HONGLU(SZ:002541) 光大证券研究·2025-07-09 14:25Core Viewpoint - The report highlights the operational performance of Honglu Steel Structure in the first half of 2025, indicating stable order intake and production growth despite fluctuations in steel prices [4][5][6]. Group 1: Orders - In H1 2025, the company signed new orders worth 14.38 billion yuan, a slight increase of 0.2% year-on-year, with Q2 orders amounting to 7.3 billion yuan, down 0.9% year-on-year [4]. - Excluding the impact of steel prices, the order intake in Q2 2025 showed a year-on-year increase of 17%, indicating strong underlying demand [5]. Group 2: Production - The company's steel structure production reached approximately 2.36 million tons in H1 2025, reflecting a year-on-year increase of 12%, with Q2 production hitting a record high of 1.31 million tons, up 11% year-on-year [4][6]. - The implementation of a large-scale welding robot equipment and process reengineering contributed to the significant production growth, maintaining double-digit year-on-year growth in Q1 and Q2 2025 [6]. Group 3: Large Orders - The proportion of large orders in Q2 2025 rose to approximately 23%, a notable increase from previous quarters, indicating a positive trend in securing larger contracts [7]. - The average price of large orders in Q2 2025 was about 5,167 yuan per ton, showing a slight decrease of 2% year-on-year but a 0.3% increase quarter-on-quarter, suggesting a shift towards higher value-added products [7].