CSI Financial Information Yuanxiang New material (301300) disclosed its 2023 annual report on April 22nd. In 2023, the company achieved total revenue 3Reallifestrippoker9.4 billion yuan, an increase of 7.32% over the same period last yearReallifestrippokerThe net profit from home was 34.4067 million yuan, down 35.40% from the same period last year; the non-net profit was 32.124 million yuan, down 34.90% from the same period last year; the net cash flow from operating activities was 40.0766 million yuan, down 54.02% from the same period last year; during the reporting period, Yuanxiang Xincai's basic earnings per share was 0.54 yuan, and the weighted average return on net assets was 4.15%. The company's annual profit distribution plan for 2023 is: it is proposed to distribute 4 yuan (including tax) to all shareholders for every 10 shares.
Based on the closing price on April 19th, Yuanxiang Xincai currently trades at a price-to-earnings ratio (TTM) of 39.62times, a price-to-book ratio (LF) of 1.62times, and a price-to-sales ratio (TTM) of 3.46times.
The historical quantiles of the company's recent price-to-earnings ratio (TTM), price-to-book ratio (LF) and price-to-sales ratio (TTM) are as follows:
Statistics show that Yuanxiang's total revenue has a compound growth rate of 7.03% in the past three years, ranking eighth among the 10 companies in the rubber industry that have disclosed data for 2023. The compound annual growth rate of net profit in the past three years is-19.36%, ranking 9x10.
Data show that the company's main business is the research and development, production and sales of precipitated silica.
From a product point of view, in the company's main business in 2023, the income of silicone rubber silica (general-purpose) was 357 million yuan, an increase of 11.68% over the same period last year, accounting for 90.55% of operating income; the income of silicone rubber silica (highly transparent) was 25 million yuan, down 26.74% from the same period last year, accounting for 6.44% of operating income The processing income of mixed rubber was 7 million yuan, down 14.72% from the same period last year, accounting for 1.71% of the business income.
By the end of 2023, the total number of employees of the company was 344, with per capita income of 1.1448 million yuan, per capita profit of 100000 yuan and per capita salary of 91300 yuan, which changed by-5.16%,-42.91% and 0.70% respectively over the same period last year.
In 2023, the company's gross profit margin was 20.37%, down 4.81 percentage points from the same period last year; the net profit margin was 8.74%, down 5.77 percentage points from the same period last year. According to the single-quarter indicators, the company's gross profit margin in the fourth quarter of 2023 was 18.21%, down 2.31 percentage points from the same period last year and 2.94 percentage points from the previous quarter; the net profit margin was 5.14%, down 4.47 percentage points from the same period last year and 4.20 percentage points from the previous quarter.
In terms of products, the gross profit margins of silicon dioxide for silicone rubber (general type), silicon dioxide for silicone rubber (high transparency type) and mixed rubber substitute processing in 2023 are 19.12%, 36.61% and 9.66%, respectively.
During the reporting period, the total sales amount of the company's top five customers was 125 million yuan, accounting for 31.71% of the total sales amount, and the total purchase amount of the company's top five suppliers was 206 million yuan, accounting for 65.82% of the total annual purchase.
According to the data, the weighted average return on equity of the company in 2023 was 4.15%, down 6.94 percentage points from the same period last year; the return on invested capital in 2023 was 3.06%, down 5.51 percentage points from the same period last year.
In 2023, the net cash flow of the company's operating activities was 40.0766 million yuan, down 54.02% from the same period last year; the net cash flow of fund-raising activities was-26.227 million yuan, down 495 million yuan from the same period last year; and the net cash flow of investment activities was-267 million yuan, compared with-86.2657 million yuan in the same period last year.
Further statistics show that the company's free cash flow is 12.1728 million yuan in 2023, compared with-2.01 million yuan in the same period last year.
In 2023, the cash ratio of the company's operating income is 42.85%, and the net current ratio is 116.48%.
In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.40 times, compared with 0.52 times in the same period last year (the industry average in 2022 was 0.77 times, and the company ranked in the same industry as 16x20), and the fixed assets turnover rate was 4.11 times, compared with 4.26 times in the same period last year (the industry average in 2022 was 3.67 times, and the company ranked in the same industry). The turnover rate of accounts receivable and inventory is 3.42 times and 8.61 times respectively.
In 2023, the company's period expenses were 35.6242 million yuan, an increase of 4.8373 million yuan over the same period last year, and the period expense rate was 9.05 percent, an increase of 0.66 percent over the same period last year. Among them, sales expenses increased by 60.36% over the same period last year, management expenses increased by 33.33%, R & D expenses increased by 23.01%, financial expenses-9.3203 million yuan, and the same period last year-3.4009 million yuan.
In terms of major changes in assets, by the end of 2023, the company's monetary funds had decreased by 1.99% compared with the end of last year, accounting for 3.72% of the company's total assets; projects under construction decreased by 75.45%, accounting for 2.22% of the company's total assets; accounts receivable increased by 26.38% over the end of last year, accounting for 2.14% of the company's total assets. Fixed assets increased by 30.29% over the end of last year, accounting for 2.07 percentage points of the company's total assets.
In terms of major changes in liabilities, by the end of 2023, the company's accounts payable had increased by 27.79% over the end of the previous year, accounting for 2.38% of the company's total assets; taxes and fees payable had increased by 895.38% over the end of the previous year, accounting for 0.32% of the company's total assets; the salary payable for employees increased by 13.85% over the end of last year, accounting for 0.04% of the company's total assets. Other payables (including interest and dividends) decreased by 68.64% compared with the end of last year, accounting for 0.05 percentage points of the company's total assets.
In terms of inventory changes, by the end of 2023, the book value of the company's inventory was 34.9474 million yuan, accounting for 4.15% of net assets. Among them, the stock price reduction provision is 1.5136 million yuan, and the proportion of provision is 4.15%.
For the whole of 2023, the company's R & D investment was 15.7583 million yuan, an increase of 23.01% over the same period last year; R & D investment accounted for 4.00% of operating income, an increase of 0.51% over the same period last year. In addition, the company's annual R & D investment capitalization rate is 0.
According to the annual report, by the end of the reporting period, the company had 55 patents, of which 34 were invention patents and 21 were utility model patents.
In terms of solvency, the asset-liability ratio of the company at the end of 2023 was 17.00%, an increase of 2.54 percentage points over the end of the previous year, and the interest-bearing asset-liability ratio was 1.97%, down 0.10 percentage points from the end of the previous year.
In 2023, the current ratio of the company is 5.19 and the quick ratio is 4.98.
According to the annual report, among the top 10 tradable shareholders of the company at the end of 2023, the new shareholders are Huatai Financial Holdings (Hong Kong) Co., Ltd.-China Power Fund, Guojin quantitative selection mixed Securities Investment Fund, and CITIC Construction Investment Securities Co., Ltd., replacing China International Capital Hong Kong Asset Management Co., Ltd.-FT, UBS AG, Guo Zhenqing at the end of the third quarter. In terms of specific shareholding ratio, the shareholdings of Guojin quantitative multi-factor stock investment funds, Weng Rushan, Jinyuan Shun'an high-quality and flexible allocation mixed securities investment funds have increased, while the holdings of Li Changming, Everbright Securities (Rights Protection) Co., Ltd., and Lin Yankou have declined.
In terms of chip concentration, as of the end of 2023, the total number of shareholders in the company was 8719, an increase of 371 from the end of the third quarter, an increase of 4.44%; the average market value of shares held by each household dropped from 238,800 yuan at the end of the third quarter to 232,700 yuan, a decrease of 2.55%.
Indicator Notes:
price-earnings ratio
= Total market value/net profit. When a company loses money, the P/E ratio is negative. At this time, it is meaningless to use the P/E ratio to value it, and the P/B ratio or P/P ratio is often used as a reference.
B ratio
= Total market value/net assets. The price-to-book valuation method is mostly used for companies with large fluctuations in earnings and relatively stable net assets.
market sales rate
= Total market value/operating income. The price-to-sales ratio valuation method is usually used for growth companies that lose money or make small profits.
The price-to-earnings ratio and price-to-sales ratio in the text are calculated based on the TTM method, which is based on data for the 12 months up to the latest financial report (including forecasts). The P/B ratio adopts LF method, which is calculated based on the latest financial report data.
When the P/E ratio is negative, the current quantiles are not displayed, which will cause the line chart to be interrupted.
(Article source: China Securities Journal·China Securities Network)