Qianjiang Water Conservancy (600283) disclosed its 2023 annual report on April 12. In 2023, the company achieved a total revenue of 2230jilicom.22 billion yuan, an increase of 21% over the same period last year30jilicom.61%30jilicomNet profit from home was 206 million yuan, up 19.22% from the same period last year; non-net profit was 126 million yuan, down 6.12% from the same period last year; net cash flow from operating activities was 398 million yuan, down 58.75% from the same period last year. Qianjiang Water Conservancy basic earnings per share was 0.58 yuan, and the weighted average return on net assets was 9.03%. The company's annual profit distribution plan for 2023 is to distribute 2 yuan (including tax) to all shareholders for every 10 shares transferred to 4 shares.
Based on the closing price on April 11, Qianjiang Water Conservancy's current price-to-earnings ratio (TTM) is about 21.47 times, price-to-book ratio (LF) is about 1.88 times and price-to-sales ratio (TTM) is about 1.99 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 revenue of Qianjiang water conservancy in the past three years is 19.11%, ranking third among the 13 companies in the water affairs and water treatment industry that have disclosed data for 2023. Net profit has grown at a compound annual growth rate of 14.04% in the past three years, ranking 5x13.
According to the annual report, the company is mainly engaged in the production and supply of tap water, as well as sewage treatment and municipal water pipeline installation business. the company's business covers the whole water industry chain, such as raw water, water conveyance, water production, municipal water supply, sewage treatment, sludge disposal, water-related equipment and pharmaceuticals.30jilicomThe "integration of urban and rural water supply, the integration of water supply and drainage, the integration of investment and construction, the sewage treatment of the park, the entrusted operation of light assets" and other characteristic business plates.
In terms of products, in the company's main business in 2023, the revenue from tap water supply was 964 million yuan, up 1.84% from the same period last year, accounting for 43.39% of the operating income; the revenue from pipeline installation was 520 million yuan, up 25.04% from the same period last year, accounting for 23.41% of the operating income; and the sewage treatment revenue was 315 million yuan, an increase of 7.76% over the same period last year, accounting for 14.20% of the operating income.
By the end of 2023, the total number of employees of the company was 1588, with per capita income of 1.3994 million yuan, per capita profit of 129400 yuan and per capita salary of 225000 yuan, up 20.46%, 18.09% and 6.67% respectively over the same period last year.
In 2023, the company's gross profit margin was 31.79%, down 6.23 percentage points from the same period last year; the net profit margin was 12.69%, down 0.65 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 26.86%, down 2.68% from the same period last year and 5.68% from the previous quarter; the net profit rate was 8.02%, down 2.27% from the same period last year and 7.47% from the previous quarter.
In terms of products, the gross profit margins of tap water supply, pipe installation business and sewage treatment in 2023 are 41.91%, 34.00% and 28.89%, respectively.
During the reporting period, the total sales amount of the company's top five customers was 500 million yuan, accounting for 25.07% of the total sales amount, and the total purchase amount of the company's top five suppliers was 500 million yuan, accounting for 25.07% of the total annual purchase.
According to the data, the weighted average return on equity of the company in 2023 was 9.03%, an increase of 0.98 percentage points over the same period last year, and the return on invested capital of the company in 2023 was 6.99%, an increase of 0.39 percentage points over the same period last year.
In 2023, the net cash flow of the company's operating activities was 398 million yuan, down 58.75% from the same period last year; the net cash flow of fund-raising activities was 325 million yuan, an increase of 572 million yuan over the same period last year; and the net cash flow of investment activities was-950 million yuan, compared with-568 million yuan in the same period last year.
Further statistics show that the free cash flow of the company is-338 million yuan in 2023, compared with 570 million yuan in the same period last year.
In 2023, the cash ratio of the company's operating income is 90.99%, and the net present ratio is 193.74%.
In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.31 times, compared with 0.28 times in the same period last year (the industry average in 2022 was 0.25 times, and the company ranked in the same industry 21 times 53); the fixed assets turnover rate was 0.63 times, compared with 0.56 times in the same period last year (the industry average in 2022 was 3.91 times, and the company ranked 48 times 53 in the same industry). The turnover rate of accounts receivable and inventory is 10.01 times and 2.41 times respectively.
In 2023, the company's period expenses were 460 million yuan, an increase of 47.3389 million yuan over the same period last year, but the period expense rate was 20.70 percent, down 1.89 percent from the same period last year. Among them, sales expenses increased by 9.04 percent over the same period last year, management expenses increased by 15.44 percent, R & D expenses increased by 85.65 percent, and financial expenses decreased by 7.07 percent.
In terms of major changes in assets, by the end of 2023, the company's intangible assets increased by 119.58% over the end of the previous year, accounting for 8.51% of the company's total assets; monetary funds decreased by 29.49%, accounting for 4.00% of the company's total assets; projects under construction decreased by 40.03% compared with the end of last year, accounting for 2.83% of the company's total assets. Accounts receivable increased by 111.63% over the end of last year, accounting for 1.87 percentage points of the company's total assets.
In terms of major changes in liabilities, by the end of 2023, the company's short-term borrowing increased by 446.61% over the end of the previous year, accounting for 6.33% of the company's total assets; contract liabilities decreased by 15.88% compared with the end of last year, accounting for 4.52% of the company's total assets; long-term loans increased by 33.61% over the end of last year, accounting for 1.66% of the company's total assets The non-current liabilities due within one year decreased by 46.95% compared with the end of last year, accounting for 2.13 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 607 million yuan, accounting for 25.8% 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 10.7412 million yuan, an increase of 85.65% over the same period last year; R & D investment accounted for 0.48% of operating income, an increase of 0.16% over 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 actively carried out patent declaration and cumulatively declared 7 invention patents, 25 utility model patents and 7 software copyrights to the intellectual property department. The results obtained 1 authorized invention patent, 15 utility model patents and 7 software copyright, further enhancing and enriching the company's intellectual property achievements.
In terms of solvency, the asset-liability ratio of the company at the end of 2023 was 60.39%, up 1.83 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 23.77%, up 5.41 percentage points from the end of the previous year.
In 2023, the company's current ratio is 0.59 and the quick ratio is 0.36.
According to the annual report, at the end of 2023, Wu Guo was the new shareholder in the top ten circulating shareholders of the company, replacing the Industrial and Commercial Bank of China Co., Ltd.-Hui Tim Fuzhong Securities Investment Fund (LOF) at the end of the third quarter. In the specific shareholding ratio, Fengming and Chen Wenjian's shareholding has increased, while Dai Xipeng's shareholding has declined.
In terms of chip concentration, by the end of 2023, the total number of shareholders of the Company was 34,200, down 1193 households compared with the end of the third quarter, with a decrease of 3.37%; the market value of shares held by each household increased from 128,800 yuan at the end of the third quarter to 129,900 yuan, with an increase rate of 0.85%.
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-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)