Investment Rating - The report gives a positive investment rating for Changbao Co., indicating it as a small giant in specialized pipe manufacturing with a focus on high-end transformation [3]. Core Viewpoints - Changbao Co. specializes in the production of small-diameter seamless steel pipes, primarily for oil and gas exploration and power generation, with a strong market presence both domestically and internationally [4][6]. - The company has shifted back to its core steel pipe business after divesting its medical segment in 2021, enhancing its production capacity and focusing on high-end products [9][22]. - The company’s revenue for 2023 is projected at 6.66 billion yuan, with a net profit of 780 million yuan, reflecting a recovery from previous downturns [10][15]. Summary by Sections Company Overview - Established over 60 years ago, Changbao Co. focuses on specialized seamless steel pipes, with key products including oil casing and boiler pipes [4][6]. - The company has a significant market share in both domestic and international markets, serving major oil companies and boiler manufacturers [6][9]. Business Performance - In 2023, the company achieved a revenue of 6.66 billion yuan and a net profit of 780 million yuan, with a gross margin of 19.2% [10][15]. - The production capacity is approximately 1 million tons, with specific capacities for oil casing, boiler pipes, and other products [9][15]. Market Dynamics - The global demand for oil casing is expected to grow, driven by increased capital expenditure in the oil and gas sector, particularly in offshore projects [29][39]. - The company has seen a significant increase in export revenue, with overseas sales accounting for 39% of total revenue in 2023 [17][21]. Financial Projections - The report forecasts stable sales volumes for oil casing and boiler pipes from 2024 to 2026, with expected gross margins of 21.6% for oil casing and 17.4% for boiler pipes [62]. - The company plans to expand into new markets, including precision tubes for electric vehicles, with projected revenues from these new projects expected to contribute significantly to future earnings [59][60].

盈利环比略增，销售净利率改善。公司 2024Q1 实现归母净利 1.66 亿元，同比下降 16.41%， 环比增长 3.11%，实现扣非归母净利 1.23 亿元，同比下降 25.08%，环比增长 3.36%；公司 2023Q2-2024Q1 逐季销售毛利率分别为 17.29%、20.29%、18.49%、16.27%，逐季销售净 利率分别为 15.69%、10.82%、10.86%、13.31%，2024Q1 销售毛利率环比小幅下降，但净 利率持续改善。 | --- | --- | |-------------------------------|----------| | | | | 买入（维持） | | | 股票信息 | | | 行业 | 特钢Ⅱ | | 前次评级 | 买入 | | 4 月 25 日收盘价 ( 元 ) | 6.37 | | 总市值 ( 百万元 ) | 5,741.65 | | 总股本 ( 百万股 ) | 901.36 | | 其中自由流通股 (%) | 79.00 | | 30 日日均成交量 ( 百万股 ) | 28.19 | | 股价走势 | | 2024 年 04 月 26 日 202 ...

证券代码：002478 证券简称：常宝股份 公告编号：2024-027 江苏常宝钢管股份有限公司 关于在新加坡投资设立全资子公司的公告 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）根据公司发展需要，为进一步拓展海外市场，深化国际化战略，江苏 常宝钢管股份有限公司（以下简称"公司"）拟以自有资金 200 万新加坡元在新 加坡设立全资子公司常宝国际发展新加坡有限公司（CHANGBAO INTERNATIONAL DEVELOPMENT SINGAPORE PTE.LTD.）（具体名称以注册核准内容为准）。 （二）公司于 2024 年 4 月 25 日召开了第六届董事会第六次会议，审议通过了 《关于在新加坡投资设立全资子公司的议案》。根据《深圳证券交易所股票上市规 则》及《公司章程》等相关规定，该事项无需提交股东大会审议批准。 （三）本次对外投资不属于关联交易，亦不构成《上市公司重大资产重组管 理办法》规定的重大资产重组情形。 （一）公司名称：常宝国际发展新加坡有限公司（CHANGBAO INTERNATIONAL DEVELOPMENT SINGAPOR ...

证券代码：002478 股票简称：常宝股份 编号：2024-026 江苏常宝钢管股份有限公司 第六届监事会第五次会议决议的公告 江苏常宝钢管股份有限公司监事会 2024 年 4 月 26 日 一、审议通过了《关于 2024 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 2024 年第一季度 报告。 全体监事认为：公司 2024 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 2024 年 1-3 月的经营活动和财务状况，不 存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见公司同步在指定媒体巨潮资讯网（www.cninfo.com.cn）及《证 券时报》登载的《2024 年第一季度报告》（公告编号：2024-024）。 表决结果：同意：3 票；反对：0 票；弃权：0 票；该议案审议通过。 特此公告。 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")第六届监事会第五次会议于 20 ...

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、审议通过了《关于 2024 年第一季度报告的议案》 江苏常宝钢管股份有限公司 第六届董事会第六次会议决议的公告 江苏常宝钢管股份有限公司（以下简称"公司"）第六届董事会第六次会议 由曹坚先生召集并于 2024 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 2024 年 4 月 25 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： 证券代码：002478 证券简称：常宝股份 公告编号：2024-025 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 2024 年第一季度报告。 全体董事认为,公司 2024 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 2024 年 1-3 月的经营活动 ...

Financial Performance - The company's revenue for Q1 2024 was ¥1,302,845,442.52, a decrease of 28.48% compared to ¥1,821,589,303.91 in the same period last year[5] - Net profit attributable to shareholders was ¥166,001,321.62, down 16.41% from ¥198,581,019.29 year-on-year[5] - Basic and diluted earnings per share were both ¥0.18, representing an 18.18% decrease from ¥0.22 in the same period last year[5] - Total operating revenue for Q1 2024 was CNY 1,302,845,442.52, a decrease of 28.5% compared to CNY 1,821,589,303.91 in the same period last year[19] - Net profit for Q1 2024 was CNY 173,360,910.34, a decline of 13.9% from CNY 201,360,635.44 in Q1 2023[20] - Earnings per share for Q1 2024 was CNY 0.18, compared to CNY 0.22 in the same quarter last year[21] Cash Flow - The net cash flow from operating activities was negative at -¥73,191,473.40, a decline of 122.89% compared to ¥319,726,749.55 in the previous year[5] - Cash flow from operating activities showed a net outflow of CNY 73,191,473.40, contrasting with a net inflow of CNY 319,726,749.55 in Q1 2023[22] - The cash and cash equivalents at the end of the period amounted to 1,197,481,988.06 CNY, down from 1,403,919,381.57 CNY in the previous year, representing a decrease of approximately 14.7%[24] - The net cash flow from financing activities was -31,899,371.57 CNY, compared to a positive flow of 44,690,097.20 CNY in the previous year, reflecting a significant decline[24] Assets and Liabilities - Total assets increased by 1.81% to ¥7,960,823,303.45 from ¥7,819,431,790.19 at the end of the previous year[5] - Total current assets amounted to ¥5,406,509,149.10, up from ¥5,276,910,328.77, indicating an increase of about 2.5%[16] - Total liabilities decreased from ¥2,331,674,508.93 to ¥2,281,842,083.99, showing a reduction of about 2.1%[16] - The company's total liabilities amounted to CNY 2,363,840,728.23, a slight decrease from CNY 2,409,049,132.45 in the previous period[20] Shareholder Information - Total number of common shareholders at the end of the reporting period is 27,280[13] - The number of shares held by the largest shareholder, Cao Jian, is 220,717,280, representing 24.49% of total shares[13] - The company has no preferred shareholders or significant changes in the top 10 shareholders participating in margin trading[14] Income and Expenses - The company reported a significant increase in other income, which rose by 677.93% to ¥820.03 million due to increased government subsidies[9] - Investment income increased by 40.77% to ¥173.12 million, attributed to higher hedging and equity investment returns[9] - Operating expenses saw a notable increase of 37.47% in sales expenses, primarily due to higher equity incentive costs[9] - Research and development expenses for Q1 2024 were CNY 50,253,748.46, down 28.7% from CNY 70,477,239.55 in the previous year[19] Changes in Accounting and Auditing - The company did not undergo an audit for the first quarter report, which may affect the reliability of the financial data presented[25] - The company has adopted new accounting standards starting in 2024, which may impact future financial reporting[26]

证券代码：002478 股票简称：常宝股份 编号：2024-023 江苏常宝钢管股份有限公司 2023 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。 一、会议召开的情况 1、会议日期：2024 年 4 月 22 日（星期一）上午 10:00 2、会议召集人：公司董事会 3、会议主持人：董事长曹坚先生 4、会议地点：公司行政楼 205 会议室（常州市延陵东路 558 号） 5、会议召开方式：现场会议和网络投票相结合的方式 6、本次股东会议的召开符合《公司法》、《上市公司股东大会规则》、《深 圳证券交易所股票上市规则》及《公司章程》等有关法律、法规和规范性文件的 规定。 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")2023 年度股东大会于 2024 年 4 月 22 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 19 名，代表公司股份数量 281758931 股，占公司有表决权股份总数的比例 为 31.259 ...

江苏博爱星（南京）律师事务所 法律意见书 江苏博爱星（南京）律师事务所 关于江苏常宝钢管股份有限公司 2023 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"）2023 年度股东 大会(以下简称"本次股东大会")定于 2024 年 4 月 22 日（星期一） 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（南京）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 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][73]. Core Views - The company achieved a revenue of 6.661 billion yuan in 2023, a year-on-year increase of 7%, and a net profit attributable to shareholders of 783 million yuan, a significant year-on-year increase of 66.2% [1][10]. - The company is benefiting from the recovery in the oil and gas industry, with continuous release of new production capacity and a decline in raw material prices, which is expected to enhance sales volume and gross margin of steel pipe products [2][73]. - The company plans to build a new production line for precision tubes for electric vehicles, with an estimated annual revenue of 525 million yuan and a post-tax IRR of 11.65% [2][26]. Summary by Sections 1. Event Overview - In 2023, the company reported a revenue of 6.661 billion yuan, a 7% increase year-on-year, and a net profit of 783 million yuan, up 66.2% year-on-year. In Q4 2023, revenue was 1.546 billion yuan, down 10.9% year-on-year and 6.7% quarter-on-quarter [1][10]. 2. Production and Sales Growth - The company’s seamless pipe production reached 760,000 tons in 2023, a 2.41% increase year-on-year, while sales volume reached 787,800 tons, an 11.83% increase year-on-year, marking a historical high in production and sales scale [2][42]. - The gross margin for 2023 improved to 18.76%, an increase of 3.78 percentage points year-on-year, despite a 12.21% decrease in seamless steel pipe prices [2][15]. 3. Market Demand and Capacity Release - The demand for oil and gas pipeline and thermal power boiler pipes remains strong, with the company actively expanding its overseas market presence [2][51]. - The company has introduced advanced production capacity with the world's first PQF continuous rolling mill, significantly enhancing its production capabilities [2][71]. 4. Financial Forecast and Investment Suggestions - The company’s net profit is projected to be 710 million yuan in 2024, 799 million yuan in 2025, and 825 million yuan in 2026, with corresponding PE ratios of 8x, 7x, and 7x based on the closing price on March 29 [2][73].

本报告版权归"国盛证券有限责任公司"所有。未经事先本公司书面授权，任何机构或个人不得对本报告进行任何形式的发 布、复制。任何机构或个人如引用、刊发本报告，需注明出处为"国盛证券研究所"，且不得对本报告进行有悖原意的删节 或修改。 投资评级说明 邮箱：gsresearch@gszq.com P.3 请仔细阅读本报告末页声明 证券研究报告 | 年报点评报告 常宝股份（002478.SZ） 事件：公司发布 2023 年年度报告。公司实现营业收入 66.61 亿元，同比增长 7.03%。实现归属于上市公司股东的净利润 7.83 亿元，同比增长 66.24%。实 现归属于上市公司股东的扣除非经常性损益的净利润 6.95 亿元，同比增长 54.74%。基本每股收益为 0.88 元。拟向全体股东每 10 股派发现金红利 2.8 元 （含税）。 产量增幅加快，品种结构进一步优化。公司通过 PQF 项目产能释放、持续的技 术升级改造，目前具备 100 万吨特种专用管材生产能力，公司 2023 年实现成品 管材销量 78.8 万吨，同比增长 11.8%，2024 年公司销量目标为 90 万吨，同比 增长 14.2%，产量增幅进一 ...