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]