2、公司油套管的市场情况介绍？ 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：2026-001 | | 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 | 2026 年 1 月 22 日—2026 | 年 1 月 23 日 | | 参与单位名称 | 博时基金 肖瑞瑾 | | | 及人员姓名 | DYMON ASIA 郑磊 | | | | DYMON ASIA 徐睿意 | | | | 淳厚基金 杨煜城 | | | | 德邦基金 陈艳妮 | | | | 弘洛基金 奚伟逸 | | | | 舜沂投资 田沣帅 | | | | 国联民生 刘晓旭 | | | | 财通证券 佘炜超 | | | | 财通证券 何兵 | | | | 招商证券 梁旭 | | | 地点 | 公司会议室 | | | 上市公司 | 董事会秘书刘志峰 | | | 接待人员姓名 | 一、公司介绍 | | | | 二、问答交流 ...

证券日报网讯1月19日，常宝股份（002478）在互动平台回答投资者提问时表示，锅炉管产品为公司主 营收入占比最大的产品，2024年锅炉管实现营业收入22.32亿元。产品主要应用于燃煤电站锅炉及燃气 发电余热锅炉等发电领域，公司长期与国内外头部品牌用户保持长期合作。公司将不断加大产品结构升 级和内部产能挖潜，持续提升锅炉管产品的竞争力和价值率。 ...

Core Viewpoint - The company has identified boiler pipes as its largest revenue-generating product, focusing on the small and medium diameter boiler pipe sector, and has established a strong brand reputation in the industry through continuous technological development and stable product quality [2] Industry Summary - The company primarily targets two application areas for its boiler pipes: coal-fired power generation boiler pipes and HRSG pipes for gas turbine combined cycle power generation [2] - Coal-fired power generation has been a core pillar of electricity supply in China, and it is expected to continue playing a key role in power supply responsibilities in the coming years, driven by ongoing electricity demand from new energy peak shaving, data centers, and the maintenance and upgrading of old units [2] - The international market for gas turbine combined cycle power generation is steadily increasing, leading to stable demand for HRSG pipes [2] - Overall, the boiler pipe market is expected to maintain a favorable outlook due to industry policy guidance, downstream demand support, and current market needs [2] Company Strategy - The company plans to enhance boiler pipe production capacity and optimize product structure, focusing on promoting high-end stainless steel boiler pipes and specialty boiler pipes [2] - The company aims to strengthen its customer demand response and service capabilities to improve its overall competitive advantage [2]

Group 1: Company Overview and Product Development - The company is focusing on the transformation of oil casing products to meet the increasing demand for high-performance materials in oil and gas extraction, with a full range of API steel grades and proprietary series [2][3] - The company has developed unconventional oil and gas extraction pipes, including 13Cr oil casing and special thick small oil pipes, to cater to high-temperature, high-pressure, and corrosive well conditions [3] Group 2: Boiler Pipe Market Outlook - Boiler pipes have become the largest revenue contributor for the company, with a strong brand reputation established in the small-diameter boiler pipe sector [4] - The company anticipates sustained demand in the coal-fired power generation sector and stable growth in the HRSG pipe market due to increasing gas turbine installations [4] Group 3: HRSG Product Capacity Plans - The HRSG product line has seen a steady increase in production and sales, with plans to optimize production organization and enhance capacity based on market demand in 2026 [6] - The company aims to develop stainless steel and nickel-based HRSG products to adapt to market changes and enhance competitiveness [6] Group 4: Project Progress and Market Strategy - The Changbao Special Materials project was completed on November 21, 2025, and is currently in the production phase, focusing on market development for high-end products [7] - The company plans to accelerate the market development of stainless steel boiler pipes and HRSG products, as well as domestic substitutes for marine cable pipes and EP pipes [7] Group 5: Dividend Policy - The company has maintained a dividend payout ratio above 30%, balancing current and long-term development needs [8] - The financial health and cash flow are stable, and the company aims to optimize profit distribution while ensuring reasonable returns for shareholders [8]

中证报中证网讯（记者 孟培嘉）常宝股份（002478）在12月15日披露的投资者关系活动记录表中表 示，公司锅炉管产品主要聚焦两大应用领域，包括燃煤发电机组用锅炉管与燃气轮机联合循环发电用 HRSG（余热锅炉）管。 "在燃气轮机联合循环发电用HRSG管领域，近几年国际市场燃气发电机组装机规模正稳步提升，HRSG 管市场需求稳健。"常宝股份相关负责人表示，目前综合行业政策导向、下游需求支撑及当前市场需 求，预计锅炉管市场整体将保持景气态势。公司将加大锅炉管产能潜力挖掘与产品结构升级优化力度。 ...

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].

Group 1: Market Overview - The oil casing market is a key focus for the company, with small-diameter oil pipes being a highlighted product that enjoys strong brand recognition among domestic and international clients [2] - The boiler pipe market is expected to remain robust due to ongoing demand from coal-fired power generation and the need for upgrades to aging equipment, with the company planning to enhance boiler pipe production capacity and optimize product structure [4] - The HRSG product line has become a key feature of the company, capable of producing high-quality, ultra-thin, and high-strength products, with plans for further capacity expansion and product development [6][7] Group 2: Product Development and Strategy - The company is focusing on the development of specialized products, including stainless steel boiler pipes and high-temperature alloy products, to meet market demands and enhance competitiveness [5] - The company aims to increase the proportion of high-value products and enhance product competitiveness through structural adjustments based on market needs [3][9] - The company is committed to a global strategy, with plans to expand overseas markets and enhance brand recognition, particularly in the Middle East [8] Group 3: Competitive Advantages - The company specializes in small-diameter, high-quality pipe materials, maintaining a "specialized, refined, distinctive, and innovative" product positioning [9] - Products are characterized by small batch sizes, multiple specifications, and fast delivery times, supported by efficient production processes and high product quality [9] - The company is focused on high-end, brand-oriented, and segmented product strategies to further enhance core competitiveness [9]

Group 1: Company Overview and Performance - Jiangsu Changbao Steel Pipe Co., Ltd. specializes in the R&D, manufacturing, and service of special seamless pipes, established in 1958 and listed in 2010 [2][3] - The company has three production bases in Changzhou, Jintan, and Oman, with an annual production capacity of 1 million tons of special pipes [3] - In the first three quarters of 2025, the company achieved revenue of CNY 4.284 billion, net profit attributable to shareholders of CNY 392 million, and net cash flow from operations of CNY 249 million, indicating stable operational performance [3] Group 2: Product Development and Market Strategy - The company focuses on high-end, brand-oriented, and segmented development strategies, aiming to enhance the proportion of specialty and value-added products [3][11] - HRSG products have become a key feature, with production capabilities for ultra-long, ultra-thin, and high-strength products, maintaining a leading market share [4] - The company plans to increase production capacity and optimize product structure for boiler pipes, particularly in high-temperature alloy and stainless steel segments [5][11] Group 3: Raw Material Management and Profit Stability - The main raw material, special steel pipe blanks, is subject to price fluctuations influenced by macroeconomic factors and supply-demand dynamics [6] - The company has established long-term strategic partnerships with several domestic steel manufacturers to mitigate raw material price volatility [6] Group 4: Future Capacity and Dividend Plans - The company aims to maintain stable overall production capacity while optimizing product and market structures to enhance profitability [7][9] - Since its listing, the company has consistently returned profits to shareholders, with a commitment to balance business growth and shareholder returns [9] Group 5: International Operations and Market Expansion - The overseas factory in Oman has been operational since 2017, focusing on deep processing of oil well pipe products and serving major local oil and gas companies [10] - The company will continue to assess external market conditions to seize opportunities for expansion in overseas markets [10] Group 6: Profit Margin Improvement Measures - The company is actively adjusting product and market structures to enhance profitability, focusing on unconventional oil and gas markets and high-end product development [11][12] - Efforts will be made to develop new materials and improve operational quality through digitalization and lean management practices [12]

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 - Changbao Co., Ltd. has announced that its boiler pipes are key products with strong market demand and are leading in production volume, brand quality, and customer recognition in both domestic and international markets [2] Company Overview - The company’s boiler pipe production capacity is currently operating at full capacity, indicating robust market demand [2] - The HRSG (Heat Recovery Steam Generator) product, which is primarily used in gas turbine waste heat boiler power generation, holds a significant market share within the industry [2] - Changbao maintains stable supply relationships with leading domestic and international enterprises [2] Strategic Initiatives - The company plans to enhance internal capacity utilization and structural upgrades for its boiler pipes [2] - There is a focus on strengthening collaborations with leading enterprises to further improve the market competitiveness of its key products [2] - The company is also advancing the market development of new products, including high-end stainless steel boiler pipes [2]