| 证券代码：002541 | 证券简称：鸿路钢构 | 公告编号：2024-071 | | --- | --- | --- | | 债券代码：128134 | 债券简称：鸿路转债 | | 安徽鸿路钢结构（集团）股份有限公司 关于"鸿路转债"回售的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、投资者回售选择权：根据《安徽鸿路钢结构（集团）股份有限公司公开 发行可转换公司债券募集说明书》（以下简称《募集说明书》）的约定，"鸿路 转债"持有人可回售部分或者全部未转股的"鸿路转债"。"鸿路转债"持有人 有权选择是否进行回售，本次回售不具有强制性。 2、回售价格：100.281 元/张（含息税） 3、回售条件触发日：2024 年 11 月 19 日 4、回售申报期：2024 年 12 月 5 日至 2024 年 12 月 11 日 5、发行人资金到账日：2024 年 12 月 16 日 6、回售款划拨日：2024 年 12 月 17 日 7、投资者回售款到账日：2024 年 12 月 18 日 8、在回售资金发放日之前，如持有的本期债券发生司法冻 ...

上海天衍禾律师事务所 法律意见书 上海天衍禾律师事务所 关于 安徽鸿路钢结构（集团）股份有限公司 可转换公司债券回售的 法律意见书 地址：上海市普陀区云岭东路 89 号长风国际大厦 2006 室 电话：（021）52830657 传真：（021）52895562 上海天衍禾律师事务所 法律意见书 上海天衍禾律师事务所 关于安徽鸿路钢结构（集团）股份有限公司可转换公司债券回售的 法律意见书 天律意 2024 第 02783 号 致：安徽鸿路钢结构（集团）股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》、《可转换公司债券管理办法》（以下简称"《管理办法》"）、《深圳证券交 易所上市公司自律监管指引第 15 号——可转换公司债券》（以下简称"《监管指 引》"）等有关法律、法规、规范性文件和《安徽鸿路钢结构（集团）股份有限公 司公开发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）的规定， 上海天衍禾律师事务所（以下简称"本所"）接受安徽鸿路钢结构（集团）股份 有限公司（以下简称"公司"或"鸿路钢构"）的委托，对公司可转换公司债券 回售（以下简称"本次回售"） ...

| 证券代码：002541 | 证券简称：鸿路钢构 | 公告编号：2024-072 | | --- | --- | --- | | 债券代码：128134 | 债券简称：鸿路转债 | | 安徽鸿路钢结构（集团）股份有限公司 关于"鸿路转债"回售期间暂停转股的公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、可转债上市发行概况 （一）可转债发行情况 经中国证券监督管理委员会"证监许可[2020]1983 号"文核准，安徽鸿路 钢结构（集团）股份有限公司（以下简称"公司"）于 2020 年 10 月 9 日公开发 行 1,880 万张可转换公司转债，每张面值为人民币 100 元，发行总额 18.80 亿元， 期限为六年。 （二）可转债上市情况 经深圳证券交易所 "深证上[2020]971号"文同意，公司本次公开发行的可 转换公司债券于2020年11月2日在深圳证券交易所挂牌交易，债券简称"鸿路转 债"，债券代码"128134"。目前公司可转债处于转股期。 二、公司可转债暂停转股情况 特别提示： 债券代码：128134 债券简称：鸿路转债 转股起止时间：20 ...

| 证券代码：002541 | 证券简称:鸿路钢构 | 公告编号：2024-073 | | --- | --- | --- | | 债券代码: 128134 | 债券简称:鸿路转债 | | 2、可转换公司债券上市情况 安徽鸿路钢结构（集团）股份有限公司 关于预计触发鸿路转债转股价格向下修正条件的 提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 5、自 2024 年 11 月 6 日起至 2024 年 11 月 19 日，公司股票已有 10 个交易日的 收盘价格低于当期转股价格的 85%。若后续公司股票收盘价格继续低于当期转股 价格的 85%，预计将有可能触发转股价格向下修正条件。 一、可转换公司债券发行上市概况 1、可转换公司债券发行情况 经中国证券监督管理委员会"证监许可[2020]1983 号"文核准，安徽鸿路 钢结构（集团）股份有限公司（以下简称"公司"）于 2020 年 10 月 9 日公开发 行了 1,880 万张可转换公司转债，每张面值为人民币 100 元，发行总额 18.80 亿元，期限六年。 2022 年 6 月 8 日 ...

Investment Rating - Maintain Overweight rating with a target price of 23.8 yuan, corresponding to a 2024 PE of 19x [2] - The target price remains unchanged despite a downward revision in EPS forecasts for 2024-2026 to 1.26/1.40/1.54 yuan from the previous 1.92/2.15/2.39 yuan [2] Core Views - The company's Q1-Q3 2024 steel structure production increased by 0.58% YoY to 3.25 million tons, with Q3 production up 1.42% YoY to 1.14 million tons [2] - New contract signings for Q1-Q3 2024 decreased by 4.34% YoY to 21.9 billion yuan, with Q3 signings down 3.74% YoY to 7.57 billion yuan [2] - Revenue for Q1-Q3 2024 declined by 6.37% YoY to 15.887 billion yuan, with net profit attributable to shareholders dropping 26.29% YoY to 655 million yuan [2] - The company is expected to reach a production capacity of 5.2 million tons by the end of 2024, with a focus on improving intelligent manufacturing to reduce costs [2] Industry Outlook - According to the "14th Five-Year Plan" for the steel structure industry, China's steel structure usage is expected to reach 140 million tons by 2025 and 200 million tons by 2035, accounting for 15% and 25% of crude steel production, respectively [2] - The National People's Congress approved a 6 trillion yuan debt limit to replace local government implicit debt, with 2 trillion yuan allocated annually from 2024 to 2026, which is expected to benefit the industry [2] Financial Summary - Revenue for 2024E is projected at 21.927 billion yuan, a 6.8% decline YoY, with net profit attributable to shareholders expected to drop 26.3% YoY to 869 million yuan [3] - EPS for 2024E is forecasted at 1.26 yuan, down from 1.71 yuan in 2023A [3] - ROE for 2024E is expected to be 8.8%, down from 12.8% in 2023A [3] Production and Orders - Steel structure production for Q1-Q3 2024 increased by 0.58% YoY to 3.25 million tons, with Q3 production up 1.42% YoY to 1.14 million tons [2] - New contract signings for Q1-Q3 2024 decreased by 4.34% YoY to 21.9 billion yuan, with Q3 signings down 3.74% YoY to 7.57 billion yuan [2] Valuation and Peers - The company's 2024E PE is 13.10x, compared to peers like Jinggong Steel Structure (11.3x) and Hangxiao Steel Structure (26.9x) [15] - The company's 2024E EPS is 1.26 yuan, higher than peers such as Jinggong Steel Structure (0.27 yuan) and Hangxiao Steel Structure (0.11 yuan) [15]

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark index by over 20% [2][12]. Core Views - The company has faced continuous pressure on performance, with a year-on-year decline in revenue and net profit for the first three quarters of 2024. Revenue reached 15.887 billion yuan, down 6.37%, and net profit was 655 million yuan, down 26.29% [1]. - Weak demand has led to revenue pressure, with new contracts signed in the first three quarters of 2024 amounting to 21.926 billion yuan, a decrease of 4.34% year-on-year. The production model of "customized production based on demand" has also impacted output [1]. - The report anticipates a potential stabilization in steel prices and ongoing improvements from smart transformation initiatives, which could enhance unit profitability [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 15.887 billion yuan, a decrease of 6.37% year-on-year, and a net profit of 655 million yuan, down 26.29%. The adjusted net profit after excluding non-recurring items was 357 million yuan, down 48.98% [1]. - In Q3 2024, revenue was 5.562 billion yuan, a decline of 5.69% year-on-year, with a net profit of 228 million yuan, down 32.37% [1]. Market Conditions - The overall weak downstream demand has been a significant factor affecting the company's performance. The average price of hot-rolled coils fell by 8.4% year-on-year in the first three quarters of 2024, contributing to revenue decline [1]. - The company’s steel structure output for the first three quarters of 2024 was approximately 3.2507 million tons, showing a slowdown in growth compared to 28.4% year-on-year in 2023 [1]. Future Outlook - The report projects a decline in net profit for 2024-2026, with estimates of 883 million yuan, 1.070 billion yuan, and 1.174 billion yuan respectively. The expected earnings per share (EPS) for these years are 1.28 yuan, 1.55 yuan, and 1.70 yuan, with corresponding price-to-earnings ratios (PE) of 13.04, 10.76, and 9.81 [2][3]. - The company is expected to benefit from smart transformation initiatives that will enhance efficiency and profitability in the future [2].

证券代码：002541 证券简称：鸿路钢构 安徽鸿路钢结构（集团）股份有限公司 2024 年 11 月 8 日、11 日、12 日投资者关系活动记录表 编号：T2024-014 | --- | --- | --- | |-----------------------------------------|-----------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------| | | | | | | 特定对象调研 □分析师会议 | | | | □媒体采访 □业绩说明会 | | | 投资者关系 活动类别 | □新闻发布会 | □路演活动 | | | 现场参观 | 电话调研 | | | □其他 | | | | 2024年11月8 日下午14：00— | 16：30 | | | 上海牧鑫私募基金 马响；海富通城基金 | 陈聂 ...

Investment Rating - The report maintains a **Buy** rating for Honglu Steel Structure (002541 SZ) [6] Core Views - Honglu Steel Structure is the leading domestic steel structure manufacturer with a strong competitive advantage in cost efficiency, production scale, and customer stickiness [1] - The company's annual production capacity has reached 6 million tons, with a capacity utilization rate of 90% and a production-sales ratio of 95% in 2023 [1] - The domestic steel structure market has significant growth potential, with the industry expected to grow at a CAGR of over 9% from 2023 to 2025 [2] - The company is expanding its overseas business, with successful deliveries in Thailand, Indonesia, and Mexico, and is expected to benefit from higher-margin overseas orders [2] - The company is accelerating its intelligent transformation, focusing on cutting, welding, and spraying processes, which is expected to significantly improve cost efficiency and profitability [3] Industry Overview - The domestic steel structure market is highly fragmented, with the top 5 listed companies accounting for only 7% of the market share in 2023, and Honglu Steel Structure holding a 3 8% market share [2] - The steel structure industry is expected to grow steadily, with the usage of steel structures projected to reach 1 4 billion tons by 2025, accounting for 15% of crude steel production [2] - The industry is undergoing a transformation, with small and medium-sized enterprises being phased out due to stricter policies and price fluctuations, while leading companies like Honglu Steel Structure are strengthening their market position [39] Company Operations - The company has 10 major production bases across China, strategically located to enhance order response speed and large-scale project collaboration [18] - Honglu Steel Structure has a strong cost advantage due to its large-scale procurement, intelligent production, and refined management capabilities, with steel procurement costs 10%-13% lower than industry peers [21] - The company has established long-term strategic partnerships with major state-owned enterprises and industry leaders, such as China State Construction, China Metallurgical Group, and SMIC, ensuring stable and large-scale orders [32] Intelligent Transformation - The company is focusing on intelligent transformation in three core areas: cutting, welding, and spraying, which is expected to significantly improve production efficiency and reduce costs [3] - By 2024, the company had equipped over 500 high-power laser cutting machines, improving cutting precision and efficiency, and increasing material utilization by 0 9% [3][56] - The company has made significant progress in welding robots, with the potential to increase gross margins by 0 9-1 8 percentage points depending on the replacement rate of welding robots [3] Overseas Expansion - The company is actively expanding its overseas business, with orders from Thailand, Indonesia, and Mexico already delivered in 2024 [2] - Overseas orders are expected to contribute significantly to the company's profitability, with higher margins compared to domestic orders [47] - The company's overseas business is mainly driven by domestic customers' overseas projects, which reduces market development costs and avoids risks associated with geopolitical and exchange rate fluctuations [47] Financial Performance - The company's revenue in 2023 was 23 539 billion yuan, with a year-on-year growth of 18 6%, and net profit attributable to shareholders was 1 179 billion yuan, a slight increase of 1 4% [5] - The company's R&D investment in 2023 was 700 million yuan, accounting for 2 97% of revenue, a significant increase of 52% year-on-year [51] - The company's EPS for 2024-2026 is forecasted to be 1 25, 1 40, and 1 56 yuan per share, respectively, with a current PE ratio of 13 4x for 2024 [4]

证券研究报告 | 2024年11月05日 鸿路钢构（002541.SZ） 优于大市 盈利能力承压，持续加大智能化改造投入 上下游需求偏弱，订单与收入小幅下滑。2024 年前三季度，公司实现营业收 入 158.9 亿元，同比-6.4%，实现归母净利润 6.55 亿元，同比-26.3%。单三 季度公司实现营业收入 55.6 亿元，同比-5.7%，实现归母净利润 2.28 亿元， 同比-32.4%。2024 年前三季度，公司新签订单金额为 219 亿元，同比-4.3%， 单三季度新签订单 74.4 亿元，同比-4.2%。年内下游需求相对低迷，公司新 签订单有所下滑，导致收入和业绩下滑。 钢价下行，单吨毛利下滑。7-9 月钢材价格指数分别为 97.0/92.7/92.9，环 比-6.0/-4.3/+0.2，呈现持续下行磨底趋势。公司钢结构产品三季度单吨收 入为 4856 元，环比-2.2%，单吨成本 4411 元，环比-0.4%，单吨毛利 445 元， 环比-17.3%。三季度钢价下行，单吨成本小幅下降，但受行业竞争加剧影响， 钢结构销售价格下滑更多，导致盈利空间收窄。 单三季度毛利率为 9.21%， 环比二季度下降 ...

5、自 2024 年 10 月 16 日至 2024 年 11 月 5 日期间，公司股票已有十五个交 易日的收盘价低于当期转股价格的 85%（即 32.44 元/股）的情形，已触发"鸿 路转债"转股价格的向下修正条款。 证券代码:002541 证券简称:鸿路钢构 公告编号:2024-070 债券代码:128134 债券简称:鸿路转债 安徽鸿路钢结构(集团)股份有限公司 关于不向下修正"鸿路转债"转股价格的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示 4、转股期限：2021 年 4 月 15 日至 2026 年 10 月 8 日 6、2024 年 11 月 5 日，公司召开第六届董事会第十四次会议审议通过了《关 于暂不向下修正"鸿路转债"转股价格的议案》，公司董事会决定本次不向下修 正"鸿路转债"转股价格。自本次董事会审议通过后的次一交易日（即 2024 年 11 月 6 日）重新起算，若再次触发"鸿路转债"转股价格向下修正条款，届时 公司董事会将再次召开会议决定是否行使"鸿路转债"转股价格的向下修正权利。 一、可转换公司债券发行上市概况 1、 ...