HONGLU(002541) Shenwan Hongyuan Securities·2025-04-18 09:44Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's net profit for 2024 is expected to decline by 34.51% year-on-year, with total revenue projected at 21.514 billion, a decrease of 8.6% [7] - The company is steadily expanding its steel structure production capacity, with a production volume of 4.51 million tons in 2024, reflecting a 0.5% increase year-on-year [7] - The company is actively pursuing smart manufacturing upgrades, which are expected to enhance operational efficiency and cost control [7] - The profit forecast for 2025-2027 has been adjusted downwards, with net profits projected at 970 million, 1.146 billion, and 1.323 billion respectively, indicating growth rates of 25.6%, 18.2%, and 15.4% [7] Financial Summary - Total revenue for 2023 is reported at 23.539 billion, with a projected decrease to 21.514 billion in 2024 [9] - The company's gross profit margin for 2024 is expected to be 10.3%, down from 11.1% in 2023 [7] - The company's debt-to-asset ratio stands at 61.91% as of the end of 2024, an increase of 1.40 percentage points from the previous year [7]