季度扣非业绩改善，特材项目持续推进 事件：公司发布 2025 年三季度报告。公司前三季度实现营业收入 42.84 亿元，同比增长 1.4%；归属于母公司所有者的净利润 3.92 亿元，同比减 少 4.6%；基本每股收益 0.44 元，同比减少 4.35%。 季度扣非业绩改善，销售净利率小幅回升。公司 2025Q3 实现归母净利 1.38 亿元，同比增长 61.15%，环比下降 4.23%，实现扣非归母净利 1.34 亿元，同比增长 40.6%，环比增长 6.07%；公司 2024Q4-2025Q3 逐季销 售毛利率分别为 17.45%、15.33%、15.75%、17.7%，逐季销售净利率分 别为 15.78%、9.76%、9.25%、9.34%，上半年受行业整体竞争加强及外 贸市场下滑等影响，公司盈利情况同比有所下降，2025 年第三季度毛利 率显著改善，净利率小幅回升。 证券研究报告 | 季报点评 gszqdatemark 2025 10 25 年 月 日 常宝股份（002478.SZ） 特材项目持续推进，产品结构进一步高端化。公司具备 100 万吨特种专用 管材生产能力，在油管、小口径合金高压锅炉管、H ...

季度扣非业绩改善，销售净利率小幅回升。公司2025Q3 实现归母净利1.38 亿元，同比增长61.15%，环 比下降4.23%，实现扣非归母净利1.34亿元，同比增长40.6%，环比增长6.07%；公司2024Q4-2025Q3 逐 季销售毛利率分别为17.45%、15.33%、15.75%、17.7%，逐季销售净利率分别为15.78%、9.76%、 9.25%、9.34%，上半年受行业整体竞争加强及外贸市场下滑等影响，公司盈利情况同比有所下降， 2025 年第三季度毛利率显著改善，净利率小幅回升。 下游景气度改善，需求保持扩张趋势。根据公司年报，2025 年预计油气开采用管市场将呈现总量稳 定、结构优化、高端化提速等特点，国内市场方面预计在海上、陆上深层、超深层等非常规油气资源开 发方面可能会存在更多增量的市场需求；2025 年1-8 月火电投资完成额为1029 亿元，同比增加39.5%， 预计2025 年锅炉管市场需求持续饱满，火电建设投资高增有望带动锅炉管市场需求向好。 事件：公司发布2025 年三季度报告。公司前三季度实现营业收入42.84亿元，同比增长1.4%；归属于母 公司所有者的净利润3.92 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 2.812 billion yuan in the first half of 2025, a year-on-year increase of 0.26%, while the net profit attributable to the parent company was 255 million yuan, a decrease of 21.81% year-on-year [1] - The company's quarterly performance showed improvement, with a net profit of 144 million yuan in Q2 2025, a year-on-year decrease of 10.21% but a quarter-on-quarter increase of 29.15% [1] - The company is advancing its special materials projects, focusing on high-end alloy pipes and precision tubes, which are now in trial production [2] - The demand in downstream markets is expected to expand, particularly in unconventional oil and gas resource development, which may lead to increased market demand for pipes [3] Financial Summary - The company is projected to achieve net profits of 600 million yuan, 688 million yuan, and 759 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 8.4, 7.4, and 6.7 [3] - The revenue for 2025 is estimated at 6.22 billion yuan, with a year-on-year growth rate of 9.2% [5] - The net profit for 2025 is expected to be 601 million yuan, reflecting a year-on-year decrease of 5.3% [5]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company experienced a year-on-year decline in profit, with a 14.48% decrease in revenue to 5.696 billion yuan and a 19.00% drop in net profit to 634 million yuan in 2024 [1][4] - The company's special material projects are progressing steadily, with a production capacity of 1 million tons of special pipes and significant market share in various segments [2] - The downstream demand is expected to improve, with a stable and expanding market for oil and gas pipelines and boiler pipes anticipated in 2025 [2] Financial Performance - In 2024, the company's gross profit margin for oil casing was 15.95%, down 6.67 percentage points year-on-year, primarily impacting overall profitability [1] - Quarterly sales gross margins showed an upward trend from Q1 to Q4 of 2024, indicating a recovery in the fourth quarter [1] - The company forecasts net profits of 713 million yuan, 799 million yuan, and 852 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 7.0, 6.2, and 5.8 [3][4] Market Outlook - The oil and gas pipeline market is expected to stabilize and optimize, with increased demand for unconventional oil and gas resources in both offshore and onshore sectors [2] - The boiler pipe market is projected to remain robust due to significant investments in thermal power, with a 32.7% increase in investment in 2024 [2]