HXSS(SH:600477)2024-04-08 16:00Investment Rating - The report maintains a "Buy" rating for Hangxiao Steel Structure Co., Ltd. [1] Core Insights - The company reported a significant increase in net profit and a rapid growth in new orders for steel structures in 2023. Revenue reached 10.82 billion yuan, a year-on-year increase of 8.90%, while net profit attributable to shareholders was 294 million yuan, reflecting a growth of 9.62% [1] - The company has signed new contracts totaling 17.18 billion yuan, a year-on-year increase of 4.61%, with a notable 22.55% growth in new contracts signed [1] - The gross profit margin improved slightly to 16.04%, with a net profit margin of 2.98%, indicating enhanced profitability [1] - The company is actively exploring emerging industries such as photovoltaics and expanding its international presence, having signed overseas orders worth 1.211 billion yuan in 2023, marking a new peak for the company [1] Financial Performance Summary - Revenue for 2023 was 10.82 billion yuan, with a breakdown showing multi-story steel structures generating 6.245 billion yuan (up 4.7%) and light steel structures at 4.08 billion yuan (up 38.56%) [1] - The company expects revenues for 2024, 2025, and 2026 to be 11.998 billion yuan, 13.424 billion yuan, and 15.152 billion yuan, respectively, with corresponding net profits projected at 368 million yuan, 420 million yuan, and 0.18 yuan per share [1] - The operating cash flow showed an improvement, with a net outflow of 561 million yuan in 2023, a reduction of 274 million yuan compared to the previous year [1]