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].

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 ...

行业报告 | 行业研究周报 建筑装饰 证券研究报告 基建投资景气上行，顺周期煤化工有望贯穿全年主线 核心观点 本周 CS 建筑上涨 1.54%，沪深 300 上涨 1.67%，建筑跑输大盘 0.12%。中小 市值转型的相关标的涨幅居前，传统基建央企仍表现偏弱。传统基建层面， 25 年 1-3 月专项债密集发行，基建投资延续发力，且水泥、沥青等建材高 频数据进一步验证景气上行。顺周期方面，Q1 较多煤化工项目进入前期密 集开工阶段，随着招投标工作的深入推进，建议继续关注相关企业的订单 及业绩弹性，重点推荐硫磺回收领域拿单优势凸显的三维化学。新兴业务 板块，建议继续关注与算力、IDC 等相关的投资机会，以及部分中小市值建 筑公司的转型机遇，主题层面建议继续关注西南水电及国际工程相关品种。 多维度验证 Q1 基建景气上行，煤化工项目进入密集开工阶段 1）从投资数据来看：25 年 1-3 月狭义基建、广义基建投资同比分别+5.8%、 +11.5%，3 月单月同比分别+5.9%、+12.6%（增速环比+0.3、+2.6pct），细 分项中，传统交通运输类投资强度增长仍较为有限，而水电燃热、水利投 资保持高增长态势，1- ...

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%、 ...