营收&利润稳步增长，看好公司海外拓展前景

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a steady revenue growth of 8.90% year-on-year, with total revenue reaching 10.82 billion yuan in FY23. The net profit attributable to the parent company was 293.62 million yuan, reflecting a year-on-year increase of 9.62% [1][5] - The company is focusing on its traditional strengths in the steel structure business while actively expanding into overseas markets. Despite significant downward pressure in the real estate sector, the long-term development potential of the company remains promising [1][9] - The report has adjusted profit forecasts for the company, projecting net profits of 330 million yuan, 370 million yuan, and 420 million yuan for 2024-2026, respectively [1][5] Financial Performance - FY23 financial highlights include: - Revenue: 10.82 billion yuan, up 8.90% from FY22 - Net profit: 293.62 million yuan, up 9.62% from FY22 - Non-recurring net profit: 250 million yuan, up 31.41% from FY22 - Q4 revenue: 3.13 billion yuan, with net profit of 45 million yuan [1][5][11] - The company reported a comprehensive gross margin of 15.4%, an increase of 2.25 percentage points year-on-year, with Q4 gross margin at 15.9% [9][11] - The company’s new orders reached 17.181 billion yuan in FY23, a year-on-year increase of 4.61%, with significant growth in overseas orders [10][11] Business Segmentation - In terms of business segments, the company reported: - Steel structure production and sales volumes of 1.592 million tons and 1.554 million tons, respectively, representing year-on-year increases of 9.82% and 32.71% [9] - Revenue from multi-story steel structures, light steel structures, and building materials was 624.5 million yuan, 408 million yuan, and 19.6 million yuan, respectively, with year-on-year growth rates of 4.7%, 38.56%, and a decline of 73.05% [9] Market Outlook - The company is expected to continue its overseas expansion, with overseas revenue reaching 1 billion yuan, a staggering year-on-year increase of 1271.45% [9][10] - The report emphasizes the importance of the company’s ability to secure high-quality overseas projects as part of its growth strategy [10]