blackjacktable| Anning Shares: Net profit in 2023 will drop by 14.46% year-on-year, it is planned to pay 5 yuan for 10 shares

Anning shares (002978) disclosed its 2023 annual report on April 18. 2023BlackjacktableThe company achieved a total revenue of 18Blackjacktable.56 billion yuan, down 7% from the same period last yearBlackjacktable.01%; net profit from home was 936 million yuan, down 14.46% from the same period last year; non-net profit was 933 million yuan, down 14.58% from the same period last year; net cash flow from operating activities was 892 million yuan, down 3.83% from the same period last year; during the reporting period, the basic earnings per share of Anning shares was 2.3352 yuan, and the weighted average return on net assets was 16.27%. The annual profit distribution plan of the company in 2023 isBlackjacktableIt is proposed to distribute 5 yuan (including tax) to all shareholders for every 10 shares.

Based on its closing price on April 17, Anning shares are trading at about 14.68 times TTM, 2.29 times LF and 7.41 times 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 Anning's total revenue has grown at a compound growth rate of 4.29% in the past three years, ranking fifth among the seven companies in other small metals industries that have disclosed data for 2023. In the past three years, net profit grew at a compound annual growth rate of 10.16%, ranking 6x7.

From a product point of view, in the company's main business in 2023, the revenue of titanium concentrate was 1.149 billion yuan, down 6.88% from the same period last year, accounting for 61.92% of the operating income; the income of vanadium titanium iron concentrate (61%) was 696 million yuan, down 6.87% from the same period last year, accounting for 37.48% of the operating income.

By the end of 2023, the total number of employees of the company was 1727, with per capita income of 1.0747 million yuan, per capita profit of 542200 yuan and per capita salary of 91300 yuan, down 33.66%, 38.98% and 9.86% respectively compared with the same period last year.

In 2023, the company's gross profit margin was 66.59%, down 4.16 percentage points from the same period last year; the net profit margin was 50.45%, down 4.40 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 66.49%, down 0.92% from the same period last year and 1.48% from the previous quarter; the net profit rate was 46.85%, up 0.80% from the same period last year and down 3.49% from the previous quarter.

In terms of products, the gross profit margins of titanium concentrate and vanadium titanium iron concentrate (61%) in 2023 are 76.50% and 50.63%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 1.115 billion yuan, accounting for 60.06% of the total sales amount, and the total purchase amount of the company's top five suppliers was 318 million yuan, accounting for 53.84% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 16.27%, down 5.02 percentage points from the same period last year; the rate of return on invested capital in 2023 was 14.74%, down 4.95 percentage points from the same period last year.

In 2023, the net cash flow of the company's operating activities was 892 million yuan, down 3.83% from the same period last year; the net cash flow of fund-raising activities was-260 million yuan, down 232 million yuan from the same period last year; and the net cash flow of investment activities was-805 million yuan, compared with-435 million yuan in the same period last year.

Further statistics show that the company's free cash flow in 2023 was 240 million yuan, down 72.96% from the same period last year.

In 2023, the cash ratio of the company's operating income is 106.04%, and the net current ratio is 95.30%.

In terms of operating capacity, in 2023, the company's total asset turnover was 0.27 times, compared with 0.33 times in the same period last year (the industry average in 2022 was 0.68 times, and the company ranked 13th in the same industry); the company's accounts receivable turnover and inventory turnover were 34.24 and 7.17 respectively.

In 2023, the company's period expenses were 109 million yuan, an increase of 3.4202 million yuan over the same period last year, and the period expense rate was 5.87 percent, an increase of 0.58 percent over the same period last year. Among them, sales expenses decreased by 13.04% compared with the same period last year, management expenses increased by 1.81%, R & D expenses decreased by 3.75%, and financial expenses changed from-56.8487 million yuan to-52.4965 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 decreased by 6.56% compared with the end of last year, accounting for 5.67% of the company's total assets; fixed assets increased by 27.96% over the end of the previous year, accounting for 2.83% of the company's total assets; intangible assets increased by 49.36% over the end of last year, accounting for 2.68% of the company's total assets Projects under construction increased by 61.65% over the end of last year, accounting for 1.79% of the company's total assets.

In terms of major changes in liabilities, by the end of 2023, the company's other current liabilities increased by 226.00% over the end of the previous year, accounting for 0.71% of the company's total assets; taxes payable decreased by 35.95% compared with the end of the previous year, accounting for 0.86% of the company's total assets; other payables (including interest and dividends) increased by 489.50% over the end of last year, accounting for 0.43% of the company's total assets. Contract liabilities decreased by 44.85% compared with the end of last year, accounting for 0.38 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 78.7967 million yuan, accounting for 1.31% of the net assets, a decrease of 15.4514 million yuan compared with the end of last year. Among them, the stock price reduction is prepared to be 708100 yuan, with a provision ratio of 0.89%.

For the whole of 2023, the company's R & D investment was 58.8499 million yuan, down 3.75% from the same period last year; R & D investment accounted for 3.17% of operating income, an increase of 0.11% 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 15.11%, down 1.67 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 3.71%, down 0.40 percentage points from the end of the previous year.

In 2023, the current ratio of the company is 3.92 and the quick ratio is 3.83.

According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, the new shareholders are Chinese businessmen happy interconnection and flexible allocation of mixed securities investment fund, China Merchants Fund Management Co., Ltd.-social security fund 1903 portfolio, replacing Chen Yuzhong and Wanjia strategic development industry mixed securities investment fund at the end of the third quarter. In the specific shareholding ratio, the shareholdings of Hong Kong Securities Clearing Limited and Yang Juncheng have increased.

In terms of chip concentration, by the end of 2023, the total number of shareholders of the company was 18500, an increase of 1180, or 6.82%, compared with the end of the third quarter; the value of stock market holdings per household fell to 687300 yuan from 786800 yuan at the end of the third quarter, a decrease of 12.65%.

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 P/E ratio is negative, the current quantile is not displayed, resulting in broken line chart.

(Source: China Securities News·China Securities Network)

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