证券日报网12月19日讯常宝股份在12月17日至12月18日回答调研者提问时表示，近年来，公司已聚焦高 端化项目建设、产线技术升级、自动化智能化改造及产品研发等领域持续进行资本投入，有效夯实公司 综合竞争力及高端化发展能力。公司将在产线技术升级，以及自动化、智能化建设等方面继续投入，以 灵活响应市场需求与技术发展。同时，公司未来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。 （文章来源：证券日报） ...

Group 1: Business Overview - The company focuses on shipbuilding and marine engineering as a strategic business, capitalizing on the recent high demand in the marine oil and gas exploration market, with a significant increase in orders for high-end marine equipment and specialized vessels [3][4]. - The company aims to become a globally influential provider of comprehensive solutions for marine vessels and specialized transport ships [3]. Group 2: Hardware and Production Advantages - The company has established a solid hardware infrastructure, including self-built shipyards that allow flexible resource allocation and control over production schedules [4]. - It possesses advanced stainless steel manufacturing capabilities and specialized material processing, enabling the construction of high-value, corrosion-resistant vessels [4]. - The implementation of covered shipyards allows for indoor construction, mitigating weather-related impacts on production quality and timelines [4]. - The company has accumulated extensive experience in ship design and project management since entering the marine market in 2011, ensuring high-quality contract fulfillment [4]. Group 3: Port Equipment and Automation - The company is actively engaging in the global trend of port automation and green upgrades, enhancing its market influence in port machinery with products exported to various regions including Asia, Europe, Africa, and the Americas [4]. - The company has established long-term partnerships with major port operators and is participating in international exhibitions to promote sustainable port operations [4]. Group 4: Technological Development - The company is integrating artificial intelligence into its products, enhancing production efficiency, product quality, and innovation capabilities [5]. - Recent developments include the provision of 12 fully automated rubber-tired gantry cranes equipped with L4 level automation control systems to support clients in upgrading their port operations [5]. Group 5: International Business Expansion - The company is optimizing its international sales network and after-sales service system, with established service points in Southeast Asia, South Asia, the Middle East, Europe, Australia, Latin America, and Africa [5]. - There is a strong belief in the potential of overseas markets, particularly in developing countries, to drive future growth [5]. Group 6: Future Development Direction - The company will focus on high-end equipment as a key growth driver, increasing R&D investment and fostering independent innovation [6]. - Plans include strengthening market positions in bulk handling equipment, marine and offshore equipment, and port equipment, transitioning from a product supplier to a system solution provider [6]. - The goal is to enhance brand influence and technological leadership, aiming to become a global leader in multiple niche markets while improving business scale and profitability [6].

Group 1: Business Development and Market Position - The company is actively expanding its shipbuilding and offshore vessel markets, aiming to become a globally influential provider of offshore vessels and specialized transport ships [3] - Recent orders have been secured from countries like Germany and Singapore, including specialized transport vessels and offshore ships [4] - The company has a robust order backlog in the port container crane sector, with continuous market expansion and increasing production and sales scale [4] Group 2: Project Progress and Future Plans - The Tongzhou Bay project is progressing steadily, with future business layouts planned based on strategic development and market conditions [4] - The company is focusing on integrating artificial intelligence into its products, enhancing production efficiency, product quality, and innovation capabilities [4] - Recent deliveries include 12 fully automated rubber-tired gantry cranes equipped with L4 level automation control systems to support customer port automation upgrades [4] Group 3: International Expansion and Market Opportunities - The company is enhancing its international sales network and after-sales service system, establishing presence in Southeast Asia, South Asia, the Middle East, Europe, Australia, Latin America, and Africa [5] - There is significant potential in overseas markets, particularly in developing countries, which the company is confident in capitalizing on [5] Group 4: Future Growth Directions - The material handling equipment and shipbuilding offshore equipment sectors are expected to be the main growth drivers in the coming years [5] - The company aims to strengthen its core competitiveness in high-end equipment through independent research and technological innovation [5]

Group 1: Company Orders and Market Development - The company has significantly increased its efforts in the shipbuilding market, securing orders from countries like Germany and Singapore for specialized transport vessels and offshore ships. Currently, multiple orders for offshore and chemical tankers are in progress [3] - The port container crane business has seen rapid growth, with a robust order backlog and positive market expansion [4] Group 2: Technological Advancements - The company is actively integrating artificial intelligence into its operations, enhancing production efficiency, product quality, and innovation capabilities. This includes the development of automated and intelligent equipment for container port cranes and other machinery [4] - Several orders for automated equipment and upgrades have been secured, with plans to further invest in technology development to enhance automation levels [4] Group 3: International Market Strategy - In 2024, the company's export sales accounted for 80.44% of total sales, with a focus on optimizing international sales networks and after-sales service systems across various regions including Southeast Asia, South Asia, the Middle East, Europe, Australia, Latin America, and Africa [4] - The company is confident in expanding its international business, particularly in developing countries, leveraging its years of experience and market presence [4] Group 4: Dividend Policy and Shareholder Returns - The company has significantly increased its dividend levels in 2024 compared to previous years, emphasizing shareholder returns while balancing future funding needs and industry conditions [5] - The management plans to continue enhancing core competitiveness and governance to further increase investment value and dividend payouts when conditions allow [5] Group 5: Commitment to Marine Economy - The company has been proactive in aligning with national policies on "deep-sea technology" and "marine economy," having established a presence in marine-related sectors since 2011 [5] - The marine economy, including shipbuilding and offshore equipment, is expected to be a major growth driver for the company's future performance, with plans for increased investment to strengthen competitiveness [5]

Group 1: Business Overview - The company is actively expanding its shipbuilding and offshore vessel markets, aiming to become a globally influential provider in this sector as demand increases due to a new high cycle in marine oil and gas development and shipping markets [3][4]. - The company has accumulated significant hardware advantages in shipbuilding, including its own shipyard, high-end stainless steel manufacturing facilities, and experience in offshore vessel construction since 2011 [4]. Group 2: Technological Development - The company is integrating artificial intelligence into its operations, enhancing production efficiency, product quality, and innovation capabilities, particularly in automated and intelligent equipment for ports [4]. - Multiple orders for automated equipment and upgrades have been secured, with plans to further invest in technology development to improve the intelligence and automation of high-end equipment products [4]. Group 3: Future Business Plans - The company is constructing the "Tongzhou Bay Equipment Manufacturing Base" to expand its capacity in marine engineering, material handling equipment, and shipbuilding, aiming to increase market share and create new growth points [4]. - Future growth will focus on material handling equipment and offshore vessel businesses, with a commitment to independent R&D and technological innovation to strengthen market leadership [5]. Group 4: Shareholder Returns - The company emphasizes shareholder returns through dividends, planning to increase dividend payouts in 2024 while focusing on core business development and enhancing investment value [5].

Core Insights - The "New Youth · Create Future" AI Youth Technology Exchange Conference was held in Xi'an, showcasing innovative applications in automation and intelligence within the industry [1] Company Summary - Baoshi Machinery's RPA Robot (Intelligent Drill Mia) project significantly improved the efficiency and accuracy of the drilling rig assembly process, reducing the time from 20 hours to just 0.5 hours with an accuracy rate of 99.9% [1] - The project was recognized as one of the top eight winning projects and received a second prize during the final presentation [1] - Another project by Baoshi Machinery, focusing on intelligent detection of drill rod connectors and bodies using image recognition technology, was awarded an excellent achievement award [1] - Baoshi Machinery aims to continue its commitment to innovation and explore new paths in intelligent manufacturing to contribute to the industry's development towards greater efficiency and intelligence [1]

Group 1: Business Overview - The company is focusing on the shipbuilding and offshore engineering sectors, which are experiencing a new high cycle, driven by marine oil and gas development activities and an active shipping market [3][4]. - The company aims to become a globally influential provider of offshore vessels and special transport ships [3]. Group 2: Order Status - Since 2024, the company has intensified its market expansion efforts, securing ship orders from Germany, Singapore, and Latin America, including chemical tankers and platform supply vessels [4]. - The company currently has multiple ongoing negotiations for marine engineering and special transport vessel projects [4]. Group 3: Technological Development - The company is integrating artificial intelligence into its operations to enhance production efficiency, product quality, and innovation capabilities [4]. - Automation and intelligent technology have been progressively implemented in products such as container port cranes and mobile port cranes, contributing to the automation of port operations [4]. Group 4: International Market Expansion - In 2024, the company's export sales accounted for 80.44% of its total sales, with a focus on optimizing its international sales network and after-sales service [4]. - The company has established sales and service networks in Southeast Asia, South Asia, the Middle East, Europe, Australia, Latin America, and Africa, aiming to capitalize on commercial opportunities in developing countries [4]. Group 5: Future Development Direction - The material handling equipment and shipbuilding offshore equipment sectors are expected to be the main growth points for the company in the coming years [5]. - The company plans to enhance its core competitiveness in high-end equipment through independent research and technological innovation [5].

Group 1: Company Orders and Market Expansion - The company has intensified efforts in the shipbuilding market since 2024, securing orders from Germany, Singapore, and Latin America, including chemical tankers and platform supply vessels [2][3] - Multiple ongoing negotiations for marine engineering vessels and specialized transport vessel orders are in progress [2][3] Group 2: Hardware Advantages in Shipbuilding - The company possesses its own shipyard, which is adequately sized to meet the requirements of the contracted shipbuilding projects [3] - A high-end stainless steel manufacturing workshop enhances the capability to meet the demands of high-end specialized transport vessels [3] - The shipyard features a roof design, allowing for indoor work unaffected by weather, thus ensuring production quality and efficiency [3] - Since 2011, the company has accumulated significant experience in marine engineering vessels, improving contract fulfillment capabilities [3] Group 3: Technological Development in High-end Equipment - The company is actively integrating artificial intelligence (AI) into its operations to enhance production efficiency, product quality, and innovation [3] - Automation and intelligent technology have been progressively implemented in products like container port cranes and mobile port cranes, aiding in the development of automated and unmanned ports [3] - Several orders for automated equipment and upgrades have been secured, with plans to increase R&D efforts in intelligent and automated high-end equipment [3] Group 4: Future Development and Strategic Planning - The company is constructing the "Tongzhou Bay Equipment Manufacturing Base" to expand its capabilities in marine engineering and material handling equipment [4] - The focus will be on enhancing market share in high-end equipment and establishing new growth points for performance [4] - The company plans to maintain a high dividend level, reflecting its commitment to shareholder returns while balancing future funding needs and industry conditions [4] - Future growth will primarily come from material handling equipment and marine engineering equipment, with a focus on independent R&D and technological innovation [4]

Core Viewpoint - The company is expected to achieve a significant increase in net profit for the first half of 2025, with a forecasted range of approximately HKD 950 million to HKD 1.08 billion, reflecting a year-on-year growth of 45% to 65% [2]. Group 1: Performance Forecast - The midpoint of the profit forecast is HKD 1.015 billion, indicating a year-on-year increase of 55% [2]. - The company's stock incentive plan is highly likely to meet the performance target of HKD 2.008 billion for 2025, which represents a growth of over 25% compared to the adjusted net profit for 2024 [2]. Group 2: Growth Drivers - The company is entering a performance realization phase, driven by enhanced product competitiveness and a successful global mid-to-high-end strategy [3]. - The company has improved its supply chain and channel management, leading to better risk response capabilities [3]. - The first half of 2025 saw a significant improvement in core business scale and product/channel structure, with innovative businesses maintaining high growth [3]. Group 3: Product and Market Performance - The company's television segment, particularly Miniled TV, has seen a rapid increase in shipment proportion, indicating product structure optimization [3]. - In Q2 2025, global TV shipments reached 6.95 million units, a year-on-year increase of 4.1%, with domestic shipments at 1.4 million units (down 3.3%) and overseas shipments at 5.55 million units (up 6.2%) [3]. - The penetration rate of Miniled TVs has increased significantly, with approximately 820,000 units shipped globally in 2025, accounting for 11.8% of total shipments [3]. Group 4: Future Outlook - The company anticipates that the net profit margin for the second half of 2025 will accelerate due to ongoing domestic market support and the continued push for larger and Miniled TVs in overseas markets [3].

Group 1: Research Basic Information - The research object is Runbang Co., Ltd., belonging to the special equipment industry, and the reception time was July 9, 2025. The company's reception staff included the vice president, the secretary of the board of directors, Xie Guixing, the representative of securities affairs, Liu Cong, and the commissioner of securities affairs, Dou Xiaolin [16] Group 2: Detailed Research Institutions - The research institutions include Changjiang Securities (represented by Si Hongli), Guolian Fund (represented by Lu Junyou), Everbright Asset Management (represented by Bian Shaohua), Guoxin Asset Management (represented by Yan Jiaoyang), Bank of Communications Schroder Fund (represented by Feng Qing), Added - value Investment (represented by Zhou Haofeng), and HSBC Jintrust Fund (represented by Zhou Zongzhou) [17] Group 3: Main Content Ship Production Capacity and Order Execution - The company currently has the capacity to produce no less than 10 ships per year, and there is still room for further improvement in shipbuilding capacity through optimization and adjustment. The ship - building contracts are being fulfilled normally [22] High - end Equipment Technology Development - The company seizes the opportunity of AI development, aiming to integrate AI with existing industries. It has gradually realized the R & D and application of intelligent and automated technologies in products such as container port cranes, mobile port cranes, and bulk material handling and conveying equipment, and has obtained multiple orders for automated equipment and equipment automation upgrades. It will further increase R & D efforts [22][23] Future Performance Growth - The material lifting and handling equipment business and the ship and offshore engineering equipment business will be the main growth points for the company's performance in the next few years. The company will expand its business scale through technological innovation and global business layout [24] Tongzhou Bay Base - The company is building the "Tongzhou Bay Equipment Manufacturing Base Project" to expand production capacity in the fields of offshore engineering equipment, material lifting and handling equipment, ships and supporting equipment, and increase market share [24] Internationalization Strategy - The company's high - end equipment business is mainly overseas, with overseas sales accounting for about 70%. It will strengthen the construction of sales and after - sales service networks, increase R & D investment, implement an international talent development strategy, and focus on increasing after - sales service revenue [24] Dividend Policy - Considering factors such as the company's 2024 profitability, future capital needs, industry conditions, and shareholder returns, the company increased dividends in 2024. It will continue to focus on its main business, enhance its core competitiveness, and increase dividends when conditions permit [25][26]