Huiquan Beer (600573) disclosed its 2023 annual report on April 12. 2023ShiningkingmegawaysslotThe company realized operating income 6Shiningkingmegawaysslot.1.4 billion yuan, up 0.04% over the same period last year; net profit from home was 48.5337 million yuan, up 21.8% over the same period last year; deducting 45.1731 million yuan from non-net profit, up 21.68% over the same period last year; net cash flow from operating activities was 75.0934 million yuan, down 45.51% from the same period last year; during the reporting period, Huiquan Beer's basic earnings per share was 0.194 yuan, and the weighted average return on net assets was 3.95%. The company's 2023 distribution plan is to pay out 0.6 yuan (including tax) to all shareholders for every 10 shares.
Based on the closing price on April 11, Huiquan Beer's current price-to-earnings ratio (TTM) is about 48.63 times, price-to-book ratio (LF) is about 1.89 times, and price-to-sales ratio (TTM) is about 3.85 times.
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 Huiquan beer's total revenue has a compound growth rate of-0.04% in the past three years, ranking eighth among the nine companies in the non-liquor industry that have disclosed data for 2023. Net profit has grown at a compound annual growth rate of 19.18% in the past three years, ranking 4x9.
According to the annual report, the company's main business is the production and sales of beer, and its main products are Huiquan Yimai, Huiquan Chunsheng, Huiquan ou Knight and Huiquan fresh Beer series products.
From a product point of view, in the company's main business in 2023, beer revenue was 600 million yuan, down 0.19% from the same period last year, accounting for 97.81% of the operating income.
By the end of 2023, the total number of employees of the company was 1343, with per capita income of 456900 yuan, per capita profit of 36100 yuan and per capita salary of 80900 yuan, up 4.36%, 27.06% and 15.29% respectively over the same period last year.
In 2023, the company's gross profit margin was 29.48%, up 2.36 percentage points from the same period last year; the net profit margin was 7.95%, up 1.42 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-34.70%, down 23.45% from the same period last year and 67.89% from the previous quarter; the net profit rate was-68.98%, down 54.53% from the same period last year and 86.24% from the previous quarter.
During the reporting period, the total sales amount of the company's top five customers was 79 million yuan, accounting for 13.19% of the total sales amount, and the total purchase amount of the company's top five suppliers was 157 million yuan, accounting for 25.03% of the total annual purchase.
According to the data, the weighted average return on equity of the company in 2023 was 3.95%, up 0.62 percentage points from the same period last year. The company's return on invested capital in 2023 was 1.71%, up 0.4 percentage points from the same period last year.
In 2023, the net cash flow of the company's operating activities was 75.0934 million yuan, down 45.51% from the same period last year, mainly due to the current payment of the tax withholding policy of the previous period; the net cash flow of fund-raising activities was 7.1747 million yuan, an increase of 16.6747 million yuan over the same period last year, mainly due to the increase in short-term borrowing; the net cash flow of investment activities was-168 million yuan, compared with-129 million yuan in the same period last year.
Further statistics show that the free cash flow of the company in 2023 was 80.8503 million yuan, a decrease of 48.85% compared with the same period last year.
In 2023, the cash ratio of the company's operating income is 121.26%, and the net current ratio is 154.72%.
In 2023, the company's period expenses were 58.3671 million yuan, an increase of 1.9539 million yuan over the same period last year, and the period expense rate was 9.51 percent, an increase of 0.31 percent over the same period last year. Among them, sales expenses increased by 8.7 percent over the same period last year, management expenses increased by 12.45 percent, R & D expenses increased by 0.83 percent, and financial expenses changed from-27.9333 million yuan to-32.7464 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 11.67% over the end of the previous year, accounting for 3.68% of the company's total assets; fixed assets decreased by 8.26%, accounting for 2.83% of the company's total assets; inventory decreased by 12.82% compared with the end of last year, accounting for 1.05% of the company's total assets Intangible assets decreased by 3.55% compared with the end of last year, accounting for 0.36 percentage points of the company's total assets.
In terms of major changes in liabilities, by the end of 2023, the company's contractual liabilities increased by 148.14% over the end of the previous year, accounting for 2.59% of the company's total assets, mainly due to the increase in dealers' rewards; taxes and fees payable decreased by 60.28% compared with the end of last year, accounting for 0.90% of the company's total assets; and other current liabilities decreased by 68.30% compared with the end of the previous year, accounting for 0.17% of the company's total assets. Accounts payable increased by 2.31% over the end of last year, accounting for 0.23 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 72.7991 million yuan, accounting for 5.83% of the net assets, a decrease of 10.7013 million yuan compared with the end of last year. Among them, the stock price reduction provision is 5.2963 million yuan, and the proportion of provision is 6.78%.
For the whole of 2023, the company's R & D investment was 24.0647 million yuan, an increase of 0.83% over the same period last year; R & D investment accounted for 3.92% of operating income, an increase of 0.03% over the same period last year. In addition, the company's annual R & D investment capitalization rate is 0.
Data show that during the reporting period, the company obtained 3 national invention patents, 48 utility model patents and 20 design patents.
In terms of solvency, the asset-liability ratio of the company at the end of 2023 was 15.83%, up 2.44 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 1.34%, up 1.34 percentage points from the end of the previous year.
In 2023, the current ratio of the company is 4.92 and the quick ratio is 4.61.
According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, the new shareholders are Western profit quantitative growth mixed initiation Securities Investment Fund, China International Capital Co., Ltd., Everbright Securities (Rights Protection) Co., Ltd., CITIC Lyon Asset Management Co., Ltd.-customer funds-RMB capital remittance Replaced Liu Cun, Zhang Jianbai, Tongyi Kirin No. 5 private equity investment fund and CNPC enterprise annuity plan-Industrial and Commercial Bank of China Co., Ltd., at the end of the third quarter. In terms of specific shareholding ratio, the shareholdings of Penghuazhong Liquor Exchange-traded Securities Investment Fund, she Hongjie and CITIC Securities Co., Ltd. have increased, while Zhang Yunqiu's shareholdings have declined.
In terms of chip concentration, by the end of 2023, the total number of shareholders of the company was 21800, down 374 from the end of the third quarter, a decrease of 1.69%. The value of stock market holdings per household rose to 119000 yuan from 115800 yuan at the end of the third quarter, an increase of 2.76%.
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 value/operating income. Price to sales valuation is usually used for growth companies that are losing money or meager profits.
The price-earnings ratio and price-to-sales ratio are TTM, which is calculated based on the data of the latest financial report (including forecast) for 12 months. The market-to-book ratio adopts LF mode, that is, calculated based on the latest financial report data.
When P/E ratio is negative, the current quantile is not displayed, resulting in broken line chart.
(Source: China Securities News·China Securities Network)