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 ...

法律意见书 安徽天禾律师事务所关于 安徽鸿路钢结构（集团）股份有限公司 2023 年年度股东大会之法律意见书 安徽天禾律师事务所 ANHUI TIANHE LAW OFFICE 地址：安徽省合肥市濉溪路 278 号财富广场 B 座东楼 15-16 层 电话：（0551）62642792 传真：（0551）62620450 网址：http://www.tianhelaw.cn 法律意见书 安徽天禾律师事务所关于 安徽鸿路钢结构（集团）股份有限公司 2023 年年度股东大会之法律意见书 天律意 2024 第 00878 号 致：安徽鸿路钢结构（集团）股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》等有 关法律、法规、规范性文件以及《安徽鸿路钢结构（集团）股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，安徽天禾律师事务所（以下简称"本 所"）接受安徽鸿路钢结构（集团）股份有限公司（以下简称"鸿路钢构"或"公 司"）的委托，指派卢贤榕律师、熊丽蓉律师（以下简称"本所律师"）出席见 证于 2024 年 4 月 ...

请务必阅读正文之后的信息披露和重要声明 - 7 - 我们维持对公司的盈利预测，预计公司 2024-2026 年的归母净利润分别为 13.30 亿 元/14.91 亿元/16.71 亿元。4 月 3 日收盘价对应的 PE 分别为 9.0/8.1/7.2x，维持"增 持"评级 请务必阅读正文之后的信息披露和重要声明 - 9 - 使用本研究报告的风险提示及法律声明 | --- | --- | |----------------------------|------------| | | | | ＃市场数据 marketData ＃ | | | 市场数据日期 | 2024-04-04 | | 收盘价（元） | 17.43 | | 总股本（百万股） | 690.01 | | 流通股本（百万股） | 496.17 | | 净资产（百万元） | 9194.01 | | 总资产（百万元） | 23284.29 | | 每股净资产 ( 元 ) | 13.32 | 公司跟踪报告 原材料 库存商品 在产品 周转材料 公司跟踪报告 图 11、公司 2023 年存货周转率上升 0 0.5 1 1.5 2 2.5 3 2014 2015 ...

行业及公司评级体系 | --- | --- | --- | |--------|------------------|--------------------------------------------------------------------------------------------------------------| | 行 | 买入 未来 | 评级 说明 6-12 个月的投资收益率领先市场基准指数 15% 以上 | | 业 | 增持 | 未来 6-12 个月的投资收益率领先市场基准指数 5%至 15% ； | | 及 公 | 中性 | 未来 6-12 个月的投资收益率与市场基准指数的变动幅度相差 -5%至 5% ； | | 司 | 减持 | 未来 6-12 个月的投资收益率落后市场基准指数 5%至 15% ； | | 评 | 卖出 | 未来 6-12 个月的投资收益率落后市场基准指数 15% 以上； | | 级 | 无评级 | 因无法获取必要的资料，或者公司面临无法预见结果的重大不确定性事件，或者其他原因，致使无法给出明确的投资评级。 | | | 基准指数说明： A | 股市场基准为沪 ...

证 券 研 究 报 告 底部区间或现，需求边际改善下，盈利弹性 可期 鸿路钢构发布重大事项公告：1）变更分红方案，分红率由 15%提升至 30%； 2）24Q1 新签订单 69.65 亿元，同比-3.33%。 评论： | --- | --- | --- | --- | --- | |----------------------------------|--------|-------------------|----------------------------|--------| | | 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 ...

产能利用率短暂承压，看好全年订单及产量稳步增长 24Q1 累计新签订单约 69.65 亿元，较 23Q1 同比-3.06%，考虑到钢价下行 影响，我们测算实际钢结构加工量增速或高于订单金额增速，Q1 实际订单 加工量同比+3%。24 年一季度产量为 91.79 万吨，较 23Q1 同比增长 0.09%。 考虑到一季度包含春节以及华东地区天气影响，我们认为公司 Q1 产能利 用率短暂承压。我们判断在行业需求复苏带动下，24 年订单及产量均有望 保持较好增长水平。 单吨售价短期受钢价下行影响，实际加工量仍有所增长 22Q1/23Q1/24Q1 单季度公司承接的超 1 万吨的制造合同为 17/15/24 个， 大订单数量显著提升，其中 24Q1 单季度高端制造类大订单为 9 个。24Q1 公司材料订单的单吨售价在 5000-7000 元/吨，较 23Q1 公司订单 5300-7845 元/吨的价格区间有一定下降（中枢价格下降 8.71%）。24Q1 单 季度钢材价格同比下滑 7.47%，若以 23Q1 和 24Q1 钢价为基准，加 1200 元/吨加工费作为计算标准，则 24Q1 新签订单对应加工量为 135.4 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 25.13 CNY per share, compared to the current price of 17.06 CNY [8]. Core Insights - In 2023, the company achieved a revenue of 23.539 billion CNY, representing an 18.6% year-on-year increase. The net profit attributable to shareholders was 1.179 billion CNY, up 1.4% year-on-year, while the non-recurring net profit decreased by 4.72% to 874 million CNY [2][7]. - The company reported a robust production growth of 28.4% year-on-year, with a total output of 4.488 million tons in 2023. However, the profit per ton was under pressure due to a decline in downstream demand [7]. - The company is expected to benefit from scale advantages and intelligent upgrades, which may lead to improved profitability in the future [7]. Financial Summary - The operating cash flow for 2023 was 1.098 billion CNY, an increase from 622 million CNY in 2022. The cash flow for Q4 2023 was 345 million CNY, compared to 42 million CNY in Q4 2022 [2][6]. - The company plans to increase its cash dividend for 2023 to 357 million CNY, with a dividend payout ratio of 30% [2]. - The forecast for net profit attributable to shareholders for 2024-2026 is 1.334 billion CNY, 1.534 billion CNY, and 1.745 billion CNY, respectively [11].

| 证券代码：002541 | 证券简称：鸿路钢构 | 公告编号：2024-037 | | --- | --- | --- | | 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 关于变更 2023 年度利润分配预案的公告 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。 安徽鸿路钢结构（集团）股份有限公司（以下简称"公司"）于 2024 年 4 月 8 日召开了第六届董事会第十次会议和第六届监事会第八次会议，审议通过了 了《关于变更公司 2023 年度利润分配预案的议案》，变更后的公司 2023 年度利 润分配预案尚需提交公司 2023 年度股东大会审议批准。 一、原利润分配预案的主要内容 公司第六届董事会第九次会议和第六届监事会第七次会议，审议通过了《关 于 2023 年度利润分配预案的议案》："公司以未来实施分配方案时股权登记日 的总股本为基数，向全体股东每 10 股派发现金红利 2.60 元（含税，暂以董事会 审议时的公司总股本扣除公司已回购股份计算。公司总股本 690,011,220 股, 扣除当前回购股份2 ...