Tongrun equipment (002150) disclosed its 2023 annual report on April 25th. In 2023, the company achieved a total revenue of 25%Fibawc2023qualifiersphilippines.1.8 billion yuan, up 50.06% from the same period last year; net profit from home was 64.3868 million yuan, down 56.80% from the same period last year; deducting 55.0835 million yuan from non-net profit, down 62.20% from the same period last year; net cash flow from operating activities was 252 million yuan, down 19.40% from the same period last year; during the reporting period, basic earnings per share of Tongrun equipment was 0.18 yuan, and the weighted average return on net assets was 4.00%. The company's distribution plan for 2023 isFibawc2023qualifiersphilippinesIt is proposed to pay out 0.7 yuan (including tax) for every 10 shares to all shareholders.

Based on the closing price on April 24, the current price-to-earnings ratio (TTM), price-to-book ratio (LF) and price-to-sales ratio (TTM) are about 74.44 times, 2.9 times and 1.9 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 total revenue of Tongrun equipment has a compound growth rate of 20.93% in the past three years, ranking ninth among the 45 companies in the metal products industry that have disclosed data for 2023. The compound annual growth rate of net profit in the past three years is-21.45%, ranking 37extreme 45.

From a product point of view, in the company's main business in 2023, the revenue of optical storage inverters was 976 million yuan, accounting for 38.77% of the operating income; the income of toolbox cabinets was 885 million yuan, down 0.47% from the same period last year, accounting for 35.13% of the operating income; and the revenue of mechanical and electrical sheet metal products was 289 million yuan, down 18.40% from the same period last year, accounting for 11.46% of the operating income.

By the end of 2023, the total number of employees of the company was 2011, with per capita income of 1.2521 million yuan, per capita profit of 32000 yuan and per capita salary of 192800 yuan, which changed by 3.35%,-70.25% and 16.92% respectively over the same period last year.

In 2023, the company's gross profit margin was 24.26%, down 0.31 percentage points from the same period last year; the net profit margin was 4.03%, down 6.59 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 25.97%, down 6.72% from the same period last year and 0.23% from the previous quarter; the net profit rate was 4.22%, down 5.42% from the same period last year and 0.16% from the previous quarter.

In terms of products, the gross profit margins of optical storage inverters, toolbox cabinets and electromechanical sheet metal products in 2023 are 21.38%, 26.64% and 25.44%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 1.176 billion yuan, accounting for 46.70% of the total sales amount, and the total purchase amount of the company's top five suppliers was 350 million yuan, accounting for 25.34% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 4.00%, down 5.80 percentage points from the same period last year; the return on invested capital in 2023 was 4.41%, down 5.71 percentage points from the same period last year.

In 2023, the net cash flow of the company's operating activities was 252 million yuan, down 19.40% from the same period last year; the net cash flow of fund-raising activities was 726 million yuan, an increase of 790 million yuan over the same period last year; and the net cash flow of investment activities was-923 million yuan, compared with-131 million yuan in the same period last year.

Further statistics show that the free cash flow of the company is-424 million yuan in 2023, compared with 202 million yuan in the same period last year.

In 2023, the cash ratio of the company's operating income is 102.89%, and the net present ratio is 390.74%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.80 times, compared with 0.80 times in the same period last year (the industry average in 2022 was 0.56 times, and the company ranked in the same industry in 2022). The turnover rate of fixed assets was 4.80 times, compared with 3.99 times in the same period last year (the industry average in 2022 was 2.65 times, and the company ranked 20,78 in the same industry). The turnover rate of accounts receivable and inventory is 5.43 times and 3.13 times respectively.

In 2023, the company's period expenses were 449 million yuan, an increase of 283 million yuan over the same period last year, and the period expense rate was 17.85 percent, an increase of 7.95 percent over the same period last year. Among them, sales expenses increased by 374.11% over the same period last year, management expenses increased by 22.38%, R & D expenses increased by 3449.22% over the same period last year, and financial expenses changed from-32.6384 million yuan to-9.3869 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 increased by 13.28% over the end of the previous year, accounting for 16.24% of the company's total assets; accounts receivable increased by 210.60% over the end of the previous year, accounting for 6.32% of the company's total assets; inventory increased by 172.53% over the end of last year, accounting for 6.16% of the company's total assets Fixed assets increased by 43.57% over the end of last year, accounting for 5.22% of the company's total assets.

In terms of major changes in liabilities, by the end of 2023, the company's notes payable increased by 9636.53% over the end of the previous year, accounting for 9.76% of the company's total assets; accounts payable increased by 176.13% over the end of the previous year, accounting for 3.51% of the company's total assets; short-term borrowing increased by 1427.36% over the end of last year, accounting for 6.41% of the company's total assets Other payables (including interest and dividends) increased by 918.87% over the end of last year, accounting for 2.20 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 891 million yuan, accounting for 53.89% of the net assets, an increase of 564 million yuan over the end of the previous year. Among them, the stock price reduction provision is 15.7863 million yuan, and the proportion of provision is 1.74%.

For the whole of 2023, the company's R & D investment was 79.914 million yuan, an increase of 3449.22% over the same period last year; R & D investment accounted for 3.17% of operating income, an increase of 3.04% over the same period last year. In addition, the company's annual R & D investment capitalization rate is 0.

In terms of solvency, the company's asset-liability ratio at the end of 2023 was 55.25%, an increase of 37.52 percentage points over the end of the previous year, and the interest-bearing asset-liability ratio was 22.37%, an increase of 21.44 percentage points over the end of the previous year.

In 2023, the current ratio of the company is 1.74 and the quick ratio is 1.19.

According to the annual report, among the top ten circulating shareholders of the company at the end of 2023, the new shareholders are Xingquanherun mixed securities investment fund, China Merchants Bank Co., Ltd.-Xingquanyi flexible allocation of hybrid securities investment fund (LOF), Hua'an small and medium-sized growth hybrid securities investment fund, replacing the Hong Kong Securities Clearing Co., Ltd., Wei Wei and Taikang Xinrui growth mixed securities investment fund at the end of the third quarter. In terms of specific shareholding ratio, the shareholdings of Zhejiang Zhengtai Electric Appliance Co., Ltd., Changshu Jack Factory, Zhuhai Yuening Management Consulting Partnership (Limited Partnership), Zhuhai Kangdong Equity Investment Partnership (Limited Partnership), Wenzhou Zhuotai Enterprise Management Partnership (Limited Partnership), Suzhou Great Wall Seiko Technology Co., Ltd., Xinyu New concept Investment Management Co., Ltd.

In terms of chip concentration, by the end of 2023, the total number of shareholders in the company was 26800, down 2921, or 9.83%, from the end of the third quarter; the value of stock market holdings per household rose to 239600 yuan from 163100 yuan at the end of the third quarter, an increase of 46.90%.

Indicator Notes:

price-earnings ratio

= Total market value/net profit. When a company loses money, the P/E ratio is negative. At this time, it is meaningless to use the P/E ratio to value it, and the P/B ratio or P/P ratio is often used as a reference.

B 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)