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]

Financial Performance - The company's basic earnings per share for Q1 2025 is 0.1200 yuan, a decrease of 33.33% compared to Q1 2024, which was 0.1800 yuan [1] - The company's net profit for Q1 2025 is 1.11 billion yuan, down 33.13% from 1.66 billion yuan in Q1 2024 [1] - The company's operating revenue for Q1 2025 is 12.11 billion yuan, a decline of 7.06% from 13.03 billion yuan in Q1 2024 [1] - The return on equity for Q1 2025 is 1.95%, a decrease of 37.5% compared to 3.12% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 19,890.48 million shares, accounting for 27.63% of the circulating shares, with an increase of 745.38 million shares compared to the previous period [1] - The largest shareholder, Cao Jian, holds 5,517.93 million shares, representing 7.67% of the total share capital, with no change [2] - Jiangsu Changbao Investment Development Co., Ltd. holds 4,406.18 million shares, accounting for 6.12%, with no change [2] - Hong Kong Central Clearing Limited is a new entrant among the top shareholders, holding 1,232.20 million shares, which is 1.71% of the total [2] Dividend Policy - The company has decided not to distribute dividends or transfer shares in this period [3]

证券代码：002478 股票简称：常宝股份 编号：2025-023 江苏常宝钢管股份有限公司 第六届监事会第九次会议决议的公告 本公司及监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")第六届监事会第九次会议于 2025 年 4 月 28 日上午 11:00 在公司会议室以现场方式召开。本次会议已于 2025 年 4 月 19 日以专人送达、传真或电子邮件形式发出会议通知。全体监事共 3 名 均亲自出席了本次会议。本次会议的召集和召开符合《公司法》和《公司章程》 的规定。会议由监事会主席丁伟先生主持，本次会议审议通过了下列议案： 一、审议通过了《关于 2025 年第一季度报告的议案》 公司监事会审议了由公司证券事务部、财务部编制的公司 2025 年第一季度 报告。 全体监事认为：公司 2025 年第一季度报告的编制和审议程序符合《公司法》、 《公司章程》等相关法律法规的规定，报告的内容格式符合中国证监会的相关规 定，真实、准确、完整地反映了公司 2025 年 1-3 月的经营活动和财务状况，不 存在任何虚假记载、误导性陈述或者 ...

证券代码：002478 证券简称：常宝股份 公告编号：2025-022 江苏常宝钢管股份有限公司 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"）第六届董事会第十三次会 议由曹坚先生召集并于 2025 年 4 月 19 日以专人送达、传真或电子邮件形式发出 会议通知，会议于 2025 年 4 月 28 日上午 10:00 以通讯方式召开。本次会议应到 会董事 7 人，实到会董事 7 人。本次会议的召集和召开符合《公司法》和《公司 章程》的规定。会议由公司董事长曹坚先生主持，经与会董事认真审议，通过以 下议案： 一、审议通过了《关于 2025 年第一季度报告的议案》 经审议，董事会同意公司证券事务部、财务部根据第一季度经营情况，财务 情况编制的 2025 年第一季度报告。 表决结果：同意：7 人；反对：0 人；弃权：0 人；该议案审议通过。 二、备查文件 1、第六届董事会第十三次会议决议及签字页； 第六届董事会第十三次会议决议的公告 2、第六届董事会审计委员会 2025 年第二次会议决议及签字页。 全体董事认为,公司 ...

Revenue and Profitability - Revenue for Q1 2025 was CNY 1,210,737,010.33, a decrease of 7.07% compared to CNY 1,302,845,442.52 in the same period last year[5] - Net profit attributable to shareholders decreased by 33.00% to CNY 111,222,483.50 from CNY 166,001,321.62 year-on-year[5] - Basic and diluted earnings per share both fell by 33.33% to CNY 0.12 from CNY 0.18 in the previous year[5] - Total operating revenue for the current period was CNY 1,210,737,010.33, a decrease of 7.06% from CNY 1,302,845,442.52 in the previous period[19] - Operating profit decreased to 128,007,533.87, down 33.9% from 193,473,235.77 in the previous period[20] - Total comprehensive income for the current period is 117,960,307.32, a decrease of 32.7% compared to 175,312,115.99 in the previous period[21] Assets and Liabilities - Total assets increased by 1.08% to CNY 8,383,691,927.75 compared to CNY 8,293,933,757.11 at the end of the previous year[5] - Total liabilities decreased to CNY 2,414,229,791.19 from CNY 2,441,929,234.94, a reduction of 1.14%[17] - The company's retained earnings increased to CNY 3,034,632,098.69 from CNY 2,923,409,615.19, reflecting a growth of 3.82%[17] - The non-current assets totaled CNY 2,938,295,889.13, an increase from CNY 2,849,408,838.21, indicating a growth of 3.43%[16] Cash Flow and Financial Performance - Cash flow from operating activities showed a slight improvement, with a net outflow of CNY 70,378,602.43, a 3.84% reduction in outflow compared to CNY 73,191,473.40 last year[5] - The company reported a financial expense of CNY -57,668,792.08, compared to CNY -30,262,841.88 in the previous period, indicating a significant increase in financial costs[19] - Cash and cash equivalents at the end of the period totaled 1,588,718,918.44, an increase from 1,197,481,988.06 in the previous period[23] Accounts Receivable and Inventory - Accounts receivable increased by 31.43%, amounting to an increase of CNY 202,419,700 compared to the beginning of the period[9] - Accounts receivable increased to CNY 846,371,385.77 from CNY 643,951,666.00, reflecting a growth of 31.5%[15] - Inventory levels rose to CNY 1,120,158,325.51, compared to CNY 1,088,988,404.23 at the beginning of the period, indicating an increase of 2.87%[15] Other Income and Expenses - Non-operating income decreased by 82.27%, down by CNY 4,760,300, primarily due to the absence of penalty income recorded in the previous year[10] - The company reported a significant investment loss of -20,102,887.22 compared to a gain of 5,976,978.90 in the previous period[20] - Interest income increased to 20,720,543.03, up from 15,047,946.42 in the previous period[20] Prepayments and Borrowings - Prepayments surged by 160.07%, increasing by CNY 87,007,800, primarily due to higher advance payments for raw materials[9] - Short-term borrowings decreased by 56.64%, down by CNY 91,457,200, mainly due to loan repayments[9]

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].

Core Viewpoint - The oil casing industry in China is experiencing growth driven by national policies and increasing demand for oil and gas exploration and production equipment, with the market size projected to reach 20.5 billion yuan by 2024, up from 19.63 billion yuan in 2017 [1][11]. Industry Overview - Oil casing is a critical component used to support oil and gas wells, ensuring the efficiency and safety of drilling operations. It is a one-time consumable material, with consumption accounting for over 70% of total oil well pipe usage [3][9]. - The classification of oil casings includes various steel grades such as J55, K55, N80, L80, C90, T95, P110, Q125, and V150, as well as different end processing forms [3][5]. Industry Chain - The upstream of the oil casing industry includes steel, anti-corrosion coatings, and sealants, with steel being the primary raw material. The midstream involves the production and processing of oil casings, while the downstream focuses on applications in the oil and gas sector [5][7]. Market Demand - The demand for oil casings, particularly high-end products, is increasing due to the growing complexity of drilling environments and deeper drilling depths. High-end oil casings currently dominate the market, accounting for over 70% of the total [13][20]. Industry Competition - The oil casing industry is capital-intensive, primarily dominated by a few large companies that leverage their technological expertise and brand influence. Notable companies include Jiangsu Changbao Steel Tube Co., Shandong Molong Petroleum Machinery Co., and Baosteel [15][16]. Key Companies - Jiangsu Changbao Steel Tube Co. specializes in high-end special pipes, with oil casings being a key product, achieving a revenue of 2.223 billion yuan in 2024, a decrease of 37.14% year-on-year [16]. - Shandong Molong Petroleum Machinery Co. focuses on energy equipment manufacturing, reporting a revenue of 1.231 billion yuan for its pipe products in 2024, an increase of 7.81% year-on-year [18]. Future Trends - The industry is expected to see sustained demand for high-quality, high-performance oil casings, particularly for deep-sea and unconventional oil and gas fields. The integration of digital and intelligent technologies will enhance operational efficiency and competitiveness [20][22].

证券代码：002478 股票简称：常宝股份 编号：2025-020 江苏常宝钢管股份有限公司 关于减少注册资本及债权人通知的公告 本公司及董事会全体成员保证公告内容真实、准确、完整,没有虚假记载、 误导性陈述或重大遗漏。 2、申报所需材料：公司债权人可持证明债权债务关系存在的合同、协议及 其他凭证的原件及复印件到公司申报债权。债权人为法人的，需同时携带法人营 业执照副本原件及复印件、法定代表人身份证明文件；委托他人申报的，除上述 文件外，还需携带法定代表人授权委托书和代理人有效身份证件的原件及复印件。 债权人为自然人的，需同时携带有效身份证件的原件及复印件；委托他人申报的， 除上述文件外，还需携带授权委托书和代理人有效身份证件的原件及复印件。 3、申报材料送达地点：江苏省常州市延陵东路 558 号 一、注册资本变更情况 江苏常宝钢管股份有限公司（以下简称"公司"）2025 年 3 月 27 日召开的 第六届董事会第十二次会议及 2025 年 4 月 23 日召开的 2024 年度股东大会审议 通过了《关于减少注册资本并修改公司章程的议案》，鉴于公司 2023 年限制性 股票激励计划中 6 名激励对象因个人原因 ...