CSI Intelligent Financial Information Jiaheng Jiahua (300955) disclosed its 2023 annual report on April 22nd. In 2023, the company achieved a total revenue of 10%.Spincitycasino.1.6 billion yuan, down 3% from the same period last yearSpincitycasino.41%; the net profit returned to the mother was 40.1643 million yuan, down 42.39% from the same period last year; the non-net profit was 38.4774 million yuan, down 43.03% from the same period last year; business activities were generatedSpincitycasinoThe net cash flow was 173 million yuan, an increase of 15.70% over the same period last year. During the reporting period, Jiaheng Jiahua's basic earnings per share was 0.4 yuan, and the weighted average return on net assets was 4.06%. The company's 2023 distribution plan is to pay out 3.5 yuan (including tax) for every 10 shares to all shareholders.

Based on the closing price on April 19, Jiahengjiahua's current price-to-earnings ratio (TTM) is about 32.75 times, price-to-book ratio (LF) is about 1.32 times, and price-to-sales ratio (TTM) is about 1.3 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 Jiaheng Jiahua's total revenue has a compound growth rate of 1.60% in the past three years, and the data for 2023 has been disclosed in the cosmetics industry.SpincitycasinoRanked fifth out of eight companies. The compound annual growth rate of net profit in the past three years is-24.52%, ranking 8x8.

The data show that the company is mainly engaged in the R & D, design and production of daily chemical products OEM/ODM and plastic packaging containers, and has the integrated service capability of R & D, preparation, filling and plastic packaging container design and manufacture of cosmetics and home care products.

In terms of products, in the company's main business in 2023, the revenue from cosmetics was 540 million yuan, down 0.38% from the same period last year, accounting for 53.14% of the operating income; the income from plastic packaging containers was 391 million yuan, down 3.90% from the same period last year, accounting for 38.53% of the operating income; and the income from home care products was 57 million yuan, down 20.53% from the same period last year, accounting for 5.60% of the business income.

By the end of 2023, the total number of employees of the company was 1872, with per capita income of 542600 yuan, per capita profit of 21500 yuan and per capita salary of 133200 yuan, which changed by-3.35%,-42.36% and 2.23% respectively over the same period last year.

In 2023, the company's gross profit margin was 24.28%, up 0.32 percentage points from the same period last year; the net profit margin was 3.95%, down 2.68 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 25.35%, down 0.85% from the same period last year, up 1.01% from the previous quarter; and the net profit rate was 4.86%, down 2.54% from the same period last year and up 0.45% from the previous quarter.

In terms of products, the gross profit margins of cosmetics, plastic packaging containers and home care products in 2023 are 22.15%, 29.00% and 8.94%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 765 million yuan, accounting for 75.28% of the total sales amount, and the total purchase amount of the company's top five suppliers was 109 million yuan, accounting for 21.03% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 4.06%, down 3.10 percentage points from the same period last year, and the rate of return on invested capital in 2023 was 3.52%, down 2.78 percentage points from the same period last year.

In 2023, the net cash flow of the company's operating activities was 173 million yuan, an increase of 15.70% over the same period last year; the net cash flow of fund-raising activities was 113 million yuan, an increase of 75.4276 million yuan over the same period last year; and the net cash flow of investment activities was-249 million yuan, compared with-197 million yuan in the same period last year.

Further statistics show that the free cash flow of the company is-104 million yuan in 2023, compared with 39 million yuan in the same period last year.

In 2023, the cash ratio of the company's operating income is 118.04%, and the net present ratio is 430.55%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.63 times, compared with 0.73 times in the same period last year (the industry average in 2022 was 0.56 times, and the company ranked in the same industry 8 times 16); the fixed assets turnover rate was 1.73 times, compared with 2.70 times in the same period last year (the industry average in 2022 was 6.52 times, and the company ranked 12 times in the same industry). The company's accounts receivable turnover and inventory turnover are 3.66 and 5.01 respectively.

In 2023, the company's period expenses were 200 million yuan, an increase of 32.4098 million yuan over the same period last year, and the period expense rate was 19.7 percent, an increase of 3.75 percent over the same period last year. Among them, sales expenses increased by 11.34 percent over the same period last year, management expenses increased by 8.63 percent, R & D expenses increased by 64.7 percent, and financial expenses increased by 205.44 percent.

In terms of major changes in assets, by the end of 2023, the company's fixed assets increased by 18.05% over the end of the previous year, accounting for 2.61% of the company's total assets; accounts receivable decreased by 4.75%, accounting for 2.45% of the company's total assets; projects under construction increased by 25.45% over the end of last year, accounting for 2.12% of the company's total assets Inventory decreased by 9.81% compared with the end of last year, accounting for 1.88 percentage points of the company's total assets.

In terms of major changes in liabilities, by the end of 2023, the company's long-term loans increased by 175.41% over the end of the previous year, accounting for 8.82% of the company's total assets, mainly due to the increase in long-term loans of Huzhou Jiaheng Bank, a subsidiary of the reporting period; taxes and fees payable decreased by 45.69% compared with the end of last year, accounting for 0.92% of the company's total assets. The non-current liabilities due within one year increased by 84.12% over the end of last year, accounting for 0.65% of the company's total assets, while accounts payable decreased by 4.33% and 1.96% of the company's total assets compared with the end of last year.

In terms of inventory changes, by the end of 2023, the book value of the company's inventory was 145 million yuan, accounting for 14.63% of net assets. According to the financial report, the company has no provision for inventory price decline in the current period.

For the whole of 2023, the company's R & D investment was 35.4503 million yuan, an increase of 64.70% over the same period last year; R & D investment accounted for 3.49% of operating income, an increase of 1.44% 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 41.27%, up 5.46 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 24.02%, up 8.69 percentage points from the end of the previous year.

In 2023, the current ratio of the company is 1.47 and the quick ratio is 1.13.

According to the annual report, among the top 10 tradable shareholders of the company at the end of 2023, the largest shareholder was Shanghai Huiying Investment Partnership (limited partnership), accounting for 4.48%. The list of the top ten tradable shareholders remains unchanged compared with the third quarterly report of 2023. In the specific shareholding ratio, Fujian Huishui to Cheng equity investment partnership (limited partnership), Quanzhou Jiahe Changxing equity investment partnership (limited partnership) shareholding has declined.

In terms of chip concentration, by the end of 2023, the total number of shareholders of the company was 7641, down two from the end of the third quarter, a decrease of 0.03%; the value of stock market holdings per household dropped to 291700 yuan from 305600 yuan at the end of the third quarter, a decrease of 4.55%.

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.

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)