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]

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 ...

证券代码：002478 股票简称：常宝股份 编号：2025-019 江苏常宝钢管股份有限公司 2024 年度股东大会决议的公告 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。 二、会议出席情况 江苏常宝钢管股份有限公司(以下简称"公司")2024 年度股东大会于 2025 年 4 月 23 日上午 10:00 时在行政楼 205 会议室（常州市延陵东路 558 号）采取 现场书面投票与网络投票相结合的方式召开，出席本次股东大会的股东及股东代 表共 183 名，代表公司股份数量 277950433 股，占公司有表决权股份总数的比例 为 31.0702%（公司有表决股份总数为公司总股本减去公司回购专用账户股份， 下同）。其中： 1、现场出席会议的股东及股东代表共 13 名，代表公司股份数量 266399631 股，占公司有表决权股份总数比例为 29.7790%；通过网络方式投票的股东 170 名，代表公司股份数量 11550802 股，占公司有表决权股份总数的比例为 1.2912%。 一、会议召开的情况 1、会议日期：2025 年 4 月 23 日（星期三）上午 ...

江苏博爱星律师事务所 法律意见书 江苏博爱星律师事务所 关于江苏常宝钢管股份有限公司 2024 年度股东大会的法律意见书 致:江苏常宝钢管股份有限公司 江苏常宝钢管股份有限公司(以下简称"公司")2024年度股东 大会(以下简称"本次股东大会")定于 2025 年 4 月 23 日（星期三) 上午 10:00 在江苏省常州市延陵东路 558 号公司行政楼 205 会议室召 开,江苏博爱星律师事务所(以下简称"本所")接受公司的委托, 指派本所律师出席会议,并依据《中华人民共和国证券法》《中华人 民共和国公司法》、中国证券监督管理委员会《上市公司股东大会规 则》和《江苏常宝钢管股份有限公司章程》(以下简称"《公司章程》") 出具本法律意见书。 本所律师仅对本次股东大会召集、召开程序是否合法及是否符合 《公司章程》、股东大会召集人资格的合法有效性、出席会议人员资 格的合法有效性和股东大会表决程序、表决结果等发表法律意见。不 对会议审议的方案以及这些方案所表述的事实或数据的真实性及准 确性发表意见。 本所律师同意将本法律意见书作为公司本次股东大会的必备文 件公告,并依法对本所出具的法律意见承担责任。 本所律师已经对 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.14 CNY based on a 2025 PE valuation of 11X [2][5][10]. Core Views - The company is expected to see a significant improvement in performance due to ongoing high-end project developments and a favorable outlook for downstream demand in the oil and gas sector [1][9]. - The company has adjusted its earnings forecasts for 2025-2027, predicting earnings per share of 0.74, 0.83, and 0.92 CNY respectively, down from previous estimates of 0.99 and 1.10 CNY for 2025 and 2026 [2][10]. Financial Summary - The company's revenue for 2024 is projected at 56.96 billion CNY, a decrease of 14.5% year-on-year, with a net profit of 6.34 billion CNY, down 19.0% [9]. - The fourth quarter of 2024 showed a significant improvement, with a net profit of 2.23 billion CNY, reflecting a 161.08% increase quarter-on-quarter and a 38.04% increase year-on-year [9]. - The company's gross margin for 2024 is expected to be 16.76%, with a slight improvement in the fourth quarter to 17.45% [9]. - The projected financials for 2025-2027 include revenues of 61.94 billion CNY, 69.14 billion CNY, and 74.25 billion CNY respectively, with corresponding net profits of 6.69 billion CNY, 7.51 billion CNY, and 8.32 billion CNY [4][10]. Market Position and Strategy - The company is focusing on high-end product development, particularly in specialized oil casing pipes and high-performance boiler tubes, which are expected to see increased demand due to global energy security strategies [9]. - The company is advancing its high-end projects, with several key product lines entering trial production phases, which are anticipated to contribute positively to future earnings [9].

高端项目蓄势待发，业绩改善前景可期 ——常宝股份 2024 年报点评 核心观点 盈利预测与投资建议 ⚫ 根据公司 2024 年报，我们做出下调公司钢管产品销量、小幅下调公司产品毛利率等 调整，预测公司 2025-2027 年每股收益为 0.74、0.83、0.92 元（2025-2026 年原预 测值为 0.99、1.10 元）。根据可比公司 2025 年 11X 的 PE 估值，对应目标价 8.14 元，维持买入评级。 风险提示 下游油气及火电资本开支不及预期风险、汽车精密管及特材项目释放不及预期风险、原 材料价格波动风险、汇率大幅波动及出口环境变化风险、宏观经济不及预期风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 6,661 | 5,696 | 6,194 | 6,914 | 7,425 | | 同比增长 (%) | 7.0% | -14.5% | 8.7% | 11.6% | 7.4% | | 营业利润(百万元) | 852 | 76 ...

证券代码：002478 股票简称：常宝股份 编号：2025-018 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 1、公司未在下列期间回购股份： （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、公司以集中竞价交易方式回购股份，符合下列要求： 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 （ ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 6.48 [8][9]. Core Views - The company reported a revenue of RMB 5.696 billion in 2024, a year-on-year decrease of 14.48%, and a net profit attributable to shareholders of RMB 634 million, down 19.00% year-on-year [1][2]. - The decline in profitability is attributed to the downturn in the oil well pipe market, while the boiler pipe segment saw a revenue increase of 22.62% due to new domestic thermal power unit constructions [3][4]. - The company is focusing on high-end markets such as new energy, fine chemicals, and marine equipment, aiming to develop products with technological barriers and accelerate the domestic substitution process [3][4]. Summary by Sections Financial Performance - In 2024, the company's comprehensive gross margin was 16.76%, a decrease of 2.01 percentage points year-on-year, with the fourth quarter gross margin at 17.45%, an increase of 0.35 percentage points quarter-on-quarter [2]. - The total operating revenue for 2024 was RMB 5.696 billion, with a year-on-year decline of 14.48% [7]. Business Segmentation - The company's steel pipe business revenue decreased by 14.48% in 2024, primarily due to a 37.14% drop in oil casing revenue, which saw a gross margin decline of 6.67 percentage points to 15.95% [3]. - Conversely, the boiler pipe segment benefited from new constructions and renovations, leading to a revenue increase of 22.62% and a gross margin rise of 5.06 percentage points to 22.31% [3]. Future Outlook - The company is in the process of installing new production lines aimed at high-end markets, including semiconductor and new energy materials [4]. - The earnings per share (EPS) forecast for 2025-2027 is projected to be RMB 0.72, RMB 0.79, and RMB 0.83 respectively, with a target price set at 9 times the price-to-earnings ratio [5][8].

证券研究报告 | 年报点评报告 gszqdatemark 2025 03 28 年 月 日 特材项目有序推进，持续结构转型升级。公司目前具备 100 万吨特种专用管材生 产能力，在油管、小口径合金高压锅炉管、HRSG 超长管、石化热交换器用 U 型管 等细分行业中的市场占有率和品牌竞争优势明显；公司特材项目有序推进，高端 合金管线、超长精密管主线、洁净光亮管主线陆续进入试生产调试阶段，热挤压线 预计 2025 年 7 月启动调试，为正式投产奠定基础；精密管项目取得阶段性进展， 热处理线、冷拔线、精整探伤线进入生产调试；焊管生产线计划预计 2025 年 8 月 底进行安装调试阶段；随着特材项目持续投产，公司盈利能力或显著改善。 盈利同比下滑，特材项目有序推进 事件：公司发布 2024 年度报告。公司 2024 年实现营业收入 56.96 亿元，同比下 降 14.48%；归属于上市公司股东的净利润 6.34 亿元，同比下降 19.00%；基本每 股收益 0.70 元；拟向全体股东每 10 股派发现金红利 2.20 元（含税）。 下游景气度改善，需求保持扩张趋势。根据公司年报，2025 年预计油气开采用管 市场将呈 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company experienced a year-on-year decline in profit, with a net profit of 634 million yuan in 2024, down 19% from the previous year [1] - The company's special material projects are progressing steadily, with a production capacity of 1 million tons of special pipes and significant market share in various segments [2] - The downstream demand is expected to improve, with a stable and expanding market for oil and gas pipelines and boiler pipes anticipated in 2025 [2] Financial Performance - In 2024, the company achieved operating revenue of 5.696 billion yuan, a decrease of 14.48% year-on-year [1] - The gross profit margin for oil casing in 2024 was 15.95%, down 6.67 percentage points year-on-year [1] - The company’s quarterly sales gross margin improved from 16.27% in Q1 to 17.45% in Q4 of 2024 [1] Future Projections - The company is projected to achieve net profits of 713 million yuan, 799 million yuan, and 852 million yuan for the years 2025, 2026, and 2027, respectively [3] - The expected P/E ratios for 2025, 2026, and 2027 are 7.0, 6.2, and 5.8, indicating potential for growth [3] Market Outlook - The oil and gas pipeline market is expected to stabilize and optimize, with increased demand for high-end products in unconventional oil and gas resource development [2] - The investment in thermal power is projected to increase by 32.7% in 2024, which is likely to positively impact the boiler pipe market [2]