6]. - The article illustrates Li Xinhui's extensive experience and contributions, including the resolution of critical operational issues that saved the company significant financial losses [5][6]. Group 3: Training and Knowledge Transfer - Li Xinhui has established a "Craftsman Lecture Hall," which has trained nearly 300 technical backbones, promoting the transmission of craftsmanship spirit across various industrial sectors [7]. - The collaborative environment in Li Xinhui's innovation studio fosters brainstorming among different generations of technical staff, enhancing the company's digital transformation efforts [7].

Investment Rating - The report maintains an "Accumulate" rating for the company [7] Core Views - The steel industry is experiencing improved profitability, leading to a sequential improvement in the company's performance for Q1 2025. The company reported revenue of 8.375 billion RMB, a year-on-year decrease of 8.21% and a quarter-on-quarter decrease of 8.11%. However, the net profit attributable to the parent company was 137 million RMB, showing a year-on-year decrease of 19.84% but a quarter-on-quarter increase of 143.36% [1][2] - The company is actively pursuing cost-saving measures and enhancing the differentiation and high-end nature of its casting pipe products. It is also increasing its market share in new products and markets, while steadily raising the proportion of special steel products [2] - The report indicates that the steel industry's supply-side optimization is gradually approaching, which is expected to further improve profitability in the sector [3] Summary by Sections Financial Performance - In Q1 2025, the company's total operating costs decreased by 10.74% year-on-year, which is greater than the revenue decline of 8.21%. This resulted in an increase in the sales gross margin by 2.77 percentage points to 7.61%. The net profit margin also increased by 6.81 percentage points to 1.83% due to improvements in various period expenses [2] - The report forecasts the company's earnings per share (EPS) for 2025-2027 to be 0.18, 0.24, and 0.26 RMB respectively, with book value per share (BVPS) projected at 6.57, 6.74, and 6.90 RMB [4] Market Conditions - The average sales profit margin for key enterprises in the steel industry was 0.71% in 2024, a year-on-year decrease of 0.63 percentage points. The government has been emphasizing strict control over steel production to prevent excessive competition, indicating a potential restart of supply-side optimization [3] - The report predicts that the global iron ore production capacity will continue to expand in 2025, which may lead to a further decline in iron ore prices and an overall recovery in steel industry profits [3] Valuation - The target price for the company is set at 3.98 RMB, based on a price-to-earnings (PE) ratio of 0.61X for 2025, which is higher than the average PE of comparable companies at 0.52X [4][8]

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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [5]. Core Views - The company has shown a quarter-on-quarter improvement in its performance, with a significant increase in net profit by 143.36% compared to the previous quarter, despite a year-on-year decline [1]. - The company is positioned to benefit from the increasing demand in infrastructure, particularly in water conservancy projects, with a notable growth in investment in this sector [3]. - The company aims to increase its metal products output to 9.92 million tons in 2025, representing a year-on-year growth of 22.6%, indicating substantial capacity expansion potential [2]. Financial Performance Summary - In Q1 2025, the company reported revenue of 8.375 billion yuan, a year-on-year decrease of 8.21%, but a quarter-on-quarter improvement [1]. - The net profit attributable to the parent company for Q1 2025 was 137 million yuan, down 19.84% year-on-year but up 143.36% quarter-on-quarter [1]. - The projected net profits for the company from 2025 to 2027 are 800 million yuan, 950 million yuan, and 1.18 billion yuan, respectively, with corresponding P/E ratios of 16.8, 14.2, and 11.3 [3][4]. Industry Insights - The water conservancy construction investment in China reached 1,352.9 billion yuan in 2024, a year-on-year increase of 12.8%, with Q1 2025 showing a 2.9% growth [3]. - The company is expected to benefit from national policies supporting infrastructure projects, including urban pipeline renovations and large-scale industrial equipment upgrades [3].

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].

Investment Rating - The report maintains a "Buy" rating for several key companies in the steel industry, including Xining Special Steel, Hualing Steel, Nanjing Steel, and Baosteel [6][9]. Core Viewpoints - The steel industry is expected to benefit from macroeconomic policies aimed at stimulating demand and reducing supply, with a focus on high-quality development to address external uncertainties [2][4]. - The report highlights an increase in daily molten iron production, with a rise of 4.4 thousand tons to 244.4 thousand tons, indicating a positive trend in production capacity utilization [12][18]. - Inventory levels are decreasing, with total steel inventory down 3.2% week-on-week, suggesting a tightening supply situation [24][25]. - Apparent consumption of steel has slightly declined, with rebar consumption showing a decrease of 5.1% week-on-week [39][47]. - Steel prices are showing signs of strength, with the Myspic comprehensive steel price index increasing by 0.7% week-on-week, indicating improved profit margins for steel producers [66][67]. Summary by Sections Supply - Daily molten iron production has increased, with a capacity utilization rate of 91.6% for blast furnaces, up 1.5 percentage points week-on-week [18][24]. - The report anticipates a reduction in crude steel production as part of ongoing supply-side reforms [4][13]. Inventory - Total steel inventory has decreased by 3.2% week-on-week, with significant reductions in both social and factory inventories [24][25]. Demand - Apparent consumption of the five major steel products has decreased by 2.4% week-on-week, with rebar consumption down 5.1% [39][47]. Raw Materials - Iron ore prices have slightly decreased, with the Platts 62% iron ore price index at $99.2 per ton, down 0.7% week-on-week [55][67]. Prices and Profits - Steel prices have strengthened, with the report indicating improved profit margins for steel producers due to rising prices and reduced costs [66][67].

实施"助企增智"工程。该市一年来，先后进行质量强市宣贯活动59次、质量品牌宣传推介活动55次，举 办"质量开放日"活动20余场，在全市建立1个市级线上平台、20个县（市、区）中心站、42个（产业园 区、优势企业）质量基础设施"一站式"服务站，构建了横向到边、纵向到底的三级网格化服务体系，为 企业提供服务2621家（次），解决质量难题421个。加强培训培育，推动全市2026家企业设立首席质量 官，实现规上工业企业全覆盖。搭建全市质量发展大讲堂网络平台，累计培训企业779家、人员4.3万人 次，为全市企业发展提供了强有力的质量人才支撑。 实施"助企引智"工程。该市通过多种形式先后对2924家重点企业进行了摸底调研，聚焦规上工业企业、 国家专精特新"小巨人"企业、国家质量标杆企业、省专精特新中小企业、县域特色产业集群重点企业 等，深挖需求，制定"一企一策"专家帮扶适配方案，一年来，共帮助37家有需求企业引进外籍质量专家 42名。位于邱县的河北古钟食品股份有限公司通过引进日籍专家，开展科技创新和技术攻关，成功研 发"芝麻炒制用电炒装置""炒制芝麻用的扬烟分离机"两项专利，为企业按下了高质量发展的"加速键"。 位于该市 ...

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]