Zhongji Xuchuang (300308) disclosed its 2023 annual report on April 22nd. 2023AllplaytoearncryptogamesThe company achieved a total revenue of 107Allplaytoearncryptogames.1.8 billion yuan, up 11.16% over the same period last year; net profit returned to the mother was 2.174 billion yuan, up 77.58% over the same period last year; deducting 2.124 billion yuan from non-net profit, up 104.71% over the same period last year; net cash flow from operating activities was 1.897 billion yuan, down 22.53% from the same period last year; during the reporting period, China International Asset basic earnings per share was 2.80 yuan, and the weighted average return on net assets was 16.58%. The company's annual profit distribution plan for 2023 is to distribute 4.5 yuan (including tax) to all shareholders for every 10 shares transferred to 4 shares.
Based on the closing price on April 19, the current price-to-earnings ratio (TTM), price-to-book ratio (LF) and price-to-sales ratio (TTM) are about 63.05times, 9.61times and 12.79times respectively.
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 China International Asahi Chuang's total revenue has a compound growth rate of 14.99% in the past three years, ranking ninth among the 15 companies in the communications network equipment and devices industry that have disclosed data for 2023. In the past three years, net profit grew at a compound annual growth rate of 35.93%, ranking 3x15.
According to the annual report, the company's main business is the research, development, production and sales of high-end optical communication transceiver modules and optical devices. products serve domestic and foreign customers in cloud computing data centers, data communications, 5G wireless networks, telecommunications transmission and fixed-line access.
From a product point of view, in the company's main business in 2023, the income of high-speed optical communication module was 9.799 billion yuan, accounting for 91.42% of business income; the income of medium-and low-speed optical communication module was 383 million yuan, accounting for 3.58% of business income; and the income of automobile optoelectronics was 334 million yuan, accounting for 3.12% of business income.
By the end of 2023, the total number of employees of the company was 6166, with per capita income of 1.7382 million yuan, per capita profit of 352500 yuan and per capita salary of 171600 yuan, up 1.57%, 62.26% and 0.08% respectively over the same period last year.
In 2023, the company's gross profit margin was 32.99%, up 3.68 percentage points from the same period last year, and the net profit rate was 20.60%, up 7.80 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 35.37%, up 2.61% from the same period last year and 1.83% from the previous quarter; the net profit rate was 24.28%, up 10.50% from the same period last year and 2.30% from the previous quarter.
According to the products, the gross profit margins of high-speed optical communication module, medium-and low-speed optical communication module and automotive optoelectronics in 2023 are 35.06%, 10.50% and 17.34%, respectively.
During the reporting period, the total sales amount of the company's top five customers was 7.901 billion yuan, accounting for 73.71% of the total sales amount, and the total purchase amount of the company's top five suppliers was 3.27 billion yuan, accounting for 49.43% of the total annual purchase.
According to the data, the weighted average return on equity of the company in 2023 was 16.58%, an increase of 6.30 percentage points over the same period last year, and the return on invested capital in 2023 was 14.46%, an increase of 5.55 percentage points over the same period last year.
In 2023, the net cash flow of the company's operating activities was 1.897 billion yuan, down 22.53% from the same period last year; the net cash flow of fund-raising activities was-316 million yuan, an increase of 1.325 billion yuan over the same period last year; and the net cash flow of investment activities was-1.176 billion yuan, compared with-1.553 billion yuan in the same period last year.
Further statistics show that the free cash flow of the company in 2023 was 1.475 billion yuan, an increase of 73.69% over the same period last year.
In 2023, the cash ratio of the company's operating income is 99.04%, and the net present ratio is 87.28%.
In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.59 times, compared with 0.58 times in the same period last year (the industry average in 2022 was 0.58 times, and the company ranked among the same industry in the same industry). The turnover rate of fixed assets was 2.99 times, compared with 3.03 times in the same period last year (the industry average in 2022 was 4.19 times, and the company ranked 23pm in the same industry). The turnover rate of accounts receivable and inventory is 5.24 times and 1.76 times respectively.
In 2023, the company's period expenses were 1.214 billion yuan, a decrease of 128 million yuan compared with the same period last year, and the period expense rate was 11.33 percent, down 2.59 percent from the same period last year. Among them, sales expenses increased by 37.6% over the same period last year, management expenses decreased by 14.45%, R & D expenses decreased by 3.61%, and financial expenses changed from-22.2008 million yuan to-83.5702 million yuan in the same period last year.
In terms of major changes in assets, by the end of 2023, the company's transactional financial assets had decreased by 59.17% compared with the end of last year, accounting for 4.07% of the company's total assets; accounts receivable increased by 71.04% over the end of the previous year, accounting for 3.78% of the company's total assets; goodwill decreased by 0.49% compared with the end of the previous year, accounting for 2.08% of the company's total assets Inventory increased by 10.46% over the end of last year, accounting for 2.01 percentage points of the company's total assets.
In terms of major changes in liabilities, by the end of 2023, the company's other payables (including interest and dividends) increased by 541.77% over the end of the previous year, accounting for 4.72% of the company's total assets; accounts payable increased by 63.50% over the end of the previous year, accounting for 2.42% of the company's total assets; long-term loans decreased by 54.20% compared with the end of last year, accounting for 2.61% of the company's total assets The non-current liabilities due within one year decreased by 37.06% compared with the end of last year, accounting for 2.57 percentage points of the company's total assets.
From the perspective of inventory changes, by the end of 2023, the book value of the company's inventory was 4.295 billion yuan, accounting for 30.11% of the net assets, an increase of 407 million yuan over the end of last year. Among them, the stock price reduction provision is 286 million yuan, and the proportion of provision is 6.25%.
For the whole of 2023, the company's R & D investment was 809 million yuan, an increase of 2.17% over the same period last year; R & D investment accounted for 7.55% of operating income, down 0.67% from the same period last year. In addition, the company's annual R & D investment capitalization rate is 8.65%.
In terms of solvency, the asset-liability ratio of the company at the end of 2023 was 26.15%, down 0.96 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 4.70%, down 7.19 percentage points from the end of the previous year.
In 2023, the current ratio of the company is 2.60 and the quick ratio is 1.61.
According to the annual report, among the top 10 tradable shareholders of the company at the end of 2023, the new shareholder was CITIC Securities Co., Ltd., replacing the CSI 500 exchange-traded securities investment fund at the end of the third quarter. In terms of specific shareholding ratio, the shareholdings of Hong Kong Securities Clearing Co., Ltd., Suzhou Yixingfu Enterprise Management Center (limited partnership), Suzhou Yunchangjin Enterprise Management Center (limited partnership), Yi Fangda gem trading open index securities investment fund and Huaan gem 50 traded index securities investment fund have increased.
In terms of chip concentration, by the end of 2023, the total number of shareholders in the company was 66800, down 4404, or 6.19%, from the end of the third quarter; the value of stock market holdings per household rose to 1.3572 million yuan from 1.3058 million yuan at the end of the third quarter, an increase of 3.94%.
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)
