HONGLU(SZ:002541) 光大证券研究·2025-10-15 00:41Core Viewpoint - The company reported a steady increase in new orders and production output for the first three quarters of 2025, indicating a positive trend in business performance despite some fluctuations in steel prices [4][5][6]. Orders - In the first three quarters of 2025, the company secured new orders amounting to 22.267 billion yuan, reflecting a year-on-year increase of 1.6%. In Q3 2025, new orders reached 7.9 billion yuan, up 4.2% year-on-year [4]. - Excluding the impact of steel prices, the order volume in Q3 2025 increased by 3.7% year-on-year, although the growth rate compared to Q2 2025 showed a decline [5]. Production - The company's steel structure production in Q3 2025 was approximately 1.25 million tons, representing a year-on-year increase of 9%. This follows a production of 1.31 million tons in Q2 2025, which was up 11% year-on-year [6]. - The company has invested significantly in welding robot equipment and restructured production lines, leading to a consistent double-digit growth in production for the first two quarters of 2025, with Q3 maintaining a high single-digit growth [6]. Large Orders - The proportion of large orders in Q3 2025 rose to approximately 29%, continuing a trend of recovery. The percentages for large order amounts from Q3 2024 to Q3 2025 were 20%, 18%, 17%, 23%, and 29% respectively [7]. - The average price for large orders in Q3 2025 was about 5,189 yuan per ton, showing a year-on-year increase of 3% and a quarter-on-quarter increase of 0.4%. This suggests a potential decrease in processing fees for large orders, possibly due to changes in product mix, with a lower proportion of high-value products like heavy steel [7].