kaunmasterfreespin| Yaoshi Technology: Net profit in 2023 will drop by 37.19% year-on-year, planned to be 3.1 yuan for 10 groups

CSI Intelligent Financial Information Pharmaceutical Stone Technology (300725) disclosed its 2023 annual report on April 24. 2023KaunmasterfreespinThe company achieved a total revenue of 17Kaunmasterfreespin.25 billion yuan, an increase of 8.18% over the same period last year; net profit returned to the mother was 197 million yuan, down 37.19% from the same period last year; non-net profit was 176 million yuan, down 33.81% from the same period last year; net cash flow from operating activities was 247 million yuan, an increase of 0.09% over the same period last year; during the reporting period, basic earnings per share of Yaishi Technology was 0.99 yuan, and the weighted average return on net assets was 7.16%. The company's annual profit distribution plan for 2023 is to distribute 3.1 yuan (including tax) to all shareholders for every 10 shares.

Based on the closing price on April 23, the current price-to-earnings ratio (TTM), price-to-book ratio (LF) and price-to-sales ratio (TTM) are about 30.49 times, 2.12 times and 3.49 times 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 the compound growth rate of total revenue of Pharmaceutical Stone Technology in the past three years is 19.06%, ranking 12th among the 16 companies in the medical R & D outsourcing industry that have disclosed data for 2023. The compound annual growth rate of net profit in the past three years was 2.33%, ranking 12x16.

According to the annual report, the company is an one-stop CRDMO supplier in the field of pharmaceutical R & D and manufacturing, focusing on providing customers with innovative chemical products and integrated R & D and production services.

From a product-by-product point of view, in the company's main business in 2023, the revenue from products and services in the drug development and commercialization stage was 1.38 billion yuan, an increase of 7.24% over the same period last year, accounting for 79.96% of the business income; and the product and service income in the drug research stage was 345 million yuan, an increase of 12.13% over the same period last year, accounting for 20.01% of the business income.

In 2023, the company's gross profit margin was 42.52%, down 2.96 percentage points from the same period last year; the net profit margin was 11.44%, down 9.00 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 41.45%, up 1.24% from the same period last year and 0.08% from the previous quarter; the net profit rate was 9.99%, down 5.77% from the same period last year and up 1.01% from the previous quarter.

In terms of products, the gross profit margins of products and services in the drug development and commercialization stage, and products and services in the drug research stage in 2023 are 35.53% and 70.44%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 348 million yuan, accounting for 20.14% of the total sales amount, and the total purchase amount of the company's top five suppliers was 90 million yuan, accounting for 15.52% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 7.16%, down 5.28 percentage points from the same period last year; the return on invested capital in 2023 was 5.54%, down 4.26 percentage points from the same period last year.

In 2023, the net cash flow of the company's operating activities was 247 million yuan, an increase of 0.09% over the same period last year; the net cash flow of fund-raising activities was 65.3706 million yuan, a decrease of 695 million yuan over the same period last year; and the net cash flow of investment activities was-944 million yuan, compared with-594 million yuan in the same period last year.

Further statistics show that the free cash flow of the company in 2023 is-859 million yuan, compared with-387 million yuan in the same period last year.

In 2023, the cash ratio of the company's operating income is 108.25%, and the net present ratio is 125.07%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.35 times, compared with 0.38 times in the same period last year (the industry average in 2022 was 0.45 times, and the company ranked 15cm 28 in the same industry); the company's accounts receivable turnover rate and inventory turnover rate were 4.29 times and 1.42 times respectively.

In 2023, the company's period expenses were 477 million yuan, an increase of 61.977 million yuan over the same period last year, and the period expense rate was 27.64 percent, an increase of 1.62 percent over the same period last year. Among them, sales expenses increased by 29.91 percent over the same period last year, management expenses decreased by 3.52 percent, R & D expenses increased by 0.5 percent, and financial expenses increased from-1.8748 million yuan in the same period last year to 54.3007 million yuan.

In terms of major changes in assets, by the end of 2023, the company's monetary funds decreased by 55.57% compared with the end of last year, accounting for 13.64% of the company's total assets; other current assets increased by 204.75% over the end of the previous year, accounting for 12.69% of the company's total assets; accounts receivable increased by 43.43% over the end of last year, accounting for 2.49% of the company's total assets Fixed assets increased by 14.67% over the end of last year, accounting for 2.48 percentage points of the company's total assets.

In terms of major changes in liabilities, by the end of 2023, the company's non-current liabilities due within one year increased by 2059.68% over the end of the previous year, accounting for 6.96% of the company's total assets; long-term loans decreased by 85.57% compared with the end of last year, accounting for 6.15% of the company's total assets, mainly due to bank loans due to repayment Accounts payable decreased by 29.94% compared with the end of last year, accounting for 1.89% of the company's total assets; short-term loans increased by 44.74% over the end of last year, accounting for 1.27% of the company's total assets, mainly because the company borrowed money from banks to replenish liquidity.

For the whole of 2023, the company's R & D investment was 169 million yuan, an increase of 0.5% over the same period last year; R & D investment accounted for 9.81% of operating income, down 0.75% 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 44.51%, down 0.83 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 34.26%, up 1.91 percentage points from the end of the previous year.

In 2023, the current ratio of the company is 2.67 and the quick ratio is 1.98.

According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, the new shareholders were Zhu Jinrong and Yinhuazhong Securities Trading Index Securities Investment Fund for the new drug industry, replacing the Hong Kong Securities Clearing Co., Ltd., and AgBank Huili Healthcare theme Stock Investment Fund at the end of the third quarter. In terms of specific shareholding ratio, the shareholdings of Yang Minmin, Zhou Quan, Henan Hengtong Boyuan Venture Capital Partnership (Limited Partnership), Huabao China Securities Exchange Medical Exchange Open Index Securities Investment Fund, Dacheng Ruixiang mixed Securities Investment Fund and Hongde Ruixing three-year holding period of mixed securities investment funds have declined.

In terms of chip concentration, by the end of 2023, the total number of shareholders in the company was 30400, an increase of 1044, or 3.56%, over the end of the third quarter; the value of stock market holdings per household decreased to 258200 yuan from 308200 yuan at the end of the third quarter, a decrease of 16.22%.

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.

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)