证券日报网讯常宝股份10月28日发布公告，在公司回答调研者提问时表示，锅炉管是公司特色重点产 品，目前在产销量、品牌质量、国内外客户认可度、产品价值率等方面均处于行业前列。目前锅炉管市 场保持着景气的市场需求，公司锅炉管产能保持满负荷运行。其中，公司特色产品HRSG主要应用于燃 气轮机余热锅炉发电，目前市场份额处于行业前列，公司长期与国内外头部企业保持稳定供货。公司将 持续加大锅炉管内部产能挖潜和结构升级，加强与头部企业合作，进一步提升特色领先产品的市场竞争 力，并推进高端不锈钢锅炉管等新产品市场开发。 （文章来源：证券日报） ...

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 4.284 billion CNY, a year-on-year increase of 1.40% [2] - The net profit attributable to shareholders was 392 million CNY, a year-on-year decrease of 4.60% [2] - The net profit excluding non-recurring items was 353 million CNY, a year-on-year increase of 0.80% [2] - The net operating cash flow was 249 million CNY, a year-on-year increase of 22.60% [2] - In Q3 2025, the revenue was 1.472 billion CNY, a year-on-year increase of 3.66% [3] - The net profit attributable to shareholders in Q3 was 138 million CNY, a year-on-year increase of 61.15% [3] Product Development and Market Strategy - The company focuses on value and brand management, enhancing the development of key, specialty, and new products [3] - In the oil and gas sector, the company is increasing efforts in non-API products and unconventional oil and gas extraction [4] - The boiler pipe market remains strong, with the company maintaining full capacity and a leading market share in HRSG products [5][6] - The variety pipe business covers multiple segments, with ongoing new product development and market expansion [7] Project Progress and Capital Expenditure - As of Q3 2025, the precision pipe and specialty material projects are progressing well, with several new products receiving orders [8] - The company has a cash balance of 3.059 billion CNY, indicating strong financial health and risk resistance [9] - Future capital expenditures will focus on production line upgrades and automation to respond flexibly to market demands [9] International Expansion and Strategic Planning - The company is committed to a global strategy, enhancing international market presence and brand recognition [11] - A production base has been established in Oman to improve service capabilities in the Middle East [11] - The company aims to adapt to external changes and seize overseas market opportunities [11] Corporate Philosophy and Transformation - The company adheres to long-termism and value management, focusing on building core competencies through niche branding [12] - The ongoing transformation emphasizes high-end, branded, and segmented product strategies to meet market demands [12]

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]

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]

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]

Group 1 - Shandong Molong's stock price increased by 5.3% to 4.97 HKD per share, with a trading volume of 365 million HKD as of July 31 [1] - Shandong Molong Petroleum Machinery Co., Ltd. specializes in energy equipment manufacturing and services, offering a wide range of products including oil casing, line pipes, drill pipes, boiler pipes, and oil extraction equipment [1] - The company has established strong partnerships with major players in the industry such as PetroChina, Sinopec, and CNOOC, and its products are widely used in oil, natural gas, shale gas, coalbed methane extraction, and coal mining [1] Group 2 - As of the first quarter of 2025, Shandong Molong reported total revenue of 291 million CNY and a net profit of 5.42 million CNY [2]

Group 1 - The core viewpoint of the news is that Baogang Group's steel pipe division has achieved significant recognition in the industry by winning five prestigious awards, including "Top Ten Leading Brands in China's Pipeline and Pipe Materials 2025" [1] - The evaluation and promotion event aims to drive the pipeline and pipe materials industry towards high-end, green, and intelligent transformation, enhancing the international competitiveness of Chinese brands [1] - The awards were based on a comprehensive assessment model that considered various factors such as enterprise data, management performance, profitability, contract fulfillment rate, customer satisfaction, and social responsibility contributions, along with public voting [1] Group 2 - Baogang Group's steel pipe division is one of the most comprehensive seamless steel pipe production bases in China, covering various fields including oil casing, boiler pipes, and marine pipes [3] - The company has successfully entered the high-end market by being included in the non-API oil casing supply system of Yanchang Petroleum, leveraging its advantages in corrosion resistance, high strength, and high-temperature resistance [3]