公司报告 | 半年报点评 鸿路钢构（002541） 证券研究报告 毛利率下滑拖累吨净利，重视钢铁反内卷带来的业绩弹性 收入小幅增长，看好钢铁反内卷对企业盈利的边际修复 鸿路钢构 25H1 实现收入 105.5 亿，同比+2.17%，实现归母净利润为 2.88 亿，同比-32.7%，扣非净利润为 2.38 亿，同比+0.88%，非经常性损益为 0.5 亿，同比减少 1.42 亿；Q2 单季来看，公司实现收入 57.35 亿，同比-2.78%， 归母、扣非净利润分别为 1.51、1.23 亿，同比-32.61%、-17%。我们仍看好 钢铁反内卷有望带动钢价上行，或对企业的加工费及吨净利带来边际修复。 考虑到上半年压力较大，我们下调公司盈利预测，预计公司 25-27 年归母 净利润为 8.1、9.4、10.9 亿（前值为 8.7、10.2、12.2 亿），对应 PE 为 15、 13、11 倍，维持"买入"评级。 钢结构制造转型钢结构智造，布局多项专业化产线 分产品看，25H1 公司 H 型钢、箱型十字型柱、管类、桁架、次构件、其 他分别实现收入 58、20、6.6、4.1、13.6、3.3 亿，同比+1.5%、- ...

Group 1 - The company has not distributed cash dividends or bonus shares during the reporting period [3] - The company plans to hold the 2025 third extraordinary general meeting on August 27, 2025 [12][49] - The board of directors and the supervisory board have approved the 2025 semi-annual report and its summary [9][16] Group 2 - The company will engage in additional daily related transactions with Tibet Zhongjin Xinlian Blasting Engineering Co., Ltd. amounting to 18 million yuan for 2025 [10][17] - The company will also have additional related transactions with its controlling shareholder's subsidiary, Tibet Tianhui Human Resource Management Development Co., Ltd., amounting to 25 million yuan for 2025 [11][34] - The total amount of related transactions with Tibet Jian Gong Jian Cai Group Co., Ltd. and related parties from January to June 2025 is 25,587,129.03 yuan [45]