Huazhi Wine Company (300755) disclosed its 2023 annual report on April 20. 2023SalmonfishingThe company achieved a total revenue of 101Salmonfishing.21 billion yuan, up 16.22% from the same period last year; net profit from home was 235 million yuan, down 35.78% from the same period last year; non-net profit was 179 million yuan, down 46.86% from the same period last year; net cash flow from operating activities was 283 million yuan, compared with-330 million yuan in the same period last year; during the reporting period, Huazhi Wine Company's basic earnings per share was 0.56 yuan, and the weighted average return on net assets was 6.32%. The company's annual profit distribution plan for 2023 is to distribute 1.16 yuan (including tax) to all shareholders for every 10 shares.

Based on the closing price on April 19, Huazhi Wine currently trades at about 28.84 times TTM, 1.79 times LF and 0.67 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 Huazhi Wine's total revenue has a compound growth rate of 27.00% in the past three years, ranking fourth among the 60 companies in the trade and retail industry that have disclosed data for 2023. The compound annual growth rate of net profit in the past three years is-14.25%, ranking 39x60.

In terms of products, in the company's main business in 2023, liquor revenue was 9.395 billion yuan, up 20.02% from the same period last year, accounting for 92.83% of business income; wine revenue was 487 million yuan, down 19.86% from the same period last year, accounting for 4.81% of business income; imported spirits revenue was 143 million yuan, down 4.42% from the same period last year, accounting for 1.42% of business income.

By the end of 2023, the total number of employees of the company was 1998, with per capita income of 5.0656 million yuan, per capita profit of 117800 yuan and per capita salary of 232400 yuan, representing changes of 49.67%,-17.29% and 28.44% respectively over the same period last year.

In 2023, the company's gross profit margin was 10.75%, down 3.28 percentage points from the same period last year; net profit margin was 2.39%, down 1.90 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 9.64%, down 4.40% from the same period last year and 0.79% from the previous quarter; the net profit rate was 0.16%, down 1.24% from the same period last year and 3.29% from the previous quarter.

In terms of products, the gross profit margins of liquor and wine in 2023 are 9.24% and 33.29%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 1.619 billion yuan, accounting for 16.00% of the total sales amount, and the total purchase amount of the company's top five suppliers was 3.386 billion yuan, accounting for 37.81% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 6.32%, down 4.10 percentage points from the same period last year; the return on invested capital in 2023 was 5.06%, down 3.37 percentage points from the same period last year.

In 2023, the net cash flow of the company's operating activities was 283 million yuan, an increase of 613 million yuan over the same period last year; the net cash flow of fund-raising activities was-96.2987 million yuan, a decrease of 634 million yuan over the same period last year; and the net cash flow of investment activities was-14.6498 million yuan, compared with-172 million yuan in the same period last year.

Further statistics show that the company's free cash flow is 126 million yuan in 2023, compared with-612 million yuan in the same period last year.

In 2023, the cash ratio of the company's operating income is 112.02%, and the net present ratio is 120.23%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 1.29 times, compared with 1.14 times in the same period last year (the industry average in 2022 was 0.59 times, and the company ranked in the same industry as 25x105), and the fixed assets turnover rate was 42.09 times, compared with 60.22 times in the same period last year (the industry average in 2022 was 11.19 times, and the company ranked in the same industry 18105). The company's accounts receivable turnover and inventory turnover are 40.39 and 2.66 respectively.

In terms of major changes in assets, by the end of 2023, the prepayments of the company had decreased by 34.60% compared with the end of last year, accounting for 7.74% of the company's total assets; inventory decreased by 2.18% compared with the end of last year, and the proportion of the company's total assets increased by 5.63%; monetary funds decreased by 7.23% compared with the end of last year, accounting for 1.12% of the company's total assets. Deferred income tax assets increased by 65.93% over the end of last year, accounting for 1.12 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 decreased by 51.82% compared with the end of last year, accounting for 10.63% of the company's total assets; contract liabilities decreased by 36.83% compared with the end of last year, accounting for 2.05% of the company's total assets, mainly due to the decrease in the amount received from customers in advance; short-term loans decreased by 3.05% compared with the end of last year, accounting for 2.08% of the company's total assets. Accounts payable decreased by 31.46% compared with the end of last year, accounting for 0.29 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 3.355 billion yuan, accounting for 88.27% of the net assets, a decrease of 74.8424 million yuan compared with the end of last year. Among them, the provision for the price decline of inventory is 28.8061 million yuan, with a provision ratio of 0.85%.

For the whole of 2023, the company's R & D investment was 26.5835 million yuan, an increase of 55.65% over the same period last year; R & D investment accounted for 0.26% of operating income, an increase of 0.06% 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 46.19%, down 9.76 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 18.47%, up 2.17 percentage points from the end of the previous year.

In 2023, the current ratio of the company is 2.03 and the quick ratio is 1.01.

According to the annual report, Yunnan Rongrui High-tech Investment Management Co., Ltd. held the largest number of shares among the company's top 10 tradable shareholders at the end of 2023, accounting for 47.80%. The list of the top ten tradable shareholders remains unchanged compared with the third quarterly report of 2023. In terms of specific shareholding ratio, the holdings of Huidianfu Fund Management Co., Ltd.-Social Security Fund 17021 portfolio and Hong Kong Securities Clearing Company Limited have increased, while Li Shi's shareholdings have declined.

In terms of chip concentration, by the end of 2023, the total number of shareholders in the company was 23200, an increase of 0.85% over the end of the third quarter, while the value of stock market holdings per household decreased to 328400 yuan from 378600 yuan at the end of the third quarter, a decrease of 13.26%.

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)