According to the Guosheng Securities Research Report, Shengde Xintai's net profit to the mother declined year-on-year, and the product structure is expected to improve. In the first half of 2026, the company achieved operating income of 1,648 billion yuan, an increase of 10.59%; net profit attributable to owners of the parent company was 60.259 million yuan, a year-on-year decrease of 28.74%; and basic earnings per share were 0.5478 yuan, a decrease of 29.01% year on year. In the first half of 2026, seamless steel pipe prices operated at a low level. At the same time as orders increased, market competition intensified and prices of some small metals and other materials rose, leading to cost increases exceeding revenue increases, and semi-annual profits declined year-on-year. In the future, the company's product structure is expected to be further optimized, downstream thermal power investment will increase year-on-year, and profitability is expected to improve. The company focuses on manufacturing seamless steel pipes for small-caliber energy. While production capacity is expanding, downstream demand is improving to support its profit recovery, and the increase in the share of high-end products is expected to support higher valuations. Considering current cost changes and other factors, the company is expected to achieve net profit of 210 million yuan, 250 million yuan, and 280 million yuan respectively from 2026 to 2028, corresponding PE is 17.4, 14.8, and 12.9 times, maintaining the “increase” rating.

According to the Guosheng Securities Research Report, Shengde Xintai's net profit to the mother declined year-on-year, and the product structure is expected to improve. In the first half of 2026, the company achieved operating income of 1,648 billion yuan, an increase of 10.59%; net profit attributable to owners of the parent company was 60.259 million yuan, a year-on-year decrease of 28.74%; and basic earnings per share were 0.5478 yuan, a decrease of 29.01% year on year. In the first half of 2026, seamless steel pipe prices operated at a low level. At the same time as orders increased, market competition intensified and prices of some small metals and other materials rose, leading to cost increases exceeding revenue increases, and semi-annual profits declined year-on-year. In the future, the company's product structure is expected to be further optimized, downstream thermal power investment will increase year-on-year, and profitability is expected to improve. The company focuses on manufacturing seamless steel pipes for small-caliber energy. While production capacity is expanding, downstream demand is improving to support its profit recovery, and the increase in the share of high-end products is expected to support higher valuations. Considering current cost changes and other factors, the company is expected to achieve net profit of 210 million yuan, 250 million yuan, and 280 million yuan respectively from 2026 to 2028, corresponding PE is 17.4, 14.8, and 12.9 times, maintaining the “increase” rating.