triple0roulette| Keyuan Wisdom: Profit of 161 million yuan in 2023 will turn losses year-on-year

Keyuan Wisdom (002380) disclosed its 2023 annual report on April 26th. In 2023, the company achieved a total revenue of 14Triple0roulette0.7 billion yuan, an increase of 21.90% over the same period last yearTriple0rouletteThe net profit returned to the mother was 161 million yuan, reversing losses compared with the same period last year; deducting 115 million yuan from non-net profits, reversing losses over the same period last year; the net cash flow generated by operating activities was 172 million yuan, an increase of 81.32% over the same period last year; during the reporting period, the basic earnings per share of Keyuan Wisdom was 0.68 yuan, and the weighted average return on net assets was 8.99%.

Based on the closing price on April 25, Keyuan Wisdom's current price-to-earnings ratio (TTM) is about 22.79 times, price-to-book ratio (LF) is about 1.86 times, and price-to-sales ratio (TTM) is about 2.6 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:

By the end of 2023, the compound growth rate of total revenue of Keyuan Wisdom in the past three years was 18.55%, ranking 14th among the 77 companies in the IT services Ⅲ industry that had disclosed data for 2023. The compound annual growth rate of three-year net profit was 7.38%, ranking 23max 77th.

In terms of products, in the company's main business in 2023, industrial automation income was 1.081 billion yuan, an increase of 42.26% over the same period last year, accounting for 76.82% of business income; industrial Internet and industrial software revenue was 295 million yuan, an increase of 7.63% over the same period last year, accounting for 20.95% of business income.

By the end of 2023, the total number of employees of the company was 1875, with per capita income of 750500 yuan, per capita profit of 85700 yuan and per capita salary of 242300 yuan, which changed by 16.83%, 135.53% and-3.63% respectively over the same period last year.

In 2023, the company's gross profit margin was 39.21%, up 7.69 percentage points from the same period last year; the net profit margin was 11.67%, up 56.30 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 44.31%, up 20.29% from the same period last year and 4.58% from the previous quarter; the net profit rate was 18.63%, up 244.62 percentage points from the same period last year and 3.38% from the previous quarter.

In terms of products, the gross profit margins of industrial automation, industrial Internet and industrial software in 2023 are 39.73% and 38.94%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 142 million yuan, accounting for 10.07% of the total sales amount, and the total purchase amount of the company's top five suppliers was 84 million yuan, accounting for 10.28% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 8.99%, an increase of 31.25 percentage points over the same period last year, and the return on invested capital in 2023 was 8.93%, an increase of 34.81 percentage points over the same period last year.

In 2023, the net cash flow of the company's operating activities was 172 million yuan, an increase of 81.32% over the same period last year; the net cash flow of fund-raising activities was 56.9217 million yuan, an increase of 67.4842 million yuan over the same period last year; and the net cash flow of investment activities was-81.9838 million yuan, compared with-23.319 million yuan in the same period last year.

Further statistics show that the company's free cash flow is 190 million yuan in 2023, compared with-456 million yuan in the same period last year.

In 2023, the cash ratio of the company's operating income is 82.85%, and the net present ratio is 107.17%.

In terms of operating capacity, the company's total asset turnover rate was 0.45 times in 2023, compared with 0.37 times in the same period last year (the industry average in 2022 was 0.47 times, and the company ranked 86pm 135 in the same industry); the fixed asset turnover rate was 2.78 times, compared with 1.50 times in the same period last year (the industry average in 2022 was 10.93 times, and the company ranked 127pm 135 in the same industry). The turnover rate of accounts receivable and inventory is 2.37 times and 1.33 times respectively.

In 2023, the company's period expenses were 440 million yuan, an increase of 49.9762 million yuan over the same period last year, but the period expense rate was 31.28%, down 2.52% from the same period last year. Among them, sales expenses increased by 3.43 percent over the same period last year, management expenses increased by 23.39 percent, R & D expenses increased by 22.96 percent, and financial expenses decreased by 59.86 percent.

In terms of major changes in assets, by the end of 2023, the company's fixed assets decreased by 18.21% compared with the end of last year, accounting for 4.63% of the company's total assets; monetary funds increased by 38.82% over the end of the previous year, accounting for 4.53% of the company's total assets; other non-current assets increased by 1808.55% over the end of last year, accounting for 3.88 percentage points of the company's total assets Inventory decreased by 2.79% compared with the end of last year, accounting for 2.30 percentage points of the company's total assets.

In terms of major changes in liabilities, by the end of 2023, the company's contractual liabilities increased by 12.39% over the end of the previous year, accounting for 0.65% of the company's total assets; short-term loans decreased by 81.24% compared with the end of last year, accounting for 1.77% of the company's total assets; other current liabilities decreased by 25.27% compared with the end of last year, accounting for 1.58 percentage points of the company's total assets Accounts payable increased by 8.02% over the end of last year, accounting for 0.06 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 634 million yuan, accounting for 32.22% of the net assets, a decrease of 18.1876 million yuan compared with the end of last year. Among them, the price reduction of inventory is prepared for 37.0766 million yuan, with a provision proportion of 5.53%.

For the whole of 2023, the company's R & D investment was 144 million yuan, an increase of 22.96% over the same period last year; R & D investment accounted for 10.22% of operating income, an increase of 0.09% 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 40.70%, down 3.02 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 0.40%, down 1.76 percentage points from the end of the previous year.

In 2023, the current ratio of the company is 2.00 and the quick ratio is 1.49.

According to the annual report, among the top ten circulating shareholders of the company at the end of 2023, the new shareholders are Guangfa New economy mixed initiating Securities Investment Fund, Hua'an quality selection mixed Securities Investment Fund, Hua'an Sports and Health theme flexible allocation mixed Securities Investment Fund, Guoxin Securities Co., Ltd. Replaced the Changxin Jinli trend hybrid securities investment fund at the end of the third quarter, Agricultural Bank of China Co., Ltd.-Dacheng Industrial upgrading Stock Investment Fund (LOF), Ping an advantage return one-year holding mixed securities investment fund, Dacheng growth return six-month holding hybrid securities investment fund. In the specific shareholding ratio, the shareholding of Guangfa advantage growth stock securities investment fund has increased, while that of Guangfa Jufeng hybrid securities investment fund has declined.

In terms of chip concentration, by the end of 2023, the total number of shareholders of the company was 30200, down 10800 from the end of the third quarter, a decrease of 26.26%. The value of stock market holdings per household rose to 135400 yuan from 121200 yuan at the end of the third quarter, an increase of 11.72%.

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 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)