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、董事会会议召开情况 安徽鸿路钢结构（集团）股份有限公司（下称"公司"）第六届董事会第十四次会议 于 2024 年 10 月 29 日以送达方式发出，并于 2024 年 11 月 5 日在公司会议室以现场的方 式召开。会议应出席董事 5 人，实际出席董事 5 人，会议由董事长万胜平先生主持，公司 全体监事、高级管理人员列席了会议。本次会议的召集、召开符合《公司法》和《公司章 程》的有关规定，出席会议的董事以书面表决的方式通过了以下决议，决议合法有效。 二、董事会会议审议情况 会议经过审议并表决，形成决议如下： | 证券代码：002541 | 证券简称：鸿路钢构 | 公告编号：2024-069 | | --- | --- | --- | | 债券代码：128134 | 债券简称：鸿路转债 | | 一、会议以 5 票同意，0 票反对，0 票弃权，审议通过了《关于暂不向下修正"鸿路转债" 转股价格的议案》。 安徽鸿路钢结构（集团）股份有限公司 第六届董事会第十四次会议决议公告 特此公告。 安徽鸿路钢结构（集团）股份有 ...

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、 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a total revenue of 15.9 billion yuan for the first three quarters of 2024, a year-on-year decrease of 6% [2][6] - The net profit attributable to the parent company was 660 million yuan, down 26% year-on-year, while the net profit after deducting non-recurring gains and losses was 360 million yuan, down 49% year-on-year [2][6] - The slowdown in steel structure production growth is attributed to a large-scale intelligent transformation of production equipment, leading to a temporary decline in capacity utilization [6] - The company's steel structure profitability is under pressure due to intensified industry competition, resulting in price declines exceeding cost reductions [6] - The company expects revenue growth to recover in the coming years, with projected revenues of 22.8 billion, 25.2 billion, and 27.9 billion yuan for 2024, 2025, and 2026, respectively [6] Financial Summary - For Q3 2024, the company achieved a revenue of 5.6 billion yuan, a year-on-year decrease of 6%, and a net profit of 230 million yuan, down 32% year-on-year [2][6] - The average capacity utilization rate for the first three quarters of 2024 is estimated at 86.7%, a decrease of 5% year-on-year [6] - The company signed new contracts worth 21.9 billion yuan in the first three quarters, a decrease of 4.3% year-on-year, with Q3 new contracts amounting to 7.6 billion yuan, down 3.7% year-on-year [6] - The gross profit per ton of steel structure was 447 yuan in Q3 2024, down 196 yuan year-on-year, while the net profit per ton was 172 yuan, down 106 yuan year-on-year [6] - The company’s operating cash flow improved in Q3 2024, with a net cash flow of 370 million yuan, an increase of 2.7 million yuan year-on-year [6] Future Outlook - The company is expected to maintain its competitive advantages and growth prospects, with a projected EPS of 1.48, 1.65, and 1.82 yuan for 2024, 2025, and 2026, respectively [6] - The current price corresponds to a PE ratio of 8.6 times for 2025, indicating a favorable valuation [6]

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 10 月 30 日投资者关系活动记录表 编号：T2024-013 | --- | --- | --- | |-----------------------------|---------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系 活动类别 | \n□媒体采访 \n□新闻发布会 □路演活动 \n 现场参观 □电话调研 | 特定对象调研 □分析师会议 \n□业绩说明会 | | 调 研时间 / ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [4][6]. Core Views - The company experienced a decline in gross profit margin, impacting overall performance, but there is optimism regarding a recovery in steel prices, which is expected to improve net profit per ton [1][2][4]. - The company’s revenue for the first three quarters of 2024 was 15.89 billion, a year-on-year decrease of 6.4%, with net profit attributable to the parent company at 655 million, down 26.3% year-on-year [1]. - The report anticipates that the company will produce approximately 4.5 million tons of steel in 2024, with a stable production output and potential recovery in net profit per ton due to rising steel prices [4][2]. Financial Performance Summary - For Q3 2024, the company reported revenue of 5.56 billion, a decrease of 5.7% year-on-year, with net profit attributable to the parent company at 228 million, down 32.4% year-on-year [1]. - The gross profit margin for the first three quarters of 2024 was 10.2%, a decline of 1.05 percentage points year-on-year, while Q3's gross profit margin was 9.21%, down 3.11 percentage points year-on-year [2][3]. - The company’s R&D expenses for Q3 2024 were 176 million, a decrease of 21.1% year-on-year, indicating a reduction in R&D spending per ton [2][3]. Financial Forecasts - The projected revenue for 2024 is approximately 22.78 billion, reflecting a year-on-year decrease of 3.22%, with net profit expected to be 879 million, a significant drop of 25.45% [5][8]. - The report provides a detailed financial outlook, including EBITDA and profit margins, with expected improvements in subsequent years [5][9]. Market Conditions - The report highlights that the monetary policy adjustments and fiscal stimulus are likely to positively impact infrastructure investment, which could benefit the company [4]. - Steel prices have shown signs of recovery, with hot-rolled coil prices stabilizing around 3,600 yuan per ton, up 7.65% since October compared to Q3 [2][4].

证券研究报告 | 季报点评 gszqdatemark 2024 10 30 年 月 日 鸿路钢构（002541.SZ） Q3 业绩承压，钢结构量价有望边际回暖 Q3 业绩继续承压，售价与需求有望边际好转。公司 2024Q1-3 实现营收 159.8 亿元，同降 6%，今年以来钢结构产量同比基本持平，但钢结构售 价跟随钢价下行，制约营收增长。Q1-3 实现扣非后归母净利润 3.6 亿元， 同降 49%，增速明显低于收入，主要系：1）钢材成本以移动加权平均法 计算，钢结构售价下行速度快于成本，毛利率下降；2）坏账计提有所增 多；3）研发等费用率上升。Q1-3 实现归母净利润 6.6 亿元，同降 26%， 降幅小于扣非后归母净利润，主因今年以来政府补助同比去年增多。分季 度看，Q1/Q2/Q3 营收分别 YoY-12%/-3%/-6%；扣非后归母净利润分别 YoY-39%/-52%/-52%；归母净利润分别 YoY+1%/-36%/-32%。单吨利 润方面，Q1-3 以产量计算的吨扣非后归母净利 110 元，YoY-107 元， Q1/Q2/Q3 分别为 95/125/105 元，YoY-61/-133/-116 ...

| 证券代码：002541 | 证券简称:鸿路钢构 | 公告编号：2024-067 | | --- | --- | --- | | 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 关于预计触发鸿路转债转股价格向下修正条件的 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。 2、可转换公司债券上市情况 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 1、证券代码：002541 证券简称：鸿路钢构 2、债券代码：128134 债券简称：鸿路转债 3、转股价格：人民币 32.44 元/股 4、转股期限：2021 年 4 月 15 日至 2026 年 10 月 8 日 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 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥5,561,619,650.84, a decrease of 5.69% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was ¥227,712,843.68, down 32.37% year-on-year[2] - The net profit after deducting non-recurring gains and losses was ¥120,683,014.33, reflecting a decline of 51.64% compared to the previous year[2] - Total operating revenue for the third quarter was CNY 15,887,282,312.52, a decrease of 6.39% compared to CNY 16,968,243,147.69 in the same period last year[12] - Operating profit for the quarter was CNY 730,836,933.21, down 29.4% from CNY 1,035,176,011.06 year-over-year[13] - Net profit attributable to shareholders was CNY 655,499,132.70, a decline of 26.3% compared to CNY 889,287,216.32 in the previous year[13] - The total comprehensive income attributable to the parent company for Q3 2024 is CNY 655,499,132.70, down from CNY 889,287,216.32 in the previous period, representing a decrease of approximately 26.3%[14] - Basic earnings per share for Q3 2024 is CNY 0.9536, compared to CNY 1.2888 in the same period last year, reflecting a decline of about 26.0%[14] Assets and Liabilities - The total assets at the end of the reporting period reached ¥25,536,204,505.33, an increase of 9.67% from the end of the previous year[2] - Total assets increased to CNY 25,536,204,505.33, up from CNY 23,284,289,109.59, reflecting a growth of 9.7%[11] - Total liabilities rose to CNY 16,042,836,960.11, compared to CNY 14,090,276,489.15, marking an increase of 13.9%[11] - The total non-current assets amounted to CNY 9,845,912,814.97, an increase from CNY 9,403,543,725.23, reflecting a growth of 4.7%[10] Cash Flow - The company's cash flow from operating activities for the year-to-date was ¥327,199,914.89, down 56.52% year-on-year[6] - Cash inflow from operating activities for the current period is CNY 17,852,929,103.30, a decrease of 4.8% from CNY 18,761,044,609.40 in the previous year[15] - Net cash flow from operating activities is CNY 327,199,914.89, down 56.5% from CNY 752,453,833.32 in the prior year[15] - Cash outflow for investing activities is CNY 1,046,477,722.99, a decrease of 37.0% compared to CNY 1,658,815,515.32 in the previous period[16] - Net cash flow from financing activities is CNY 1,779,445,004.82, an increase of 49.2% from CNY 1,192,395,187.04 in the same period last year[16] - The ending balance of cash and cash equivalents is CNY 1,287,485,992.75, significantly up from CNY 466,420,175.07 in the previous year, indicating a growth of approximately 175.5%[16] Shareholder Information - The total number of common shareholders at the end of the reporting period is 17,793[7] - The largest shareholder, Shang Xiaobo, holds 36.16% of shares, totaling 249,519,764 shares[7] - The top ten shareholders include various institutional investors, with the largest being Dong Yefang holding 10.81%[7] - The company has not reported any significant changes in shareholder relationships among the top ten shareholders[8] - The total number of priority shareholders is not applicable, indicating no priority shares issued[8] Investments and Expenses - Research and development expenses for the quarter were CNY 507,329,219.65, an increase of 18.9% from CNY 426,681,339.43 in the previous year[12] - The company has a long-term equity investment of approximately ¥9.67 million, down from ¥10.25 million, indicating a decrease of 5.7%[9] Other Financial Information - The company recognized government subsidies amounting to ¥132,085,989.54 during the reporting period, contributing to its financial performance[3] - The company's capital reserve increased to CNY 2,282,712,573.01 from CNY 2,281,427,927.93, showing a slight growth[11] - The weighted average return on net assets was 2.44%, a decrease of 1.38% compared to the same period last year[2] - The company has not undergone an audit for the Q3 report[17] - The company is set to implement new accounting standards starting in 2024, which may impact future financial reporting[17]

Investment Rating - The report assigns a "Buy" rating to Honglu Steel Structure (002541) for the first time [5] Core Views - Honglu Steel Structure is a leading player in the steel structure manufacturing industry, with a strong cost advantage and deep ties to core customers, leading to sustained growth in new orders [3] - The company has accelerated its intelligent transformation since 2022, focusing on upgrading cutting and welding processes, which has temporarily reduced production and increased depreciation/R&D expenses but is expected to enhance its competitive edge in the long term [3] - The steel structure industry faces short-term demand pressure due to industrial production and local fiscal challenges, but the long-term growth prospects for prefabricated buildings remain strong [3][9] Company Overview - Honglu Steel Structure is the largest steel structure manufacturer in China, with a leading production capacity and significant scale advantages [7] - The company has gone through three development phases: rapid expansion of engineering business (2002-2014), refocus on manufacturing (2015-2021), and intelligent transformation (2022-present) [7] - In 2023, the company's steel structure production reached 4.49 million tons, ranking first in the industry [7] Industry Dynamics - The penetration rate of prefabricated buildings in China increased from 4.9% in 2016 to 26.5% in 2022, with steel structure production growing at a CAGR of 12% from 2014 to 2023 [7] - The steel structure industry is highly fragmented, with the top 5 companies accounting for 8.2% of the market share in 2023, up from 4.9% in 2015 [7] - Honglu Steel Structure's market share increased from 3% in 2015 to 4% in 2023, reflecting its leading position in the industry [7] Competitive Advantages - The company's large-scale production capacity and strong bargaining power with suppliers allow it to purchase steel at lower prices than competitors [7] - Honglu Steel Structure has implemented a flat and refined management model, reducing per-ton expenses and depreciation costs [7] - The company's intelligent transformation, particularly in cutting and welding processes, is expected to further strengthen its cost advantages [7] Financial Projections - The report forecasts that the company's revenue will reach 22.8 billion, 25.2 billion, and 27.9 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of -3%, +10%, and +11% [7] - Net profit attributable to shareholders is expected to be 1.0 billion, 1.1 billion, and 1.3 billion yuan for the same periods, with year-on-year growth rates of -14%, +12%, and +11% [7] - The company's EPS is projected to be 1.48, 1.65, and 1.82 yuan for 2024, 2025, and 2026, respectively, with a 3-year CAGR of +2% [7] Valuation and Target Price - The report values the company at 10 times the 2025 PE, with a target price of 16.48 yuan [11] - The current price of 14.13 yuan implies a 2025 PE of 8.6 times, indicating undervaluation [5][11]

订单整体平稳，期待智能制造兑现 ——鸿路钢构动态跟踪报告 核心观点 ⚫ 事件：鸿路钢构发布 2024 前三季度经营数据情况，公司累计新签销售合同额人民币 约 219.3 亿元，较 2023 年同期减少 4.3%；其中单 Q3 为 75.7 亿元。钢结构产品产 量约 325.1 万吨，较 2023 年同期增长 0.58%，其中单 Q3 产品产量约 114.5 万吨。 ⚫ 钢材价格下降影响合同额，实际接单量或有上升。24Q1-Q3 公司订单合同额同比下 滑 4%，或因钢价同比下滑所致，由于钢结构商业模式，成本下降会导致产品售价的 下调。根据万得数据，24Q1-Q3， 我国工字钢平均价格为 3966 元/吨，同比下降 7%，若剔除价格因素，我们认为公司接单量整体可能仍然实现增长。此外，在公司 进行产线智能化改造过程中，或许一定程度上也影响了生产效率，在这一背景下公 司钢结构产量仍然小幅增长。 ⚫ 智能制造提升核心竞争力，研发费用影响当期利润。公司已专门成立了智能制造研 发团队，有力推进了平面激光切割机、坡口激光切割机等设备应用。目前主要专注 于将每个环节的管控得到进一步的优化，炼好内功，增强公司的核心竞争力。未来 ...