近期，电力行业利好消息频传。7月份以来，包括青岛汉缆股份有限公司（以下简称"汉缆股份"）、常 熟风范电力设备股份有限公司（以下简称"风范股份"）等多家上市公司陆续发布中标电网采购项目的公 告，中标金额从千万元至数亿元不等。这些信息不仅预示着相关公司迎来发展机遇，更侧面展现出电力 行业的蓬勃活力与增长潜力。 细分领域优势凸显 具体来看，多家企业在电网采购中表现亮眼，中标产品覆盖主网、配网等多类核心物资。 例如，汉缆股份7月11日发布的公告显示，在中国南方电网有限责任公司（以下简称"南方电网"）2025 年主网及配网材料第一批框架招标项目中，公司中标35kV（千伏）—500kV钢芯铝合金绞线、220kV交 流电力电缆、低压交流电力电缆等8个标包，总金额约9.07亿元，占公司2024年营业收入的9.79%。 中国金融智库特邀研究员余丰慧向《证券日报》记者表示，7月份以来密集的中标信息展现出我国电力 行业供应链的成熟及韧性，不同规模的企业依托各自的技术沉淀和产品特色，在高低压电缆、超高压设 备、导地线、安全防护等诸多电网细分领域形成了差异化、专业化的布局。 风范股份7月10日发布公告称，公司在南方电网2025年主网线 ...

长江精工钢结构（集团）股份有限公司 股票简称：精工钢构 股票代码：600496 编号：临 2025-083 转债简称：精工转债 转债代码：110086 长江精工钢结构（集团）股份有限公司 关于取消监事会、变更经营范围暨修订《公司章程》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。 长江精工钢结构（集团）股份有限公司（以下简称"公司"）于 2025 年 7 月 监事会、变更经营范围暨修订 <公司章程> 的议案》，具体情况公告如下： 一、 取消监事会情况 为贯彻落实公司治理现代化建设要求，进一步提升公司治理水平和科学决策 效率，根据《中华人民共和国公司法》《上市公司章程指引》等相关法律法规、 规范性文件规定，结合公司实际经营情况，公司拟取消监事会，由董事会审计委 员会行使原监事会的职权，不会影响公司内部监督机制的正常运行。监事会取消 后，公司《监事会议事规则》等监事会相关制度相应将予以废止。 在公司股东会审议通过取消监事会事项之前，公司第九届监事会仍将严格按 照有关法律法规和《公司章程》的规定继续履行监督职能，维护公 ...

长江精工钢结构（集团）股份有限公司 章 程 二○二五年 长江精工钢结构（集团）股份有限公司 目 录 第一章 总则 长江精工钢结构（集团）股份有限公司 第一条 为维护长江精工钢结构（集团）股份有限公司（以下简称公司）、股东、职工和 债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司法》 （以下简称《公 司法》）、《中华人民共和国证券法》（以下简称《证券法》）和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司。 公司经安徽省体改委皖体改函199925 号文批准，以发起方式设立，在六安市市场监督 管理局注册登记，取得营业执照。统一社会信用代码为 91340000711774045Q。 第三条 公司于 2002 年 2 月 7 日经中国证券监督管理委员会批准，首次向社会公众发行 人民币普通股 4000 万股，于 2002 年 6 月 5 日在上海证券交易所上市。 第四条 公司注册名称：长江精工钢结构（集团）股份有限公司 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东会 第一节 股东 ...

Core 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].

Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company reported a production volume of 2.363 million tons in the first half of 2025, representing a year-on-year increase of 12.2%. In the second quarter alone, production reached 1.313 million tons, up 10.6% year-on-year [2][8]. - The company has adopted proactive sales strategies, including focusing on small orders and enhancing sales assessments, which contributed to a projected increase in production orders for 2025 [14]. - Despite a decline in order value by 0.85% in the second quarter due to falling steel prices, the overall order volume is expected to maintain growth [14]. - The average price of sample orders in Q2 was 5,167 CNY/ton, showing a slight increase of 15 CNY/ton from the previous quarter, although it decreased by 119 CNY/ton year-on-year [14]. - The company is experiencing a positive trend in production and sales, with expectations for improved profitability if steel prices stabilize and rise [14]. Summary by Sections Production and Orders - The company achieved a production volume of 2.363 million tons in H1 2025, a 12.2% increase year-on-year, with Q2 production at 1.313 million tons, up 10.6% year-on-year [2][8]. - Orders increased by 0.17% in H1, but Q2 saw a decline of 0.85% due to lower steel prices [14]. Pricing and Profitability - The average price for sample orders in Q2 was 5,167 CNY/ton, reflecting a 15 CNY/ton increase from Q1 but a 119 CNY/ton decrease year-on-year [14]. - The company’s pricing strategy is influenced by the steel price trend, with potential for improved profitability if prices recover [14]. Strategic Initiatives - The company is focusing on small orders and enhancing sales personnel management to drive order growth [14]. - Significant investments in smart manufacturing technologies are being made, including advanced cutting and welding equipment, which are expected to enhance production efficiency [14]. Financial Outlook - The company is projected to see a 10% increase in volume for the year, with stable profitability and potential government subsidies decreasing [14]. - The current market valuation is considered to be at a safe bottom, with significant upside potential if operational improvements and market conditions align favorably [14].

长江精工钢结构（集团）股份有限公司 | 股票简称：精工钢构 | 股票代码：600496 | 编号：临 2025-081 | | --- | --- | --- | | 转债简称：精工转债 | 转债代码：110086 | | 注：公司目前无已签订尚未执行的重大项目。本公告所涉及数据尾数差异系四舍五入 造成。 长江精工钢结构（集团）股份有限公司 关于 2025 年第二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 1-6 月，公司（包括控股子公司）共新签合同 360 项，累计合同金额 125.1 亿元，同比增长 2.2%。2025 年 4-6 月，公司（包括控股子公司）共新签合 同 191 项，累计合同金额 63.7 亿元，同比增长 3.7%。 2025 年 1-6 月，公司钢结构销量 83.5 万吨，同比增长 47.0%，其中 4-6 月钢 结构销量 45.0 万吨，同比增长 63.6%。 二、具体业务发展情况 单位：亿元 | | | | 2025 年 | 1-6 ...

证券研究报告 | 公司点评 gszqdatemark 2025 07 08 年 月 日 鸿路钢构（002541.SZ） Q2 产量延续双位数增长，后续有望受益"反内卷"下钢价回升 25Q2 签单金额同比小幅增长，产量延续双位数增长。订单方面，公司 25H1 新签 143.8 亿元，同增 0.2%，Q2 单季新签订单 73.3 亿元，同降 0.9%。考虑到 25Q2 钢价同比明显回落（Q2 热轧板卷均价同降 13.3%）， 公司 25Q2 新签订单对应吨位数增长应有 14%左右，符合预期。订单增长 预计主要系公司今年积极发挥龙头优势，扩大小单签署，市占率稳步提升， 同时积极进军海外市场。产量方面，受签单吨位数增长带动，公司 25H1 实现钢结构产量 236.25 万吨，同增 12.2%，25Q2 单季度产量 131.34 万 吨，同增 10.6%，保持双位数增长符合预期。 大单规模稳定，价格小幅下降。从签单明细来看：1）大额签单方面，公司 25Q2 新签大额订单（订单金额 1 亿元以上或钢结构加工量 1 万吨以上） 18 个，均为包工包料合同，同比增多 2 个；合计金额 16.6 亿元，同比减 少 0.4 亿元 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][23]. Core Views - The company has seen a year-on-year increase in both order volume and processing volume, highlighting investment opportunities in the steel structure sector at a relatively low point [1][2]. - The company is expected to benefit from the supply-side reforms in the steel industry, which may lead to improved profitability as steel prices rise [3]. - The company is focusing on intelligent transformation and has invested in advanced manufacturing technologies, which is expected to enhance operational efficiency and profitability [4]. Summary by Sections Orders and Production - In the first half of 2025, the company signed new orders totaling 14.38 billion, a slight increase of 0.17% year-on-year. In Q2 2025, new orders amounted to 7.328 billion, a decrease of 0.85% year-on-year. The steel structure production for the first half of 2025 reached 2.3625 million tons, up 12.19% year-on-year, with Q2 production at 1.3134 million tons, an increase of 10.56% year-on-year [1][2]. Pricing and Market Trends - The company has seen an increase in the number of large contracts (over 10,000 tons) from 6 in Q2 2021 to 18 in Q2 2025. The average price per ton for new orders in Q2 2025 ranged from 4,535 to 8,494 yuan, indicating a 5.11% increase in average price compared to Q2 2024 [2]. - Steel prices have stabilized between 3,160 and 3,370 yuan per ton, with an average of 3,233 yuan per ton, reflecting a year-on-year decline of 15.2% [2]. Financial Projections - The company is projected to achieve a net profit attributable to the parent company of 868.65 million, 1,015.91 million, and 1,222.03 million for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 14.14, 12.09, and 10.05 [5][4]. - Revenue is expected to grow from 21,514.36 million in 2024 to 33,629.99 million in 2027, with a compound annual growth rate of approximately 14.66% [5]. Intelligent Transformation - The company has established a dedicated research team for intelligent manufacturing and has invested in various advanced production technologies, including automated cutting and welding equipment, which are expected to enhance production efficiency [4].

Group 1 - The company signed new sales contracts totaling approximately 14.38 billion RMB in the first half of 2025, representing a growth of 0.17% compared to the same period in 2024 [1] - From April to June 2025, the new sales contracts amounted to approximately 7.33 billion RMB, all of which were material orders [1] - Significant contracts included projects such as the 100GW photovoltaic aluminum frame project with a contract amount of 1.31 billion RMB and the FAB1 production plant construction project with a contract amount of 1.53 billion RMB [1] Group 2 - The company provided a list of contracts with amounts exceeding 100 million RMB or processing volumes over 10,000 tons, detailing various projects and their respective contract values [1] - The company emphasized that the data presented is preliminary and final figures will be disclosed in regular reports [1]

此次交易是在家得宝去年以180亿美元收购SRS Distribution（实际收购GMS的主体）之后达成的。 这是该公司有史以来规模最大的一笔收购，旨在助力家得宝在规模庞大的专业承包商细分市场中赢 得更大份额。这些客户过去很少光顾家得宝和劳氏（Lowe's），更倾向于与专门服务专业人士的家 居装修零售商合作。 科文公司（Cowen）分析师马克斯·拉克伦科（Max Rakhlenko）在一份研究报告中写道，通过收购 GMS，SRS将在面向专业客户的户外（屋顶、泳池、庭院）和室内（石膏墙板、钢结构框架、天花 板）供应商市场中占据主导地位。拉克伦科对这笔交易给予了高度评价，称其"将使SRS拓展至更多 垂直领域，提升市场份额，整合行业资源，并显著扩大家得宝的供应链与分销网络"。 尽管市场对家得宝收购GMS的消息既未表现出兴奋，也未感到担忧（消息公布当天，其股价持 平），但这两项交易共同表明，家得宝正在战略层面进行重大且经过审慎考量的调整。家得宝素来 被公认为是过去20年最成功的零售商之一，它巧妙利用了火热的房地产市场——这一市场促使更多 人翻新自家房屋。但如今，家得宝认为，未来的强劲增长不能仅依赖2000家大型门店所 ...