Group 1 - The company signed new sales contracts totaling approximately 14.38 billion RMB in the first half of 2025, representing a growth of 0.17% compared to the same period in 2024 [1] - From April to June 2025, the new sales contracts amounted to approximately 7.33 billion RMB, all of which were material orders [1] - Significant contracts included projects such as the 100GW photovoltaic aluminum frame project with a contract amount of 1.31 billion RMB and the FAB1 production plant construction project with a contract amount of 1.53 billion RMB [1] Group 2 - The company provided a list of contracts with amounts exceeding 100 million RMB or processing volumes over 10,000 tons, detailing various projects and their respective contract values [1] - The company emphasized that the data presented is preliminary and final figures will be disclosed in regular reports [1]

| 证券代码：002541 | 证券简称：鸿路钢构 | 公告编号：2025-042 | | --- | --- | --- | | 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 关于公司 2025 年半年度经营情况简报 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。 一、公司 2025 年 1-6 月份销售合同情况 安徽鸿路钢结构（集团）股份有限公司（以下简称"公司"）2025 年 1-6 月累 计新签销售合同额人民币约 143.80 亿元，较 2024 年同期增长 0.17%。其中 4-6 月 份新签销售合同额人民币约 73.28 亿元，全部为材料订单。合同金额达到１亿元人 民币以上或钢结构加工量 10,000 吨以上的订单情况如下： | 项目名称 | | | | 加工量（吨） 合同金额（亿元） | 合同类型 | | --- | --- | --- | --- | --- | --- | | ***磷酸铁锂储能动力电池建设项目 | | | 22,800 | 1.17 | 包工包料 | | ***智能制造产业基地二 ...

Group 1 - The core point of the article is that Honglu Steel Structure (002541) reported a new signed sales contract amount of approximately RMB 14.38 billion for the first half of 2025, representing a growth of 0.17% compared to the same period in 2024 [1] - From April to June 2025, the new signed sales contract amount was approximately RMB 7.328 billion, all of which were material orders [1] - The production volume of steel structure products for the first half of 2025 was approximately 2.3625 million tons, showing a growth of 12.19% compared to the same period in 2024 [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The scarcity of orbital spectrum drives competition, and the construction of domestic low - orbit constellations has entered an accelerated phase. With limited low - orbit space and spectrum resources and strict deployment time requirements from the ITU, competition for resource locking is intensifying. China is expected to see an accelerated launch of low - orbit satellites from 2025 - 2030. Representative constellations include "Guowang", "Qianfan", and "Honghu - 3". Shanghai Harbor, with its satellite energy system products, is expected to benefit from the accelerated development of low - orbit satellites [5]. - Leading waterproofing companies such as Yuhong, Beixin, and Keshu have raised prices on both civil construction and engineering products. In the context of the industry's "anti - involution", the collective price increase by leading enterprises may promote price recovery, but the degree of price repair remains to be seen due to weak demand [5]. - Investment suggestions include paying attention to companies like Honglu Steel Structure, China Jushi, Punan Co., Ltd., Hainan Huatie, Beixin Building Materials, China National Chemical Engineering, China State Construction, Shanghai Harbor, Sinoma Science & Technology, and Keda Manufacturing [5]. 3. Summary According to the Table of Contents 3.1 Week - Specific Topic: Orbital Spectrum Scarcity Drives Competition, and Domestic Low - Orbit Constellation Construction Enters an Accelerated Phase - **Satellite Orbit Types**: Communication satellite orbits are mainly divided into GEO, MEO, and LEO. LEO can reduce power attenuation and communication delay, simplify terminal design, and is suitable for multi - satellite networking. Compared with GEO, LEO/MEO has smaller delay, and satellites are smaller and lighter, facilitating multi - satellite launches and reducing constellation construction costs and cycles [5][7]. - **Resource Scarcity and Competition**: Low - orbit space and frequency spectrum resources are scarce. The total capacity of low - orbit satellites is about 60,000, and Starlink plans to send 42,000 satellites into low - orbit by 2027, accounting for about 70%. The L, S, C frequency bands are almost exhausted, and the Ku, Ka bands are difficult to coordinate. According to ITU rules, operators need to complete satellite deployment within a specified time to lock resources, intensifying competition [5][11]. - **Policy Support**: Since 2014, China has successively introduced policies to encourage private capital to participate in commercial space activities. In 2023, commercial space was included in strategic emerging industries, and it has been mentioned in the government work reports of 2024 and 2025, indicating strong policy support [16]. - **Global and Domestic Constellation Construction Status**: Globally, SpaceX leads in low - orbit constellation construction, with other countries' enterprises following. In China, constellations like "Guowang", "Qianfan", and "Honghu - 3" have formulated phased launch plans. Although the number of launches in 2024 did not meet expectations, the launch rhythm is expected to accelerate from the second half of 2025 [5][17][23]. 3.2 Profit Forecast and Valuation of Main Covered Companies The report provides profit forecasts, valuations, and investment ratings for multiple companies, including Hainan Huatie, Punan Co., Ltd., China Jushi, etc. EPS, P/E, P/B, and other indicators for 2024 - 2027 are presented, and most investment ratings are maintained [33]. 3.3 Weekly Market Review - **Industry Index Performance**: In the week from June 28th to July 4th, 2025, the building and building materials industries showed certain fluctuations. Among building sub - sectors, the garden engineering index had the highest increase at 2.20%, while among various industries, the steel index had a relatively large decline [38][40]. - **Infrastructure Public REITs Performance**: The report lists the closing prices, 52 - week highs and lows, weekly, monthly, year - to - date, 250 - day, and IPO - since price changes of multiple infrastructure public REITs. The average weekly increase was 1.07%, the average monthly increase was 1.31%, and the average year - to - date increase was 20.99% [46][47]. 3.4 Aggregate Data Tracking - **Real Estate Data**: The report presents data on real estate new construction, construction, completion, sales area cumulative year - on - year growth, land transaction area, and real estate transaction data from 2022 - 2025 [49][58][68]. - **Social Financing Data**: Data on monthly new social financing, new RMB loans, new corporate bond financing, etc., from 2022 - 2025 are provided [78]. - **Infrastructure Investment Data**: The cumulative year - on - year growth rates of narrow - sense and broad - sense infrastructure investment, as well as investment in power, transportation, and water conservancy industries from 2022 - 2025, are shown. The new contract signing data of eight major construction central enterprises from 2022Q1 - 2025Q1 are also presented [88][94]. - **Special Bond Issuance Data**: Data on monthly and cumulative new and replacement special bond issuance from 2022 - 2025 are provided [96]. 3.5 High - Frequency Data Tracking - **Cement Data**: Information on national PO42.5 cement average price, East China regional cement price, cement - coal price difference index, cement capacity utilization rate, and cement production monthly year - on - year growth rate is presented [107][114]. - **Float Glass Data**: Data on glass spot price, futures price, inventory, and daily melting volume are provided [115][117][119][122]. - **Photovoltaic Glass Data**: Information on soda ash price, 2mm photovoltaic glass price, inventory, and daily melting volume is presented [122][123][125]. - **Glass Fiber Data**: Prices of SMC roving, winding direct roving, injection roving, G75 electronic yarn, and glass fiber inventory are shown [128][129][132][134][138]. - **Carbon Fiber Data**: Data on carbon fiber average price, raw silk price, inventory, production, capacity utilization rate, gross profit margin, cost, and gross profit are provided [135][139][142][146][148][151][152]. - **Magnesia and Alumina Price Data**: Prices of large - crystal fused magnesia and alumina are presented [153][156]. - **Upstream Raw Material Price Data**: Prices of asphalt, waste paper, PVC, and HDPE are shown [159][160][162][163]. - **Physical Workload Data**: Prices of titanium dioxide and acrylic acid, high - machine rental rate, excavator working hours, and asphalt average capacity utilization rate are presented [167][168][170][173].

Core Insights - The construction industry is officially entering a platform period, with infrastructure investment maintaining resilience but showing signs of decline in revenue among major state-owned enterprises [5][28][30] - The overall investment tone for infrastructure in the second half of 2025 will focus on stability, supported by proactive fiscal policies and accelerated government bond issuance [2][37] - Structural opportunities are emerging, particularly in manufacturing, power, water conservancy, and water transport sectors, driven by special government bonds [5][6] Industry Overview - The construction industry has seen a decline in total revenue for the first time in 2024, confirming a turning point for the industry [30] - The total revenue for the construction industry in 2024 was 86,962.78 billion, a decrease of 4.29% year-on-year, with net profit dropping by 13.74% [30][32] - The share of real estate in GDP has been declining since its peak in 2021, while infrastructure investment has been rising but not enough to offset the decline in real estate [26][28] Investment Strategy - Long-term investment should focus on manufacturing-oriented companies like Honglu Steel Structure, while short-term strategies should prioritize high-dividend stocks and significant changes in individual companies [6][7] - The report emphasizes the importance of structural opportunities in the construction sector, particularly in areas aligned with national strategic initiatives and safety capabilities [60] State-Owned Enterprises - There is a growing divergence among state-owned construction enterprises, with only a few, such as China State Construction and China Energy Engineering, showing positive growth in Q1 2024 [7][28] - The report recommends focusing on companies with strong dividend stability and growth potential, such as China Chemical Engineering and China Communications Construction [7][8] Professional Engineering and International Opportunities - The international engineering sector is expected to benefit from ongoing orders and the deepening of cooperation along the Belt and Road Initiative [8] - Companies like China National Materials and China Steel International are highlighted for their low valuations and high dividend yields, indicating strong performance potential [8] Mergers and Acquisitions - The construction industry is moving towards maturity, necessitating mergers and acquisitions to find new growth points [10] - The report anticipates that future mergers will primarily come from smaller, weaker segments of the industry, such as design and decoration [10]

Investment Rating - The industry investment rating is "Positive" [2][3] Core Viewpoints - The report highlights that the construction PMI has improved, indicating a potential recovery in the industry, driven by government policies aimed at enhancing product quality and regulating competition [3][11] - The report suggests that while the overall industry remains weak, regional investments may gain traction as national strategic layouts deepen, presenting opportunities for growth [3][11] Industry Performance - The construction sector saw a weekly increase of +0.63%, underperforming compared to the Shanghai Composite Index (+1.40%) and the Shenzhen Component Index (+1.25%) [4][5] - The best-performing sub-industries for the week were infrastructure private enterprises (+3.19%), steel structures (+2.85%), and ecological landscaping (+2.46%) [5][9] - Year-to-date, the top three performing sub-industries are ecological landscaping (+21.25%), infrastructure private enterprises (+16.54%), and decorative curtain walls (+13.15%) [5][9] Key Company Developments - China Railway won a contract for the China-Kyrgyzstan-Uzbekistan railway project, with a total contract value of approximately RMB 5.343 billion, accounting for 0.462% of its 2024 revenue [13][14] - China Railway Construction also secured a contract for the same railway project, valued at approximately RMB 3.781 billion, representing 0.354% of its 2024 revenue [13][14] - Other notable companies include Sichuan Road and Bridge, which signed a contract worth approximately RMB 11.596 billion, accounting for 16.25% of its 2024 revenue [14][15] Stock Performance - The top five stocks by weekly increase were Chengbang Co. (+42.23%), Hangzhou Landscaping (+31.16%), Hopson Development (+21.35%), Hui Green Ecology (+15.65%), and New City (+10.98%) [9][10] - Conversely, the five stocks with the largest declines were Zhengping Co. (-18.28%), ST Yuancheng (-9.82%), ST Nongshang (-6.22%), Northern International (-5.71%), and Hanjia Design (-5.46%) [9][10] Economic Indicators - The manufacturing PMI for June was reported at 49.7%, a 0.2 percentage point increase from the previous month, indicating continued improvement in manufacturing sentiment [11][12] - The non-manufacturing PMI was at 50.5%, also up by 0.2 percentage points, while the construction business activity index rose to 52.8%, an increase of 1.8 percentage points [11][12]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [5] Core Views - The report suggests that under the "anti-involution" policy, steel prices are expected to stabilize and recover, which will benefit Honglu Steel Structure as a leading player in steel structure processing. The government has emphasized the need for supply-side structural reforms, and recent policies aim to eliminate low-price competition and promote product quality [1][14]. - Historical data indicates a strong positive correlation between steel prices and the profitability and stock price of Honglu Steel Structure. The company's gross margin tends to decline faster than procurement costs during periods of falling steel prices, while it improves more rapidly during price increases [2][19]. - The report estimates that for every 1% fluctuation in annual steel prices, the net profit per ton for Honglu Steel Structure changes by approximately 5 yuan. A 10% increase in steel prices could lead to a 46% growth in the company's net profit for 2024 [3][24]. Summary by Sections Company Overview - Honglu Steel Structure is positioned to benefit from the anticipated stabilization and recovery of steel prices due to supply-side reforms and the "anti-involution" policy [1][14]. Financial Performance - The company’s inventory of steel materials is valued at 4.7 billion yuan as of the end of 2024, which could be revalued positively if steel prices rise [1][19]. - The report forecasts the company's net profit for 2025-2027 to be 8.7 billion, 10.4 billion, and 12.5 billion yuan respectively, with year-on-year growth rates of 13%, 20%, and 20% [9][28]. Market Dynamics - The report highlights that the steel industry has been facing supply-demand imbalances, with crude steel production remaining around 1 billion tons since 2021, while apparent consumption has been declining [1][14]. - The government has prioritized the reduction of crude steel production and the restructuring of the steel industry as part of traditional industry upgrades [1][14]. Operational Efficiency - The company has invested in nearly 2,000 welding robots by the end of 2024, with plans to expand this to 6,000 robots, potentially saving 400 million yuan annually [4][27]. - The deployment of welding robots is expected to enhance production efficiency and reduce costs significantly, contributing to the company's profitability [4][27]. Valuation - The current market valuation corresponds to a price-to-earnings (P/E) ratio of 5.1 times based on projected net profit of 2.4 billion yuan for 2024, indicating that the stock is undervalued [9][28].

Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Viewpoints - The recent expectations of anti-involution in the steel industry have increased, leading to a rebound in steel prices. The government is focusing on promoting a unified national market and addressing low-price competition, which is expected to alleviate downward pressure on steel prices and help industry profits return to reasonable levels [12][13]. - The company's profitability is closely tied to steel prices, with a pricing model based on steel prices plus processing fees. If steel prices stabilize and recover, the company's profitability per ton is expected to gradually improve [12][13]. - The company has made positive changes in sales and automation this year, achieving a year-on-year increase in orders through strategic adjustments and increased investment in intelligent manufacturing equipment [12][13]. - The company currently has a safety margin, and under conservative assumptions, its market value may represent a safe bottom. With the potential for mid-term improvements from automation and a recovery in steel prices, the company is seen as a high-performance and high-odds investment opportunity [12][13]. Summary by Sections Company Basic Data - Current stock price is 17.65 CNY, with a total share capital of 69,001 million shares and a net asset per share of 13.71 CNY. The highest and lowest prices in the last 12 months were 21.50 CNY and 10.68 CNY respectively [11]. Financial Projections - Projected total revenue for 2025 is 25,247 million CNY, with a gross profit of 2,688 million CNY, maintaining a gross margin of approximately 11% [17]. - The net profit for 2025 is estimated at 930 million CNY, with earnings per share (EPS) projected to be 1.35 CNY [17]. - The company is expected to see a significant increase in cash flow from operating activities, projected at 1,064 million CNY for 2025 [17].

| 证券代码：002541 | 证券简称：鸿路钢构 公告编号：2025-041 | | --- | --- | | 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 2025 年第二季度可转换公司债券转股情况的公告 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： | 证券代码：002541 | | | 证券简称：鸿路钢构 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券代码：128134 | | | 债券简称：鸿路转债 | | | | | | | | | 转股价格：人民币 | | 32.08 | 元/股 | | | | | | | | | 转股期限：2021 | 年 | 4 月 | 15 | 日至 | 2026 | 年 | 10 | 月 | 8 | 日 | 根据《深圳证券交易所股票上市规则》《深圳证券交易所可转换公司债券业 务实施细则》《深圳证券交易所上市公司自律监管指引第 15 号— ...

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