Red Wall shares (002809) disclosed its 2023 annual report on April 25th. In 2023, the company achieved a total revenue of 7Cryptolokocasinonodepositbonuscodes6.1 billion yuan, down 18% from the same period last yearCryptolokocasinonodepositbonuscodes.93%; the net profit returned to the mother was 85.5138 million yuan, down 4.93% from the same period last year; the non-net profit was 76.1308 million yuan, up 21.13% from the same period last year; the net cash flow from operating activities was 158 million yuan, up 24.18% from the same period last year; during the reporting period, the basic earnings per share of Hongqiang shares was 0.41 yuan, and the weighted average return on net assets was 5.45%. The annual profit distribution plan of the company in 2023 isCryptolokocasinonodepositbonuscodesIt is proposed to distribute 1.5 yuan (including tax) to all shareholders for every 10 shares.

Based on the closing price on April 24, Hongqiang shares are currently trading at a price-to-earnings ratio (TTM) of about 19.03 times, a price-to-book ratio (LF) of about 0.99 times and a price-to-sales ratio of about 2.14 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 the compound growth rate of total operating income of Hongqiang shares in the past three years is-17.12%.CryptolokocasinonodepositbonuscodesHis chemical industry ranks 47th out of 47 companies that have disclosed data for 2023. The compound annual growth rate of net profit in the past three years is-15.50%, ranking 30,47th.

From a product point of view, in the company's main business in 2023, the revenue of polycarboxylate admixtures was 712 million yuan, down 13.25% from the same period last year, accounting for 93.54% of the operating income; the income of naphthalene admixtures was 38 million yuan, down 54.41% from the same period last year, accounting for 4.97% of the operating income; and the paint revenue was 2 million yuan, an increase of 319.15% over the same period last year, accounting for 0.25% of the operating income.

By the end of 2023, the total number of employees of the company was 643, with per capita income of 1.1832 million yuan, per capita profit of 133000 yuan and per capita salary of 187700 yuan, which changed by-10.10%, 5.42% and-6.16% respectively over the same period last year.

In 2023, the company's gross profit margin was 32.89%, up 5.02 percentage points from the same period last year, and the net profit margin was 11.24%, up 1.65 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 37.22%, up 6.48% from the same period last year and 6.49% from the previous quarter; the net profit rate was 10.39%, down 0.70% from the same period last year and up 2.51% from the previous quarter.

In terms of products, the gross profit rates of polycarboxylic acid admixtures, naphthalene admixtures and coatings in 2023 are 33.90%, 12.31% and 25.75%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 111 million yuan, accounting for 14.60% of the total sales amount, and the total purchase amount of the company's top five suppliers was 298 million yuan, accounting for 72.25% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 5.45%, down 0.65 percentage points from the same period last year; the return on invested capital of the company in 2023 was 4.36%, down 0.95 percentage points from the same period last year.

In 2023, the net cash flow of the company's operating activities was 158 million yuan, an increase of 24.18% over the same period last year; the net cash flow of fund-raising activities was 466 million yuan, an increase of 660 million yuan over the same period last year; and the net cash flow of investment activities was-333 million yuan, compared with-97.7459 million yuan in the same period last year.

Further statistics show that the free cash flow of the company is-140 million yuan in 2023, compared with 55 million yuan in the same period last year.

In 2023, the cash ratio of the company's operating income is 124.75%, and the net present ratio is 185.12%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.34 times, compared with 0.42 times in the same period last year (the industry average in 2022 was 0.67 times, and the company ranked in the same industry 60 times 74); the fixed assets turnover rate was 5.12 times, compared with 5.48 times in the same period last year (the industry average in 2022 was 3.43 times, and the company ranked in 2074 in the same industry). The turnover rate of accounts receivable and inventory is 1.03 times and 8.54 times respectively.

In 2023, the company's period expenses were 158 million yuan, a decrease of 23.5244 million yuan compared with the same period last year, but the period expense rate was 20.80 percent, an increase of 1.43 percent over the same period last year. Among them, sales expenses decreased by 18.12% compared with the same period last year, management expenses decreased by 15.52%, R & D expenses increased by 8.14%, and financial expenses changed from 1.0036 million yuan in the same period last year to-1.4417 million yuan.

In terms of major changes in assets, by the end of 2023, the company's construction projects had increased by 301.40% over the end of the previous year, accounting for 13.70% of the company's total assets; accounts receivable decreased by 15.14% compared with the end of last year, accounting for 11.97% of the company's total assets; monetary funds increased by 95.23% over the end of last year, accounting for 9.21% of the company's total assets. The financing of receivables decreased by 19.99% compared with the end of last year, accounting for 4.48 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 222.22% over the end of the previous year, accounting for 7.03% of the company's total assets; notes payable decreased by 53.40% compared with the end of the previous year, accounting for 8.23% of the company's total assets; accounts payable increased by 107.85% over the end of last year, accounting for 1.15% of the company's total assets Other current liabilities decreased by 56.26% compared with the end of last year, accounting for 0.38 percentage points of the company's total assets.

In terms of inventory changes, by the end of 2023, the book value of the company's inventory was 54.633 million yuan, accounting for 3.31% 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 41.3682 million yuan, an increase of 8.14% over the same period last year; R & D investment accounted for 5.44% of operating income, an increase of 1.36% over 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 32.31%, an increase of 7.84 percentage points over the end of the previous year, and the interest-bearing asset-liability ratio was 22.12%, an increase of 16.08 percentage points over the end of the previous year.

In 2023, the current ratio of the company is 6.50 and the quick ratio is 6.29.

According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, the new shareholders are Huatai Financial Holdings (Hong Kong) Co., Ltd.-China Power Fund, BARCLAYSBANKPLC, Everbright Prudential quantitative core securities investment fund, replacing Hou Fumei, Guojin quantitative selected mixed securities investment fund and Xu Kehuai at the end of the third quarter. In the specific shareholding ratio, MORGAN STANLEY & CO. INTERNATIONAL PLC. Shareholdings have increased, while the holdings of Guojin quantitative multi-factor stock investment funds have declined.

In terms of chip concentration, by the end of 2023, the total number of shareholders of the company was 17800, down 722 from the end of the third quarter, a decrease of 3.89%; the value of stock market holdings per household rose to 128400 yuan from 125700 yuan at the end of the third quarter, an increase of 2.15%.

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 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)