Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 20.85 CNY based on a 15X PE for 2024 [2][5]. Core Views - The company signed new sales contracts totaling approximately 21.93 billion CNY in the first three quarters of 2024, a decrease of 4.3% compared to the same period in 2023, with Q3 contracts amounting to 7.57 billion CNY [1]. - The production of steel structure products reached approximately 3.251 million tons, a slight increase of 0.58% year-on-year, with Q3 production at about 1.145 million tons [1]. - The decline in steel prices has impacted contract amounts, but actual order volumes may have increased. The average price of I-beams in China fell by 7% year-on-year to 3966 CNY/ton in Q1-Q3 2024, suggesting that excluding price factors, order volumes could still show growth [1]. - The company is focusing on smart manufacturing to enhance its core competitiveness, with R&D expenses rising to 330 million CNY, a 62.5% increase year-on-year, impacting net profit margins [1]. Financial Summary - The forecasted net profit attributable to the parent company for 2024-2026 is 960 million, 1.038 billion, and 1.129 billion CNY respectively, down from previous estimates of 1.6 billion and 1.8 billion CNY for 2024-2025 [2][5]. - Revenue for 2024 is expected to be 21.789 billion CNY, a decrease of 7.4% year-on-year, with a projected revenue of 23.477 billion CNY in 2025 and 24.345 billion CNY in 2026 [4]. - The gross margin for the first half of 2024 is 10.7%, a slight increase of 0.1 percentage points year-on-year, while the net margin is projected to decline to 4.4% in 2024 [1][4].

| 证券代码：002541 | 证券简称：鸿路钢构 | 公告编号：2024-066 | | --- | --- | --- | | 债券代码：128134 | 债券简称：鸿路转债 | | 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、获取补助的基本情况 近日，安徽鸿路钢结构（集团）股份有限公司全资子公司获得政府补助基本情况 见下表： | | | | | | 补 | | | 是否与 | 是否 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 序 | 获得补助 | 发放 | 项目 | 获得补助依据 | 助 | 补助金额 | 补助到账时 | 日常经 | 有可 | | 号 | 主体 | 主体 | 名称 | | 形 | （万元） | 间 | 营活动 | 持续 | | | | | | | 式 | | | 相关 | 性 | | 1 | 安徽鸿阳建 筑科技有限 | | | 《鸿路智能装配 基地项目投资合 | | 1032.52 | | | | | | 公司 | 安徽涡 | 产业 | 作协议 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company experienced a slight decline in new orders and production due to seasonal disruptions and ongoing smart transformation initiatives. However, the order intake is expected to show significant growth in the upcoming quarter [2]. - The average price of large orders has decreased, reflecting the overall decline in steel prices, but the company is positioned for long-term competitiveness through its technological advancements [2]. Summary by Relevant Sections Orders and Production - In the first three quarters of 2024, the company signed new orders worth 21.9 billion yuan, a year-on-year decrease of 4%. In Q3 2024, new orders amounted to 7.6 billion yuan, also down 4% year-on-year [1]. - The steel structure product output for the first three quarters of 2024 was approximately 3.25 million tons, a year-on-year increase of 0.6%. In Q3 2024, production was about 1.14 million tons, up 1% year-on-year but down 4% quarter-on-quarter [1][2]. Price and Order Volume Analysis - Excluding the impact of steel price fluctuations, the order intake in Q3 2024 is expected to show a double-digit growth both year-on-year and quarter-on-quarter. The average price of hot-rolled steel decreased by 15% year-on-year in Q3 2024 [2]. - The proportion of large orders slightly decreased to about 20% in Q3 2024, with an average price of approximately 5,045 yuan per ton, down 13% year-on-year and 5% quarter-on-quarter [2]. Financial Forecasts and Valuation - The company’s net profit forecasts for 2024, 2025, and 2026 are 1.24 billion yuan, 1.30 billion yuan, and 1.65 billion yuan, respectively. The current price corresponds to a dynamic P/E ratio of 8x for 2024 [2][11]. - Revenue projections for the years 2024 to 2026 are 24.5 billion yuan, 26.2 billion yuan, and 29.3 billion yuan, with growth rates of 4.08%, 6.91%, and 12.00% respectively [11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Views - The company has shown resilience in its operations despite a decline in new orders, with a focus on the potential turnaround in the steel structure sector [1]. - The report highlights the impact of government fiscal stimulus and monetary policy adjustments on infrastructure investment, which is expected to benefit the company [4]. - The company is undergoing a transformation towards automation and smart manufacturing, which is anticipated to enhance efficiency and potentially increase valuation in the long term [3]. Summary by Sections Orders and Production - Cumulative new orders for Q1-3 2024 reached approximately 21.926 billion, a year-on-year decrease of 4.34%, with Q3 alone accounting for 7.57 billion, down 3.74% year-on-year [1]. - Steel structure production for Q1-3 2024 was about 3.2507 million tons, reflecting a year-on-year growth of 0.58%, with Q3 production at 1.1449 million tons, up 1.43% from Q3 2023 [1]. Pricing and Contracts - The average price per ton for new material orders in Q3 2024 ranged from 4,436 to 6,024 yuan, a decrease of 13.22% compared to the range of 4,909.98 to 7,143.76 yuan in Q3 2023 [2]. - The company secured 20 large contracts in Q3 2024, including a significant project in Indonesia, indicating ongoing demand in the manufacturing sector [2]. Financial Performance - The company reported a total revenue of 23.539 billion yuan in 2023, with a projected revenue of 22.855 billion yuan for 2024, reflecting a decline of 2.91% [5]. - The net profit attributable to the parent company for 2024 is expected to be 912.44 million yuan, down 22.63% from 2023 [5]. Future Outlook - The report anticipates that the company will achieve net profits of 9.1 billion, 10.5 billion, and 12.2 billion yuan for the years 2024 to 2026, respectively, with corresponding P/E ratios of 10.5, 9.1, and 7.9 [4]. - The company is expected to benefit from increased infrastructure investment driven by government policies, particularly in the fourth quarter [4].

| 证券代码：002541 | 证券简称：鸿路钢构 | 公告编号：2024-065 | | --- | --- | --- | | 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 2024 年前三季度经营情况简报 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 2024 年前三季度销售合同情况 安徽鸿路钢结构（集团）股份有限公司（以下简称"公司"）2024 年前三季度 累计新签销售合同额人民币约 219.26 亿元，较 2023 年同期减少 4.34%。其中材料 订单为 217.99 亿元，工程订单 1.27 亿元。2024 年第三季度新签销售合同额人民币 约 75.70 亿元，其中合同金额达到 1 亿元人民币以上或钢结构加工量 10000 吨以上 的订单情况如下： | 项 目 名 称 | 合同金额 | 加工量（吨） | 合同类型 | 备注 | | --- | --- | --- | --- | --- | | | （亿元） | | | | | 广州***现代高端装备研发生产基地项目 | 0.67 ...

| 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 | | 32.44 | | 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》的有关规定，安徽鸿路钢结构（集团）股份有限公司（以下简称 "公司"）现将 2024 年第三季度可转换公司债券转股及公司股本变动的情况公 告如下： 一、可转债上市发行概况 （一）可转债发行情况 | 证券代码：002541 | 证券简称：鸿路钢构 | 公告编号：2024-063 | | --- | --- | --- | | 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 ...

| | | 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 9 月 18 日起至 2024 年 10 月 8 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。 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 ...

| 证券代码:002541 | 证券简称:鸿路钢构 | 公告编号:2024-062 | | --- | --- | --- | | 债券代码:128134 | 债券简称:鸿路转债 | | 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、获取补助的基本情况 近日，安徽鸿路钢结构（集团）股份有限公司全资子公司获得政府补助基本情 况见下表： | | | | 项目 | | 补助 | 补助 | | 是否与 | 是否 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 序 | 获得补 | 发 放 | 名称 | 获得补助依据 | 形式 | 金额 | 补助到账时间 | 日常经 | 有可 | | 号 | 助主体 | 主体 | | | | （万元） | | 营活动 | 持续 | | | | | | | | | | 相关 | 性 | | | | | | | | | 截止 2023 年 | | | | | | | | 《绿色装配式建 | | | 12 月 31 日，累 | | | | | | | | ...

Investment Rating - The investment rating for the company is "Buy" [6][8]. Core Views - The company's revenue for the first half of 2024 reached 10.33 billion, a year-on-year increase of 6.73%, while the net profit attributable to shareholders was 430 million, a year-on-year decrease of 22.58% [5]. - The decline in steel prices has pressured the company's revenue, with the price of hot-rolled coils dropping by 5.5% in the first half of 2024. However, a recovery in steel prices is anticipated in the second half of 2024 due to policies supporting manufacturing, which could enhance profitability [5]. - The company has signed new contracts worth 14.356 billion in the first half of 2024, a decrease of 4.66% year-on-year, indicating weak downstream demand. The production of steel structures was 2.1058 million tons, showing a significant slowdown in growth [5]. - The company is increasing its investment in intelligent transformation, with R&D expenses rising by 1.37 percentage points year-on-year. This transformation is expected to improve production efficiency and reduce costs, thereby strengthening competitive advantages [5]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a net profit of 430 million, down 22.58% year-on-year, and a non-recurring net profit of 240 million, down 47.50% year-on-year. Non-recurring gains included government subsidies of 230 million [5]. - The company's revenue for 2023 is projected at 23.539 billion, with a year-on-year growth rate of 18.6%. However, for 2024, revenue is expected to decline by 2.6% to 22.936 billion [7]. Profitability and Valuation - The estimated earnings per share (EPS) for 2024 is 1.52, with a price-to-earnings (P/E) ratio of 7.36. The projected net profit for 2024 is 1.05 billion, reflecting an 11.0% decrease year-on-year [6][7]. - The company is expected to maintain a return on equity (ROE) of 10.3% in 2024, with a gradual increase in net profit projected for 2025 and 2026 [7][12]. Strategic Outlook - The company is focusing on intelligent transformation to enhance efficiency and profitability. The introduction of welding robots is expected to reduce production costs significantly, addressing labor shortages in the welding workforce [5][6]. - The company’s scale advantages and market position as a leading steel structure manufacturer are expected to provide a strong competitive moat in the industry [6].

3、除息日：2024 年 10 月 9 日。 4、付息日：2024 年 10 月 9 日。 证券代码：002541 证券简称:鸿路钢构 公告编号：2024-061 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 可转换公司债券 2024 年付息公告 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、"鸿路转债"将于 2024 年 10 月 9 日按面值支付第四年利息，每 10 张"鸿路 转债"（合计面值 1,000.00 元）利息为 15.00 元（含税）。 2、债权登记日：2024 年 10 月 8 日。 5、"鸿路转债"票面利率：第一年为 0.30%、第二年为 0.50%、第三年为 1.00%、 第四年为 1.50%、第五年为 1.80%、第六年为 2.00%。 6、"鸿路转债"本次付息的债权登记日为 2024 年 10 月 8 日，凡在 2024 年 10 月 8 日（含）前买入并持有本期债券的投资者享有本次派发的利息；2024 年 10 月 8 日卖出本期债券的投资者不享有本次派发的利息。 7、下一付息期起 ...