Financial Performance - The basic earnings per share decreased by 43.2% to 0.0710 yuan in 2024 from 0.1250 yuan in 2023 [1] - The total revenue dropped by 26.55% to 7.947 billion yuan in 2024 compared to 10.82 billion yuan in 2023 [1] - The net profit fell by 42.52% to 0.169 billion yuan in 2024 from 0.294 billion yuan in 2023 [1] - The return on equity decreased by 42.16% to 3.32% in 2024 from 5.74% in 2023 [1] - The net asset per share dropped to 0 yuan in 2024, a 100% decrease from 2.19 yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 108,387.26 million shares, accounting for 45.75% of the circulating shares, with a decrease of 1,306.18 million shares from the previous period [1] - The largest shareholder, Dan Yinmu, holds 90,471.38 million shares, representing 38.19% of the total share capital, with no change [2] - New entrants in the top ten shareholders include a securities investment fund holding 1,370.01 million shares and Ji Hongdi with 1,009.13 million shares [2] Dividend Distribution - The company announced a dividend distribution of 0.350 yuan per share (including tax) [2]

长江精工钢结构（集团）股份有限公司 | | | 长江精工钢结构（集团）股份有限公司 关于 2025 年第一季度经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、业务签约及销量情况 2025 年 1-3 月，公司（包括控股子公司）共新签合同 169 项，累计合同金额 61.4 亿元，同比增长 0.7%。 2025 年 1-3 月，公司钢结构销量 38.5 万吨，同比增长 31.6%。 二、具体业务发展情况 | 单位：亿元 | | --- | | | | 2025 | 年 1-3 | 月 | 2024 | 年 1-3 | 月 | 同比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 专业分包一体化 | 30.8 | 项目金额 | | 35.0 | 项目金额 | | -12.0% | | | 工业建筑 公共建筑 | | | 25.5 5.3 | | | 23.8 11.2 | 7.2% -52.6% | | | 新兴业务 | 10.3 ...

Core Insights - The company reported a revenue of 18.492 billion yuan for 2024, a year-on-year increase of 12.03%, while the net profit attributable to shareholders was 512 million yuan, a decrease of 6.69% [1] - The fourth quarter of 2024 saw a revenue of 6.446 billion yuan, up 30.1% year-on-year, with a net profit of 36 million yuan, reflecting a significant increase of 185.3% [1] Revenue Performance - The traditional steel structure business generated a revenue of 16.311 billion yuan in 2024, growing by 14.02% year-on-year, while the EPC business achieved a revenue of 1.872 billion yuan, up 4.68% [1] - The overall revenue growth was supported by the strong performance of the steel structure segment [1] Profitability Metrics - The comprehensive gross margin for 2024 was approximately 12.7%, a decrease of 0.3 percentage points year-on-year, with steel structure and EPC business gross margins declining by 0.26 and 0.56 percentage points to 11.91% and 12.84%, respectively [2] - The company reported an increase in asset and credit impairment losses totaling approximately 267 million yuan, up 124 million yuan year-on-year, primarily due to increased impairments on contract assets, fixed assets, and inventory [2] Cash Flow and Financial Health - Operating cash flow improved significantly, reaching 771 million yuan in 2024, a year-on-year increase of 63.9%, driven by enhanced collection efforts [2] - The company's asset-liability ratio stood at 65.0%, an increase of 1.6 percentage points year-on-year, while the interest-bearing debt ratio decreased by 3.2 percentage points to 22.0% [2] Dividend Policy - The company announced a dividend of 0.08 yuan per share, resulting in a payout ratio of 31% and an implied dividend yield of approximately 2.6% [2] Growth Prospects - The company secured new contracts totaling 21.97 billion yuan in 2024, a year-on-year increase of 8.4%, with steel structure sales reaching 1.353 million tons, up 10.9% [3] - Emerging businesses showed strong growth, with EPC and prefabricated business contracts amounting to 4.79 billion yuan, a year-on-year increase of 44.7% [3] - The overseas business orders reached 3 billion yuan, a substantial increase of 202.9% year-on-year, representing 13.7% of total orders [3] Earnings Forecast and Valuation - Due to increased asset and credit impairment provisions, the estimated net profit attributable to shareholders for 2025 was revised down by 16.3% to 546 million yuan, with a new estimate for 2026 at 584 million yuan [4] - The current stock price corresponds to a P/E ratio of 11.1x for 2025 and 10.4x for 2026, with a target price of 3.58 yuan implying an upside potential of 18.5% [4]

Core Insights - The company reported a steady increase in revenue and a significant improvement in cash flow from operating activities for the year 2024 [1][2] Financial Performance - In 2024, the company achieved steel structure sales of 1.353 million tons, a year-on-year increase of 10.9% [1] - The total revenue reached 18.492 billion yuan, up 12.03% year-on-year, with the steel structure segment contributing 16.31 billion yuan, a 14.02% increase [1] - Integrated and EPC revenue was 1.872 billion yuan, growing by 4.68% [1] - The net profit attributable to shareholders was 512 million yuan, a decline of 6.69% year-on-year, while the net profit excluding non-recurring items was 442 million yuan, down 9.48% [1] - Operating cash flow net amount was 770 million yuan, reflecting a significant increase of 63.9% due to higher cash receipts from sales of goods and services [1] Profitability and Asset Management - The gross margin for 2024 was 12.66%, a decrease of 0.34 percentage points, while the net margin was 2.85%, down 0.61 percentage points [2] - The expense ratio was 7.94%, a decline of 0.72 percentage points [2] - Accounts receivable increased to 4.158 billion yuan, up 709 million yuan year-on-year, but the aging structure improved with the proportion of receivables over three years old decreasing from 20.6% to 15% [2] - The asset-liability ratio rose to 64.96%, an increase of 1.59 percentage points [2] - Total asset impairment and credit impairment losses amounted to 267 million yuan, an increase of 124 million yuan year-on-year, primarily due to increased provisions for contract assets, fixed assets, and inventory [2] Order Growth and Emerging Business - The company signed new orders worth 21.97 billion yuan in 2024, a year-on-year increase of 8.4%, with overseas new orders reaching 3 billion yuan, up 202.9%, increasing their share of total orders from 4.9% to 13.7% [3] - Major projects include the Lusail Stadium for the 2022 World Cup, the Jeddah Tower, and the new Hong Kong airport [3] - Emerging business contracts totaled 5.86 billion yuan, a growth of 50.4%, with EPC and prefabricated business contracts at 4.79 billion yuan, up 44.7% [3] - Industrial chain and strategic franchise contracts reached 850 million yuan, a 94.0% increase, while BIPV contracts were 220 million yuan, up 48.4% [3] Investment Outlook - The company is expected to achieve net profits attributable to shareholders of 592 million yuan, 696 million yuan, and 835 million yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth of 15.7%, 17.56%, and 20.02% [3] - Corresponding P/E ratios are projected to be 10.27, 8.73, and 7.28 times [3]

Investment Rating - The report maintains a positive outlook on the construction and decoration industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [1]. Core Insights - The construction sector experienced a weekly decline of 3.43%, underperforming the Shanghai Composite Index, which fell by 3.11% and the CSI 300 Index, which decreased by 2.87% [3][6]. - Key sub-sectors that performed best during the week included infrastructure state-owned enterprises (-1.33%), international engineering (-1.63%), and steel structures (-4.16%) [6][10]. - Notable companies with significant weekly gains included China Railway (+0.89%), Chalco International (+1.51%), and Honglu Steel Structure (+0.97%) [6][10]. - Year-to-date, the international engineering sector has seen a rise of 1.73%, with Chalco International leading with a 7.03% increase, and Honglu Steel Structure showing a 16.51% increase [6][10]. Summary by Sections Industry Performance - The construction industry saw a weekly decline of 3.43%, outperforming the Shenzhen Composite Index (-5.13%), the Small and Medium Enterprises Board (-4.32%), and the ChiNext Index (-6.73%) [3][6]. - The best-performing sub-sectors for the week were infrastructure state-owned enterprises, international engineering, and steel structures [6][10]. Key Company Developments - Jinggong Steel Structure reported a 12.03% increase in revenue for 2024, but a 6.69% decrease in net profit [18]. - Honglu Steel Structure reported a 1.25% increase in new sales contracts for the first quarter, with a production increase of 14.29% compared to the same period in 2024 [18]. - China Railway secured a major project worth 66.772 billion yuan, representing 5.77% of its total revenue for 2024 [18]. Investment Analysis - The report suggests that infrastructure investment is expected to recover in 2025, highlighting the investment value in cyclical high-elasticity sectors [2][18]. - Recommended stocks include Honglu Steel Structure in the steel structure sector, and China Railway and China State Construction Engineering in the state-owned enterprise category [2][18].

Group 1 - The core viewpoint of the news is the disclosure of the 2024 annual report by Jinggong Steel Structure (600496.SH), highlighting the significant institutional ownership and changes in shareholding among major investors [1] - As of April 11, 2025, a total of 171 institutional investors hold shares in Jinggong Steel Structure, with a combined holding of 741 million shares, representing 36.82% of the total share capital [1] - The top ten institutional investors account for 35.05% of the total shares, with a decrease of 1.89 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, two funds reduced their holdings compared to the previous quarter, with a decrease in holding proportion of 0.12% [2] - A total of 163 new public funds were disclosed during this period, including notable funds such as the Zhaoshang Quantitative Selected Stock Initiation A and Guojin Quantitative Multi-Factor A [2] - Three public funds were not disclosed in this period, including Southern CSI 1000 ETF and Huaxia CSI 1000 ETF [2]

点击注册小程序 查看完整报告 产量： 2 5Q1产量增长提速，智能化改造对生产效率提升或初步显现 2 5 Q 1公司钢结构 产量 105 万吨 ， 同比 + 14 %。或主要由于： 1） 年初客户资金到位情况较好，提货顺 畅； 2） 智能化改造初显成效 ， 从拖累项变为平衡项。 展望：吨盈利有望阶段性改善。 对于智能化改造进度的判断 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 鸿路钢构公告 25Q1季度经营数据。25Q1，公司新签订单70.52亿元，同比+1.25%；实现钢结构产品产量约 105 万吨，同比 + 14 % 。 点评： 订单：剔除钢价扰动后，判断 2 5Q1接单量同比两位数正增长 25Q1 公司订单金额同比 +1 %； 根据 wind数据，25Q1热轧板卷平均价格约3478元/ ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ● 增持计划内容：长江精工钢结构（集团）股份有限公司（以下简称"公司"）于2025年2月19日在上海 证券交易所网站披露了《精工钢构关于控股股东股票增持计划暨取得金融机构股份增持专项贷款承诺函 的公告》（公告编号：临2025-011）。公司控股股东精工控股集团有限公司（以下简称"精工控股"）下 属全资子公司精工控股集团（浙江）投资有限公司（以下简称"精工投资"）计划自上述公告披露之日起 12个月内，通过上海证券交易所系统以集中竞价交易方式增持公司股份，增持数量不低于3,000万股， 不超过6,000万股。 三、增持计划实施结果 精工投资于2025年3月10日至2025年4月8日期间通过上海证券交易所以集中竞价交易方式累计增持公司 股份53,999,122股，占公司总股本的比例2.68%，对应增持金额为172,399,651.16元（不含佣金、过户费 等交易费用）。 截至本公告披露日，精工控股及其一致行动人合计持有本公司596,690,850股股票，占公司总股 ...

安徽鸿路钢结构（集团）股份有限公司 关于公司2025年第一季度经营情况简报 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002541 证券简称：鸿路钢构 公告编号：2025-016 债券代码：128134 债券简称：鸿路转债 二、公司2025年第一季度钢结构产品产量情况 2025年第一季度钢结构产品产量约104.91万吨，较2024年同期增长14.29%。 以上数据为阶段性数据，仅供投资者参考，最终数据以定期报告披露数据为准。请广大投资者理性投 资，注意投资风险。 特此公告。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 一、公司2025年第一季度销售合同情况 安徽鸿路钢结构（集团）股份有限公司（以下简称"公司"）2025年第一季度累计新签销售合同额人民币 约70.52亿元,较2024年同期增长1.25%,全部为材料订单。其中合同金额达到１亿元人民币以上或钢结构 加工量1万吨以上的订单情况如下： ■ 安徽鸿路钢结构（集团）股份有限公司 董事会 二〇二五年四月九日 证券代码：002541 证券简称：鸿路钢构 公告编号：2025-015 债券代码 ...

Group 1 - Qingdao Oriental Tower Co., Ltd. experienced a stock price drop, hitting the daily limit down on April 7 [1] - The company specializes in steel structure products and was established in 1982, becoming a joint-stock company in 2000 [1] - In the fourth quarter of last year, Invesco Great Wall Fund increased its stake in Oriental Tower, holding 0.78% of the shares [1] Group 2 - The Invesco Great Wall Low Volatility 100 ETF has a year-to-date return of -1.41%, ranking 2468 out of 3442 in its category [1][2] - The fund manager, Gong Lili, has extensive experience in index investment and joined Invesco Great Wall Fund in March 2022 [3][4]