Sumida (600710) released its 2023 annual report on April 13. In 2023, the company achieved a total revenue of 1229.Pokeryoutube.81 billion yuan, down 12.87% from the same period last year; net profit from home was 1.03 billion yuan, up 12.80% from the same period last year; deducting 832 million yuan from non-net profit, up 9.05% from the same period last year; net cash flow from operating activities was 2.78 billion yuan, down 55.04% from the same period last year; during the reporting period, Sumida's basic earnings per share was 0.79 yuan, with a weighted average return on net assets of 15.75%. The company's annual profit distribution plan for 2023 is to distribute 3.3 yuan (including tax) to all shareholders for every 10 shares.
At its closing price on April 12, Sumida is trading at about 11.17 times TTM, 1.67 times LF and 0.09 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 Sumida's total revenue grew at a compound growth rate of 7.65% in the past three years, and net profit grew at a compound annual growth rate of 23.53% in the past three years.
Data show that the company's main business includes industrial chain and supply chain.
In terms of products, in the company's main business in 2023, the operating income of the supply chain was 91.393 billion yuan, down 17.41% from the same period last year, accounting for 74.32% of the operating income; the income of the industrial chain was 31.318 billion yuan, an increase of 3.27% over the same period last year, accounting for 25.47% of the operating income.
By the end of 2023, the total number of employees of the company was 16107, with per capita income of 7.6352 million yuan, per capita profit of 63900 yuan and per capita salary of 142100 yuan, which changed by 10.24%, 16.20% and 3.37% respectively over the same period last year.
In 2023, the company's gross profit margin was 5.69%, up 0.83 percentage points from the same period last year; the net profit margin was 2.52%, up 0.49 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 7.81%, down 0.29% from the same period last year, up 2.18% from the previous quarter; and the net profit rate was 2.61%, down 0.14% from the same period last year and 0.42% from the previous quarter.
In terms of products, the gross profit margins of supply chain operation and industrial chain in 2023 are 1.96% and 16.13%, respectively.
According to the data, the weighted average return on equity of the company in 2023 was 15.75%, an increase of 0.42 percentage points over the same period last year, and the return on invested capital of the company in 2023 was 16.89%, an increase of 1.60 percentage points over the same period last year.
In 2023, the net cash flow of the company's operating activities was 2.78 billion yuan, down 55.04% from the same period last year; the net cash flow of fund-raising activities was-3.633 billion yuan, an increase of 1.04 billion yuan over the same period last year; and the net cash flow of investment activities was 261 million yuan, compared with 1.83 billion yuan in the same period last year.
Further statistics show that the company's free cash flow in 2023 was 2.045 billion yuan, down 74.3% from the same period last year.
In 2023, the cash ratio of the company's operating income is 118.48%, and the net present ratio is 270.005%.
In terms of operating capacity, in 2023, the company's total asset turnover rate was 2.34 times, compared with 2.62 times in the same period last year (the industry average in 2022 was 1.87 times, and the company ranked in the same industry 4 times 14); the fixed assets turnover rate was 23.27 times, compared with 21.26 times in the same period last year (the industry average in 2022 was 50.99 times, and the company ranked in the same industry 9 times 14). The company's accounts receivable turnover and inventory turnover were 14.72 and 11.52 respectively.
In 2023, the company's period expenses were 3.353 billion yuan, an increase of 400 million yuan over the same period last year, and the period expense rate was 2.73 percent, an increase of 0.64 percent over the same period last year. Among them, sales expenses increased by 12.17% over the same period last year, management expenses increased by 14.42%, R & D expenses increased by 7.38%, and financial expenses increased by 72.03%.
In terms of major changes in assets, by the end of 2023, the prepayments of the company had decreased by 23.21% compared with the end of last year, accounting for 4.37% of the company's total assets; contract assets increased by 1331.82% over the end of the previous year, accounting for 2.13% of the company's total assets; inventory increased by 8.91% over the end of last year, accounting for 1.88% of the company's total assets Accounts receivable increased by 10.87% over the end of last year, accounting for 1.85 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 had decreased by 32.43% compared with the end of last year, accounting for 3.90% of the company's total assets; accounts payable increased by 9.07% over the end of the previous year, accounting for 1.51% of the company's total assets; short-term borrowing increased by 27.36% over the end of last year, accounting for 1.29% of the company's total assets Contract liabilities decreased by 1.60% compared with the end of last year, accounting for 0.09 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 10.494 billion yuan, accounting for 152.43% of the net assets, an increase of 858 million yuan over the end of the previous year. Among them, the stock price reduction provision is 328 million yuan, and the proportion of provision is 3.03%.
For the whole of 2023, the company's R & D investment was 504 million yuan, an increase of 6.91% over the same period last year; R & D investment accounted for 0.41% of operating income, an increase of 0.08% over the same period last year. In addition, the company's annual R & D investment capitalization rate is 1.49%.
In terms of solvency, the asset-liability ratio of the company at the end of 2023 was 74.81%, up 0.07 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 8.28%, up 2.26 percentage points from the end of the previous year.
In 2023, the current ratio of the company is 1.16 and the quick ratio is 0.88.
According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, China Machinery Industry Group Co., Ltd. held the most shares, accounting for 41.6%. The list of the top ten tradable shareholders remains unchanged compared with the third quarterly report of 2023. In terms of the specific shareholding ratio, the shareholding of the 114 portfolio of the National Social Security Fund has increased, while that of the Hong Kong Securities Clearing Company Limited has declined.
In terms of chip concentration, by the end of 2023, the total number of shareholders was 30600, an increase from the end of the third quarter.Pokeryoutube1033 households, an increase of 3.49%, and the value of stock market holdings per household dropped to 302800 yuan from 329300 yuan at the end of the third quarter, a decrease of 8.05%.
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)