Investment Rating - Industry Investment Rating: Overweight [1] Core Viewpoints - The release of substantial favorable policies for real estate is expected to support short-term valuations in the building materials sector and improve mid-term demand. The logic for supply-side clearing in the industry is becoming clearer, as the consumer building materials market has rapidly shifted from an incremental market to a stock market, putting operational pressure on small and medium enterprises and facilitating market share gains for leading companies [3][4][6]. Industry Perspectives - Continuous optimization of real estate policies in core cities is observed. For instance, Beijing's housing loan policies have been adjusted to favor first-time buyers, and Chengdu has lifted restrictions on housing purchases. Additionally, Shenzhen is launching a "sell old for new" housing initiative [4][24]. - The price increase of glass fiber is gradually being realized, with companies like China Jushi showing improved profit expectations despite a decline in revenue and net profit in Q1 2024. The company has implemented price adjustments for its products, which are expected to have a significant positive effect [5][25]. - Short-term focus on affordable housing is crucial for the development of the real estate sector, with plans to add 6.5 million affordable rental housing units across 21 provinces during the 14th Five-Year Plan period, potentially benefiting construction and building materials companies [6][26]. - Long-term urban renewal initiatives are anticipated to supplement demand for consumer building materials, with significant investments expected from city village renovations and related infrastructure projects [9][27]. - New materials are highlighted as key investment opportunities, particularly in pharmaceutical glass and electronic yarn, driven by increasing demand and favorable market conditions [10][29]. Market Review - The building materials index has seen a decline of 0.45%, while the broader market indices have shown positive performance. Specific sub-sectors such as consumer building materials and glass have experienced varying degrees of price changes [30][32]. - The average price of high-standard cement has decreased by 0.18% to 361.45 CNY per ton, with regional price fluctuations noted. The cement inventory ratio stands at 67.46%, indicating a slight decrease [45][46]. - The average price of float glass has decreased by 0.9% to 1721 CNY per ton, with an increase in inventory levels. The market is experiencing mixed demand dynamics across different regions [51][53].

公司研究 要点 剔除研发费用扰动后，吨扣非净利润同比显著提升。 测算 24Q1 吨毛利 639 元/吨，同比+108 元/吨，环比+23 元/吨，判断钢价波动 及产品结构变化等因素对吨盈利的扰动已明显弱化。测算 24Q1 公司吨扣非净利 约 119 元/吨，同比-44 元/吨，主要由于 24Q1 研发费用偏高所致；24Q1，公司 吨研发费用为 213 元/吨，同比+126 元/吨，或由于公司焊接环节的智能化改造 研发已进入冲刺阶段，研发投入强度较大。假设 24Q1 吨研发费用同比持平，测 算出 24Q1 吨扣非净利润同比+63 元/吨；剔除研发费用扰动因素后，公司吨扣 非净利同比有显著提升。 24 年 4 月，公司发布多则招标信息，对焊接机器人所需要的地轨及焊枪等零部 件招标 2000 套。24Q1 公司研发费用率 3.5%，显著高于 2018-2023 年研发费 用率（2.3%-3.1%）。公司研发费用率阶段性高增，或表明公司智能化改造已进 入关键时期，或将为明后年生产效率提升、成本降低打下坚实基础。 风险提示：钢价大幅波动、产能扩张及利用率爬坡不及预期、需求复苏不及预期。 买入（维持） | --- | - ...

鸿路钢构（002541）2024 年一季报点评 强推（维持） 事项： | --- | --- | --- | --- | --- | |----------------------------------|--------|-------------------|-----------------------------|--------| | | 2023A | 2024E | 2025E | 2026E | | 营业总收入 ( 百万 ) | 23,539 | 26,439 | 29,686 | 32,061 | | 同比增速 (%) | 18.6% | 12.3% | 12.3% | 8.0% | | 归母净利润 ( 百万 ) | 1,179 | 1,339 | 1,516 | 1,708 | | | | | | | | 同比增速 (%) | 1.4% | 13.6% | 13.2% | 12.7% | | 每股盈利 ( 元 ) | 1.71 | 1.94 | 2.20 | 2.48 | | 市盈率 ( 倍 ) 11 | | 9 | 8 | 7 | | 市净率 ( 倍 ) | 1.4 | 1.2 | 1. ...

SFC CE No. BMB592 021-38003688 分析师： 尉凯旋 021-38003576 [Table_ 相关研究： DocReport] 识别风险，发现价值 请务必阅读末页的免责声明 1 / 4 [T资产负债表 able_FinanceDetail] 单位：百万元 现金流量表 单位：百万元 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------|--------|--------|--------|--------|--------|------------------------|-------|-------|--------------------------|-------|-------| | 留存收益 | 5,001 | 6,001 | 7,335 | 8,870 | 10,611 | 至 12 月 31 日 | 2022A | 2023A | 2024E | 2025E | 2026E | | 归属母公司股东权益 | 8,260 | 9 ...

公司计划未来进一步提升钢结构产能及产能利用率。自 2016 年，公 司与涡阳县人民政府签订《绿色生态建筑产业项目》战略合作协议，公司 建设绿色建筑生产基地，着力布局钢结构生产。2022 年公司继续与湖北团 风县、涡阳县人民政府签订合作协议，将加快已规划生产基地的建设和投 产，2023 年底公司钢结构产品产能已达 500 万吨/年，后续依然有新增产 能持续落地。此外，产能利用率提升和智能化改造持续推进，单位面积/时 间的产出也存在提升空间。 请务必阅读报告正文后各项声明 8 公司深度 0 100 200 300 400 500 600 2018 2019 2020 2021 2022 2023 产能 资料来源：Wind，甬兴证券研究所 资料来源：Wind，甬兴证券研究所 70.0% 75.0% 80.0% 85.0% 90.0% 95.0% 100.0% 2018 2019 2020 2021 2022 2023 产能利用率 产销率 持续产能释放带动收入增长，18-23 年公司营业收入/净利润 CAGR 分 别达 24%/23%。钢结构产量增加叠加战略转型(专注钢结构制造)带来公司 营业收入及净利润持续增长， ...

本报告的信息均来源于本公司认为可信的公开资料，但本公司及其研究人员对该等信息的准确性及完整性不作任何保证。 本报告中的资料、意见及预测仅反映本公司于发布本报告当日的判断，可能会随时调整。在不同时期，本公司可发出与本 报告所载资料、意见及推测不一致的报告。本公司不保证本报告所含信息及资料保持在最新状态，对本报告所含信息可在 不发出通知的情形下做出修改，投资者应当自行关注相应的更新或修改。 | --- | --- | --- | --- | |-------------------------------------------------------|----------|-------|---------------------------------------| | 投资建议的评级标准 | | 评级 | 说明 | | 评级标准为报告发布日后的 6 个月内公司股价（或行业 | | 买入 | 相对同期基准指数涨幅在 15% 以上 | | 指数）相对同期基准指数的相对市场表现。其中 A 股市 | | 增持 | 相对同期基准指数涨幅在 5%~15% 之间 | | 场以沪深 300 指数为基准；新三板市场以三板成指 ...

报告正文 ⚫ 钢价阶段性承压，收入同比有所下滑：2024Q1 钢价同比下滑，同时需求端阶 段性受到华东不利天气影响，公司 2024Q1 新签订单同比小幅下滑 3.3%至 69.65 亿元，收入同比减少 11.77%至 44.27 亿元。伴随产能爬坡，公司 Q1 钢 结构产量同比增长 0.09%至 91.79 万吨。 ⚫ 盈利预测及评级：维持盈利预测。预计2024-2026年，公司EPS为1.93/2.16/2.42 元，对应 4 月 26 日收盘价 9.6/8.5/7.6x PE。维持"增持"评级。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------|-------|-------------------------|-------|-----------------------|--------------------|--------|-------------------------|--------|- ...

研发费用压制业绩增长，看好公司吨净利回升 公司 24Q1 实现收入 44.3 亿，同比-11.8%，归母、扣非净利润为 2.03、0.87 亿，同比+1.1%、-38.8%，其中非经常性损益为 1.16 亿，同比增加 0.58 亿， 当期政府补助为 1.5 亿，Q1 扣非业绩承压主要系研发费用拖累。我们看好 基本面触达相对底部回升，略微上调盈利预测，预计公司 24-26 年归母净 利润为 13.1、15.1、17.4 亿元（前值 24-26 年为 13、15、17.3 亿元），对应 PE 为 9.7、8.4、7.3 倍，若给予 24 年 13 倍 PE，对应目标价为 24.70 元， 维持"买入"评级。 公司报告 | 季报点评 营收利润有所承压，研发费用拖累业绩增长 产量较为稳定，吨净利有望回升 24Q1 产量为 91.8 万吨，同比+0.09%。我们测算 Q1 单季扣非后吨净利为 111 元（23Q1 为 168 元左右），同比下滑约 57 元。24Q1 研发费用同比增 加了 0.81 亿元，单吨的研发费用 200 元（去年 Q1 在 89-90 元），考虑所得 税后预计对吨净利的负面影响也超过 75 元（ ...

Financial Performance - The company's operating revenue for the current period is ¥4,427,021,699.83, a decrease of 11.77% compared to ¥5,017,703,018.77 in the same period last year[31] - Net profit attributable to shareholders of the listed company is ¥203,176,365.95, reflecting a slight increase of 1.12% from ¥200,921,284.76 year-on-year[31] - The net cash flow from operating activities is ¥84,211,386.56, down 49.97% from ¥168,334,931.18 in the previous year[31] - Total operating revenue for the first quarter was approximately CNY 4.43 billion, a decrease of 11.7% compared to CNY 5.02 billion in the same period last year[42] - Net profit for the first quarter was approximately CNY 203.18 million, compared to CNY 200.92 million in the same period last year, showing a slight increase of 1.3%[44] - The total comprehensive income attributable to the parent company was CNY 203,176,365.95, compared to CNY 200,921,284.76 in the previous period, reflecting an increase of approximately 1.26%[45] Assets and Liabilities - As of March 31, 2024, the total assets of Anhui Honglu Steel Structure (Group) Co., Ltd. amounted to CNY 23,793,308,346.41, an increase from CNY 23,284,289,109.59 at the beginning of the year, reflecting a growth of approximately 2.18%[20] - The company's total liabilities increased to CNY 14,396,119,360.02 from CNY 14,090,276,489.15, reflecting a growth of approximately 2.17%[21] - Total current liabilities decreased slightly to CNY 8,301,557,121.25 from CNY 8,344,984,662.74, a reduction of about 0.52%[20] - The total equity attributable to the owners of the parent company rose to CNY 9,397,188,986.39 from CNY 9,194,012,620.44, an increase of about 2.21%[21] Cash Flow - Net cash flow from operating activities was CNY 84,211,386.56, a decrease of 50% from CNY 168,334,931.18 in the previous period[47] - Net cash flow from investing activities was -CNY 307,432,342.80, compared to -CNY 325,301,147.87, showing a slight improvement[47] - Cash flow from financing activities generated CNY 302,036,493.14, down from CNY 408,294,230.98, indicating a reduction in financing activities[47] - The ending balance of cash and cash equivalents was CNY 305,981,383.57, down from CNY 431,184,093.05, reflecting a decrease in liquidity[47] - The company reported a total cash increase of CNY 78,816,456.49, down from CNY 251,320,789.75, indicating a decline in cash generation[47] Borrowings and Debt Management - The company confirmed that there are no adjustments or restatements required for previous accounting data, ensuring the accuracy of the financial information disclosed[3] - The company reported a decrease in short-term borrowings to CNY 1,288,215,418.94 from CNY 1,270,873,714.95, a decline of approximately 1.10%[20] - The long-term borrowings increased to CNY 3,798,330,368.21 from CNY 3,396,830,368.24, indicating a rise of about 11.79%[21] - The company received CNY 959,288,333.33 from borrowings, slightly lower than CNY 990,680,000.00 in the previous period[47] - The company paid CNY 601,380,000.00 in debt repayments, an increase from CNY 544,300,000.00, indicating a higher focus on debt management[47] Research and Development - Research and development expenses increased by 105.44% to ¥156,743,176.68, compared to ¥76,297,530.56 in the same period last year[33] - Research and development expenses increased significantly to CNY 156.74 million, up from CNY 76.30 million, reflecting a 105.5% increase[42] Tax and Government Subsidies - The company reported a decrease in tax payments by 37.05% to ¥248,028,723.79, attributed to a decline in operating revenue[33] - The company received government subsidies amounting to ¥151,293,507.09, which positively impacted the current period's profit[33] Profitability Metrics - The weighted average return on net assets is 2.19%, down from 2.40% in the previous year[31] - The basic earnings per share for the current period is ¥0.2945, a slight increase of 1.13% from ¥0.2912 in the same period last year[31] - Basic and diluted earnings per share were both CNY 0.2945, up from CNY 0.2912 and CNY 0.2907 respectively, indicating a growth in profitability[45] Operating Costs and Margins - Total operating costs for the first quarter were approximately CNY 4.32 billion, down from CNY 4.83 billion year-over-year[42] - The gross profit margin for the first quarter was approximately 15.0%, down from 16.5% in the previous year[42] - The company reported a financial expense of approximately CNY 75.16 million, an increase from CNY 67.10 million year-over-year[44] - The company’s operating profit for the quarter was approximately CNY 253.85 million, slightly up from CNY 249.76 million year-over-year[44] Financial Strategy - The company’s financial performance indicates a focus on cost management and increased investment in R&D to drive future growth[42] - The impact of foreign exchange fluctuations on cash and cash equivalents was CNY 919.59, compared to -CNY 7,224.54, showing a positive effect from currency movements[47]

特别提示： 1、本次股东大会未出现否决议案的情形。 | 证券代码：002541 | 证券简称：鸿路钢构 公告编号：2024-041 | | --- | --- | | 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 2023 年度股东大会决议公告 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。 2、本次股东大会未涉及变更前次股东大会决议。 一、会议召开和出席情况 公司董事会于2024年3月30日在《证券时报》、《中国证券报》、《上海证券报》、《证券 日报》及巨潮资讯网http://www.cninfo.com.cn上刊登了《安徽鸿路钢结构（集团）股份 有限公司关于召开2023年度股东大会的通知》。 公司2024年4月2日收到控股股东商晓波先生（持有公司36.16%股权）的提议函，公司 董事会于2024年4月8日召开第六届董事会第十次会议，审议通过了《关于变更公司2023 年 度利润分配预案的议案》，并在《证券时报》、《中国证券报》、《上海证券报》、《证券日报》 及巨潮资讯网（http://www.cninfo.com.c ...