证券代码：002478 证券简称：常宝股份 江苏常宝钢管股份有限公司投资者关系活动记录表 回复：公司特材项目已竣工投产，目前正有序推进市场拓 展、工艺设备调试、客户认证、挂样测试等流程，后续产能将 根据市场拓展及生产磨合情况逐步释放。公司将依托多年积累 的市场资源、客户基础、品牌知名度，将在现有延伸产品上加 快市场开发进度，如不锈钢锅炉管及 HRSG 产品、高端换热器用 管、镍基合金油管等，同时系统性推进海洋脐带缆用管、BA/EP 管等国产替代产品的开发。公司将集中核心资源与骨干团队力 量，全力以赴推动特材项目早日达成既定建设目标与经营预期， 为公司长远发展注入新动能。 编号：2025-008 | | 特定对象调研 □分析师会议 | | | | | --- | --- | --- | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | | | | 活动类别 | □新闻发布会 □路演活动 | | | | | | 现场参观 电话会议 | | | | | 时间 | 2025 年 11 月 25 日-2025 年 11 月 27 日 | | | | | 参与单位名称 | 中欧基金 郑思 ...

惠州仁信新材料股份有限公司投资者关系活动记录表 证券代码： 301395 证券简称：仁信新材 | 投资者关系活动 √ | 特定对象调研 分析师会议 □ | | --- | --- | | 类别 □ | 媒体采访 业绩说明会 □ | | □ | 新闻发布会 路演活动 □ | | □ | 现场参观 | | □ | 其他 | | 参与单位名称及 人员姓名 | 远希私募基金 王培、刘光皓 | | 时间 2025 | 年 月 日 (周三) 11 26 15:00~16:00 | | 地点 | 线上会议 | | 上市公司接待人 员姓名 | 副总经理、董事会秘书 李广袤 | | 1. | 公司近期毛利率和净利率的波动，在多大程度上是由产品结 | | | 构升级、原材料价格波动、还是市场竞争导致的定价压力所 | | | 驱动？各类因素的量化影响是多少？ | | | 公司 2025 年前三季度实现营业收入 16.41 亿元，同比小幅增 | | 长 | 4.72%，实现归属于上市公司的净利润 3,206.53 万元，同比小 | | 幅下降 | 2.81%，扣非后净利润 3,051.92 万元，同比增长 37.64%， | | | ...

Investment Rating - The report maintains a "Strong Buy" rating for Chow Tai Fook [2][7] Core Views - Chow Tai Fook's FY26H1 revenue decreased by 1.1% year-on-year, while net profit increased by 0.1%. The company declared an interim dividend of HKD 0.22 per share, with a payout ratio of 85.7% [6][7] - Strong terminal growth was observed from October 1 to November 18, with same-store sales in mainland China increasing by 38.8%, driven by a 93.9% increase in priced jewelry and a 23.0% increase in gold jewelry [6][7] - The company is expected to benefit from rising gold prices in the second half of the fiscal year, leading to an upward revision of profit forecasts for FY2026 to FY2028 [7] Financial Performance Summary - FY26H1 revenue was HKD 389.9 billion, with a breakdown showing mainland China revenue at HKD 321.9 billion (down 2.5%) and Hong Kong, Macau, and other markets at HKD 67.9 billion (up 6.5%) [6] - The company closed 611 underperforming stores while opening 8 new flagship stores, focusing on enhancing store quality and optimizing the retail network [6] - The gross margin for FY26H1 was 30.5%, with a slight year-on-year decrease of 0.9 percentage points, while operating profit margin reached a five-year high of 17.5% [6][7] Earnings Forecast and Valuation - Revenue projections for FY2026 to FY2028 are HKD 94.001 billion, HKD 98.800 billion, and HKD 104.748 billion, respectively, with net profit estimates of HKD 8.707 billion, HKD 9.804 billion, and HKD 10.864 billion [7][8] - The current market capitalization corresponds to a FY26 PE ratio of 17.5X, indicating a favorable valuation [7][8]

财务表现 近52周股价走势 | 华通证券国际 | | --- | | 研究部 | | 宏观组 | | SFC: AAK004 | | Email· research@waton.com | 海天味业（03288.HK) 海天味业：利润增长快于收入，成本控制与国际化推进 | 投资评级： | 持有 | 主要观点： | | --- | --- | --- | | 报告日期： | 2025-11-25 |  财务表现 | | | |  业务发展 | 盈利预测 预计2025年营业收入增长8.0%，营业利润增长7.81%。2025-2027 年PE对应为24.66、22.36、21.45倍。 风险提示 作者 | 百万人民币 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 26,901 | 29,053 | 31,087 | 32,952 | | （+/-)% | 10.41 | 8.00 | 7.00 | 6.00 | | 营业利润 | 6,562 | 7,075 | 7,554 | 8,006 | | （+/-)% ...

证券日报网讯 常宝股份（002478）11月20日发布公告，在公司回答调研者提问时表示，未来3-5年，公 司将着重聚焦推动新项目落地、产品结构持续升级、国际化发展战略、运行效率提升等，持续努力提升 公司经营基本面和核心竞争力。在新项目落地上，公司将着力依托现有客户资源及品牌认可度，加大特 材项目、精密管项目等新产品和进口替代产品的国产化拓展力度，逐步实现新项目产品的品牌打造和产 能的逐步释放。在产品结构优化上，将持续提升特色产品、高价值产品比例。公司将深耕复杂油气开采 领域，聚焦非API产品、特殊扣、深海深地油气产品等特殊要求产品技术及市场开发，持续深化价值转 型；将加大HRSG、T91、T92等特色锅炉管产品产能挖潜，加快不锈钢及高温合金锅炉管推广，促进价 值的提升；品种管将在目前已形成的特色品牌基础上，培育更多的细分市场龙头产品，逐步提升整体毛 利率水平。在国际化发展上，公司将重点提升海外客户响应速度与满意度，加速新产品、新客户的认证 开发进程，着力提升海外市场竞争力。公司也将持续关注外部环境变化，在全面评估基础上，把握海外 市场的机遇，探索走出去的机会。在运行效率方面，公司将持续做好数智化、信息化、绿色 ...

Core Viewpoint - The company, Minfa Aluminum, has a pricing model based on "aluminum ingot prices + processing fees," which mitigates the impact of raw material price increases on profits. The company is focusing on product structure upgrades and market diversification to address insufficient downstream demand [1]. Group 1: Pricing and Profitability - The company's product pricing is linked to the Shanghai Changjiang or Guangdong Nanhai spot market prices for aluminum ingots, which limits the impact of raw material price fluctuations on profitability [1]. Group 2: Strategic Initiatives - To enhance product value and avoid low-end market competition, the company plans to upgrade its product structure and develop new products, aiming to increase gross margins [1]. - The company is committed to increasing investment in technology research and development to boost patent numbers and strengthen core competitiveness [1]. - The company aims to diversify its market presence by actively exploring overseas markets, particularly in emerging markets, to reduce reliance on the domestic market [1]. - The company is focusing on high-growth sectors such as new energy vehicle profiles, photovoltaic profiles, and rail transit profiles to identify new growth opportunities [1]. Group 3: Operational Efficiency - The company is implementing lean production and sustainable development practices, enhancing cost control, and upgrading technology and equipment to reduce waste and labor costs, thereby improving production efficiency [1].

Core Viewpoint - Zeyu Intelligent acknowledges that rising raw material prices may exert short-term pressure on profitability, but the company has established a multi-dimensional, normalized cost control and risk mitigation mechanism to address this challenge [1] Group 1: Cost Control Measures - The company aims to enhance cost control capabilities through optimized internal operations and centralized procurement to improve bargaining power and effectively reduce unit procurement costs [1] - Zeyu Intelligent is advancing product structure upgrades to increase the revenue share of high value-added and high-tech barrier products, using product premiums to offset the impact of rising raw material prices [1] - The company is optimizing supply chain management by expanding diversified and stable supply channels, and reducing raw material price volatility risks through long-term agreements and price locking [1] Group 2: Future Focus - Moving forward, the company will continue to focus on core business upgrades, leveraging technological barriers, product competitiveness, and efficient operational management to enhance resilience against market fluctuations and ensure long-term stable development [1]

Core Viewpoint - Jinzhongzi Liquor has made substantial progress in asset divestiture by signing a contract with Shenzhen Jun Cheng Pharmaceutical Co., Ltd. to transfer its stake in Anhui Jintaiyang Biochemical Pharmaceutical Co., Ltd. [1][2] Group 1: Asset Divestiture - The transfer of Jintaiyang Pharmaceutical was first planned in April 2024, with the initial public listing price set at RMB 130 million [1] - The adjusted net asset value of Jintaiyang Pharmaceutical as of December 31, 2024, is RMB 129.73 million, with an estimated valuation increase of RMB 22.40 million, representing a 17.26% increase [1] - The buyer, Jun Cheng Pharmaceutical, has a registered capital of only RMB 1 million and was established just 25 days before the announcement [1][2] Group 2: Financial Performance - Jinzhongzi's revenue from Jintaiyang Pharmaceutical, which was a significant income source, dropped by 62% to RMB 161 million in 2024, with a net profit of only RMB 6.19 million [2] - In 2023, Jintaiyang Pharmaceutical contributed a net profit of RMB 29.51 million, while Jinzhongzi reported a loss of RMB 22.07 million, indicating the pharmaceutical unit's importance to the company's profitability [2] - The company's liquor business revenue fell by 24.33% to RMB 744 million in 2024, returning to 2021 levels, with a further decline of approximately 22% in the first three quarters of the year [3][4] Group 3: Management and Strategy - The departure of two senior executives from the Huaren Group, including the general manager, raises questions about the company's future direction [3] - Jinzhongzi's product structure, which includes low-end products, has resulted in insufficient gross margins to cover expenses, leading to ongoing losses [3][4] - Despite attempts to upgrade products and expand channels, the company's sales expenses increased significantly, with a sales expense ratio of 31.84% and a management expense ratio of 12.47%, totaling 44.31% [5]

Investment Rating - The report maintains a recommendation for the industry, indicating a stable outlook for textile manufacturing and a positive trend for gold and jewelry sectors [3]. Core Insights - Textile manufacturing is expected to gradually improve due to stable overseas demand and low inventory levels, despite short-term production efficiency issues and order delays from existing clients [7][11]. - Brand apparel is facing pressure due to weak domestic consumption, with only a few companies showing positive performance through strong product and channel strategies [7][38]. - The gold and jewelry sector is experiencing high growth driven by low base effects, rising gold prices, and product structure upgrades, with leading brands showing significant revenue growth [7][49]. Summary by Sections Textile Manufacturing - Overseas demand remains stable, with low inventory levels in the U.S. indicating a healthy supply chain [12]. - Major global brands like NIKE are seeing recovery after two years of channel optimization, with orders expected to improve as major sporting events approach in 2026 [11][18]. - Key companies to watch include Shenzhou International, Yuyuan Group, and others with Southeast Asian production capabilities [34]. Brand Apparel - The performance of brand apparel companies is generally under pressure, with most reporting low single-digit revenue growth and declining profits [38]. - Notable exceptions include Mercury Home Textiles and Luolai, which reported significant revenue and profit increases due to product expansion and multi-channel strategies [38]. - Companies like Mercury Home Textiles and Li Ning are recommended for their positive brand momentum and strategic changes [48]. Gold and Jewelry - The gold and jewelry sector saw a 11.5% increase in retail sales in the first three quarters of 2025, driven by rising gold prices and product upgrades [49]. - Leading brands such as Chao Hong Ji and Man Ka Long reported substantial revenue growth, with Chao Hong Ji's revenue increasing by nearly 50% in Q3 2025 [54]. - Investment recommendations focus on brands with strong market positioning and ongoing product and channel upgrades, such as Chow Tai Fook and Chao Hong Ji [67].

Investment Rating - The report maintains a "Buy-B" rating for the company [3][7]. Core Views - The company has experienced a year-on-year revenue increase of 13.6% in the first three quarters of 2025, reaching a total revenue of 55.4 billion yuan, despite a decline in net profit by 18.9% to 2.2 billion yuan [3][4]. - The third quarter of 2025 saw a significant improvement in profitability, with a net profit of 1.2 billion yuan, marking a 167.7% increase compared to the previous quarter [3][4]. - The company is focusing on expanding its high-performance giant tire production capacity, with a project expected to add 20,000 units of capacity and generate an estimated annual revenue of 15.63 billion yuan [6][7]. Financial Performance - For the third quarter of 2025, the company achieved a tire production of 1.61 million units, a year-on-year increase of 15.1%, and sales of 1.65 million units, up 10.0% year-on-year [4]. - The average selling price of products increased by 2.7% quarter-on-quarter and 7.9% year-on-year, contributing to improved gross and net profit margins [4]. - The projected net profits for 2025-2027 are estimated at 3.0 billion yuan, 4.5 billion yuan, and 6.7 billion yuan, respectively, with corresponding P/E ratios of 17, 12, and 8 times [7][12]. Market Position and Growth Potential - The company has seen a steady increase in the sales of its giant tires, with a compound annual growth rate of nearly 40% from 2022 to 2024, and expects to continue expanding its market share [5][6]. - The ongoing project to enhance production capacity for giant tires is expected to significantly improve the company's competitive edge and product matrix [6][7].