videopokerroyalflush2000| Chengyi Pharmaceutical: In 2023, net profit will increase by 0.81% year-on-year, it is planned to pay 2 yuan for 10 shares

Sincerity Pharmaceutical Industry (603811) publishes its 2023 annual report on April 26th. In 2023, the company achieved operating income of 6. 5%Videopokerroyalflush200072 million yuan, an increase of 2.54% over the same period last yearVideopokerroyalflush2000The net profit from home was 163 million yuan, up 0.81% from the same period last year; the non-net profit was 155 million yuan, up 10.6% from the same period last year; the net cash flow from operating activities was 195 million yuan, up 17.38% from the same period last year; during the reporting period, the basic earnings per share of sincerity Pharmaceutical was 0.5 yuan, and the weighted average return on net assets was 14.35%. The company's 2023 distribution plan is to pay out 2 yuan (including tax) for every 10 shares to all shareholders.

According to the closing price on April 25th, the price-to-earnings ratio (TTM), price-to-book ratio (LF) and price-to-sales ratio (TTM) are about 16.15,2.21,3.92times 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:

By the end of 2023, the compound growth rate of total revenue in the three years was-3.96%, ranking 58th among the 71 companies in the chemical preparation industry that had disclosed data for 2023. The compound annual growth rate of three-year net profit is-0.46%, ranking 460.71.

From a product point of view, in the company's main business in 2023, preparation income was 530 million yuan, accounting for 78.98% of business income; raw material drug income was 107 million yuan, accounting for 15.87% of business income; and traditional Chinese medicine income was 14 million yuan, accounting for 2.14% of business income.

By the end of 2023, the company had 738 employees, with per capita income of 910100 yuan, per capita profit of 220700 yuan and per capita salary of 148500 yuan, up 3.65%, 1.91% and 10.99% respectively over the same period last year.

In 2023, the company's gross profit margin was 64.18%, down 4.24 percentage points from the same period last year; the net profit margin was 24.13%, down 0.48 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 65.14%, down 3.35% from the same period last year, up 1.94% from the same period last year; and the net profit rate was 22.88%, down 9.96% from the same period last year and up 6.15% from the previous quarter.

In terms of products, the gross profit margins of preparations, API and traditional Chinese medicine in 2023 are 69.89%, 48.22% and 70.24%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 219 million yuan, accounting for 32.62% of the total sales amount, and the total purchase amount of the company's top five suppliers was 67 million yuan, accounting for 35.87% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 14.35%, down 1.31 percentage points from the same period last year. The company's return on invested capital in 2023 was 10.63%, down 1.96 percentage points from the same period last year.

In 2023, the net cash flow of the company's operating activities was 195 million yuan, an increase of 17.38% over the same period last year; the net cash flow of fund-raising activities was-55.3756 million yuan, a decrease of 263 million yuan over the same period last year; and the net cash flow of investment activities was-59.6007 million yuan, compared with-241 million yuan in the same period last year.

Further statistics show that the company's free cash flow is 225 million yuan in 2023, compared with-34 million yuan in the same period last year.

In 2023, the cash ratio of the company's operating income is 104.44%, and the net present ratio is 119.57%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.37 times, compared with 0.43 times in the same period last year (the industry average in 2022 was 0.43 times, and the company ranked 58max 112 in the same industry); the fixed assets turnover rate was 0.78 times, compared with 1.01 times in the same period last year (the industry average in 2022 was 2.45 times, and the company ranked 93pm in the same industry). The company's accounts receivable turnover and inventory turnover are 9.87 and 2.11 respectively.

In 2023, the company's period expenses were 303 million yuan, a decrease of 16.9867 million yuan compared with the same period last year, and the period expense rate was 45.04 percent, down 3.74 percent from the same period last year. Among them, sales expenses decreased by 15.56% compared with the same period last year, management expenses increased by 5.68%, R & D expenses increased by 6.41%, and financial expenses increased by 91.76%.

In terms of major changes in assets, by the end of 2023, the company's projects under construction decreased by 96.63% compared with the end of last year, accounting for 10.29% of the company's total assets; fixed assets increased by 35.33% over the end of the previous year, accounting for 9.80% of the company's total assets; monetary funds increased by 37.77% over the end of last year, accounting for 3.12% of the company's total assets Other non-current assets decreased by 58.92% compared with the end of last year, accounting for 1.46 percentage points of the company's total assets.

In terms of major changes in liabilities, by the end of 2023, the company's accounts payable increased by 117.04% over the end of the previous year, accounting for 3.09% of the company's total assets; short-term loans increased by 53.37% over the end of the previous year, accounting for 1.75% of the company's total assets; other payables (including interest and dividends) decreased by 27.73% compared with the end of last year, accounting for 1.54 percentage points of the company's total assets. Long-term loans decreased by 5.49% compared with the end of last year, accounting for 2.75 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 117 million yuan, accounting for 9.79% of the net assets, an increase of 5.7418 million yuan over the end of the previous year. Among them, the price reduction of inventory is prepared to be 10.7538 million yuan, with a provision proportion of 8.43%.

For the whole of 2023, the company's R & D investment was 47.1445 million yuan, an increase of 6.41% over the same period last year; R & D investment accounted for 7.02% of operating income, an increase of 0.26% 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 36.78%, up 0.24 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 23.42%, down 1.35 percentage points from the end of the previous year.

In 2023, the current ratio of the company is 1.51 and the quick ratio is 1.17.

According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, the new shareholders are China Merchants Fund-Guoxin Investment Co., Ltd.-China Merchants Fund-robust absolute income single asset management plan, replacing Yumijin 99 private equity investment fund at the end of the third quarter. In the specific shareholding ratio, Shen Ailan, Zhuang Xiaoping shareholding has increased.

In terms of chip concentration, by the end of 2023, the total number of shareholders in the company was 14000, an increase of 1234, or 9.64%, compared with the end of the third quarter; the value of stock market holdings per household decreased to 241900 yuan from 300200 yuan at the end of the third quarter, a decrease of 19.42%.

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 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)