研报掘金丨华源证券：首予鸿路钢构“买入”评级，智能化驱动成长提速

Core Viewpoint - Honglu Steel Structure is a leading player in the domestic steel structure industry, demonstrating clear growth pathways and significant scale advantages [1] Group 1: Company Overview - Honglu Steel Structure has been continuously advancing its intelligent transformation and capacity expansion, with an annual steel structure production capacity expected to reach 5.2 million tons by the end of 2024 [1] - The company's capacity utilization rate is projected to be 86.75%, and the sales-to-production ratio is expected to be 96.08%, indicating strong operational efficiency [1] - The company has a robust financial status, reflected in its consistent high dividend payouts, emphasizing its commitment to shareholder returns [1] Group 2: Market Dynamics - The demand for multi-layer heavy steel factories is gradually being released, driven by policies such as "Industrial Upgrading," which is expected to enhance net profit per ton [1] - The comprehensive breakthrough in intelligent welding and the successful transformation aimed at cost reduction and efficiency improvement are anticipated to yield positive results [1] - The company is actively expanding its overseas market presence while binding core customers, positioning itself for future growth [1] Group 3: Comparative Analysis - Comparable companies in the construction materials supply sector, such as Jinggong Steel Structure, Hongsheng Huayuan, and Zhizhi New Materials, are expected to have an average PE ratio of approximately 45.40 times by 2025 [1] - The anticipated recovery of the industry and the profitability improvements from intelligent upgrades support a "Buy" rating for Honglu Steel Structure [1]