宏润钢构在 2024 年的经营情况如何？ 鸿路钢构 20250421 摘要 Q&A 宏润钢构在 2024 年全年收入下降了约 9%，业绩下降了 30 多个百分点，扣非净 利润下降超过 40%。尽管如此，全年的产量基本持平，销量提升了 2%。从单四 季度来看，扣非净利润下降 30%，归属净利润下降 60%。这些数据表明公司业绩 面临压力，主要原因包括钢价下行对整体盈利的影响，以及一些指标在一季度 有积极的指引。 • 公司利润和归属净利润分别下降 30%和 60%，主要受钢价下行影响，但 2025 年一季度订单量增长 20%，产量增长 14%，预示销量增速可能更高， 有望实现两位数增长。 • 公司调整销售政策，重视小订单和中高订单，优化报价策略，旨在推动销 售额增长。钢价下跌导致定价下行，影响均价，全年吨价格下降五六百元， 热轧卷板均价也相应下降。 • 四季度吨毛利环比提升至 488 元/吨，显示盈利能力改善信号。预计二季度 环比改善，三季度有望同比转正并释放利润。全年吨毛利同比有所下降。 • 2024 年上线 2000 多台机器人，2025 年预计增加到 3,000-4,000 台，包括 埋弧焊机器人和便携机器 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 26.81 RMB [6][7]. Core Views - The company reported a revenue of 21.5 billion RMB for 2024, a decrease of 8.6% year-on-year, and a net profit attributable to shareholders of 772 million RMB, down 34.51% year-on-year. The net profit is in line with expectations [1][4]. - The company is expected to experience a turning point in operations in 2025, benefiting from reduced capital expenditure impacts, a recovery in capacity utilization, and cost reductions from robotic applications [1][4]. - In Q1 2025, the company is projected to have significantly better operational demand than the industry, with new order volume expected to reach 1.37 million tons, an increase of 13.9% year-on-year [1]. Summary by Sections Financial Performance - In 2024, the company signed new contracts worth 28.3 billion RMB, a decrease of 4.76% year-on-year, with a new order volume of 1.37 million tons, reflecting a 3.1% increase year-on-year [2]. - The company's steel structure production in 2024 was 4.51 million tons, a slight increase of 0.51% year-on-year, with a capacity utilization rate of 86.7%, up 0.3 percentage points year-on-year [2]. - The comprehensive gross margin for 2024 was 10.33%, down 0.8 percentage points year-on-year, while Q4 2024 gross margin improved to 10.8% [2]. Profitability and Cash Flow - The company’s net profit margin for 2024 was 3.59%, down 1.4 percentage points year-on-year, with a net cash flow from operating activities of 573 million RMB, a decrease of 5.24 million RMB year-on-year [3]. - The company incurred impairment losses of 60 million RMB in 2024, primarily due to increased accounts receivable, which rose by 800 million RMB to 3.54 billion RMB [3]. Earnings Forecast and Valuation - The forecasted net profit for the company from 2025 to 2027 is expected to be 1.03 billion RMB, 1.22 billion RMB, and 1.4 billion RMB respectively [4][5]. - The company is assigned a PE ratio of 18 times for 2025, with a target price of 26.81 RMB, indicating a favorable outlook compared to peers [4][5].

经营活动现金流同比少流入5.24 亿。公司24 年经营活动现金流净额为5.7 亿，同比少流入5.24 亿。24 年 收现比97.1%，较去年同期下降2.76pct，应收票据及应收账款同比增加8.10 亿，存货同比增加5.36 亿， 合同资产减少1.12 亿，合同负债减少1.36 亿；付现比88.9%，同比上升1.0pct，应付票据及应付账款同 比增加0.33 亿，预付款同比减少0.29亿。24 年末公司资产负债率61.91%，较23 年末上升1.40pct。 24 年归母净利润同比-34.51%，低于预期，扣非业绩同比-44.91%。2024 年度公司营业总收入215 亿， 同比-8.60%；归母净利润7.72 亿，同比-34.51%，扣非净利润4.81 亿，同比-44.91%。24 年公司毛利率、 归母净利率分别为10.33%、3.59%，同比分别-0.80pct、-1.42pct；期间费用率合计为7.18%，同比 +1.03pct，其中销售、管理、研发和财务费用率分别同比为+0.03pct、+0.21pct、+0.46pct、+0.33pct。24 年资产及信用减值损失6159 万元，占比营收0.29%、 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's net profit for 2024 is expected to decline by 34.51% year-on-year, with total revenue projected at 21.514 billion, a decrease of 8.6% [7] - The company is steadily expanding its steel structure production capacity, with a production volume of 4.51 million tons in 2024, reflecting a 0.5% increase year-on-year [7] - The company is actively pursuing smart manufacturing upgrades, which are expected to enhance operational efficiency and cost control [7] - The profit forecast for 2025-2027 has been adjusted downwards, with net profits projected at 970 million, 1.146 billion, and 1.323 billion respectively, indicating growth rates of 25.6%, 18.2%, and 15.4% [7] Financial Summary - Total revenue for 2023 is reported at 23.539 billion, with a projected decrease to 21.514 billion in 2024 [9] - The company's gross profit margin for 2024 is expected to be 10.3%, down from 11.1% in 2023 [7] - The company's debt-to-asset ratio stands at 61.91% as of the end of 2024, an increase of 1.40 percentage points from the previous year [7]

公司报告 | 年报点评报告 鸿路钢构（002541） 证券研究报告 公司 2024 年实现收入 215 亿，同比-8.6%，归母、扣非净利润为 7.72、4.81 亿，同比-34.51%、-44.9%，非经常性损益为 2.91 亿，同比减少 0.14 亿； Q4 单季度实现营收 56.27 亿，同比-14.36%，归母、扣非净利润为 1.17、 1.25 亿，同比-59.74%、-28.66%。24 年公司拟派发现金分红 2.47 亿，现金 分红比例 32%，对应股息率为 1.81%。2025Q1 单季新签订单 70.52 亿，同 比增长 1.25%。2025 年一季度钢结构产量为 104.91 万吨，同比增长 14.3%。 考虑到公司政府补助的不确定性，我们略下调公司预期，预计 25-27 年归 母净利润为 9.02、10.63、12.65 亿（前值 9.5、11、12.8 亿），对应 PE 为 15.19、12.89、10.83 倍，维持"买入"评级。 吨毛利环比回升，提质增效或逐渐显现 24 年全年产量 451 万吨，同比+0.51%，销量 433 万吨，同比+1.82%。我们 测算全年扣非吨净利 11 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company is expected to experience a revenue of 21.5 billion in 2024, a decrease of 8.6% year-on-year, with net profits of 772 million and 481 million for attributable and non-recurring profits, respectively, reflecting declines of 34.51% and 44.9% [1] - The company plans to distribute a cash dividend of 247 million in 2024, representing a payout ratio of 32% and a dividend yield of 1.81% [1] - The company anticipates a recovery in industry demand driven by fiscal stimulus, with a significant increase in new orders in Q1 2025, amounting to 70.52 billion, a year-on-year growth of 1.25% [1] Financial Performance Summary - In 2024, the company produced 4.51 million tons, a slight increase of 0.51% year-on-year, with sales of 4.33 million tons, up by 1.82% [2] - The estimated non-recurring net profit per ton for the year is 111 yuan, down by 94.25 yuan year-on-year, with a fourth-quarter net profit per ton of 104 yuan, a decrease of 41.5 yuan year-on-year [2] - The company’s gross margin for 2024 is projected at 10.33%, a decline of 0.80 percentage points year-on-year, while the fourth-quarter gross margin is 10.76%, down by 0.12 percentage points year-on-year [2] Segment Performance - Revenue from various product categories showed declines, with H-beams, box-type columns, and pipes experiencing decreases of 10.4%, 6.16%, and 6.81%, respectively, while the gross margins for these products also fell [3] - The company is investing in smart technology to enhance production efficiency and reduce costs, which is expected to improve gross margins in the long term [3] Cost and Cash Flow Analysis - The company’s total expense ratio for 2024 is 7.18%, an increase of 1.03 percentage points year-on-year, with specific increases in research and development expenses [4] - The net cash flow from operating activities for 2024 is 573 million, a decrease of 524 million year-on-year, indicating a need for improved cash management [4] Financial Projections - The company’s projected revenues for 2025 to 2027 are 25.06 billion, 29.33 billion, and 33.63 billion, respectively, with corresponding net profits of 901.95 million, 1.06 billion, and 1.27 billion [5] - The price-to-earnings ratio is expected to be 15.19, 12.89, and 10.83 for the years 2025, 2026, and 2027, respectively [5]

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 18 年 月 日 鸿路钢构（002541.SZ） 24 年盈利阶段性承压，静待后续盈利恢复 24 年盈利阶段性承压，25 年有望逐步恢复。公司 2024 年实现营收 215.1 亿元，同降 8.6%，考虑到钢结构销量同增 1.8%，营收下降主因钢结构售 价跟随钢价下行；实现扣非后归母净利润 4.8 亿元，同降 45%，降幅较大 主因：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）期间费用率上升；3）坏账计提有所增多。实现归母 净利润 7.7 亿元，同降 35%，降幅小于扣非后归母净利润，主因政府补助 规模与上年基本持平。分季度看，Q1-4 营收分别 YoY-12%/-3%/-6%/- 14%；扣非后归母净利润分别 YoY-39%/-52%/-52%/-29%；归母净利润 分别 YoY+1%/-36%/-32%/-60%。Q4 经营性业绩降幅有所收窄，但确认 政府补助偏少，致使归母净利润增速回落较大。吨净利方面，2024 年以产 量计算的扣非后吨净利 107 元，YoY-88 元（若以销量计算则为 111 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 18 年 月 日 鸿路钢构（002541.SZ） 24 年盈利阶段性承压，静待后续盈利恢复 24 年盈利阶段性承压，25 年有望逐步恢复。公司 2024 年实现营收 215.1 亿元，同降 8.6%，考虑到钢结构销量同增 1.8%，营收下降主因钢结构售 价跟随钢价下行；实现扣非后归母净利润 4.8 亿元，同降 45%，降幅较大 主因：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）期间费用率上升；3）坏账计提有所增多。实现归母 净利润 7.7 亿元，同降 35%，降幅小于扣非后归母净利润，主因政府补助 规模与上年基本持平。分季度看，Q1-4 营收分别 YoY-12%/-3%/-6%/- 14%；扣非后归母净利润分别 YoY-39%/-52%/-52%/-29%；归母净利润 分别 YoY+1%/-36%/-32%/-60%。Q4 经营性业绩降幅有所收窄，但确认 政府补助偏少，致使归母净利润增速回落较大。吨净利方面，2024 年以产 量计算的扣非后吨净利 107 元，YoY-88 元（若以销量计算则为 111 ...

2025年4月18日，鸿路钢构(002541.SZ)发布2024年年度报告。截至2025年4月17日，共有175个机构投资 者披露持有鸿路钢构A股股份，合计持股量达1.84亿股，占鸿路钢构总股本的26.74%。其中，前十大机 构投资者包括东方证券股份有限公司-中庚价值先锋股票型证券投资基金、中国银行股份有限公司-招商 安华债券型证券投资基金、广发证券股份有限公司-中庚小盘价值股票型证券投资基金、中国工商银行 股份有限公司-景顺长城中国回报灵活配置混合型证券投资基金、香港中央结算有限公司、中金公司-建 设银行-中金新锐股票型集合资产管理计划、中国银行股份有限公司-嘉实领先优势混合型证券投资基 金、中国农业银行股份有限公司-景顺长城资源垄断混合型证券投资基金(LOF)、招商产业精选股票A、 中庚价值领航混合，前十大机构投资者合计持股比例达14.74%。相较于上一季度，前十大机构持股比 例合计下跌了4.22个百分点。 外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达1.11%。 公募基金方面，本期较上一期持股增加的公募基金共计14个，主要包括中庚价值灵动灵活配置混合、 ...

关于 2025 年度公司向子公司增加担保额度的公告 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。 | 证券代码：002541 | 证券简称：鸿路钢构 | 公告编号：2025-024 | | --- | --- | --- | | 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 安徽鸿路钢结构（集团）股份有限公司（以下简称"公司"）于2025年4月 17日召开第六届董事会第二十次会议审议通过了《关于2025年度公司向子公司增 加担保额度的议案》，具体情况如下： 一、拟对子公司增加担保额度的情况 公司第六届董事会第十五次会议和2024年第二次临时股东大会审议通过 了 《关于2025年度公司对子公司及子公司对母公司提供担保额度的议案》,担保 总额折合人民币不超过141.48亿元，根据公司财务部对资金计划的安排，为了优 化财务结构，降低融资成本及经营业务的需求，公司拟向子公司安徽鸿翔建材有 限公司、合肥鸿路建材有限公司、洛阳盛鸿金诺科技有限公司、湖北鸿路钢结构 有限公司、重庆金鸿纬科技有限公司、安徽鸿鹄智创焊接材料科技有限 ...