证券代码：002478 股票简称：常宝股份 编号：2025-028 江苏常宝钢管股份有限公司（以下简称"公司"）第六届董事会第七次（临 时）会议审议通过了《关于回购部分社会公众股份的方案》，同意使用自有资金 以集中竞价交易方式回购部分公司股份，回购的股份将依法用于后期实施员工持 股计划或者股权激励计划。回购的价格不超过人民币 6.50 元/股【因实施 2024 年度权益分派，回购价格上限相应调整，实际的回购价格上限将不超过 6.28 元/ 股】，回购资金总额不低于人民币 3000 万元（含），且不超过人民币 6000 万元 （含）。回购股份的期限为自公司董事会审议通过回购股份方案之日起不超过 12 个月。具体内容详见公司于 2024 年 7 月 25 日、2024 年 7 月 31 日在《证券时 报》和巨潮资讯网（http://www.cninfo.com.cn）刊登的相关公告。 江苏常宝钢管股份有限公司 关于回购公司股份进展的公告 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。 （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项 发生之日或者 ...

证券代码：002478 证券简称：常宝股份 公告编号：2025-027 关于《民事调解书》履行进展的公告 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。 一、诉讼概述 江苏常宝钢管股份有限公司（以下简称"公司"）与中民嘉业投资有限公司 （以下简称"中民嘉业"）和上海嘉愈医疗投资管理有限公司（以下简称"嘉愈 医疗"）的股权转让纠纷事项，2024 年 11 月 12 日各方签订《调解协议》，并 由常州市中级人民法院出具了《民事调解书》【（2024）苏 04 民初 117 号】。 具体详见公司在《证券时报》及巨潮资讯网刊登的《关于诉讼进展暨签订<调解 协议>的公告》（公告编号：2024-063）。 二、履行进展情况 江苏常宝钢管股份有限公司 三、对公司的影响 公司将根据《企业会计准则》及公司会计政策等相关规定进行相关会计处理， 具体以会计师事务所年度审计为准。 四、后续安排 公司将按照法律法规及《民事调解书》，继续督促中民嘉业和嘉愈医疗履行 相应阶段的还款义务，并诉诸法律措施维护上市公司的合法权益。公司将根据后 续进展情况及时履行相应的信息披露义务。敬请广大投资者注 ...

证券代码：002478 证券简称：常宝股份 公告编号：2025-026 江苏常宝钢管股份有限公司 2024 年度权益分派实施公告 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。 特别提示： 公司2024年度权益分派实施方案为：以公司现有总股本900,986,228股剔除 回购专用证券账户股份数6,756,800股后的894,229,428股为基数，向全体股东 每10股派发现金红利2.20元（含税），送红股0股（含税），不以公积金转增股 本，预计派发现金红利196,730,474.16元。 一、 股东大会审议通过权益分派方案 1、江苏常宝钢管股份有限公司（以下简称"公司"）2024年度权益分派方 案已获2025年4月23日召开的2024年度股东大会审议通过，股东大会决议的公告 刊登于2025年4月24日的《证券时报》及公司指定信息披露网站巨潮资讯 (http://www.cninfo.com.cn )上。 2、2024年年度权益分派实施方案：公司现有总股本900,986,228股（因 360,000股限制性股票已回购注销，公司总股本由 901,346,228股变 ...

证券代码：002478 证券简称：常宝股份 公告编号：2025-025 江苏常宝钢管股份有限公司 关于部分限制性股票回购注销完成的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记 载、误导性陈述或者遗漏负连带责任。 特别提示： 1、本次回购注销2023年限制性股票激励计划已授予但尚未解除限售的限制性股 票数量合计360,000股，占回购注销前公司总股本的0.04%，涉及激励对象6人，用于 回购注销限制性股票的资金总额为1,270,800元。 2、经中国证券登记结算有限责任公司深圳分公司审核确认，公司本次部分限制 性股票注销事宜已于2025年5月14日办理完成。 3、注销完成后，公司股份总数由901,346,228股减少至900,986,228股。 一、公司2023年限制性股票激励计划已履行的程序 （一）2023 年 7 月 6 日，公司召开第五届董事会第二十九次会议及第五届监事会 第二十四次会议，审议通过了《关于<江苏常宝钢管股份有限公司 2023 年限制性股票 激励计划（草案）>及其摘要的议案》《关于<江苏常宝钢管股份有限公司 2023 年限 制性股票激励计划实施考核管理办法>的议 ...

证券代码：002478 股票简称：常宝股份 编号：2025-024 江苏常宝钢管股份有限公司 关于回购公司股份进展的公告 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。 江苏常宝钢管股份有限公司（以下简称"公司"）第六届董事会第七次（临 时）会议审议通过了《关于回购部分社会公众股份的方案》，同意使用自有资金 以集中竞价交易方式回购部分公司股份，回购的股份将依法用于后期实施员工持 股计划或者股权激励计划。回购的价格不超过人民币 6.50 元/股，回购资金总额 不低于人民币 3000 万元（含），且不超过人民币 6000 万元（含）。回购股份的 期限为自公司董事会审议通过回购股份方案之日起不超过 12 个月。具体内容详 见公司于 2024 年 7 月 25 日、2024 年 7 月 31 日在《证券时报》和巨潮资讯网 （http://www.cninfo.com.cn）刊登的相关公告。 （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项 发生之日或者在决策过程中，至依法披露之日内； （2）中国证监会和深圳证券交易所规定的其他情形。 2、公司以集中竞 ...

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, but is optimistic about future growth due to new production lines and expansion into emerging markets [1][2][3]. Financial Performance - In Q1 2025, the company achieved revenue of 1.211 billion yuan, representing a year-over-year decrease of 7.07% and a quarter-over-quarter decrease of 17.74% [1][2]. - The net profit attributable to shareholders was 111 million yuan, down 33.00% year-over-year and 50.10% quarter-over-quarter [1][2]. - The gross margin fell by 2.12 percentage points to 15.33% [2]. Investment and Expansion - The company is in the process of installing equipment for new production lines, expected to enter the debugging phase in July 2025 [3]. - The new projects target high-end markets such as renewable energy, fine chemicals, and marine equipment, including specialized products for the semiconductor and renewable energy sectors [3]. - The company is also advancing its precision tube project for electric vehicles, aiming to complete multiple customer certifications by 2024 [3]. Rating and Valuation - The company maintains its profit forecast, estimating EPS for 2025-2027 to be 0.72, 0.79, and 0.83 yuan respectively [4]. - The valuation method has shifted to a PB valuation approach, with a target price set at 5.99 yuan based on a PB multiple of 0.9X [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][14] Core Views - The company reported a decline in revenue and net profit for Q1 2025, with revenue at 1.211 billion yuan, down 7.07% year-on-year and 17.74% quarter-on-quarter. The net profit attributable to shareholders was 111 million yuan, down 33.00% year-on-year and 50.10% quarter-on-quarter [3][4] - Despite the anticipated decline in performance due to external market factors in 2024, the company is expected to benefit from new project implementations, leading to an increase in sales volume and profitability in the coming years [6][7] Summary by Sections Financial Performance - For 2023A, the company achieved a revenue of 6,661 million yuan, with a year-on-year growth rate of 7%. However, a significant decline of 14% is expected in 2024A [2] - The net profit attributable to shareholders for 2023A was 783 million yuan, with a notable increase of 66% year-on-year, but a decrease of 19% is projected for 2024A [2] - The company's gross margin for Q1 2025 was 15.33%, reflecting a decline of 0.94 percentage points year-on-year and 2.12 percentage points quarter-on-quarter [4] Company Strengths - The company possesses significant scale advantages with a production capacity of 1 million tons of specialized pipes, enhancing its competitive edge in niche markets such as oil pipes and high-pressure boiler tubes [5] - Ongoing projects for high-end special pipes are progressing well, with several production lines entering trial production phases, which are expected to contribute positively to future revenues [5][6] Profit Forecast and Valuation - The company is projected to achieve net profits of 636 million yuan in 2025E, 669 million yuan in 2026E, and 731 million yuan in 2027E, with corresponding P/E ratios of 7, 7, and 6 respectively [6][12] - The anticipated revenue growth rates for the next few years are expected to stabilize, with a forecasted growth of 1% in 2025E and 7% in 2026E and 2027E [2][6]

Investment Rating - The report maintains a rating of "Buy" for the company [6] Core Views - The company reported Q1 2025 revenue of 1.211 billion RMB, a year-over-year decrease of 7.07% and a quarter-over-quarter decrease of 17.74%. The net profit attributable to the parent company was 111 million RMB, down 33.00% year-over-year and 50.10% quarter-over-quarter [1][2] - The company is actively expanding into emerging fields, with new production lines expected to be operational soon, targeting high-end markets such as new energy and precision chemicals [3][4] Summary by Sections Financial Performance - In Q1 2025, the company's revenue and net profit decreased by 17.74% and 50.10% respectively, with a gross margin decline of 2.12 percentage points to 15.33% [2] - The investment income for Q1 2025 was -20.10 million RMB, showing a significant decrease compared to the previous year [2] Production and Expansion - The new production lines, including the hot extrusion production line for special materials, are in the equipment installation phase and are expected to enter the debugging stage in July 2025 [3] - The company is focusing on high-end products for sectors such as semiconductors and new energy, with plans to complete multiple customer certifications for new energy vehicle precision pipes by 2024 [3] Valuation and Price Target - The report maintains the earnings forecast with estimated EPS for 2025-2027 at 0.72, 0.79, and 0.83 RMB respectively. The target price is set at 5.99 RMB, down from a previous estimate of 6.48 RMB [4] - The valuation method has shifted to a PB valuation approach, with a comparable company PB average of 0.9X for 2025 [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company experienced a decline in Q1 2025 performance, with revenue of 1.211 billion yuan, down 7.07% year-on-year, and a net profit attributable to shareholders of 111 million yuan, down 33.0% year-on-year [1] - The company is advancing its special materials projects, with a production capacity of 1 million tons of specialized pipes, and is seeing improvements in market share and brand competitiveness in various segments [2] - The downstream market is expected to improve, with a stable demand trend anticipated in the oil and gas pipeline market and a significant increase in investment in thermal power construction [2] Financial Summary - The company’s projected revenues for 2025 to 2027 are 6.22 billion yuan, 6.648 billion yuan, and 6.970 billion yuan respectively, with corresponding net profits of 713 million yuan, 795 million yuan, and 845 million yuan [4] - The earnings per share (EPS) for 2025 is estimated at 0.79 yuan, with a price-to-earnings (P/E) ratio of 7.0 [4] - The company’s net profit margin is projected to improve, with a net profit growth rate of 12.4% in 2025 [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company experienced a decline in Q1 2025 performance, with revenue of 1.211 billion yuan, down 7.07% year-on-year, and a net profit attributable to shareholders of 111 million yuan, down 33.0% year-on-year [1] - The company is advancing its special materials projects, with a production capacity of 1 million tons of specialized pipes, and is seeing improvements in market share and brand competitiveness in various segments [2] - The demand in downstream markets is expected to expand, particularly in the oil and gas sector, with significant investments projected in thermal power construction [2] Financial Summary - The company’s projected revenues for 2025 to 2027 are 6.22 billion yuan, 6.648 billion yuan, and 6.970 billion yuan respectively, with corresponding net profits of 713 million yuan, 795 million yuan, and 845 million yuan [4] - The earnings per share (EPS) for 2025 is estimated at 0.79 yuan, with a price-to-earnings (P/E) ratio of 7.0 [4] - The company’s net profit margin is projected to improve, supported by the ongoing production of special materials [3][4]