Zhongzheng intelligent caixun (603719) The 2023 Annual Report was disclosed on April 26th. In 2023, the company achieved a total operating income of 8.046 billion yuan, a year-on-year decrease of 14.76%; The net profit of returning to the mother was 180 million yuan, a year-on-year decrease of 46.26%; Deducting non-net profit was 65.1418 million yuan, a year-on-year decrease of 68.82%; The net cash flow from operating activities was 1.28 billion yuan, a year-on-year increase of 1,144.38%; During the reporting period, the basic earnings per share of good shops was 0.45 yuan, and the weighted average return on equity was 7.43%. The company’s annual profit distribution plan for 2023 is: it is planned to distribute 2.25 yuan (including tax) to all shareholders for every 10 shares.
During the reporting period, the company’s total non-recurring profit and loss was 115 million yuan, of which the government subsidy included in the current profit and loss was 87,057,500 yuan, and the share-based payment fee confirmed at one time due to the cancellation or modification of the equity incentive plan was-415,700 yuan.
Based on the closing price on April 25th, the current price-earnings ratio (TTM), price-to-book ratio (LF) and sales ratio (TTM) of good shops are about 32.07 times, 2.32 times and 0.72 times respectively.
The historical distribution map of the company’s price-earnings ratio (TTM), price-to-book ratio (LF) and marketing ratio (TTM) in recent years is as follows:
Statistics show that the compound growth rate of total operating income of Liangpin Store in the past three years is 0.64%, ranking fifth among the nine companies in the snack industry that have disclosed data in 2023. The compound annual growth rate of net profit in recent three years is -19.34%, ranking 7/9.
In terms of products, in the company’s main business in 2023, the revenue from sweets and cakes was 1.871 billion yuan, down 9.02% year-on-year, accounting for 23.25% of the operating income; The income from meat snacks was 1.696 billion yuan, down 19.15% year-on-year, accounting for 21.08% of the operating income; The revenue from roasted seeds and nuts was 1.323 billion yuan, down 15.57% year-on-year, accounting for 16.45% of the operating income.
By the end of 2023, the total number of employees in the company was 11,046, with an average income of 728,400 yuan, an average profit of 16,300 yuan and an average salary of 92,800 yuan, representing changes of -10.24%, -43.41% and 7.86% respectively compared with the same period of last year.
In 2023, the company’s gross profit margin was 27.75%, up 0.18 percentage points year on year; The net interest rate was 2.23%, down 1.31 percentage points from the same period of last year. Judging from the single-quarter indicators, the gross profit margin of the company in the fourth quarter of 2023 was 25.43%, down 0.42 percentage points year-on-year and 2.31 percentage points quarter-on-quarter; The net interest rate was -0.56%, down 2.49 percentage points from the same period of last year and down 0.63 percentage points from the previous quarter.
In terms of products, the gross profit margins of confectionery, meat snacks and nuts roasted seeds and nuts in 2023 were 29.53%, 29.09% and 26.42% respectively.
During the reporting period, the total sales amount of the top five customers of the company was 1.449 billion yuan, accounting for 16.13% of the total sales amount, and the total purchase amount of the top five suppliers of the company was 1.039 billion yuan, accounting for 17.92% of the total annual purchase amount.
The data shows that in 2023, the company’s weighted average return on equity was 7.43%, down 7.43 percentage points from the same period of last year; The company’s return on invested capital in 2023 was 5.38%, down 5.73 percentage points from the same period of last year.
In 2023, the company’s net cash flow from operating activities was 1.28 billion yuan, a year-on-year increase of 1,144.38%; The net cash flow from financing activities was-413 million yuan, a year-on-year decrease of 83.2019 million yuan; The net cash flow from investment activities was-302 million yuan, compared with-145 million yuan in the same period of last year.
Further statistics show that in 2023, the company’s free cash flow was 1 billion yuan, compared with-78 million yuan in the same period of last year.
In 2023, the cash ratio of the company’s operating income was 118.12%, and the net cash ratio was 709.85%.
In terms of operational capacity, in 2023, the company’s total assets turnover rate was 1.52 times, compared with 1.80 times in the same period of last year (the industry average in 2022 was 1.00 times, and the company ranked 1/10 in the same industry); The turnover rate of fixed assets was 13.24 times, compared with 16.38 times in the same period of last year (the industry average was 5.05 times in 2022, and the company ranked 1/10 in the same industry); The company’s accounts receivable turnover rate and inventory turnover rate were 14.42 times and 7.46 times respectively.
In 2023, the company’s expenses during the period were 2.052 billion yuan, a decrease of 199 million yuan compared with the same period of last year; However, the expense ratio during the period was 25.50%, up by 1.65 percentage points over the same period of last year. Among them, sales expenses decreased by 10.45%, management expenses decreased by 6.9%, research and development expenses decreased by 13.5%, and financial expenses changed from-35,025,200 yuan in the same period last year to-10,924,900 yuan.
In terms of major changes in assets, as of the end of 2023, the company’s monetary funds increased by 45.56% compared with the end of last year, accounting for 8.81 percentage points of the company’s total assets; Accounts receivable decreased by 48.13% compared with the end of last year, accounting for 7.69 percentage points of the company’s total assets; Inventory decreased by 30.04% compared with the end of last year, accounting for 6.59 percentage points of the company’s total assets; The right to use assets increased by 104.62% compared with the end of last year, accounting for 5.86 percentage points of the company’s total assets.
In terms of major changes in liabilities, as of the end of 2023, the company’s leasing liabilities increased by 220.69% compared with the end of last year, accounting for 4.66 percentage points of the company’s total assets; Short-term loans increased by 162.50% compared with the end of last year, accounting for 2.21 percentage points of the company’s total assets; Accounts payable increased by 15.54% compared with the end of last year, accounting for 0.82 percentage points of the company’s total assets; Other payables (including interest and dividends) decreased by 10.14% compared with the end of last year, accounting for 1.98 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 641 million yuan, accounting for 25.76% of the net assets, a decrease of 275 million yuan from the end of last year. Among them, the inventory depreciation reserve is 2,010,600 yuan, and the accrual ratio is 0.31%.
In 2023, the company invested 43.7302 million yuan in R&D, down 13.50% year-on-year; R&D investment accounted for 0.54% of operating income, which was flat compared with the same period of last year. In addition, the capitalization rate of the company’s annual R&D investment is 0.
In terms of solvency, the company’s asset-liability ratio at the end of 2023 was 54.95%, up 2.57 percentage points from the end of last year; The interest-bearing asset-liability ratio was 8.59%, up 1.75 percentage points from the end of last year.
In 2023, the company’s current ratio was 1.34 and the quick ratio was 1.09.
The annual report shows that among the top ten tradable shareholders of the company at the end of 2023, the new shareholders areLimited by Share Ltd replaced Ningbo Hanliang Jiahao Investment Management Partnership (Limited Partnership) at the end of the third quarter. In terms of specific shareholding ratio, Ningbo Aibang Investment Management Co., Ltd. has increased its shareholding, while Dayong Co., Ltd., HH LPPZ(HK)Holdings Limited, Ningbo Hanliang Qihao Investment Management Partnership (Limited Partnership), Ningbo Hanlin Zhihao Investment Management Partnership (Limited Partnership) and Ningbo Hanning Beihao Investment Management Partnership (Limited Partnership) have decreased their shareholding.
It is worth noting that, according to the data of the annual report, 13.89% of the shares of Liangpin Store are pledged. Among them, Ningbo Hanyi Venture Capital Partnership (Limited Partnership), the largest shareholder, pledged 55.7 million shares of the company, accounting for 39.26% of its total shares.
In terms of chip concentration, by the end of 2023, the total number of shareholders of the company was 46,300, an increase of 10,300 compared with the end of the third quarter, with an increase of 28.65%; The average stock market value per household decreased from 249,000 yuan at the end of the third quarter to 186,900 yuan, a decrease of 24.94%.
Indicator notes:
price/earning ratio
= total market value/net profit. When the company loses money, the price-earnings ratio is negative. At this time, it is meaningless to use the price-earnings ratio for valuation, and the price-to-book ratio or market-to-sales ratio is often used as a reference.
PB ratio
= total market value/net assets. The price-to-book ratio valuation method is mostly used for companies with large profit fluctuations and relatively stable net assets.
Marketing rate
= total market value/operating income. Market-to-sales ratio valuation method is usually used for growth companies with losses or small profits.
In this paper, the P/E ratio and marketing ratio are calculated by TTM method, that is, based on the data of the latest financial report (including forecast) for 12 months. The P/B ratio adopts LF method, that is, it is calculated based on the data of the latest financial report.
When the price-earnings ratio is negative, the current quantile is not displayed, which will lead to the interruption of the line chart.