baitandtacklenearme| Funeng Dongfang: The profit in 2023 will be 70.139 million yuan and a year-on-year loss
Funeng Oriental (300173) released its 2023 annual report on April 13. In 2023, the company achieved a total revenue of 14Baitandtacklenearme9.8 billion yuan, an increase of 6.20% over the same period last year; net profit from the mother was 70.139 million yuan, reversing losses compared with the same period last year; deducting 5.2966 million yuan from non-net profit, reversing losses over the same period last year; net cash flow from operating activities was-18.4654 million yuan, compared with 109 million yuan in the same period last year. Funeng Oriental's basic earnings per share was 0.1 yuan, and the weighted average return on net assets was 8.01%.
During the reporting period, the company's total non-recurrent profit and loss was 64.8425 million yuan, of which the profit and loss on the disposal of illiquid assets was 40.2175 million yuan.
At its closing price on April 12, Funeng Oriental is trading at about 43.05times TTM, 3.35x LF and 2.02x TTM.
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 Funeng Oriental's total revenue has a compound growth rate of 34.57% in the past three years, ranking fourth among the five companies in the lithium special equipment industry that have disclosed data for 2023. Net profit has grown at a compound annual growth rate of 156.97% in the past three years, ranking first and fifth.
According to the annual report, during the reporting period, the company was mainly engaged in the research and development, production, sales and service of high-end intelligent manufacturing equipment such as lithium battery automation production equipment and 3C automation production equipment, as well as precision die-cutting product processing, IDC data storage and operation services.
From a product point of view, in the company's main business in 2023, the income of lithium battery equipment and automation production line was 1.318 billion yuan, up 5.07% over the same period last year, accounting for 87.95% of business income. 3C special equipment and automation production line income 83 million yuan, an increase of 59.25% over the same period last year, accounting for 5.55% of business income; precision function and structure income 54 million yuan, down 18.81%, accounting for 3.64% of business income.
By the end of 2023, the total number of employees of the company was 2045, with per capita income of 732600 yuan, per capita profit of 34300 yuan and per capita salary of 162000 yuan, respectively, changing from 3.62%, 120.85% and 4.04% over the same period last year.
In 2023, the company's gross profit margin was 26.71%, up 3.41 percentage points from the same period last year; the net profit margin was 5.08%, up 27.42 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 24.46%, up 2.18% from the same period last year, down 7.43% from the previous quarter; and the net profit rate was 6.57%, up 180.91 percentage points from the same period last year and down 0.26% from the previous quarter.
From a product point of view, the gross profit margins of lithium battery equipment and automatic production lines and information technology services in 2023 are 26.27% and 40.63%, respectively.
During the reporting period, the total sales amount of the company's top five customers was 1.122 billion yuan, accounting for 74.89% of the total sales amount, and the total purchase amount of the company's top five suppliers was 150 million yuan, accounting for 16.22% of the total annual purchase.
According to the data, the weighted average return on equity of the company in 2023 was 8.01%, an increase of 38.46 percentage points over the same period last year, and the return on invested capital in 2023 was 6.91%, an increase of 21.07 percentage points over the same period last year.
In 2023, the net cash flow of the company's operating activities was-18.4654 million yuan, a decrease of 127 million yuan over the same period last year; the net cash flow of fund-raising activities was 31.0459 million yuan, an increase of 299 million yuan over the same period last year; and the net cash flow of investment activities was 166 million yuan, compared with-116 million yuan in the same period last year.
Further statistics show that the company's free cash flow is 60.5675 million yuan in 2023, compared with-100.3109 million yuan in the same period last year.
In 2023, the cash ratio of the company's operating income is 103.21%, and the net present ratio is-26.33%.
In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.34 times, compared with 0.31 times in the same period last year (the industry average in 2022 was 0.51 times, and the company ranked 18th in the same industry); the fixed assets turnover rate was 9.60 times, compared with 8.65 times in the same period last year (the industry average in 2022 was 7.19 times, and the company ranked 618 times in the same industry). The company's accounts receivable turnover and inventory turnover are 4.64 and 0.57 respectively.
In 2023, the company's period expenses were 349 million yuan, a decrease of 42.0232 million yuan compared with the same period last year, and the period expense rate was 23.31 percent, down 4.42 percent from the same period last year. Among them, sales expenses increased by 36.79% over the same period last year, management expenses decreased by 30.64%, R & D expenses decreased by 22.62%, and financial expenses decreased by 21.83%.
In terms of major changes in assets, by the end of 2023, accounts receivable increased by 163.08% over the end of the previous year, accounting for 6.73% of the company's total assets; contract assets decreased by 53.48%, accounting for 2.98% of the company's total assets; notes receivable decreased by 43.86% compared with the end of last year, accounting for 2.94% of the company's total assets Projects under construction increased by 420.79% over the end of last year, accounting for 1.90 percentage points of the company's total assets.
In terms of major changes in liabilities, by the end of 2023, the company's notes payable had decreased by 52.51% compared with the end of the previous year, accounting for 4.69 percentage points of the company's total assets; itsBaitandtacklenearmeHis payables (including interest and dividends) increased by 19.89% over the end of last year, accounting for 2.26% of the company's total assets; contract liabilities decreased by 6.31% compared with the end of last year, accounting for 1.27% of the company's total assets; accounts payable increased by 13.44% over the end of last year, accounting for 1.95% 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 1.907 billion yuan, accounting for 211.75% of the net assets, a decrease of 15.1481 million yuan compared with the end of last year. Among them, the price reduction of inventory is prepared to be 131 million yuan, with a provision proportion of 6.44%.
For the whole of 2023, the company's R & D investment was 68.3979 million yuan, down 22.62% from the same period last year; R & D investment accounted for 4.57% of operating income, down 1.70% from the same period last year. In addition, the company's annual R & D investment capitalization rate is 0.
According to the annual report, during the reporting period, the company and its subsidiaries added a total of 80 patents and copyrights, including 12 invention patents, 62 utility model patents and 6 software copyrights.
In 2023, Funeng Oriental's goodwill reached 384 million yuan, equivalent to 42.69% of the company's net assets of 901 million yuan in the same period.
In terms of solvency, the asset-liability ratio of the company at the end of 2023 was 76.80%, down 2.27 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 9.90%, up 0.35 percentage points from the end of the previous year.
In 2023, the current ratio of the company is 1.07 and the quick ratio is 0.47.
According to the annual report, among the top 10 current shareholders of the company at the end of 2023, the new shareholders are J.P. MorganSecuritiesPLC-self-owned capital, MORGAN STANLEY & CO.INTERNATIONAL PLC., Lin Chuming, Qiu Lingling Replaced Foshan Investment Holdings Group Co., Ltd., Chaoyuan Technology (Hong Kong) Co., Ltd., Boyi Anying Elite No. 16 Private Securities Investment Fund, Yongyi (Xiamen) Asset Management Co., Ltd.-Xiamen Shihang Investment Partnership (limited partnership), Xiamen Zhaoyuan Investment Partnership (limited partnership), Yongyi (Xiamen) Asset Management Co., Ltd.-Xiamen Shaoxu Intelligent equipment Investment Partnership (limited partnership). In the specific shareholding ratio, Zhang Xiaoling, Deng Chi Zhu, Guo Jingsong shareholding has declined.
In terms of chip concentration, by the end of 2023, the total number of shareholders of the company was 44700, an increase of 12100, or 37.24%, compared with the end of the third quarter; the value of stock market holdings per household decreased to 80800 yuan from 98200 yuan at the end of the third quarter, a decrease of 17.72%.
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.
(article source: China Securities News, China Securities Network)
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