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 ...

Financial Performance - The company's operating revenue for 2023 was CNY 6,660,790,273.60, representing a 7.03% increase compared to CNY 6,223,365,024.31 in 2022[18]. - Net profit attributable to shareholders for 2023 reached CNY 783,028,900.06, a significant increase of 66.24% from CNY 471,032,813.12 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was CNY 695,088,990.27, up 54.74% from CNY 449,197,784.64 in 2022[18]. - Basic earnings per share for 2023 were CNY 0.88, reflecting a 69.23% increase from CNY 0.52 in 2022[18]. - Total assets at the end of 2023 amounted to CNY 7,819,431,790.19, a 6.60% increase from CNY 7,335,394,006.38 at the end of 2022[18]. - The company's net assets attributable to shareholders increased by 14.17% to CNY 5,228,553,564.11 from CNY 4,579,471,301.21 in 2022[18]. - Cash flow from operating activities showed a decrease of 37.49%, totaling CNY 489,614,004.81 compared to CNY 783,199,195.75 in the previous year[18]. - The weighted average return on equity for 2023 was 16.12%, an increase of 5.33% from 10.79% in 2022[18]. Revenue and Sales - The company's total revenue for the first quarter was approximately 1.82 billion, with a decline to 1.54 billion in the fourth quarter, reflecting a decrease of about 15%[23]. - Net profit attributable to shareholders was 198.58 million in the first quarter, decreasing to 161.45 million in the fourth quarter, representing a decline of approximately 19%[23]. - The domestic sales revenue accounted for 60.95% of total revenue, amounting to ¥4,059,708,358.7, which is a 19.98% increase from the previous year[51]. - The revenue from boiler pipes increased by 26.93% to ¥1,820,558,579.0, while oil casing revenue decreased by 4.43% to ¥3,535,714,880.1[51]. Research and Development - The company has a production capacity of 1 million tons for special pipes, with significant market share and competitive advantages in various segments such as oil pipes and high-pressure boiler pipes[38]. - The company obtained 55 new patents and participated in the formulation of 7 national and industry standards during the reporting period, enhancing its R&D capabilities[46]. - Research and development expenses for 2023 were ¥251,152,047.02, an increase of 8.92% from ¥230,582,267.06 in 2022[57]. - The company increased its R&D personnel by 13.31% from 278 in 2022 to 315 in 2023, with R&D personnel now accounting for 17.27% of the total workforce[60]. - R&D investment rose by 8.92% to ¥251,152,047.02 in 2023, representing 3.77% of total revenue, up from 3.71% in 2022[61]. Strategic Initiatives - The company is focusing on high-end special pipes, with a strategic investment in new projects related to precision pipes for the new energy vehicle sector and semiconductor materials[33]. - The company aims to enhance its competitive edge by investing in advanced technology and production processes, particularly in the high-end seamless steel pipe market[30]. - The company is positioned to benefit from the ongoing supply-side structural reforms in China, which are expected to stabilize industry growth and capacity in the coming years[30]. - The company is committed to high-end transformation and upgrading, focusing on core competitiveness and sustainable development[47]. Risk Management - The company acknowledges various risks including raw material price fluctuations and trade protectionism that may impact future performance[5]. - The company has implemented a risk management system for foreign exchange hedging to mitigate market risks and ensure compliance with regulatory requirements[80]. Environmental Responsibility - The company has completed national-level green factory certification, indicating compliance with environmental standards[180]. - The company utilizes clean energy and has implemented pollution prevention technologies that meet national standards[180]. - 90% of treated wastewater is reused in production, while 10% is sent to a centralized treatment facility[180]. - The company has invested in energy-saving technologies, including intelligent control of air compressors and energy-efficient pumps[180]. - The company actively responds to national "energy conservation and emission reduction" policies, implementing a second round of special rectification for phosphorus-related enterprises, improving water recycling rates and reducing pollutant emissions[181]. Corporate Governance - The company maintains a strong independent governance structure, ensuring compliance with regulatory requirements and protecting shareholder interests[106]. - The company has a unified salary management system for determining the remuneration of directors and senior management[142]. - The company has implemented a stock incentive plan, issuing 11.83 million shares at a price of 3.81 RMB per share to 139 incentive objects[164]. - The company has ensured that minority shareholders have sufficient opportunities to express their opinions and that their legal rights are fully protected[159]. Employee Engagement - The company engages in various employee welfare activities, including social insurance and health support programs, to enhance employee satisfaction[190]. - The company maintains a harmonious labor relationship by conducting regular evaluations and providing training opportunities for employee skill enhancement[192]. - The total number of employees at the end of the reporting period is 1,824, with 453 in the parent company and 1,371 in major subsidiaries[153]. Future Outlook - The management expects the global economy to experience moderate growth in 2024, with domestic consumption and investment demand anticipated to improve due to government stimulus policies[91]. - The company aims to achieve steel pipe sales of 900,000 tons in 2024[95]. - The company has set a revenue target of 1.5 billion RMB for 2024, indicating a projected growth of 25%[106].

| 家 | | | --- | --- | | 关于本报告 | 01 | | 董事长致辞 | 02 | 01 第 宝 股份 C H A N G P A P g 994 B START HOME THE FORM THE FOR THE FORM THE FOR The TITTE GT TOO 6 loo 2023 常宝股份 2020 环境、社会及公司治理报告 走进常宝 | 11-18 | | | --- | --- | | 企业简介 | 11 | | 企业发展与战略定位 | 13 | | 企业文化 | 16 | | 2023年关键绩效 | 17 | 专题 "品牌·技术·精益" 引领常宝高质量发展 02 诚实守信 合规从容经营 | 19-30 | | | --- | --- | | 责任治理，有效管理 | 20 | | ESG管理 | 23 | | 合规运营,清廉自律 | 24 | | 知识产权,保护成果 | 26 | | 信息安全保障 | 28 | 03 责任担当 保护生态家园 | 31-46 | | | --- | --- | | 环境管理,责任建设 | 32 | | 节能降碳,循环经济 | 35 | | ...

江苏常宝钢管股份有限公司 2023 年度独立董事述职报告（罗实劲-已离任） 作为江苏常宝钢管股份有限公司（以下简称"公司"）第五届董事会独立董 事，本人严格按照《中华人民共和国公司法》、《上市公司治理准则》等相关法 律法规和规章制度的规定，以及公司《独立董事工作制度》、《公司章程》的相 关规定和要求，在 2023 年在任期间，本人秉着客观、公正、独立的原则，勤勉 尽责，切实维护公司和全体股东的利益。现将本人 2023 年在任期间的工作情况 向各位股东及股东代表作简要汇报。 一、出席董事会和股东大会会议情况 在上述出席的董事会会议中，本人认真审议了各项议案，且规范、合理的行 使投票表决权，对上述董事会会议提出的议案均投了赞成票，没有提出异议。 二、出席董事会专门委员会、独立董事专门会议情况 1、董事会专门委员会： | 第五届董事会战 | | 第五届董事会提 | | 第五届董事会薪 | | 第五届董事会审 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 略委员会 | | 名委员会 | | 酬与考核委员会 | | 计委员会 | | | 应出席 | 实际 ...

证券代码：002478 股票简称：常宝股份 编号：2024-014 江苏常宝钢管股份有限公司 关于公司 2023 年度利润分配预案的公告 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"）第六届董事会第五次会议 于 2024 年 3 月 28 日召开，审议通过了《公司 2023 年度利润分配预案的议案》， 现将相关情况公告如下： 一、利润分配预案的基本情况 1、利润分配预案的具体内容 经公证天业会计师事务所(特殊普通合伙)"(苏公 W[2024]A150 号)"审计报 告确认 ,2023 年 度 本 公 司 合 并 报 表 归 属 母 公 司 所 有 者 的 净 利 润 为 783,028,900.06 元。母公司当年净利润 284,371,048.15 元，加上年初结转未分 配利润 718,296,794.73 元，扣除当年分配上年分红 158,815,721.04 元，2023 年母公司按净利润的 20%计提盈余公积金 56,874,209.64 元，公司 2023 年末可 供分配的利润共计 786,977,912 ...

根据中国证券监督管理委员会《上市公司独立董事管理办法》、《深圳证券 交易所股票上市规则》、《深圳证券交易所上市公司自律监管指引第 1 号——主 板上市公司规范运作》等要求，江苏常宝钢管股份有限公司（以下简称"公司"） 第六届董事会，就公司在任独立董事苏旭平、居荷凤、唐震的独立性情况进行评 估并出具如下专项意见： 经核查独立董事苏旭平、居荷凤、唐震的任职经历以及签署的相关自查文件， 上述人员未在公司担任除独立董事以外的任何职务，也未在公司主要股东公司担 任任何职务，与公司以及主要股东之间不存在利害关系或其他可能妨碍其进行独 立客观判断的关系，不存在影响独立董事独立性的情况，符合《上市公司独立董 事管理办法》、《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公 司规范运作》中对独立董事独立性的相关要求。 江苏常宝钢管股份有限公司董事会 2024 年 3 月 29 日 江苏常宝钢管股份有限公司 关于独立董事独立性自查情况的专项报告 ...