证券研究报告 鸿路钢构 (002541 CH) Q1 吨净利迎来改善拐点 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 30 日│中国内地 | 建筑施工 | 公司发布一季报：2025Q1 实现营收 48 亿元，同比+8.78%，归母净利 1.37 亿元，同比-32.78%，扣非净利 1.15 亿元，同比+31.27%。我们认为公司 在经过两年智能化改造投入后，25 年有望迎来资本开支影响减弱、产能利 用率恢复爬坡趋势、机器人应用降本增效阶段。公司 25Q1 新签订单测算量 137 万吨，同比+13.9%，实现产量 104.91 万吨，同比+14.3%，吨净利 109 元/吨，同比提升 14 元/吨，环比提升 10 元/吨，盈利能力连续 7 个季度同比 下滑以来首次迎来改善拐点，维持"买入"评级。 25Q1 研发费用减少，吨净利同、环比提升 25Q1 公司毛利率为 9.83%，同比-0.76pct，环比-0.93pct，吨毛利同比减少 60 元/吨，环比减少 29 元/吨，显示成本端受钢价持续下滑的影响有所降低。 我 们 测 算 2 ...

Group 1 - The company reported a revenue of 359 million yuan and a net profit of 8.61 million yuan for Q1 2025, marking a year-on-year growth of 4.83% [1] - As of the end of the reporting period, the company's total assets reached 3.456 billion yuan, reflecting a 0.85% increase from the beginning of the period [1] - The company has been involved in the oil products industry since 2003 and is one of the early enterprises in Xinjiang with fuel oil and heavy oil import qualifications [1] Group 2 - In 2024, the company focused on the manufacturing sector, with its subsidiary Zhongda Ganta participating in 12 successful bids for iron tower projects on the State Grid ECP platform [2] - The company signed 19 new orders in the photovoltaic sector in 2024, achieving a contract fulfillment rate of 95% [2] - The company invested in the construction of five hot-dip galvanizing production lines, with three already in operation, aiming to enhance production capacity and meet increasing external orders [2] Group 3 - The company is actively exploring new profit growth points, having signed a letter of intent for asset acquisition with Shanghai Hengshi Mining Investment Co., Ltd. to acquire mining rights [3] - The mining resources involved have an ore volume of 14.9897 million tons and a copper metal volume of 101,460.65 tons, with a grade between 0.63% and 0.7% [3] - The mining resources are reported to have high reliability and favorable development conditions, indicating low development difficulty [3]