证券日报网1月22日讯，鸿路钢构（002541）在接受调研者提问时表示，公司一直在积极推进智能化改 造，近年来公司研发或引进了包括智能高功率平面激光切割设备、智能三维五轴激光切割机、智能型钢 二次加工线、BOX生产线、楼梯和预埋件智能焊接生产线、聚氨酯生产线、智能箱型生产线、智能工 业焊接机器人、便携式轻巧焊接机器人、八机智焊机器人工作站、箱形柱焊接机器人、鸿路铆大师检测 机器人及智能喷涂生产线等先进设备。 ...

Core Viewpoint - Honglu Steel Structure (002541) emphasizes the importance of making decisions based on the company's current situation, macroeconomic environment, and stock price trends while adhering to legal disclosure obligations [1] Group 1 - The company plans to enhance its operational management and profitability [1] - It aims to continuously expand financing channels to improve debt repayment capacity and risk resistance [1] - The company encourages stakeholders to pay attention to its announcements [1]

Core Viewpoint - The company, Honglu Steel Structure, aims to enhance its core competitiveness by optimizing control over each production process, with a target steel structure product capacity of 5.2 million tons by 2025 [1]. Group 1 - The company has a total of ten production bases that are either under construction or have been completed [1]. - The focus is on further optimizing the management of each production stage to strengthen the company's competitive edge [1].

南财智讯1月22日电，鸿路钢构在投资者关系活动中表示，公司持续推进钢结构智能制造技术应用，已 研发或引进智能激光切割设备、智能型钢加工线、工业焊接机器人等先进装备。其中，自主研发和集成 的焊接机器人工作站已在十大生产基地规模化应用，累计投用约3000台，有效提升产能和产品质量；鸿 路铆大师检测机器人也已逐步投入生产使用，目前降低成本尚不明显，但已实现对外销售，销量有限。 ...

Group 1: Company Overview and Production Capacity - The company has achieved a production capacity of 5.2 million tons in 2025, with ongoing efforts to optimize each operational segment to enhance core competitiveness [4]. - The company operates ten production bases, which are either under construction or completed [4]. Group 2: Technological Advancements - The company has introduced advanced equipment for smart manufacturing, including high-power laser cutting machines and various types of welding robots [3]. - Approximately 3,000 welding robot workstations have been deployed across the ten production bases [3]. Group 3: Market and Orders - The company’s products are widely used in industrial plants, large venues, airports, train stations, and other steel structure manufacturing fields, with a recent focus on industrial plant orders [4]. - The company currently has a saturated order book, indicating robust demand for its products [4]. Group 4: Financial and Strategic Considerations - The company is considering the adjustment of convertible bond conversion prices based on its operational status and market conditions [4]. - The pricing strategy for products is based on "material cost + processing fee," with a focus on improving product quality and customer satisfaction [4]. Group 5: International Business Expansion - The company has been gradually increasing its indirect export business, primarily serving domestic clients, with future considerations for overseas sales based on market demand [3].

华源证券研报指出，鸿路钢构是国内钢结构龙头，规模领先、成长路径清晰。近年来公司持续推进智能 化改造、扩产提效，截至2024年底公司钢结构年产能已达520万吨，产能利用率达86.75%，产销率达 96.08%，在行业内具备明显规模优势。持续高分红体现了公司稳健的财务状况与对股东回报的重视。 在"工业上楼"等政策推动下，多层重钢厂房需求逐步释放，有望带动吨净利持续改善。智能化焊接全面 突破，转型降本增效成效可期；绑定核心客户，积极拓展海外市场空间。选取精工钢构、宏盛华源及志 特新材等同为建筑工程材料供应领域、具备规模化制造能力的企业作为可比公司，2025年平均PE约为 45.40倍。考虑到行业复苏与智能化升级带来的盈利改善，首次覆盖给予"买入"评级。 ...

公司产量逆势提速预计主因：1）焊接机器人效益开始显现；2）公司深挖制造业细分景气市场需求，获较多签单 （从Q4大单中可见较多电池、造船、新能源汽车等项目）；3）市场对公司质量、工期的优势认可度提升，市场 集中度向公司 持续核心推荐！【国盛建筑何亚轩】鸿路钢构或已出现向上拐点，当前具较大投资吸引力 持续核心推荐！【国盛建筑何亚轩】鸿路钢构或已出现向上拐点，当前具较大投资吸引力 2025Q4公司产量141.1万吨，创历史单季产量新高（月均产量47万吨），同增11.9%，较Q3提速3pct。 当前如何看鸿路钢构的市值空间：考虑到公司25Q4以来签单和生产积极变化有望延续，且售价存提升空间有 望带来较高利润弹性，我们预测2026年公司钢结构产量增长30%至650万吨，扣非吨净利130元/吨，对应公司2026 年归母净利润8.5亿元。 考虑到在智能化改造高强度投入期，公司近两年每年7亿元的研发费用以及较多改造成本为非常态，稳态业绩测算 应将部分研发费用及智能化改造成本加回利润，以2026年13亿元还原的业绩，按照15倍PE测算，公司2026年目标 市值约200亿元（34%空间）。 如果考虑未来提价、降本增产带来的利润弹 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong potential for growth and investment opportunity [6]. Core Insights - The company, Honglu Steel Structure, is a leading player in the domestic steel structure manufacturing sector, established in 2002, with a focus on steel structure and supporting product manufacturing [7]. - The company is expected to achieve significant revenue growth driven by its scale advantages and ongoing smart transformation initiatives, with projected revenues of RMB 27.27 billion in 2026, reflecting a 20.15% year-on-year growth [6][8]. - Despite short-term profit pressures, the core business remains resilient, with revenue from steel structure operations consistently accounting for over 90% since 2018 [7]. - The company has increased its cash dividend payout ratio from 15% to 30%, demonstrating a commitment to shareholder returns and a solid financial position [7]. Financial Performance Summary - Revenue projections for the company are as follows: RMB 23.54 billion in 2023, RMB 21.51 billion in 2024, RMB 22.69 billion in 2025, RMB 27.27 billion in 2026, and RMB 29.45 billion in 2027, with corresponding growth rates of 18.60%, -8.60%, 5.48%, 20.15%, and 8.01% respectively [6]. - The net profit attributable to the parent company is forecasted to be RMB 1.18 billion in 2023, RMB 772 million in 2024, RMB 684 million in 2025, RMB 829 million in 2026, and RMB 988 million in 2027, with growth rates of 1.43%, -34.51%, -11.39%, 21.13%, and 19.24% respectively [6]. - The company’s return on equity (ROE) is projected to be 12.83% in 2023, declining to 8.03% in 2024, and then gradually improving to 8.74% by 2027 [6]. Market Position and Strategy - Honglu Steel Structure has a clear growth path, with a production capacity of 5.2 million tons by the end of 2024 and a capacity utilization rate of 86.75% [7]. - The company is actively expanding its overseas market presence, leveraging strong relationships with core clients, which account for 30.61% of revenue from the top five clients in 2024 [7]. - The report highlights the increasing penetration of steel structures in various construction sectors, with a projected growth in processing volume from 89 million tons in 2020 to 109 million tons in 2024, reflecting a compound annual growth rate (CAGR) of 5.20% [7].

Market Performance - The professional engineering sector increased by 2.26% on January 20, with Zhitex New Materials leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Top Performers - Zhitex New Materials (300986) closed at 33.80, up 19.01% with a trading volume of 767,800 shares and a transaction value of 2.513 billion [1] - China Chemical (601117) closed at 8.79, up 10.01% with a trading volume of 3,051,100 shares and a transaction value of 2.569 billion [1] - Other notable performers include Jilu Steel Structure (002541) up 7.78%, Shenghui Integration (603163) up 7.07%, and Southeast Network Frame (002135) up 5.72% [1] Market Capital Flow - The professional engineering sector experienced a net outflow of 253 million from institutional investors, while retail investors saw a net inflow of 222 million [2] - Speculative funds had a net inflow of 30.89 million [2] Individual Stock Capital Flow - China Chemical (601117) had a net inflow of 252 million from institutional investors, but a net outflow of 62.22 million from retail investors [3] - Southeast Network Frame (002135) saw a net inflow of 34.33 million from institutional investors, with a net outflow of 26.76 million from retail investors [3] - Other stocks like Honglu Steel Structure (002541) and Lixiangte (605167) also showed varied capital flows from different investor types [3]

Group 1 - The core viewpoint of the news is that Honglu Steel Structure has seen a stock price increase of 5.09%, reaching 21.06 CNY per share, with a trading volume of 1.89 billion CNY and a turnover rate of 1.87%, resulting in a total market capitalization of 145.32 billion CNY [1] - Honglu Steel Structure, established on September 19, 2002, and listed on January 18, 2011, is primarily engaged in steel structure manufacturing and sales, green building materials production and sales, and general contracting for steel structure assembly buildings [1] - The company's main business revenue composition includes H-shaped steel structures (55.06%), box-type cross structures (18.89%), secondary structures (12.85%), pipe-type structures (6.25%), truss structures (3.86%), and others (3.08%) [1] Group 2 - From the perspective of major fund holdings, one fund under Rongtong Fund has a significant position in Honglu Steel Structure, with Rongtong Steady Growth 6-Month Holding Mixed A (013985) holding 25,000 shares, accounting for 0.9% of the fund's net value, ranking as the fifth-largest holding [2] - The fund has a total scale of 52.52 million CNY, with a year-to-date return of 1.51%, ranking 6973 out of 8848 in its category, and a one-year return of 4.03%, ranking 7443 out of 8093 [2] - The fund managers, Fan Xin and Li Ke, have different tenures and performance records, with Fan Xin managing assets totaling 2.08 billion CNY and achieving a best return of 13.91% during his tenure, while Li Ke manages 1.516 billion CNY with a best return of 8.02% [2]