Wuxi Zhenhua (605319) disclosed its 2023 annual report on April 17th. In 2023, the company achieved total revenue of 23Scooppoker.1.7 billion yuan, an increase of 23.19% over the same period last year; net profit of 277 million yuan, an increase of 71.23% over the same period last year; deducting 266 million yuan of non-net profit, an increase of 266.43% over the same period last year; business activities generatedScooppokerThe net cash flow of Wuxi Zhenhua was 424 million yuan, an increase of 1042.92% over the same period last year. During the reporting period, Wuxi Zhenhua earned 1.11 yuan per share, with a weighted average return on net assets of 13.19%. The company's annual profit distribution plan for 2023 is to distribute 3.8 yuan (including tax) to all shareholders for every 10 shares.

Wuxi Zhenhua's current price-to-earnings ratio (TTM) is about 17.44 times, its price-to-book ratio (LF) is about 2.21 times, and its price-to-sales ratio (TTM) is about 2.09 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 Wuxi Zhenhua's total revenue grew at a compound growth rate of 17.81% in the past three years, ranking sixth among the 15 companies in other auto parts industries that have disclosed data for 2023. In the past three years, net profit grew at a compound annual growth rate of 38.03%, ranking 3x15.

According to the annual report, the company continues to be deep in the field of auto parts, mainly engaged in stamping parts business, split assembly processing business, mold and selective precision plating business.

From a product point of view, in the company's main business in 2023, the income of stamping parts business was 1.272 billion yuan, an increase of 7.62% over the same period last year, accounting for 54.91% of business income; the income of split assembly processing business was 591 million yuan, an increase of 64.59% over the same period last year, accounting for 25.53% of business income; selective precision plating processing business income was 153 million yuan, accounting for 6.61% of business income.

By the end of 2023, the total number of employees of the company was 2724, with per capita income of 850600 yuan, per capita profit of 101800 yuan and per capita salary of 130000 yuan, respectively-0.96%, 37.66% and 1.88% over the same period last year.

In 2023, the company's gross profit margin was 25.07%, up 4.95 percentage points from the same period last year; the net profit margin was 11.97%, up 3.36 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 26.10%, up 3.14% from the same period last year, down 0.41% from the previous quarter; and the net profit rate was 15.78%, up 5.46% from the same period last year and 4.02% from the previous quarter.

In terms of products, the gross profit margins of stamping parts business, split assembly processing business and selective precision plating business in 2023 are 8.57%, 41.57% and 79.42%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 1.689 billion yuan, accounting for 72.91% of the total sales amount, and the total purchase amount of the top five suppliers of the company was 991 million yuan, accounting for 27.01% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 13.19%, an increase of 4.75 percentage points over the same period last year, and the return on invested capital in 2023 was 11.33%, an increase of 7.03 percentage points over the same period last year.

In 2023, the net cash flow of the company's operating activities was 424 million yuan, an increase of 1042.92% over the same period last year; the net cash flow of fund-raising activities was 155 million yuan, an increase of 48.4609 million yuan over the same period last year; and the net cash flow of investment activities was-506 million yuan, compared with-241 million yuan in the same period last year.

Further statistics show that the company's free cash flow is 41.9077 million yuan in 2023, compared with-158.4541 million yuan in the same period last year.

In 2023, the cash ratio of the company's operating income is 105.78%, and the net current ratio is 152.94%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.57 times, compared with 0.54 times in the same period last year (the industry average in 2022 was 0.60 times, and the company ranked in the same industry 30 times 50); the fixed assets turnover rate was 1.50 times, compared with 1.33 times in the same period last year (the industry average in 2022 was 2.82 times, and the company ranked 46ap50 in the same industry). The company's accounts receivable turnover and inventory turnover are 1.87 and 5.49 respectively.

In 2023, the company's period expenses were 191 million yuan, an increase of 32.3308 million yuan over the same period last year, but the period expense rate was 8.24 percent, down 0.20 percent from the same period last year. Among them, sales expenses increased by 1.1 percent over the same period last year, management expenses increased by 20.97 percent, R & D expenses increased by 4.91 percent, and financial expenses increased by 114.17 percent.

In terms of major changes in assets, by the end of 2023, the company's fixed assets increased by 5.72% over the end of the previous year, accounting for 7.72% of the company's total assets; accounts receivable increased by 54.98% over the end of the previous year, accounting for 5.48% of the company's total assets; projects under construction increased by 214.68% over the end of last year, accounting for 4.96% of the company's total assets Inventory increased by 6.89% over the end of last year, accounting for 1.49 percentage points of the company's total assets.

In terms of major changes in liabilities, by the end of 2023, the company's accounts payable increased by 49.55% over the end of the previous year, accounting for 4.43% of the company's total assets; short-term loans increased by 56.76% over the end of the previous year, accounting for 2.23% of the company's total assets; other payables (including interest and dividends) increased by 1393.61% over the end of last year, accounting for 0.81% of the company's total assets. Contract liabilities increased by 374.70% over the end of last year, accounting for 0.38 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 326 million yuan, accounting for 14.94% of the net assets, an increase of 26.4558 million yuan over the end of last year. Among them, the provision for the price decline of inventory is 19.7784 million yuan, with a provision proportion of 5.71%.

For the whole of 2023, the company's R & D investment was 64.747 million yuan, an increase of 19.58% over the same period last year; R & D investment accounted for 2.79% of operating income, down 0.31% from 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 52.25%, an increase of 8.40 percentage points over the end of the previous year, and the interest-bearing asset-liability ratio was 13.53%, an increase of 3.07 percentage points over the end of the previous year.

In 2023, the company's current ratio is 0.98 and the quick ratio is 0.83.

According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, the new shareholders are Cui Changrui, Xu Qianqian, Xie Chen, Huaxia Panyi regularly open mixed securities investment funds in one year, Haifutong reform-driven flexible allocation of mixed securities investment funds, BoCom Schroeder Fund-China Merchants Bank-BoCom Schroeder Holson collective asset management plan, Juming Ruiyi private securities investment fund Replaced Xinle Dachang No. 2 Private Equity Investment Fund, Lin Tao, Mao Xunlin, Gao Xianan, UBS AG, MORGAN STANLEY & CO at the end of the third quarter. INTERNATIONAL PLC. GE Hongxiang. In the specific shareholding ratio, Wuxi Jin Qianyu investment partnership (limited partnership), Xu limin, Li Jie shareholding has declined.

In terms of chip concentration, as of the end of 2023, the total number of shareholders in the company was 9833, a decrease of 578 or 5.55% from the end of the third quarter; the average market value of shares held by each household increased from 397,200 yuan at the end of the third quarter to 586,400 yuan, an increase of 47.63%.

Indicator Notes:

price-earnings ratio

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

B ratio

= Total market value/net assets. Price to book ratio 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. Price to sales valuation is usually used for growth companies that are losing money or meager 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 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)