鸿路钢构(002541)：结束压力测试 期待量价齐升

Core Viewpoint - The company has shown resilience in production and sales growth despite a challenging manufacturing investment environment, indicating an increase in market share and potential for future profitability recovery as steel prices stabilize. Financial Performance - In the first half of 2025, the company achieved revenue of 10.55 billion yuan, a year-on-year increase of 2.17%, while net profit attributable to shareholders was 288 million yuan, down 32.69% year-on-year. The net profit after deducting non-recurring items was 238 million yuan, up 0.88% year-on-year [1]. - The company’s production volume for the first half of 2025 reached 2.363 million tons, a year-on-year increase of 12.2%, with the second quarter alone producing 1.313 million tons, up 10.6% year-on-year [2]. Cost and Profitability Analysis - The company’s gross profit per ton decreased to 465 yuan in Q2 2025, primarily due to falling steel prices. The per-ton operating expenses rose slightly to 316 yuan, with sales and R&D expenses increasing to 34 yuan/ton and 147 yuan/ton, respectively [3]. - The company’s per-ton net profit after deducting non-recurring items was 98 yuan, reflecting a decline of 19 yuan quarter-on-quarter and 30 yuan year-on-year. Non-operating income decreased significantly from 192 million yuan in the previous year to 50 million yuan [3]. Cash Flow and Operational Efficiency - The company experienced an improvement in operating cash flow in Q2, with a net outflow of 3 million yuan, which was a reduction of 12.7 million yuan year-on-year. The cash collection ratio improved to 94.95% in Q2 [4]. Market Outlook and Strategic Initiatives - The current low steel prices provide a safety margin, with expectations for profit recovery in the coming year. The company is positioned to benefit from a potential upward trend in steel prices and increased application of welding robots by 2026 [5]. - The company has implemented proactive sales strategies to achieve year-on-year order growth and is focusing on enhancing the application of welding robots, which is expected to yield initial positive results [4][5].