常宝股份（002478.SZ） 证券研究报告 | 半年报点评 gszqdatemark 2025 08 22 年 月 日 季度业绩环比改善，特材项目持续推进 事件：公司发布 2025年半年度报告。公司上半年实现营业收入28.12亿元，同比增长0.26%； 归属于母公司所有者的净利润 2.55 亿元，同比减少 21.81%；基本每股收益 0.28 元，同比 减少 22.22%。 季度业绩环比改善，销售净利率小幅回落。公司 2025Q2 实现归母净利 1.44 亿元，同比下 降 10.21%，环比增长 29.15%，实现扣非归母净利 1.26 亿元，同比下降 4.98%，环比增长 34.18%；公司 2024Q3-2025Q2 逐季销售毛利率分别为 17.10%、17.45%、15.33%、15.75%， 逐季销售净利率分别为 6.53%、15.78%、9.76%、9.25%，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 年二季度销售净利率小幅回落。分 产品来看，上半年油套管毛利率为 16.04%，同比增长 0.84pct，锅炉管毛利率为 19.49%， 同比下降 1.99p ...

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]