vegasliveslots| Tianpu Shares: Net profit in 2023 will increase by 19.74% year-on-year, planned to be 2.2 yuan for 10 shares

China Securities Intelligent Financial Information Tianpu shares (605255) disclosed its 2023 annual report on April 19th. In 2023, the company achieved total revenue 3Vegasliveslots.4.8 billion yuan, up 5.76% over the same period last year; net profit from home was 30.6082 million yuan, up 19.74% over the same period last year; deducting 27.9647 million yuan from non-net profit, up 39.59% over the same period last year; net cash flow from operating activities was 82.9209 million yuan, down 3.18% from the same period last year; during the reporting period, Tianpu shares basically earned 0.23 yuan per share, with a weighted average return on net assets of 3.64%. The company's annual profit distribution plan for 2023 is to distribute 2.2 yuan (including tax) to all shareholders for every 10 shares.

Based on its closing price on April 18, Temple shares are trading at about 56.9 times TTM, 2.07 times LF and 5.0 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 Tianpu's total revenue has a compound growth rate of 4.69% in the past three years, ranking 24th among the 41 companies in the chassis and engine systems industry that have disclosed data for 2023. In the past three years, the compound annual growth rate of net profit was-21.24%, ranking 37up 41.

According to the annual report, the company is mainly engaged in the R & D, production and sales of parts and assemblies for automotive polymer material fluid piping systems and sealing systems, and provides rubber hoses and assemblies for automobile manufacturers and their first-class suppliers.

From a product point of view, in the company's main business in 2023, the revenue of hose and assembly of automobile engine accessory system was 295 million yuan, up 5.95% from the same period last year, accounting for 84.67% of business income; the income of hose and assembly of automobile fuel system was 15 million yuan, down 4.52% from the same period last year, accounting for 4.22% of business income; and the income of rubber molded products was 14 million yuan, an increase of 23.31% over the same period last year, accounting for 3.94% of business income.

By the end of 2023, the total number of employees of the company was 794, with per capita income of 438800 yuan, per capita profit of 38500 yuan and per capita salary of 107300 yuan, representing changes of 1.63%, 15.06% and-4.11% respectively over the same period last year.

In 2023, the company's gross profit margin was 36.34%, up 2.94 percentage points from the same period last year; the net profit margin was 8.79%, up 1.03 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 37.88%, up 0.13% from the same period last year, up 1.26% from the previous quarter; and the net profit rate was 7.90%, up 4.92% from the same period last year and 0.62% from the previous quarter.

In terms of products, the gross profit margins of automotive engine accessories system hoses and assemblies, automotive fuel system hoses and assemblies, and rubber molded products in 2023 are 35.67%, 40.24% and 28.68%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 234 million yuan, accounting for 67.30% of the total sales amount, and the total purchase amount of the company's top five suppliers was 44 million yuan, accounting for 25.70% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 3.64%, an increase of 0.65 percentage points over the same period last year, and the return on invested capital of the company in 2023 was 3.58%, an increase of 0.70 percentage points over the same period last year.

In 2023, the net cash flow of the company's operating activities was 82.9209 million yuan, down 3.18% from the same period last year; the net cash flow of fund-raising activities was-30.2072 million yuan, an increase of 30.1264 million yuan over the same period last year; and the net cash flow of investment activities was-40.878 million yuan, compared with-49.064 million yuan in the same period last year.

Further statistics show that the company's free cash flow is 24.593 million yuan in 2023, compared with-67.9862 million yuan in the same period last year.

In 2023, the cash ratio of the company's operating income is 110.22%, and the net current ratio is 270.91%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.38 times, compared with 0.34 times in the same period last year (the industry average in 2022 was 0.56 times, and the company ranked 87,98 times in the same industry), and the fixed assets turnover rate was 0.87 times, compared with 0.78 times in the same period last year (the industry average in 2022 was 2.48 times, and the company ranked 96pm in the same industry). The turnover rate of accounts receivable and inventory is 4.00 times and 3.44 times respectively.

In 2023, the company's period expenses were 81.0829 million yuan, an increase of 5.7781 million yuan over the same period last year, and the period expense rate was 23.27 percent, an increase of 0.41 percent over the same period last year. Among them, sales expenses decreased by 8.43% over the same period last year, management expenses increased by 5.69%, R & D expenses increased by 2.57%, and financial expenses changed from-3.7752 million yuan to-944200 yuan in the same period last year.

In terms of major changes in assets, by the end of 2023, the company's transactional financial assets had increased by 18.18% over the end of the previous year, accounting for 1.75% of the company's total assets; projects under construction decreased by 20.18% and accounted for 1.74% of the company's total assets; fixed assets increased by 1.27% over the end of last year, accounting for 0.91% of the company's total assets Monetary funds increased by 19.56% over the end of last year, accounting for 0.86 percentage points in the company's total assets.

In terms of major changes in liabilities, by the end of 2023, the company's taxes and fees payable had decreased by 40.69% compared with the end of last year, accounting for 0.86% of the company's total assets; accounts payable had decreased by 10.97% compared with the end of last year, accounting for 0.33% of the company's total assets; notes payable increased by 268.92% over the end of last year, accounting for 0.23% of the company's total assets;VegasliveslotsHis payables (including interest and dividends) decreased by 55.60% compared with 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 61.6996 million yuan, accounting for 7.32% of the net assets, a decrease of 5.737 million yuan compared with the end of last year. Among them, the provision for inventory price decline is 6.2749 million yuan, with a provision proportion of 9.23%.

For the whole of 2023, the company's R & D investment was 22.0877 million yuan, an increase of 2.57% over the same period last year; R & D investment accounted for 6.34% of operating income, down 0.20 percentage points from the same period last year. In addition, the company's annual R & D investment capitalization rate is 0.

According to the annual report, the company now has 59 patents, including 12 invention patents, 38 utility model patents, 6 invention patents and 3 appearance patents.

In terms of solvency, the asset-liability ratio of the company at the end of 2023 was 6.71%, down 0.87 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 0.08%, up 0.01 percentage points from the end of the previous year.

In 2023, the current ratio of the company is 5.60 and the quick ratio is 4.43.

According to the annual report, among the company's top ten circulating shareholders at the end of 2023, the new shareholders are UBS AG, Wang Zhong, Wang Suhua, MORGAN STANLEY & CO. INTERNATIONAL PLC, J.P. MorganSecuritiesPLC-self-owned capital, Goldman Sachs Co., Ltd., replaced Li Xin, Zhou Chen, Jin Xingwang, Guojin quantitative multi-factor stock investment fund, Hudson and MERRILL LYNCH INTERNATIONAL at the end of the third quarter.

In terms of chip concentration, as of the end of 2023, the total number of shareholders in the company was 11,400, an increase of 5305 from the end of the third quarter, an increase of 86.91%; the average stock market value per household dropped from 356,500 yuan at the end of the third quarter to 206,200 yuan, a decrease of 42.16%.

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)