鸿路钢构（002541）：销量大幅增长，吨扣非同比转正

Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company reported a significant increase in sales volume, with a year-on-year growth of over 20% in Q1 2025. The production volume increased by 14%, and the sales volume grew by 27% due to a saturated order book and strong demand [13]. - The company's net profit attributable to shareholders was 137 million, a year-on-year decrease of 32.78%, while the non-recurring net profit was 115 million, showing a year-on-year increase of 31.27% [2][8]. - The company is expected to benefit from internal cost reduction and efficiency improvement measures, leading to a recovery in profit margins [13]. Summary by Sections Financial Performance - In Q1 2025, the company achieved an operating revenue of 4.815 billion, representing a year-on-year increase of 8.78%. The net profit attributable to shareholders was 137 million, down 32.78% year-on-year, while the non-recurring net profit was 115 million, up 31.27% year-on-year [2][8]. - The company’s cash flow from operating activities turned negative due to increased procurement costs, indicating a strategic move to stock up on materials amid strong order demand [13]. Operational Insights - The company’s production and sales rates improved significantly, with a production and sales rate of 98%, leading to a notable increase in both production and sales volumes [13]. - The company’s gross profit per ton showed a year-on-year decline of approximately 120 yuan/ton, primarily due to a sustained decrease in steel prices over the past year [13]. Market Outlook - The company has a low market share of 5% in its sector, indicating potential for growth as it expands its market presence and explores overseas opportunities [13]. - The company is positioned to benefit from potential domestic demand stimulation policies, especially in the industrial construction sector, which constitutes 70% of its downstream demand [13]. Investment Recommendations - The report suggests that the company is at a confirmed operational turning point, with non-recurring net profits improving against the trend, indicating a positive outlook for mid-term performance [13]. - The company’s advancements in smart manufacturing technology are expected to enhance cost efficiency and production capacity, further supporting growth [13].