鸿路钢构（002541）：Q4吨毛利环比改善，后续经营改善可期

Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company achieved a total revenue of 21.514 billion yuan in 2024, a year-on-year decrease of 8.60%. The net profit attributable to shareholders was 772 million yuan, down 34.51% year-on-year, while the net profit after deducting non-recurring gains and losses was 481 million yuan, a decrease of 44.91% year-on-year [2][8]. Summary by Sections Financial Performance - The company reported a total revenue of 21.514 billion yuan for 2024, which is an 8.60% decrease compared to the previous year. The net profit attributable to shareholders was 772 million yuan, reflecting a 34.51% decline year-on-year. The net profit after deducting non-recurring items was 481 million yuan, down 44.91% year-on-year [2][8]. Production and Sales - The production capacity for 2024 was 5.2 million tons, slightly up from 5 million tons in 2023. The production volume remained stable at 4.51 million tons, while sales volume increased by 2% to 4.33 million tons, resulting in a sales rate of 96.1% [14]. Profitability - The average price per ton for the year was 4,964 yuan, a decrease of 566 yuan per ton year-on-year. The gross profit per ton was 513 yuan, down 103 yuan per ton year-on-year. However, the gross profit per ton showed a quarter-on-quarter improvement in Q4 [14]. Cost and Expenses - The company experienced an increase in expense ratios across sales, management, research and development, and financial expenses. The total expense ratio for 2024 was 7.18%, up 1.03 percentage points year-on-year [14]. Cash Flow - The company reported a net cash inflow from operating activities of 573 million yuan for the year, with Q4 showing a net inflow of 246 million yuan. The cash flow was impacted by credit impairment losses and asset impairment losses in Q4 [14]. Future Outlook - In Q1 2025, the company signed new sales contracts worth approximately 7.052 billion yuan, a 1.25% increase compared to the same period in 2024. The production volume in Q1 2025 increased by 14.29% compared to Q1 2024, indicating a positive sales policy adjustment and the emergence of an operational turning point [14]. Investment Recommendation - The report suggests focusing on medium-term growth and high elasticity, as the company is expected to convert its manufacturing advantages into improved sales. The operational turning point has been confirmed, and the upward trend in operations is expected to continue [14].