鸿路钢构（002541）：Q3盈利触底回升，新签订单稳步增长

Investment Rating - The investment rating for the company is "Hold" [2][13] Core Insights - The company reported a revenue of 15.92 billion yuan for the first three quarters of 2025, a year-on-year increase of 0.2%, while the net profit attributable to shareholders decreased by 24.3% to 500 million yuan [5][6] - New signed orders showed steady growth, with a total of 22.27 billion yuan in new orders for the first three quarters, up 1.6% year-on-year [6] - The company's gross margin improved to 10.4% for the first three quarters, an increase of 0.24 percentage points year-on-year [7] Financial Performance Summary - The latest closing price of the company's stock is 19.28 yuan, with a total market capitalization of 13.3 billion yuan [4] - The company’s earnings per share (EPS) for 2025 is projected to be 0.92 yuan, with a price-to-earnings (P/E) ratio of 20.93 [9][12] - The company’s total liabilities to assets ratio stands at 61.9% [4][12]