（文章来源：证券日报） 证券日报网12月25日讯 ，常宝股份在接受投资者提问时表示，随着油气开采条件和技术要求越来越 高，对于高性能管材需求比例将增加。近年来，公司主动应对市场变化及调整产品结构，促进油套管的 价值转型。目前，公司油套管产品已涵盖全系列API钢级以及自主研发的抗H2S系列、抗CO2系列、高 强高韧系列、页岩气开采用管系列以及特殊扣系列等非API产品，13Cr油套管、特殊加厚小油管、高性 能气密封特殊扣等非常规油气开采用管，可满足高温高压高腐蚀等特殊井况使用。公司将持续推进产品 价值转型，强化品牌建设，重点推广镍基合金油管、小油管、13Cr系列、非API系列等非常规油气开采 产品，并积极拓展海外新市场、新客户、新钢级产品认证，提升油套管产品盈利能力。 ...

3、公司 HRSG 产品是否有提升产能计划？ 回复：通过多年的技术研究、产品开发、技术积累及市场 开拓，HRSG 产品已经成为公司重点特色产品。公司可生产超长、 超薄、高钢级 HRSG 产品。通过核心技术工艺控制，逐步形成了 质量优、交期快、多品种、小批量竞争优势。近年来，公司 HRSG 产品产销量逐年上升，长期与国内外头部品牌企业保持稳定供 货。当前公司 HRSG 产线保持负荷运行，2026 年将根据市场需 求的情况，进一步优化生产组织安排，加大 HRSG 产品的产能挖 潜和结构升级，进一步开发不锈钢及镍基 HRSG 产品，以灵活应 对市场需求的增长和变化，持续提升产品的竞争力和价值率。 4、常宝特材项目进展及近期市场规划？ 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 编号：2025-012 | | 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 12 月 24 ...

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [1][3]. Core Insights - The company is a leading domestic player in the special seamless steel pipe industry, with a solid operational foundation. Its boiler pipe business is expected to grow rapidly, contributing significantly to revenue, particularly from HRSG boiler pipes used in gas turbine power generation [1][7]. - The company has a healthy financial position, with a low debt ratio and substantial cash reserves, which supports its operational stability and growth potential [23][32]. Financial Data and Valuation - Total revenue for 2023 is projected at 6,661 million RMB, with a year-on-year growth of 7%. However, a decline of 14% is expected in 2024, followed by modest growth in subsequent years [2]. - The net profit attributable to shareholders is forecasted to be 783 million RMB in 2023, with a significant drop of 19% anticipated in 2024 [2]. - The company maintains a low debt ratio of 34% and has cash reserves exceeding 30 billion RMB, indicating strong liquidity [32][33]. Business Overview - The company has transitioned from a traditional steel pipe manufacturer to a provider of specialized pipe solutions for high-end manufacturing and emerging industries [12][15]. - The boiler pipe segment has become a core growth driver, with its revenue share increasing from 23% in 2022 to over 40% currently [1][7]. - The company has established itself in the international supply chain for electrical equipment, supplying HRSG boiler pipes to major global players like GEV and Mitsubishi [1][7]. Market Dynamics - The demand for gas turbines is expected to surge due to the development of overseas power systems and AI data centers, which will benefit the company's HRSG boiler pipe business [1][7]. - The North American gas turbine market is experiencing a supply-demand mismatch, presenting an opportunity for the company to expand its customer base [31]. Management and Ownership - The company's ownership structure is stable, with the chairman and his family holding a significant portion of shares, ensuring continuity in management [17][20]. - The management team consists of experienced individuals who have been with the company for a long time, contributing to its strategic direction and operational efficiency [21][22].

12月10日，在延安新材料产业园区，生产车间里，机器声震耳、焊花飞溅，工人穿梭于设备之间， 忙生产、赶订单。"十四五"收官在即，延安市民营企业鼓足干劲，乘势而上，为延安经济社会高质量发 展注入新动能。 稳增长促就业 民营经济涌活力 近年来，延安市民营经济工作总体呈现出"承压前行、健康发展、稳中有进"的良好态势。民营企业 为全市贡献了约30%的税收，解决了七成以上的城镇劳动力就业。 "今年1月至9月，公司营业收入较去年全年增长了162%，产量在2万台左右。销售网络从原先的陕 西、甘肃扩展到青海、新疆以及中亚地区，市场份额逐步增加。"延安信创科技有限公司（以下简称"延 安信创科技"）科技产品技术部经理张万科说。 尽管去年4月才落户延安高新技术产业开发区，延安信创科技已展现出强劲的发展势头。目前，该 公司已获得多项专利和软件著作权，其自主研发的国产打印复印扫描一体机样机已成功下线，接下来将 在延安升级生产线，实现新产品"延安造"。 今年前三季度，延安市民营经营主体净增0.25万户，累计达到25.31万户；民营企业净增0.13万户， 累计达到6.04万户；民营工业企业净增52户，累计达到2687户；新增"五上"民营企 ...

Economic Performance - The GDP of Ziyang region grew by 5.9% year-on-year in the first three quarters [2] - The industrial added value above designated size increased by 14.4% year-on-year, maintaining the highest growth rate in the province for 21 consecutive months [2][3] - A total of 157 industrial projects were successfully signed this year, with an investment amount of 21.608 billion [6] Industrial Development - The Ziyang Petroleum Steel Pipe Company is operating at full capacity, producing 150,000 tons of spiral pipes and oil casing by the end of October, exceeding the annual plan by 20,000 tons [4] - The company expects to achieve an annual output of 180,000 tons, generating an estimated revenue of 1 billion [4] - Sichuan Shared Casting Co., Ltd. reported a sales revenue of 130 million in the first three quarters, with an expected annual revenue of 180 million, reflecting an 18% year-on-year growth [4] Project Implementation - The Ziyang region has initiated 118 new projects and put 100 projects into operation this year [6] - The construction of the Beijing Xinghe Power Valley rocket project is underway, expected to be completed in the first half of 2026, with an annual capacity of 30 solid rocket launches [6] - The local government is enhancing project implementation efficiency by ensuring necessary resources for signed but unstarted projects [7] Business Environment - The establishment of the "Enterprise Home" service system has improved the investment confidence of companies, providing timely and professional responses to various inquiries [8][10] - The Ziyang region has collected and resolved 653 enterprise requests since the launch of the service system, significantly enhancing enterprise satisfaction [10]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.40 CNY based on a PE valuation of 16X for 2025 [3][5]. Core Insights - The company has seen improvements in its non-recurring performance, with a year-on-year increase in non-recurring net profit of 0.8% for the first three quarters of 2025, despite facing short-term pressure from the oil and gas industry's weak demand [10]. - The company is actively pursuing a high-end product transformation strategy, with a focus on specialty products such as 13Cr, HRSG, and oil cylinder pipes, which are expected to enhance profitability [10]. - The demand for the company's main products, including oil casing and boiler pipes, is anticipated to remain strong due to ongoing investments in the oil and gas extraction and thermal power construction sectors [10]. Financial Performance Summary - The company's projected revenue for 2025 is 6,085 million CNY, reflecting a 6.8% year-on-year growth, following a decline of 14.5% in 2024 [4]. - The net profit attributable to the parent company is expected to be 589 million CNY in 2025, down 7.1% from the previous year, with an estimated EPS of 0.65 CNY [4]. - The gross margin is projected to improve to 17.4% in 2025, with a net margin of 9.7% [4].

Core Viewpoint - The oil service industry is experiencing steady growth due to high international oil prices and increasing demand for oil and gas exploration and production services [1][2][7]. Group 1: Industry Performance - The overall performance of oil service companies in A-shares has been robust, with companies like CNOOC Services, Baker Hughes, and Jereh achieving strong results in their mid-year reports for 2025 [1][2]. - CNOOC Services reported a revenue of 23.32 billion yuan, a year-on-year increase of 3.5%, and a net profit of 1.963 billion yuan, up 23.3% [2]. - Baker Hughes achieved a net profit of 13.82 million yuan, reflecting a year-on-year growth of 33.35% [2]. - Jereh's revenue reached 6.9 billion yuan, a 39.21% increase, with a net profit of 1.241 billion yuan, up 14.04% [3]. Group 2: Order Growth and International Expansion - Oil service companies are securing significant overseas contracts, indicating a growing demand for oilfield services [4][5]. - CNOOC Engineering won a bid from Qatar Energy worth approximately 4 billion USD, which is expected to positively impact its performance [4]. - China National Petroleum Corporation's subsidiary received a contract for a seawater pipeline project in Iraq valued at 2.524 billion USD (approximately 18.032 billion yuan) [4]. - Jereh received a contract from Algeria's national oil company worth about 8.5 billion USD (approximately 61.26 billion yuan) [5]. Group 3: Future Outlook - The oil service industry's positive outlook is supported by expected increases in upstream capital expenditures, projected to reach over 582.4 billion USD in 2025, a 5% year-on-year growth [7]. - The stability of international oil prices is crucial for maintaining investment in oil and gas exploration, with expectations that prices will remain high due to ongoing supply constraints [7]. - Companies are diversifying their operations to mitigate risks associated with oil price fluctuations, focusing on areas such as artificial intelligence and smart manufacturing [8].

Core Viewpoint - Jiangsu Changbao Steel Tube Co., Ltd. is focusing on restructuring its competitiveness and high-end transformation in 2025, despite facing challenges in the oil and gas industry and a decline in overseas market demand [1][2]. Group 1: Company Performance - In the first half of 2025, the company experienced a decline in oil casing sales due to weak market demand, while the boiler pipe sector saw revenue growth due to internal resource optimization [1]. - The company reported a year-on-year increase in sales of specialty products, driven by new customer development and certifications from leading enterprises [1]. Group 2: Strategic Initiatives - The company is committed to enhancing internal capabilities and operational efficiency through systematic upgrades in employee awareness, work methods, management tools, and information technology [2]. - Product structure adjustments are being made to focus on specialized operations and value-driven management, with flexible resource integration to meet market demands [2]. Group 3: Collaboration and Innovation - The company has established partnerships with several brand special steel enterprises and is collaborating with organizations like Westmark to create joint research and development centers [2]. - Continuous investment in automation, information technology, and digitalization is aimed at building a visual control system and integrating artificial intelligence into specific projects [2]. Group 4: Talent Development and Long-term Planning - The company employs a dual strategy of external recruitment and internal training to build its talent pool, establishing a multi-channel promotion mechanism [2]. - Long-term development plans are guided by annual objectives, with flexibility to adjust strategies while advancing medium to long-term plans like the "14th Five-Year Plan" [2]. Group 5: Financial Strategy - The company has outlined a shareholder return plan for the next three years (2024-2026), balancing shareholder returns with company growth [2]. - Future capital expenditures will focus on optimizing product structure, upgrading production lines, and investing in automation and intelligent construction [2].

Group 1: Company Overview and Performance - 2025 is identified as a year for restructuring and upgrading the company's competitive capabilities, focusing on internal efficiency and product structure optimization [2][4] - In the first half of 2025, the company faced challenges due to a weak market demand, particularly in the overseas oil and gas sector, leading to a decline in oil casing sales [2][3] - Despite a decrease in overall performance, the company managed to maintain stable production and sales volumes compared to the previous year, with significant improvement in Q2 compared to Q1 [3] Group 2: Strategic Initiatives - The company is committed to enhancing its operational efficiency and quality through technological advancements and project development [3][4] - A focus on professional operations and resource coordination allows for quick adjustments to product structures in response to market changes [5] - Strategic partnerships with various steel enterprises and research institutions are established to foster innovation and high-quality development [6] Group 3: Digitalization and Talent Development - Investments in automation and digitalization have been prioritized, with the integration of ERP and MES systems to enhance operational visibility and efficiency [7] - The company employs a dual strategy for talent acquisition, combining external recruitment of experienced professionals with internal training of new graduates [7] Group 4: Long-term Planning and Shareholder Returns - The company adheres to a long-term operational philosophy, adjusting annual plans based on market conditions while developing mid-term strategies [7][8] - A shareholder return plan for 2024-2026 has been established to provide clear expectations and solid returns for long-term investors [8] - Future capital expenditures will focus on optimizing product structures and upgrading production lines to adapt to market demands [8]

Investment Rating - The report maintains a "Buy" rating for the company [6][4] Core Views - The company reported a revenue of 2.812 billion RMB for H1 2025, a year-on-year increase of 0.26%, but a decline in net profit attributable to shareholders by 21.81% due to the downturn in the oil casing market [1][2] - The boiler pipe segment performed better than the oil casing segment, with a year-on-year revenue increase of 4.62% for boiler pipes, while oil casing revenue decreased by 8.38% [2] - The company is actively expanding into emerging fields, with new production lines targeting high-end markets such as new energy and fine chemicals [3] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 1.601 billion RMB, representing a year-on-year increase of 6.61% and a quarter-on-quarter increase of 32.22% [1] - The net profit for Q2 was 144 million RMB, down 10.21% year-on-year but up 29.15% quarter-on-quarter [1] Business Segments - The oil casing segment faced weak demand, particularly in overseas markets, leading to a decline in sales [2] - The boiler pipe segment saw robust demand, with the company focusing on internal resource optimization and new customer development [2] Future Outlook - The company is set to complete new production lines aimed at high-end markets, with several projects already in trial production [3] - The report projects adjusted EPS for 2025-2027 to be 0.66, 0.79, and 0.83 RMB respectively, with a target price of 6.67 RMB based on a price-to-book ratio of 1.0 [4][10]