Jianghai shares (002484) disclosed its 2023 annual report on April 12. In 2023, the company achieved a total revenue of 48.Jackpotfast.45 billion yuan, an increase of 7% over the same period last yearJackpotfast.15%; return to the mother net profit of 707 million yuan, an increase of 6.93% over the same period last year; deduction of non-net profit of 656 million yuan, an increase of 2.89% over the same period last year; business activities generatedJackpotfastThe net cash flow of Jianghai shares was 570 million yuan, an increase of 36.72% over the same period last year. During the reporting period, Jianghai shares earned 0.8393 yuan per share, with a weighted average return on net assets of 13.59%. The annual profit distribution plan of the company in 2023 isJackpotfastIt is proposed to distribute 2.6 yuan (including tax) to all shareholders for every 10 shares.
Based on its closing price on April 11, Jianghai shares are trading at a price-to-earnings ratio of about 18.44 times, a price-to-book ratio (LF) of about 2.36 times, and a price-to-sales ratio of about 2.69 times.
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 Jianghai's total revenue has a compound growth rate of 22.51% in the past three years, ranking second among the five companies in the passive components industry that have disclosed data for 2023. In the past three years, net profit grew at a compound annual growth rate of 23.78%, ranking second and fifth.
According to the annual report, during the reporting period, aluminum electrolytic capacitors (and core materials), thin film capacitors and supercapacitors are still the company's main business products, and sustained and stable development.
From a product point of view, in the company's main business in 2023, the revenue of aluminum electrolytic capacitors was 3.97 billion yuan, up 10.80% from the same period last year, accounting for 81.93% of the operating income; the income of thin film capacitors was 456 million yuan, up 40.66% from the same period last year, accounting for 9.41% of the operating income; and the income of supercapacitors was 221 million yuan, down 27.87% from the same period last year, accounting for 4.57% of the operating income.
By the end of 2023, the total number of employees of the company was 4305, with per capita income of 1.1254 million yuan, per capita profit of 164200 yuan and per capita salary of 117800 yuan, down 1.61%, 1.81% and 0.91% respectively compared with the same period last year.
In 2023, the company's gross profit margin was 26.08%, down 0.29 percentage points from the same period last year; the net profit margin was 14.66%, up 0.01 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 25.89%, down 0.03% from the same period last year and 0.01% from the previous quarter; the net profit rate was 15.16%, up 1.21% from the same period last year and 0.80% from the previous quarter.
In terms of products, the gross profit margins of aluminum electrolytic capacitors, thin film capacitors and supercapacitors in 2023 are 27.65%, 18.23% and 16.30%, respectively.
During the reporting period, the total sales amount of the company's top five customers was 1 billion yuan, accounting for 20.64% of the total sales amount, and the total purchase amount of the company's top five suppliers was 911 million yuan, accounting for 30.57% of the total annual purchase.
According to the data, the weighted average return on equity of the company in 2023 was 13.59%, down 0.83 percentage points from the same period last year; the return on invested capital in 2023 was 12.81%, down 0.78 percentage points from the same period last year.
In 2023, the net cash flow of the company's operating activities was 570 million yuan, an increase of 36.72% over the same period last year; the net cash flow of fund-raising activities was-17.1999 million yuan, a decrease of 49.153 million yuan over the same period last year; and the net cash flow of investment activities was-301 million yuan, compared with-430 million yuan in the same period last year.
Further statistics show that the free cash flow of the company in 2023 was 478 million yuan, an increase of 631.61% over the same period last year.
In 2023, the cash ratio of the company's operating income is 58.70%, and the net current ratio is 80.66%.
In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.70 times, compared with 0.74 times in the same period last year (the industry average in 2022 was 0.47 times, and the company ranked third in the same industry); the fixed assets turnover rate was 2.61 times, compared with 2.90 times in the same period last year (the industry average in 2022 was 1.66 times, and the company ranked 16th in the same industry). The turnover rate of accounts receivable and inventory is 3.12 times and 3.18 times respectively.
In 2023, the company's period expenses were 453 million yuan, an increase of 45.9547 million yuan over the same period last year, and the period expense rate was 9.35 percent, an increase of 0.34 percent over the same period last year. Among them, sales expenses decreased by 2.18% over the same period last year, management expenses increased by 7.01%, R & D expenses increased by 6.06%, and financial expenses changed from-34.6757 million yuan to-10.4283 million yuan in the same period last year.
In terms of major changes in assets, by the end of 2023, the company's monetary funds had increased by 33.23% over the end of the previous year, accounting for 2.49% of the company's total assets; inventory decreased by 4.77% and accounted for 2.33% of the company's total assets; other non-current assets decreased by 31.57% compared with the end of last year, accounting for 1.33% of the company's total assets. Accounts receivable increased by 4.75% over the end of last year, accounting for 1.08 percentage points of the company's total assets.
In terms of major changes in liabilities, by the end of 2023, the company's long-term loans increased by 26.98% over the end of the previous year, accounting for 0.27% of the company's total assets, mainly due to the increase in loans from Inner Mongolia Haili, a wholly-owned subsidiary of the company. Short-term loans increased by 14.20% over the end of last year, accounting for 0.10 percentage points of the company's total assets Notes payable decreased by 9.16% compared with the end of last year, accounting for 0.66% of the company's total assets, and accounts payable decreased by 1.97% and 1.49% of the company's total assets compared with the end of last year.
From the perspective of inventory changes, by the end of 2023, the book value of the company's inventory was 1.098 billion yuan, accounting for 19.9% of the net assets, a decrease of 54.9805 million yuan compared with the end of last year. Among them, the provision for the price decline of inventory is 41.2067 million yuan, with a provision proportion of 3.62%.
For the whole of 2023, the company's R & D investment was 232 million yuan, an increase of 6.06% over the same period last year; R & D investment accounted for 4.79% of operating income, down 0.05% from the same period last year. In addition, the company's annual R & D investment capitalization rate is 0.
In terms of solvency, the asset-liability ratio of the company at the end of 2023 was 23.55%, down 2.09 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 5.15%, up 0.54 percentage points from the end of the previous year.
In 2023, the current ratio of the company is 3.02 and the quick ratio is 2.27.
According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, the new shareholders are Cao Zhiwei, CITIC Securities Co., Ltd.-Social Security Fund 17052 combination, replacing the Dacheng high-tech industry stock securities investment fund and the basic pension fund 802 combination at the end of the third quarter. In terms of specific shareholding ratio, the 418 combination of the National Social Security Fund, Shanghai Gao Yi Asset Management Partnership (Limited Partnership)-Gao Yi Xiaofeng No. 2 letter Fund, China Foreign Economic and Trade Trust Co., Ltd.-Foreign Trade Trust-Gao Yi Xiaofeng Hongyuan Collective Fund Trust Plan, China Life Insurance Co., Ltd.-traditional-general insurance products-005L-CT001 Shanghai shareholding has increased The holdings of Sunway Investment Co., Ltd., Zhu Xiang, Hong Kong Securities Clearing Co., Ltd., and the National Social Security Fund 113 portfolio have declined.
In terms of chip concentration, by the end of 2023, the total number of shareholders of the Company was 22,400, an increase of 951 households compared with the end of the third quarter, with an increase of 4.44%; the market value of shares held by each household decreased from 670,200 yuan at the end of the third quarter to 607,900 yuan, with a decrease of 9.30%.
Indicator Notes:
price-earnings ratio
= Total market value/net profit. When the company loses money, the P/E ratio is negative, at this time it is meaningless to use the P/E ratio or the P/E ratio as a reference.
B ratio
= Total market value/net assets. Price to book ratio 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. Price to sales valuation is usually used for growth companies that are losing money or meager profits.
The price-earnings ratio and price-to-sales ratio are TTM, which is calculated based on the data of the latest financial report (including forecast) for 12 months. The market-to-book ratio adopts LF mode, that is, calculated based on the latest financial report data.
When P/E ratio is negative, the current quantile is not displayed, resulting in broken line chart.
(Source: China Securities News·China Securities Network)