1bandarslot| Hubei Yihua: Net profit in 2023 will drop by 79.06% year-on-year, planned to be 3.2 yuan for 10 shares
Hubei Yihua (000422) disclosed its annual report for 2023 on April 13. In 2023, the company achieved operating income of 170.1bandarslot.42 billion yuan, down 17.72% from the same period last year; net profit from home was 453 million yuan, down 79.06% from the same period last year; non-net profit was 478 million yuan, down 72.58% from the same period last year; net cash flow from operating activities was 1.626 billion yuan, down 57.88% from the same period last year; during the reporting period, Hubei Yihua's basic earnings per share was 0.4698 yuan, with a weighted average return on net assets of 8.24%. The company's 2023 distribution plan is to pay out 3.2 yuan (including tax) to all shareholders for every 10 shares.
Based on the closing price on April 12, Hubei Yihua's current price-to-earnings ratio (TTM) is about 22.18 times, price-to-book ratio (LF) is about 1.53 times, and price-to-sales ratio (TTM) is about 0.59 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 Hubei Yihua's total revenue has a compound growth rate of 7.27% in the past three years, ranking 12th among the 15 companies in the agrochemical industry that have disclosed data for 2023. The compound annual growth rate of net profit in the past three years was 57.59%, ranking 4x15.
From a product point of view, in the company's main business in 2023, diammonium phosphate income was 4.566 billion yuan, down 18.34% from the same period last year, accounting for 26.79% of operating income; PVC income was 4.518 billion yuan, down 18.57% from the same period last year, accounting for 26.51% of operating income; urea income was 3.191 billion yuan, down 9.40% from the same period last year, accounting for 18.72% of operating income.
By the end of 2023, the total number of employees of the company was 7764, with per capita income of 2.195 million yuan, per capita profit of 58400 yuan and per capita salary of 110200 yuan, which changed from-15.82%,-78.58% and 5.66% respectively over the same period last year.
In 2023, the company's gross profit margin was 12.66%, down 6.43 percentage points from the same period last year; the net profit margin was 4.73%, down 8.45 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 15.71%, up 4.81% from the same period last year, up 3.07% from the previous quarter; and the net profit rate was 5.46%, up 3.44% from the same period last year and down 0.19% from the previous quarter.
In terms of products, the gross profit margins of diammonium phosphate, polyvinyl chloride and urea in 2023 are 13.73%,-8.74% and 27.79%, respectively.
During the reporting period, the total sales amount of the company's top five customers was 2.93 billion yuan, accounting for 17.19% of the total sales amount, and the total purchase amount of the company's top five suppliers was 3.919 billion yuan, accounting for 23.62% of the total annual purchase.
According to the data, the weighted average return on equity of the company in 2023 was 8.24%, down 52.58 percentage points from the same period last year; the return on invested capital in 2023 was 5.92%, down 13.11 percentage points from the same period last year.
In 2023, the net cash flow of the company's operating activities was 1.626 billion yuan, down 57.88% from the same period last year; the net cash flow of fund-raising activities was-218 million yuan, an increase of 2.719 billion yuan over the same period last year; and the net cash flow of investment activities was-2.165 billion yuan, compared with-1.238 billion yuan in the same period last year.
Further statistics show that the free cash flow of the company in 2023 was 641 million yuan, a decrease of 65.47% compared with the same period last year.
In 2023, the cash ratio of the company's operating income is 71.78%, and the net present ratio is 358.92%.
In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.83 times, compared with 1.02 times in the same period last year (the industry average in 2022 was 0.78 times, and the company ranked 59 in the same industry); the fixed assets turnover rate was 2.12 times, 2.46 times in the same period last year (the industry average in 2022 was 2.79 times, and the company ranked in the same industry 34 times). The company's accounts receivable turnover and inventory turnover were 81.82 and 9.67 respectively.
In 2023, the company's period expenses were 1.474 billion yuan, a decrease of 69.5927 million yuan compared with the same period last year, but the rate of expenses during the period was 8.65%, an increase of 1.20% over the same period last year. Among them, sales expenses increased by 19.71 percent over the same period last year, management expenses increased by 2.48 percent, R & D expenses increased by 0.16 percent, and financial expenses decreased by 40.83 percent.
In terms of major changes in assets, by the end of 2023, the company's projects under construction increased by 154.84% over the end of the previous year, accounting for 7.14% of the company's total assets; fixed assets decreased by 5.76%, accounting for 5.71% of the company's total assets; long-term equity investment increased by 36.09% over the end of last year, accounting for 3.93% of the company's total assets. Monetary funds decreased by 13.12% compared with the end of last year, accounting for 3.53 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 decreased by 42.91% compared with the end of last year, accounting for 11.89% of the company's total assets; non-current liabilities due within one year increased by 75.07% over the end of the previous year, accounting for 6.11% of the company's total assets; notes payable increased by 89.41% over the end of last year, accounting for 2.03% of the company's total assets Short-term borrowing decreased by 22.69% compared with the end of last year, accounting for 2.99 percentage points of the company's total assets.
For the whole of 2023, the company's R & D investment was 737 million yuan, an increase of 0.16% over the same period last year; R & D investment accounted for 4.32% of operating income, an increase of 0.77% over 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 59.61%, down 5.77 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 36.59%, down 8.77 percentage points from the end of the previous year.
In 2023, the current ratio of the company is 0.60 and the quick ratio is 0.41.
According to the annual report, among the company's top 10 tradable shareholders at the end of 2023, the new shareholders are Zhang Yongsheng and CICCFT10 (R), China International Capital Hong Kong Asset Management Co., Ltd.1bandarslotWang Guoqing and Zhang Hanyue at the end of the third quarter. In terms of specific shareholding ratio, the shareholdings of Hubei Yihua Group Co., Ltd., Yang Jia, Yuan Jianliang and Dai Jianbin have increased, while those of Wu Wenbin and Hong Kong Securities Clearing Co., Ltd. have declined.
In terms of chip concentration, by the end of 2023, the total number of shareholders in the company was 133300, an increase of 4698, or 3.65%, over the end of the third quarter; the value of stock market holdings per household decreased to 83000 yuan from 89400 yuan at the end of the third quarter, a decrease of 7.16%.
Indicator Notes:
Price-earnings ratio
= total market capitalization / net profit. When the company loses money, the price-to-earnings ratio is negative, so it is of no practical significance to use the price-to-earnings ratio or the price-to-sales ratio as a reference.
Price to book ratio
= total market capitalization / net assets. The price-to-book ratio valuation method is mostly used for companies whose earnings fluctuate greatly and their net assets are relatively stable.
Market sales ratio
= total market capitalization / operating income. The valuation method of price-to-sales ratio is usually used for growth companies that are losing money or making small profits.
In this paper, the price-to-earnings ratio and price-to-sales ratio are calculated by TTM, that is, based on the 12-month data up to the latest financial report (including forecast). The price-to-book ratio is calculated on the basis of LF, which is based on the latest financial report.
When the price-to-earnings ratio is negative, the current quantile is not displayed, which will lead to the interruption of the line chart.
（文章来源：中国证券报·中证网）
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