鸿路钢构（002541）：吨净利同环比均回升，经营拐点或已出现

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7][19]. Core Views - The company has shown a steady revenue growth with a year-on-year increase of 8.78% in Q1 2025, achieving a revenue of 4.815 billion [1]. - The non-recurring profit has significantly improved, with a non-recurring net profit of 115 million, reflecting a year-on-year increase of 31.27% [2]. - The company is expected to benefit from its investments in automation and smart technology, with projections for net profit reaching 1.222 billion by 2027 [4]. Financial Performance - In Q1 2025, the company reported a net profit of 137 million, a decrease of 32.78% year-on-year, while the non-recurring net profit was 115 million, marking a 31.27% increase [1]. - The production volume of steel structure products increased by 14.29% year-on-year, reaching approximately 1.049 million tons in Q1 2025 [2]. - The comprehensive gross margin for Q1 2025 was 9.83%, a decrease of 0.76 percentage points year-on-year, with a per-ton gross profit of 473 yuan [2]. Cost Management - The company effectively managed its period expenses, achieving a period expense ratio of 6.21%, down 0.97 percentage points year-on-year [3]. - The company has seen a reduction in accounts receivable, decreasing by 520 million compared to the end of 2024, indicating improved cash flow management [3]. R&D and Automation - The company has made significant strides in automation, deploying nearly 2,000 welding robots across its production bases since 2023, which is expected to enhance efficiency and reduce costs [4]. - R&D expenses in Q1 2025 decreased to 125 million, down 20.1% year-on-year, contributing to the improvement in per-ton net profit [2]. Financial Projections - The projected revenues for the company are expected to grow from 21.514 billion in 2024 to 33.630 billion by 2027, with a compound annual growth rate of approximately 14.66% [5]. - The estimated net profit for 2025 is projected at 868.65 million, with a year-on-year growth of 12.48% [5].