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Employees: 6,643
Size Hangxiao Steel Structure (600477.SS) is a China Materials company (Steel) with a market value of $810M, the 2722nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥2.29 on 6 Nov 2026.
Performance Over six months the shares fell 24.2%, against -20.4% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue fell 23.7% over the last twelve months (peer median +3.6%); the operating margin is 2.7% (peer median 5.5%).
Valuation It trades at 28.6× forward earnings against a peer median of 15.3× (3rd most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is -3%, so the hurdle is +14 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.1 points below its cost of capital (6.1% WACC).
Next results Next results expected around 16 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥5.89B | CN¥7.09B | CN¥7.88B | CN¥10.8B | CN¥9.89B |
| Revenue growth | — | -10% | -27% | +9% | — |
| Gross profit | CN¥1.20B | CN¥1.12B | CN¥1.19B | CN¥1.72B | CN¥1.47B |
| EBITDA | n/a | CN¥537M | CN¥447M | CN¥672M | CN¥534M |
| Net income | CN¥30.4M | CN¥116M | CN¥169M | CN¥294M | CN¥268M |
| Free cash flow | CN¥271M | -CN¥570M | -CN¥1.35B | -CN¥1.89B | -CN¥1.44B |
| Capital expenditure | CN¥125M | CN¥197M | CN¥590M | CN¥1.33B | CN¥601M |
| Total debt | CN¥5.30B | CN¥5.16B | CN¥5.80B | CN¥5.51B | CN¥3.87B |
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Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 600477.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.0% | -15.0% | 5th highest of 21 |
| 6-month return | -24.2% | -20.4% | 8th lowest of 21 |
| Distance from 52-week high | -51.6% | -33.0% | 5th lowest of 21 |
| Revenue growth (TTM) | -23.7% | +3.6% | lowest of 21 |
| Operating margin | 2.7% | 5.5% | 7th lowest of 21 |
| Forward P/E | 28.6× | 15.3× | 3rd most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 11.6% | 7.7% | 3rd most demanding of 11 |
| Growth delivered (Del g) | -2.5% | +11.3% | lowest of 11 |
| Hurdle (Req g minus delivered) | +14.1 pp | -7.0 pp | most demanding of 11 |
| ROIC minus cost of capital | -3.1 pp | -4.0 pp | 9th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hangxiao Steel Structure 600477.SS | China | $810M | -24% | -24% | 3% | 28.6× | 11.6% | -2.5% |
| Anyang Iron and Steel 600569.SS | China | $810M | -10% | +1% | -10% | n/a | n/a | n/a |
| Maharashtra Seamless MAHSEAMLES.NS | India | $809M | -12% | -12% | 13% | 15.5× | 8.1% | +15.2% |
| Yieh Phui Enterprise 2023.TW | Taiwan | $804M | +5% | -9% | 0% | 25.2× | n/a | n/a |
| Champion Iron CIA.AX | Australia | $799M | -60% | -7% | 7% | 11.5× | 10.4% | +7.4% |
| Silvery Dragon Group Co., Ltd Tianjin 603969.SS | China | $790M | -33% | -1% | 15% | 9.5× | -3.5% | +4.7% |
| SunCoke Energy SXC | United States | $832M | +34% | +3% | 4% | 23.1× | 7.2% | +6.6% |
| Jiangsu Changbao Steel Tube 002478.SZ | China | $847M | -40% | +2% | 6% | 17.5× | -4.8% | +8.4% |
| Xinjiang Baodi Mining 601121.SS | China | $887M | -23% | +23% | 23% | n/a | n/a | n/a |
| Guangdong Zhongnan Iron & Steel 000717.SZ | China | $734M | -19% | -12% | -5% | n/a | n/a | n/a |
| BRC Asia BEC.SI | Singapore | $894M | -9% | +23% | 8% | 10.5× | -14.8% | +20.5% |
| RongFa Nuclear Equipment 002366.SZ | China | $898M | -29% | -15% | -18% | n/a | n/a | n/a |
| Sunflag Iron & Steel SUNFLAG.NS | India | $730M | -7% | +9% | 9% | n/a | 23.4% | +15.7% |
| Jiangsu Longda Superalloy 688231.SS | China | $919M | -34% | +54% | 6% | 35.0× | n/a | n/a |
| Jayaswal Neco Industries JAYNECOIND.NS | India | $920M | -22% | +18% | 15% | n/a | 8.4% | +14.0% |
| SBHC 001430.KS | South Korea | $712M | -64% | +11% | 3% | 14.2× | n/a | n/a |
| Zhejiang Jingu 002488.SZ | China | $939M | -45% | +11% | 5% | 40.0× | n/a | n/a |
| Metallus MTUS | United States | $687M | -10% | +11% | 1% | 15.3× | n/a | n/a |
| Aichi Steel 5482.T | Japan | $970M | -17% | +4% | 5% | 14.2× | 1.6% | +8.5% |
| Kirloskar Ferrous Industries KIRLFER.NS | India | $674M | -15% | +7% | 8% | 9.1× | 14.2% | +27.6% |
| Xining Special Steel 600117.SS | China | $976M | -23% | 0% | -21% | n/a | n/a | n/a |