Fuhuang(SZ:002743) Zheng Quan Shi Bao Wang·2025-10-08 14:51Core Insights - The steel structure industry is experiencing unprecedented development opportunities driven by multiple policies such as the "dual carbon" strategy, new building industrialization, and "Digital China" [1] - As a leading enterprise in the industry, Fuhuang Steel Construction is leveraging policy guidance and market demand through technological innovation, digital transformation, and the "T+EPC" model to enhance its core competitiveness and expand service boundaries [1][12] Policy and Market Dynamics - Recent national policies have emphasized the development of green buildings and new building industrialization, particularly encouraging the use of steel structures in public buildings like hospitals and schools, injecting strong momentum into the steel structure industry [2] - The market for steel structures is gradually opening up, prompting companies to accelerate their transition from traditional manufacturing to intelligent and digital upgrades [2] Technological Innovation - Fuhuang Steel Construction has obtained over 300 patents and nearly 100 innovative technological achievements, covering key areas such as large-span spatial structures and prefabricated steel structures [2] - The company focuses on high-difficulty special steel structure projects, including the construction of the compact fusion energy experimental facility (BEST) in Hefei, showcasing its advanced construction capabilities [6][8] Digital Transformation - Fuhuang Steel Construction has established a digital collaborative mechanism centered on BIM technology, achieving a shift from "experience-driven" to "data-driven" management [9] - The company reported a decrease in its period expense ratio to 10.53%, down 3.08 percentage points compared to the previous year, indicating significant results from its digital transformation efforts [9] - The integration of digital tools in design, manufacturing, and construction processes has enhanced efficiency and quality, creating a "transparent factory" environment [10] Market Potential - The steel structure industry has a promising outlook, with projections indicating that by 2035, steel structures will account for approximately 40% of new building area in China, with an expected annual steel usage of over 200 million tons [11] - Currently, China's steel structure penetration rate is only 5%-7%, particularly in the residential sector, which is below 1%, suggesting significant growth potential [11] T+EPC Model - Fuhuang Steel Construction is actively promoting the "T+EPC" (Technology + Engineering Procurement Construction) model, which integrates core technologies into every phase of project management, ensuring project success and risk mitigation [12] - The company has successfully applied this model in various projects, including rural revitalization and municipal infrastructure, fostering a collaborative industry ecosystem [12] Future Outlook - Fuhuang Steel Construction aims to continue deepening its technological capabilities in intelligent construction and new material applications while expanding into strategic areas supported by national policies [13]