证券研究报告 常宝股份 (002478 CH) 优化品种结构，助业绩持稳 2025 年 10 月 27 日│中国内地 特钢 | 华泰研究 | | 季报点评 | 投资评级(维持): | 增持 | | --- | --- | --- | --- | --- | | 2025 年 | 10 月 27 日│中国内地 | 特钢 | 目标价(人民币): | 8.91 | 李斌 研究员 | SAC No. S0570517050001 | libin@htsc.com | | --- | --- | | SFC No. BPN269 | +(86) 10 6321 1166 | | 张智杰* | 联系人 | SAC No. S0570124050019 zhangzhijie@htsc.com +(86) 21 2897 2228 基本数据 | 收盘价 (人民币 截至 10 月 24 日) | 6.13 | | --- | --- | | 市值 (人民币百万) | 5,522 | | 6 个月平均日成交额 (人民币百万) | 77.71 | | 52 周价格范围 (人民币) | 4.89-6.33 | 股价走势图 (10) ...

Group 1: Company Performance Overview - In the first half of 2025, the company maintained stable production and sales despite a challenging domestic and international environment, showing resilience in operations [2] - Although the company's performance declined year-on-year due to intensified competition and changes in the foreign trade market, there was a significant improvement in the second quarter compared to the first quarter [2] Group 2: Business Strategy and Development - The company focuses on optimizing product and market structures, emphasizing collaboration with brand clients and industry leaders to enhance core competitiveness [3] - Continuous upgrades and adjustments to production lines are implemented to ensure product quality and production efficiency, adapting to market demands [4] Group 3: Product and Market Expansion - The company aims to advance high-end transformation in its oil pipe business, targeting niche markets and key clients, with a focus on promoting nickel-based alloy pipes and 13Cr products [5] - In the boiler pipe sector, the company has upgraded its product range from carbon and alloy steel to stainless steel, enhancing its competitiveness and customer recognition [5] Group 4: New Projects and Future Plans - New projects are progressing as scheduled, with successful deliveries and approvals from major domestic and international clients in the specialty materials sector [6] - The company is committed to a shareholder return plan for 2024-2026, balancing investor returns with growth potential [6] Group 5: Capital Expenditure and Global Strategy - The company has established a production base in Oman and plans to seize overseas market opportunities while monitoring external uncertainties [6] - Ongoing efforts include optimizing product structures and upgrading production lines to enhance core competitiveness [6]