证券代码：002541 证券简称：鸿路钢构 公告编号：2024-043 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 关于实施权益分派期间"鸿路转债"暂停转股的公告 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。 特别提示： 债券代码：128134 债券简称：鸿路转债 转股起止时间：2021 年 4 月 15 日至 2026 年 10 月 8 日 暂停转股时间：2024 年 5 月 13 日起 恢复转股时间：公司 2023 年度权益分派股权登记日后的第一个交易日 鉴于安徽鸿路钢结构（集团）股份有限公司（以下简称"公司"）将于近日 实施公司 2023 年度权益分派，根据《安徽鸿路钢结构（集团）股份有限公司公 开发行可转换公司债券募集说明书》中"转股价格的调整方法及计算公式"（详 见附件）相关条款的规定，自 2024 年 5 月 13 日起至本次权益分派股权登记日止， 公司可转换公司债券（债券简称：鸿路转债；债券代码：128134）将暂停转股， 本次权益分派股权登记日后的第一个交易日起恢复转股。 在上述期间，公司可转换公司债券正常 ...

长城证券产业金融研究院 传真：021-31829681 传真：86-10-88366686 Q1 盈利能力同比改善，研发费用、政府补助增加影响扣非业绩。Q1 公司毛 利率/净利率分别为 10.59/4.59%，同比分别增加 1.34/0.59pct。公司经营性 现金流净额为 8421.14 万元，同比下降 49.97%，主要系本期营业收入减少 所致。公司期间费用率为 7.18%，同比增长 2.54pct。其中销售/管理（含研 发）/财务费用率分别为 0.51/4.98/1.70%，同比分别增长 0.05/2.14/0.36pct， 主要系研发投入增加所致。Q1 研发费用为 1.57 亿元，同比增长 105.44%。 其他收益为 1.54 亿元，同比增长 107.92%，主要系本期确认的与公司日常经 营活动相关的政府补助增加所致。 风险提示：宏观经济政策变化；主要原材料价格波动风险；用工风险；市场 邮箱：huajiangyue@cgws.com 1、《订单增势向好，吨盈利有所下滑》2024-04-02 2、《订单及产量维持高增，吨盈利阶段性承压—鸿路钢 构（002541）三季报点评》2023-10-27 3、《 ...

Company Overview - The report focuses on the intelligent transformation and production efficiency improvements of a steel structure company, particularly in the areas of cutting, welding, and painting processes [6][12][61] - The company has made significant progress in intelligent manufacturing, with a notable increase in production capacity and efficiency, especially in non-production personnel productivity, which rose from 699 tons/person in 2018 to 1,672 tons/person in 2023 [6] - The company has been actively upgrading its production lines, including the adoption of laser cutting technology, which has improved cutting precision and efficiency [12][15] Intelligent Transformation - The company has been transitioning towards intelligent manufacturing, with a focus on automating the entire production process, from cutting to welding and painting [6][12][61] - Key areas of transformation include the adoption of laser cutting technology, which offers higher precision and efficiency compared to traditional plasma and flame cutting methods [12][15] - The company has also been investing in welding robots, with plans to deploy 1,000 arc welding robots and 500 no-teaching welding workstations, aiming to reduce labor costs and improve welding efficiency [27][29] Production Efficiency - The company has seen a significant increase in production capacity, with non-production personnel productivity rising from 699 tons/person in 2018 to 1,672 tons/person in 2023 [6] - The adoption of intelligent manufacturing technologies has led to a reduction in labor costs and an increase in production efficiency, with the company's production capacity expected to continue growing [6][27] - The company's intelligent transformation has also led to improvements in material utilization, with laser cutting technology reducing material waste and improving overall production efficiency [20] Market and Industry Trends - The company is well-positioned to benefit from the growing demand for steel structures in both domestic and international markets, particularly in the construction and industrial sectors [70][73] - The company has established strong relationships with major state-owned enterprises, which has helped stabilize its order book and improve production efficiency [70] - The company is also exploring opportunities in overseas markets, with a focus on leveraging its intelligent manufacturing capabilities to gain a competitive edge [70][73] Financial and Operational Metrics - The company's production capacity has increased significantly, with non-production personnel productivity rising from 699 tons/person in 2018 to 1,672 tons/person in 2023 [6] - The company's intelligent transformation has led to a reduction in labor costs and an increase in production efficiency, with the potential for further cost savings as the company continues to automate its production processes [6][27] - The company's focus on intelligent manufacturing is expected to drive further improvements in production efficiency and profitability, particularly as it continues to expand its production capacity and explore new markets [6][70]

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。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------|-------|-------------------------|-------|-----------------------|--------------------|--------|-------------------------|--------|- ...