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]

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 ...