常宝股份：锅炉管目前已经成为公司营收占比最大的产品

Core Viewpoint - The company has identified boiler pipes as its largest revenue-generating product, focusing on the small and medium diameter boiler pipe sector, and has established a strong brand reputation in the industry through continuous technological development and stable product quality [2] Industry Summary - The company primarily targets two application areas for its boiler pipes: coal-fired power generation boiler pipes and HRSG pipes for gas turbine combined cycle power generation [2] - Coal-fired power generation has been a core pillar of electricity supply in China, and it is expected to continue playing a key role in power supply responsibilities in the coming years, driven by ongoing electricity demand from new energy peak shaving, data centers, and the maintenance and upgrading of old units [2] - The international market for gas turbine combined cycle power generation is steadily increasing, leading to stable demand for HRSG pipes [2] - Overall, the boiler pipe market is expected to maintain a favorable outlook due to industry policy guidance, downstream demand support, and current market needs [2] Company Strategy - The company plans to enhance boiler pipe production capacity and optimize product structure, focusing on promoting high-end stainless steel boiler pipes and specialty boiler pipes [2] - The company aims to strengthen its customer demand response and service capabilities to improve its overall competitive advantage [2]