Furi Electronics (600203) disclosed its 2023 annual report on April 12. In 2023, the company achieved a total revenue of 106.Megamillionsjackpotwinningnumbers41 billion yuan, down 35.70% from the same period last year; net profit loss of 286 million yuan, compared with 314 million yuan in the same period last year; deduction of non-net profit loss of 309 million yuan, loss of 349 million yuan in the same period last yearMegamillionsjackpotwinningnumbersThe net cash flow was 524 million yuan, compared with-445 million yuan in the same period last year. During the reporting period, Furi's basic earnings per share was-0.4828 yuan, and the weighted average return on net assets was-12.97%.
At its closing price on April 11, Furi Electronics is trading at about-15.16 times TTM, 2.13 times LF and 0.41 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 Furi Electronics has a compound growth rate of-6.54% in total revenue in the past three years, ranking 20th among the 21 companies in the consumer electronics parts and assembly industry that have disclosed data for 2023. In the past three years, the compound annual growth rate of net profit was-406.47%, ranking 21st.
According to the annual report, the company's main business is smart phones and other intelligent terminal products business, but also engaged in LED optoelectronic business and trading business.
From a product point of view, in the company's main business in 2023, the intelligent terminal income was 7.767 billion yuan, down 38.95% from the same period last year, accounting for 72.99% of the operating income; the trade income was 2.058 billion yuan, down 26.71% from the same period last year, accounting for 19.34% of the operating income; the income of the LED optoelectronic and green energy environmental protection industry was 732 million yuan, an increase of 2.43% over the same period last year, accounting for 6.88% of the operating income.
In 2023, the company's gross profit margin was 6.57%, up 3.62 percentage points from the same period last year; the net profit margin was-2.61%, down 0.68 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 6.62%, up 3.73% from the same period last year, down 0.31% from the previous quarter; and the net profit rate was-5.09%, up 1.72% from the same period last year and down 4.97% from the previous quarter.
In terms of products, the gross profit margins of smart terminals, trade, LED optoelectronics and green energy environmental protection industries in 2023 are 8.06%, 2.23% and 17.89%, respectively.
During the reporting period, the total sales amount of the company's top five customers was 4.706 billion yuan, accounting for 44.23% of the total sales amount, and the total purchase amount of the company's top five suppliers was 2.534 billion yuan, accounting for 25.49% of the total annual purchase.
According to the data, the weighted average return on equity of the company in 2023 was-12.97%, down 1.26 percentage points from the same period last year; the return on invested capital in 2023 was-2.87%, an increase of 0.89 percentage points over the same period last year.
In 2023, the net cash flow of the company's operating activities was 524 million yuan, an increase of 969 million yuan over the same period last year; the net cash flow of fund-raising activities was-571 million yuan, a decrease of 485 million yuan over the same period last year; and the net cash flow of investment activities was 157 million yuan, compared with-255 million yuan in the same period last year.
Further statistics show that the company's free cash flow is 362 million yuan in 2023, compared with-1.314 billion yuan in the same period last year.
In 2023, the cash ratio of the company's operating income is 118.01%, and the net present ratio is-182.88%.
In terms of operating capacity, in 2023, the company's total asset turnover rate was 1.27 times, compared with 1.56 times in the same period last year (the industry average in 2022 was 0.67 times, and the company ranked 94th in the same industry), and the fixed asset turnover rate was 11.38 times, 19.28 times in the same period last year (the industry average in 2022 was 4.28 times, and the company ranked 7Universe 94 in the same industry). The company's accounts receivable turnover and inventory turnover are 5.01 and 7.98 respectively.
In 2023, the company's period expenses were 769 million yuan, an increase of 66.6124 million yuan over the same period last year, and the period expense rate was 7.23 percent, an increase of 2.99 percent over the same period last year. Among them, sales expenses increased by 2.29% over the same period last year, management expenses decreased by 2.91%, R & D expenses increased by 7.51%, and financial expenses increased by 92.86%.
In terms of major changes in assets, by the end of 2023, the company's monetary funds had increased by 4.80% over the end of the previous year, accounting for 3.56% of the company's total assets; inventory decreased by 26.52% compared with the end of last year, accounting for 2.47% of the company's total assets; other non-current assets decreased by 56.12% compared with the end of last year, accounting for 1.77% of the company's total assets. The advance payment decreased by 48.31% compared with the end of last year, accounting for 1.07 percentage points in the company's total assets.
In terms of major changes in liabilities, by the end of 2023, the company's long-term loans decreased by 43.58% compared with the end of last year, accounting for 3.05% of the company's total assets; short-term loans decreased by 16.73% compared with the end of last year, accounting for 0.93% of the company's total assets; non-current liabilities due within one year increased by 176.60% over the end of the previous year, accounting for 4.58% of the company's total assets Notes payable decreased by 21.01% compared with the end of last year, accounting for 1.02 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 1.055 billion yuan, accounting for 51.71% of the net assets, a decrease of 381 million yuan compared with the end of last year. Among them, the stock price reduction provision is 255 million yuan, and the proportion of provision is 19.45%.
For the whole of 2023, the company's R & D investment was 319 million yuan, down 1.34% from the same period last year; R & D investment accounted for 3.00% of operating income, an increase of 1.04% over the same period last year. In addition, the company's annual R & D investment capitalization rate is 16.77%.
According to the annual report, by the end of 2023, the company and its member enterprises had applied for 96 patents and obtained 160patents. As of December 31, 2023, the company had applied for a total of 1371 patents, granted 1046 patents, 69 inventions, 835 utility models, 142 designs and 233 soft works.
In terms of solvency, the asset-liability ratio of the company at the end of 2023 was 72.56%, down 0.31 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 33.75%, up 0.60 percentage points from the end of the previous year.
In 2023, the current ratio of the company is 1.08 and the quick ratio is 0.87.
According to the annual report, among the company's top 10 circulating shareholders at the end of 2023, the new shareholders are Guangfa electronic information media industry selected stock initiating securities investment funds, Zhang Yu and Zhao Zhengqi, replacing Zhao Juan and Jiupeng Xinxiang No. 8 private equity investment fund and Gaoyou at the end of the third quarter. In the specific shareholding ratio, Chen Jinggeng, Wang Geng, Tang Shifu shareholding has increased, Huo Baozhuang shareholding has declined.
In terms of chip concentration, by the end of 2023, the total number of shareholders in the company was 43000, an increase of 5445, or 14.50%, over the end of the third quarter; the value of stock market holdings per household decreased to 102200 yuan from 103500 yuan at the end of the third quarter, a decrease of 1.26%.
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. 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)