| 证券代码:002541 | 证券简称:鸿路钢构 公告编号：2025-044 | | --- | --- | | 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 6 月 30 日起至 2025 年 7 月 11 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 万张可转换公司债券，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 ...

| 证券代码：002541 | 证券简称：鸿路钢构 公告编号：2025-043 | | --- | --- | | 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 关于为子公司担保事项的进展公告 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。 一、对外担保情况概述 安徽鸿路钢结构（集团）股份有限公司（以下简称：公司或本公司）分别于 2024 年 11 月 20 日召开第六届董事会第十五次会议、2024 年 12 月 9 日召开 2024 年第二次临时股东大会，会议审议通过了《关于 2025 年度公司对子公司提供担 保额度的议案》；分别于 2025 年 4 月 17 日召开第六届董事会第二十次会议、2025 年 5 月 9 日召开 2024 年度股东大会，会议审议通过了《关于 2025 年度公司对子 公司增加担保额度的议案》，同意公司为安徽鸿翔建材有限公司等 17 家子公司 银行融资提供担保总额度 159.43 亿元，具体担保额度明细如下表： | | | 单位：人民币 | 万元 | | --- | --- | --- | ...

Core Viewpoint - The report highlights the operational performance of Honglu Steel Structure in the first half of 2025, indicating stable order intake and production growth despite fluctuations in steel prices [4][5][6]. Group 1: Orders - In H1 2025, the company signed new orders worth 14.38 billion yuan, a slight increase of 0.2% year-on-year, with Q2 orders amounting to 7.3 billion yuan, down 0.9% year-on-year [4]. - Excluding the impact of steel prices, the order intake in Q2 2025 showed a year-on-year increase of 17%, indicating strong underlying demand [5]. Group 2: Production - The company's steel structure production reached approximately 2.36 million tons in H1 2025, reflecting a year-on-year increase of 12%, with Q2 production hitting a record high of 1.31 million tons, up 11% year-on-year [4][6]. - The implementation of a large-scale welding robot equipment and process reengineering contributed to the significant production growth, maintaining double-digit year-on-year growth in Q1 and Q2 2025 [6]. Group 3: Large Orders - The proportion of large orders in Q2 2025 rose to approximately 23%, a notable increase from previous quarters, indicating a positive trend in securing larger contracts [7]. - The average price of large orders in Q2 2025 was about 5,167 yuan per ton, showing a slight decrease of 2% year-on-year but a 0.3% increase quarter-on-quarter, suggesting a shift towards higher value-added products [7].

Group 1: Macro Strategy and Policy Analysis - The "Beautiful America Act" emphasizes tax cuts for residents and businesses while neglecting social welfare and healthcare sectors [3][21] - The rising U.S. fiscal deficit is attributed to the shift from "balanced finance" to "functional finance," driven by slowing economic output and increasing government spending [3][21] - Support for the new act is divided among social groups, with small business owners and manufacturers in favor, while healthcare and clean energy sectors express dissatisfaction [3][22] - The market's reaction to the fiscal deficit has become "dull," indicating that the narrative around the impact of the deficit on broad national credit has lessened [3][24] Group 2: Industry Insights and Company Analysis - Zhejiang Shibao is a leading player in the automotive steering system industry, focusing on electric power steering systems and line control steering technology [9][32] - The company has seen a recovery in gross margin and net profit due to increased production capacity and the introduction of high-margin products [9][34] - Forecasts for Zhejiang Shibao's revenue from 2025 to 2027 are projected at 35.1 billion, 43.7 billion, and 52.0 billion CNY, with net profits expected to grow significantly [9][36] - Zhonggu Logistics is experiencing high demand in the container shipping market, with domestic shipping rates expected to rise due to capacity shortages [16][39] - The company is projected to maintain high dividend payouts, with a forecasted dividend ratio of 90% in 2025, resulting in a dividend yield of around 10% [16][40] Group 3: Pharmaceutical Developments - BeiGene's CDK4 inhibitor BGB-43395 is on track to become the second CDK4 inhibitor to enter the registration clinical phase, showing promising early efficacy signals [11][41] - The drug demonstrates higher selectivity compared to existing CDK4/6 inhibitors and has shown strong pharmacokinetic data [11][42] - Revenue forecasts for BeiGene from 2025 to 2027 are estimated at 375.17 billion, 450.24 billion, and 540.34 billion CNY, with significant growth in net profit anticipated [11][43]

Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company reported a production volume of 2.363 million tons in the first half of 2025, representing a year-on-year increase of 12.2%. In the second quarter alone, production reached 1.313 million tons, up 10.6% year-on-year [2][8]. - The company has adopted proactive sales strategies, including focusing on small orders and enhancing sales assessments, which contributed to a projected increase in production orders for 2025 [14]. - Despite a decline in order value by 0.85% in the second quarter due to falling steel prices, the overall order volume is expected to maintain growth [14]. - The average price of sample orders in Q2 was 5,167 CNY/ton, showing a slight increase of 15 CNY/ton from the previous quarter, although it decreased by 119 CNY/ton year-on-year [14]. - The company is experiencing a positive trend in production and sales, with expectations for improved profitability if steel prices stabilize and rise [14]. Summary by Sections Production and Orders - The company achieved a production volume of 2.363 million tons in H1 2025, a 12.2% increase year-on-year, with Q2 production at 1.313 million tons, up 10.6% year-on-year [2][8]. - Orders increased by 0.17% in H1, but Q2 saw a decline of 0.85% due to lower steel prices [14]. Pricing and Profitability - The average price for sample orders in Q2 was 5,167 CNY/ton, reflecting a 15 CNY/ton increase from Q1 but a 119 CNY/ton decrease year-on-year [14]. - The company’s pricing strategy is influenced by the steel price trend, with potential for improved profitability if prices recover [14]. Strategic Initiatives - The company is focusing on small orders and enhancing sales personnel management to drive order growth [14]. - Significant investments in smart manufacturing technologies are being made, including advanced cutting and welding equipment, which are expected to enhance production efficiency [14]. Financial Outlook - The company is projected to see a 10% increase in volume for the year, with stable profitability and potential government subsidies decreasing [14]. - The current market valuation is considered to be at a safe bottom, with significant upside potential if operational improvements and market conditions align favorably [14].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has experienced a slight increase in new orders in Q2 2025, with a total of 14.38 billion yuan in new contracts signed, reflecting a year-on-year growth of 0.2%. The production volume continued to show double-digit growth, with a total output of 2.3625 million tons in H1 2025, up 12.2% year-on-year [1]. - The company is expected to benefit from a rebound in steel prices due to recent policies aimed at reducing "involution" in the industry, which may lead to a new round of supply-side reforms. This could enhance the company's profitability through inventory revaluation and improved project signing rates [3]. - The implementation of nearly 2000 welding robots is anticipated to significantly reduce costs and increase production capacity, potentially leading to a substantial increase in net profit [3]. Summary by Sections Orders and Production - In Q2 2025, the company signed 73.3 billion yuan in new orders, a decrease of 0.9% year-on-year. The average price of large orders fell by approximately 5% to 5167 yuan per ton due to declining steel prices [2]. - The company achieved a production volume of 1.3134 million tons in Q2 2025, marking a 10.6% increase year-on-year, maintaining a double-digit growth trend [1]. Financial Projections - The projected net profits for the company from 2025 to 2027 are 870 million yuan, 1.04 billion yuan, and 1.25 billion yuan, respectively, with year-on-year growth rates of 13%, 20%, and 20% [4]. - The current price-to-earnings (P/E) ratios are projected to be 14, 12, and 10 times for the years 2025, 2026, and 2027, respectively [4]. Market Position and Strategy - The company is actively expanding its market share and entering overseas markets, which is expected to contribute to its order growth and production capacity [1]. - The anticipated increase in steel prices could lead to a significant rise in the company's net profit, with estimates suggesting an increase of 0.7 billion yuan to 2.2 billion yuan depending on the price fluctuations [3].

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][23]. Core Views - The company has seen a year-on-year increase in both order volume and processing volume, highlighting investment opportunities in the steel structure sector at a relatively low point [1][2]. - The company is expected to benefit from the supply-side reforms in the steel industry, which may lead to improved profitability as steel prices rise [3]. - The company is focusing on intelligent transformation and has invested in advanced manufacturing technologies, which is expected to enhance operational efficiency and profitability [4]. Summary by Sections Orders and Production - In the first half of 2025, the company signed new orders totaling 14.38 billion, a slight increase of 0.17% year-on-year. In Q2 2025, new orders amounted to 7.328 billion, a decrease of 0.85% year-on-year. The steel structure production for the first half of 2025 reached 2.3625 million tons, up 12.19% year-on-year, with Q2 production at 1.3134 million tons, an increase of 10.56% year-on-year [1][2]. Pricing and Market Trends - The company has seen an increase in the number of large contracts (over 10,000 tons) from 6 in Q2 2021 to 18 in Q2 2025. The average price per ton for new orders in Q2 2025 ranged from 4,535 to 8,494 yuan, indicating a 5.11% increase in average price compared to Q2 2024 [2]. - Steel prices have stabilized between 3,160 and 3,370 yuan per ton, with an average of 3,233 yuan per ton, reflecting a year-on-year decline of 15.2% [2]. Financial Projections - The company is projected to achieve a net profit attributable to the parent company of 868.65 million, 1,015.91 million, and 1,222.03 million for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 14.14, 12.09, and 10.05 [5][4]. - Revenue is expected to grow from 21,514.36 million in 2024 to 33,629.99 million in 2027, with a compound annual growth rate of approximately 14.66% [5]. Intelligent Transformation - The company has established a dedicated research team for intelligent manufacturing and has invested in various advanced production technologies, including automated cutting and welding equipment, which are expected to enhance production efficiency [4].

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]