Financial Performance - The company's revenue for Q1 2025 was ¥4,815,493,888.45, representing an increase of 8.78% compared to ¥4,427,021,699.83 in the same period last year[5] - Net profit attributable to shareholders decreased by 32.78% to ¥136,580,761.60 from ¥203,176,365.95 year-on-year[5] - The basic and diluted earnings per share were both ¥0.1987, down 32.53% from ¥0.2945 in the same period last year[5] - Net profit for the current period was ¥136,344,040.45, a decrease of 32.9% from ¥203,176,365.95 in the previous period[18] - Earnings per share (EPS) decreased to ¥0.1987 from ¥0.2945, representing a decline of 32.5%[19] - The company reported a total comprehensive income of ¥136,344,040.45, down from ¥203,176,365.95, reflecting a decrease of 32.9%[19] Cash Flow - The net cash flow from operating activities was negative at -¥194,985,809.27, a decline of 331.54% compared to ¥84,211,386.56 in the previous year[5] - Cash flow from operating activities showed a net outflow of ¥194,985,809.27, contrasting with a net inflow of ¥84,211,386.56 in the previous period[19] - Net cash flow from investment activities was -232,370,430.01, a decrease from -307,432,342.80[20] - Cash inflow from financing activities increased to 1,366,994,755.21 from 959,288,333.33[20] - Net cash flow from financing activities was 398,854,357.71, up from 302,036,493.14[20] - The company experienced a net decrease in cash and cash equivalents of -28,502,644.35, contrasting with an increase of 78,816,456.49 previously[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥25,113,374,757.31, a decrease of 0.51% from ¥25,241,107,676.95 at the end of the previous year[5] - The company's total liabilities decreased from CNY 13,364,984,283.06 to CNY 13,335,092,214.96, a decline of about 0.2%[15] - Total current liabilities decreased from CNY 9,384,493,586.35 to CNY 9,155,291,603.67, a reduction of about 2.4%[15] - The total liabilities amounted to ¥15,363,103,810.23, a decrease from ¥15,627,196,760.71[16] Shareholder Equity - The equity attributable to shareholders increased by 1.42% to ¥9,748,060,095.63 from ¥9,611,463,343.64 at the end of the previous year[5] - Total equity attributable to shareholders increased to ¥9,748,060,095.63 from ¥9,611,463,343.64, marking a growth of 1.4%[16] Operational Metrics - Total operating revenue for the current period reached ¥4,815,493,888.45, an increase of 8.8% compared to ¥4,427,021,699.83 in the previous period[17] - Total operating costs amounted to ¥4,687,017,556.12, up from ¥4,324,377,059.09, reflecting a growth of 8.4%[17] - Research and development expenses were ¥125,182,349.16, down from ¥156,743,176.68, indicating a reduction of 20.1%[17] - Other income decreased significantly to ¥60,466,100.93 from ¥154,362,260.45, a decline of 60.8%[18] Accounts Receivable and Inventory - The company reported a significant increase in accounts receivable financing, which rose by 51.34% to ¥189,052,806.92 from ¥124,922,646.18 year-on-year[9] - Accounts receivable decreased from CNY 3,492,352,749.51 to CNY 2,980,883,264.22, representing a reduction of about 14.6%[14] - Inventory increased from CNY 8,955,611,202.00 to CNY 9,487,798,168.31, an increase of approximately 5.9%[14] Government Subsidies - The company received government subsidies amounting to ¥28,006,298.61, which had a lasting impact on its profits[7] Audit and Accounting Standards - The company did not undergo an audit for the first quarter report[21] - The new accounting standards will be implemented starting in 2025[21]

Group 1: Market Overview - In April, both A-share and Hong Kong stock markets experienced a decline, with the A-share market showing a cumulative drop of 0.6% for the Shanghai 50 index and a maximum drop of 7.4% for the ChiNext index as of April 25, 2025 [1][8] - The Hong Kong stock market showed significant volatility in April, influenced by overseas risk events and domestic policy expectations, with the Hang Seng Index declining by 4.9% [1][10] Group 2: A-share Insights - The A-share market is expected to experience a rebound due to continuous policy support and inflow of medium to long-term funds, with current valuations near the average since 2010 [2][13] - Three asset categories are recommended for investment: stable assets (high dividend stocks, gold), self-sufficient industrial chains, and domestic consumption [2][15][16] Group 3: Hong Kong Stock Insights - The Hong Kong market is anticipated to continue its upward trend, supported by low valuations of the Hang Seng Index and Hang Seng Technology Index [3][17] - A "barbell" investment strategy is suggested, focusing on technology growth and high dividend stocks, particularly in sectors like telecommunications, utilities, and banking [3][17] Group 4: Stock Recommendations - The A-share stock selection for May 2025 includes: Zhongzi Technology, Hengrui Medicine, Gree Electric Appliances, Haier Smart Home, China Petroleum, CNOOC Development, Zijin Mining, Muyuan Foods, Honglu Steel Structure, and Puyang Refractories [4][23] - The Hong Kong stock selection for May 2025 includes: Alibaba-W, Pop Mart, Tencent Holdings, Xindong Company, NetEase Cloud Music, and Horizon Robotics-W [4][26]

Core Insights - The company has seen a 1.3% increase in new orders in Q1 2025 and a 14.3% increase in steel structure production [1][4] - The welding robots have been scaled up for use, enhancing capacity utilization, product quality, and cost reduction [5] Financial Performance - In 2024, the company's net profit decreased by 34.5%, with operating cash flow down by 47.8% [3] - Revenue for 2024 was 21.5 billion, a decline of 8.6%, with quarterly comparisons showing a consistent downward trend [3] - The gross profit margin for 2024 was 10.3%, a decrease of 0.80 percentage points, while the net profit margin was 3.59%, down by 1.42 percentage points [3] Order and Production Metrics - New contracts signed in 2024 totaled 28.298 billion, a decrease of 4.8%, with Q1-Q4 figures showing a decline [4] - Steel structure product output was approximately 4.511 million tons in 2024, a slight increase of 0.5%, with Q1 2025 output reaching about 1.049 million tons, up 14.3% [4] Technological Advancements - The company has implemented nearly 2,000 lightweight welding robots and rail-type robot welding stations across its ten production bases [5] - Continuous investment in smart upgrades is expected to further enhance production efficiency and reduce costs [5] Dividend Policy - The company plans to distribute a dividend of 0.36 per share for the current year, up from 0.52 per share in the previous year, resulting in a dividend payout ratio of 32.0% [5]

证券代码：002541 证券简称：鸿路钢构 编号：T2025-003 投资者关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 ☑业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话调研 □其他 参与单位名称 及人员姓名 通过"全景·投资者关系互动平台"（https://ir.p5w.net）参加公司 2024 年度网 上业绩说明会的投资者 调研时间 2025 年 4 月 23 日 地 点 "全景·投资者关系互动平台"（https://ir.p5w.net） 形 式 网络远程 上市公司接待 人员姓名 公司董事长万胜平先生、财务总监张玲女士、董事会秘书吕庆荣女士、独立董事 王琦先生。 投资者关系活动 主要内容介绍 公司于2025年4月23日（星期三）15点至17点在全景网举行2024年度业绩网上说明 会。本次业绩说明会采用网络远程的方式举行，业绩说明会问答环节主要内容如下： 一、Q：领导，您好！我来自四川大决策 请问贵公司是否有布局机器人领域，如果有 请简单介绍一下。 A：谢谢您对公司的关注。自2023年以来，公司自主研发了"弧焊机器人控制系统"， 并已应用于公司集成的轻巧焊接机器人和地轨式机器人焊接 ...

回答：谢谢您对公司的关注。1、2024年公司加大对焊接机器人、激光智能切割、自动化喷涂等方面研 发投入，并取得相关知识产权和应用成果，同时公司对以上工序进行了规模化智能化改造，技改过程对 公司产量和成本构成了影响。2、公司通过高度集中的管理、专业化生产、智能化制造及信息化管理等 优势，在保证公司产品较强竞争力的同时，提高产品质量，降低生产成本。 3、问：尊敬的领导，下午好！作为中小投资者，有以下问题：1、24年报显示，公司业绩较去年同期略 有下滑，同时负债率又有所抬升，未来如何改善？2、公司发行18.8亿元可转债尚有15.727亿元未实现转 股，还有一年多就要到期了，公司下一步如何推进转股？还考虑下修？万一到期还钱，是否能按期兑 付？ 回答：谢谢您对公司的关注。公司将努力提升公司业绩，关于公司可转债相关事宜，请继续关注公司公 告。 2025年04月23日，鸿路钢构2024年度业绩说明会在全景网顺利举行。出席本次业绩说明会的人员有鸿路 钢构 董事长万胜平、董事会秘书吕庆荣、鸿路钢构 财务总监张玲、鸿路钢构 独立董事王琦。 根据全景数据后台统计，在今天的交流过程中，来自全国多个省、市地区的投资者共向上市公司提问5 ...

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 万张可转换公司债券，每张面值为人民币 100 元，发行总额 18.80 亿元，期限六年。 | 证券代码:002541 | 证券简称:鸿路钢构 | 公告编号：2025-029 | | --- | --- | --- | | 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 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 2025 年 4 月 9 日起至 2025 年 4 月 22 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。 3、可转换公司债券转股期限 本次可转债转股期自可转债发行结 ...

编号：T2025-002 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 2025 年 4 月 18 日投资者关系活动记录表 回答：1、公司致力于钢结构制造，自主研发了一套可复制的信息化管理系统，确保产 品质量和项目的按时履约，是实施多基地生产的必要条件。公司信息化系统以"项目管 理平台"为核心，与 OA、HR 系统、NC 系统互联互通，开发了报工质检、鸿路智造小程 序，通过小程序能清楚追溯到每根构件每道工序谁生产的、谁检验的，也清楚自动核算 了每个班组每天的计件工资，提高了工作效率降低了成本。同时建设了公司统一的管理 考评、管理日志、统一排产、统一下料等管理系统。 投资者关系 活动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 现场参观 电话调研 □其他 调研时间/参 与单位名称及 人员姓名 2025年4月18日下午14：00—17：00 富国基金 李峙屹；国海富兰克林基金 张登科；天风证券 王悦宜；华富基金 吴卓凡； 光大证券 孙伟风、陈奇凡；景顺长城 王平川；永赢基金 杨啸宇；南方基金 刘祎；长 江证券 袁志芃、张弛；中国人民养老基金 ...

Investment Rating - The investment rating for the company is "Buy" [14] Core Views - The company reported a revenue of 21.514 billion yuan for 2024, a year-on-year decrease of 8.60%, and a net profit attributable to shareholders of 0.772 billion yuan, down 34.51% year-on-year [5] - The decline in profitability for 2024 is attributed to multiple factors including falling steel prices, tight cash flow among downstream customers, and increased competition in the industry [6] - The company is expected to see improvements in orders and profitability in 2025, with a projected revenue of 23.9 billion yuan, representing an increase of 11.3% year-on-year, and a net profit of 1.061 billion yuan, up 37.4% year-on-year [8][10] Company Overview - The latest closing price of the company's stock is 19.18 yuan, with a total market capitalization of 13.2 billion yuan [4] - The company has a total share capital of 690 million shares, with 496 million shares in circulation [4] - The company’s debt-to-asset ratio stands at 61.9% and its price-to-earnings ratio is 17.12 [4] Financial Performance - In Q4 of 2024, the company achieved a revenue of 5.627 billion yuan, a decrease of 14.36% year-on-year, and a net profit of 0.117 billion yuan, down 59.74% year-on-year [5] - The company’s production volume for 2024 was 4.51 million tons, a slight increase of 0.51% year-on-year, while sales volume reached 4.33 million tons, up 1.82% year-on-year [6] - The company’s operating cash flow net inflow for 2024 was 0.57 billion yuan, a decrease of 0.52 billion yuan compared to the previous year [7] Future Outlook - The company’s first quarter of 2025 showed an improvement in steel structure production, reaching 1.0491 million tons, an increase of 14.29% year-on-year, and new contracts signed amounted to approximately 7.052 billion yuan, up 1.25% year-on-year [8] - Long-term cost reduction potential is expected to be enhanced through increased investment in automation and robotics [8] - The projected earnings per share (EPS) for 2025 and 2026 are 1.54 yuan and 2.09 yuan respectively, with corresponding price-to-earnings ratios of 12.92 and 9.52 [10][13]

证券研究报告：建筑装饰 | 公司点评报告 发布时间：2025-04-22 股票投资评级 买入|维持 个股表现 -42% -36% -30% -24% -18% -12% -6% 0% 6% 12% 18% 2024-04 2024-07 2024-09 2024-11 2025-02 2025-04 鸿路钢构 建筑装饰 资料来源：聚源，中邮证券研究所 公司基本情况 一季度订单/产量改善，长期降本空间打开：公司 25Q1 钢结构产 量为 104.91 万吨，同比+14.29%，新签合同约 70.52 亿元，同比+1.25%， 考虑到今年专项债发行有望加快落实，以及公司销售策略的变化，我 们判断 25 年公司新签订单及产量将显著好于 24 年；长期来看，公司 持续加大研发投入，夯实成本优势，通过机器人替代进一步打开降本 空间。 | 最新收盘价（元） | 19.18 | | --- | --- | | 总股本/流通股本（亿股）6.90 / 4.96 | | | 总市值/流通市值（亿元）132 / 95 | | | 52 周内最高/最低价 | 21.42 / 10.92 | | 资产负债率(%) | 61.9% | ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company achieved a total revenue of 21.514 billion yuan in 2024, a year-on-year decrease of 8.60%. The net profit attributable to shareholders was 772 million yuan, down 34.51% year-on-year, while the net profit after deducting non-recurring gains and losses was 481 million yuan, a decrease of 44.91% year-on-year [2][8]. Summary by Sections Financial Performance - The company reported a total revenue of 21.514 billion yuan for 2024, which is an 8.60% decrease compared to the previous year. The net profit attributable to shareholders was 772 million yuan, reflecting a 34.51% decline year-on-year. The net profit after deducting non-recurring items was 481 million yuan, down 44.91% year-on-year [2][8]. Production and Sales - The production capacity for 2024 was 5.2 million tons, slightly up from 5 million tons in 2023. The production volume remained stable at 4.51 million tons, while sales volume increased by 2% to 4.33 million tons, resulting in a sales rate of 96.1% [14]. Profitability - The average price per ton for the year was 4,964 yuan, a decrease of 566 yuan per ton year-on-year. The gross profit per ton was 513 yuan, down 103 yuan per ton year-on-year. However, the gross profit per ton showed a quarter-on-quarter improvement in Q4 [14]. Cost and Expenses - The company experienced an increase in expense ratios across sales, management, research and development, and financial expenses. The total expense ratio for 2024 was 7.18%, up 1.03 percentage points year-on-year [14]. Cash Flow - The company reported a net cash inflow from operating activities of 573 million yuan for the year, with Q4 showing a net inflow of 246 million yuan. The cash flow was impacted by credit impairment losses and asset impairment losses in Q4 [14]. Future Outlook - In Q1 2025, the company signed new sales contracts worth approximately 7.052 billion yuan, a 1.25% increase compared to the same period in 2024. The production volume in Q1 2025 increased by 14.29% compared to Q1 2024, indicating a positive sales policy adjustment and the emergence of an operational turning point [14]. Investment Recommendation - The report suggests focusing on medium-term growth and high elasticity, as the company is expected to convert its manufacturing advantages into improved sales. The operational turning point has been confirmed, and the upward trend in operations is expected to continue [14].