研究所 证券研究报告：建筑装饰 | 公司点评报告 发布时间：2025-08-26 股票投资评级 买入|维持 个股表现 -10% -1% 8% 17% 26% 35% 44% 53% 62% 71% 2024-08 2024-11 2025-01 2025-03 2025-06 2025-08 鸿路钢构 建筑装饰 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 18.44 | | --- | --- | | 总股本/流通股本（亿股）6.90 / 4.96 | | | 总市值/流通市值（亿元）127 / 91 | | | 52 周内最高/最低价 | 21.42 / 10.92 | | 资产负债率(%) | 61.9% | | 市盈率 | 16.46 | | 第一大股东 | 商晓波 | 分析师:赵洋 SAC 登记编号:S1340524050002 Email:zhaoyang@cnpsec.com 鸿路钢构(002541) Q2 盈利仍承压，期待下半年盈利拐点 事件 公司发布 25 年中报，上半年实现营收 105.5 亿元，同比增长 2.17%；归母净利润 2.88 亿元，同比下滑 32.6 ...

丨证券研究报告丨 公司研究丨点评报告丨鸿路钢构（002541.SZ） [Table_Title] 结束压力测试，期待量价齐升 报告要点 [Table_Summary] 2025H1 营收 105.5 亿元，同比增长 2.17%，归属净利润 2.88 亿元，同比下滑 32.69%，扣非 后净利润 2.38 亿元，同比增长 0.88%。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SAC：S0490525080003 SFC：BUT917 [Table_Title2] 结束压力测试，期待量价齐升 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 张弛 张智杰 袁志芃 龚子逸 鸿路钢构（002541.SZ） cjzqdt11111 [Table_Summary2] 事件描述 2025H1 营收 105.5 亿元，同比增长 2.17%，归属净利润 2.88 亿元，同比下滑 32.69%，扣非 后净利润 2.38 亿元，同比增长 0.88%。 事件评论 风险提 ...

核心结论 分析师 晨会纪要 【策略】"资金洞察"系列报告（四）：居民存款，何时搬家？ 居民资金尚未跑步入市，但存款搬家已经初现端倪。历史上，居民存款搬家 一般在熊牛切换后的 10-12 个月开启，当前距离去年 9.24 熊牛切换已有 11 个月，居民存款搬家可期。在居民存款搬家初期，市场可能会有 2-3 个月的 盘整；但如果存款搬家带动各类资金放量流入，市场或迎来新一轮主升浪行 情。 【机械设备】无人车系列专题报告 1：无人环卫车：千亿市场空间，设备+ 运营双重受益 随着无人环卫领域逐步度过 0-1 阶段步入量产，环卫领域运营企业有望迎来 一轮设备高景气成长+运营业务盈利显著改善，走出业绩+估值双提振的戴维 斯双击，建议关注劲旅环境/玉禾田/福龙马/侨银股份/盈峰环境。 【专用设备】国产算力链崛起，关注上游自主可控环节 当前我们认为科创 50 成分股和半导体设备股交集具备较大的补涨潜力，本 轮国产 AI 行情具备更强的基本面支撑，我们认为半导体上游的自主可控环 节作为产业链核心瓶颈，核心受益，建议关注：半导体前道设备/后道测试 设备，光刻机产业链相关标的。 【计算机】国能日新（301162.SZ）2025 半 ...

8月22日，鸿路钢构在接待机构调研时表示，公司产品广泛应用于业厂房、大型场馆、机场、火车站、 石化管廊、设备装置、高层建筑、桥梁等诸多钢结构制造领域。公司近期新签订单中工业厂房类的订单 为主。公司目前生产经营正常，订单饱和。 ...

证券代码：002541 证券简称：鸿路钢构 三、公司新签订单类型主要是哪些领域？ 回答：公司产品广泛应用于业厂房、大型场馆、机场、火车站、石化管廊、 设备装置、高层建筑、桥梁等诸多钢结构制造领域。公司近期新签订单中工 业厂房类的订单为主。 四、目前公司已投入使用多少台机器人？公司自研的焊接机器人是否已进行 对外销售？ 回答：现公司十大生产基地已规模化投入使用近 2500 台轻巧焊接机器人和地 轨式机器人焊接工作站，截至报告期，已取得相关软著证书 57 项、专利 38 项。 公司自主研发的焊接工业机器人已经少量对外销售，目前主要以自用为 主，未来将根据集团公司的业务发展情况以及机器人的应用情况进行规划。 安徽鸿路钢结构（集团）股份有限公司 2025 年 8 月 22 日投资者关系活动记录表 编号：T2025-007 投资者关系 活动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 现场参观 电话调研 □其他 调研时间/参 与单位名称及 人员姓名 2025 年 8 月 22 日上午 13：30—16：30 长江证券 张弛、袁志芃； 天风证券 王涛；易方达基金 金川；国盛证券 廖 ...

Group 1 - The latest stock price of Honglu Steel Structure is 17.97 yuan, with an increase of 0.25 yuan, representing a rise of 1.41% compared to the previous trading day [1] - The trading volume for the day was 59,305 hands, with a total transaction amount of 106 million yuan [1] - Honglu Steel Structure is primarily engaged in the research, production, and sales of steel structure products, covering industrial, commercial, and public building sectors [1] Group 2 - The company announced on August 11 that it provided guarantees totaling 7.423 billion yuan to its subsidiaries, which accounts for 77.21% of the most recent audited net assets [1] - The announcement emphasized that all guarantees are provided to subsidiaries within the consolidated financial statements, with no external guarantees, overdue guarantees, or guarantees involving litigation [1] - On the same day, the net inflow of main funds for Honglu Steel Structure was 8.6939 million yuan, with a cumulative net inflow of 1.2972 million yuan over the past five days [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3] Core Viewpoints - The company is positioned as a leading player in the steel structure industry, focusing on high-end manufacturing and benefiting from the increasing penetration of prefabricated buildings and its growing market share [3][17] - The company is expected to achieve revenue of CNY 215.1 billion and a net profit of CNY 7.7 billion in 2024, with a projected annual production capacity of 5.2 million tons of steel structures by the end of 2024 [1][17] - The report highlights the strategic advantages of the company, including cost leadership and a strong focus on intelligent manufacturing, which is anticipated to enhance profitability and valuation [2][3] Industry Opportunities - The penetration rate of prefabricated buildings is expected to increase, with the 14th Five-Year Plan mandating that over 30% of new buildings be prefabricated by 2025, leading to a projected new construction area of 874 million square meters [1][44] - By 2035, it is anticipated that steel structure applications in China will reach levels comparable to developed countries, with annual usage exceeding 200 million tons, accounting for over 25% of crude steel production [1][50] Company Advantages - The company has a competitive edge in cost and market share, with a significant increase in orders since 2017, achieving a new order volume of CNY 28.2 billion in 2024 [2][76] - The company has made substantial investments in intelligent manufacturing, which is expected to reduce welding costs by approximately 90% and enhance net profit margins by over 5% [2][3] - The company’s market share is projected to reach 4.7% in 2024, benefiting from its focus on material manufacturing and a flexible sales model [2][84] Financial Summary - The company is expected to generate revenues of CNY 22.2 billion in 2025, with a net profit of CNY 918 million, reflecting a year-on-year growth of 3% and 19% respectively [4] - The company’s financial metrics indicate a decline in net profit margin due to increased investments in intelligent manufacturing, with a projected net profit margin of 5% in the coming years [4][28]

Group 1: Company Operations and Innovations - The company has developed a replicable information management system to ensure product quality and timely project execution, essential for multi-base production [2] - A dedicated smart manufacturing R&D team has been established, with increased investment in advanced equipment such as fully automated steel plate cutting lines and intelligent welding robots [2] - The company has implemented a project management platform that integrates with various systems, enhancing efficiency and reducing costs through automated tracking and payroll calculations [2] Group 2: Product and Market Focus - The company’s products are widely used in industrial plants, large venues, airports, train stations, and high-rise buildings, with recent orders primarily in the industrial plant sector [4] - The self-developed welding robots are currently used internally, with limited external sales planned based on business development and application scenarios [3] Group 3: Capacity Expansion and Future Plans - By the end of 2024, the company aims to achieve a steel structure product capacity of 5.2 million tons across ten production bases [5] - The company is considering expanding its overseas business based on market conditions, with indirect exports gradually increasing [6] Group 4: Financial and Performance Outlook - The company reported stable and orderly development in its operations for the first half of the year, with detailed performance to be disclosed in the upcoming semi-annual report [7] - There is ongoing consideration regarding the adjustment of the conversion price for the issued CNY 1.88 billion convertible bonds, contingent on improving company performance [7]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [9] Core Insights - The company has made significant advancements in intelligent manufacturing, establishing a dedicated R&D team for smart manufacturing, and achieving progress in areas such as laser cutting, intelligent assembly, intelligent welding, and intelligent spraying [2][6][55] - The projected annual steel structure production for 2024 is 4.51 million tons, with estimated welding labor costs of 319 RMB per ton. If the robot replacement rate reaches 50%, labor costs could decrease by over 100 RMB per ton [7][2] Summary by Sections Traditional Steel Structure Production Process - The traditional steel structure manufacturing process consists of nine main steps: raw material treatment, cutting and beveling, assembly and positioning, main weld seam welding, assembly and hole-making, secondary welding, surface spraying, and quality inspection [5][17] Breakthroughs in Intelligent Manufacturing - The company has initiated intelligent manufacturing R&D early, focusing on laser cutting, intelligent assembly, intelligent welding, and intelligent spraying. Key developments include: 1. Laser cutting machines: Over 800 units have been implemented since 2022, achieving smart cutting through digital integration [6][65] 2. Master Riveting Workstation: Set to upgrade in 2025, enhancing efficiency and quality in assembly [6][67] 3. Welding robots: Transitioning from external procurement to in-house development, with significant contracts signed for robot purchases [6][70] 4. Intelligent spraying: Continuous advancements in smart spraying lines to improve efficiency and quality [6][55] Future Profit Gains from Intelligent Production - The replacement of welders with robots is expected to significantly reduce labor costs, with potential cost savings of over 100 RMB per ton at a 50% replacement rate. Increased production capacity could further lower costs, with estimates suggesting a reduction of 15-30 RMB per ton as production scales up to 6 million and 8 million tons respectively [7][2]

Group 1 - The company plans to cancel its supervisory board to enhance governance and decision-making efficiency, transferring the supervisory responsibilities to the audit committee of the board [2][3][4] - The supervisory board will continue to perform its duties until the shareholders' meeting approves the cancellation [2][3] Group 2 - The company intends to change its business scope to include surveying services, construction engineering design, and project management, among others [4][5][6] - The previous business scope included contracting overseas steel structure projects and related services [4][5] Group 3 - The company will revise its articles of association to align with the new governance structure and business scope [4][5][6] - Key changes in the articles include the definition of the legal representative and the responsibilities of the board and shareholders [6][7][8]