allpokerhands| Feilong shares: net profit in 2023 will increase by 211.14% year-on-year

Feilong shares (002536) disclosed its 2023 annual report on April 12. In 2023, the company achieved a total revenue of 40%.Allpokerhands9.5 billion yuan, an increase of 25% over the same period last yearAllpokerhands.69%AllpokerhandsNet profit from home was 262 million yuan, up 211.14% over the same period last year; non-net profit was 250 million yuan, up 321.40% from the same period last year; net cash flow from operating activities was 316 million yuan, an increase of 219.14% over the same period last year; during the reporting period, basic earnings per share of Feilong shares was 0.5 yuan, and the weighted average return on net assets was 10.17%. The company's annual profit distribution plan for 2023 is: it is proposed to distribute 3 yuan (including tax) to all shareholders for every 10 shares.

Based on its closing price on April 11, Feilong shares are trading at a price-to-earnings ratio (TTM) of about 26.13 times, a price-to-book ratio (LF) of about 2.12 times and a price-to-sales ratio of about 1.67 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 Flying Dragon's total revenue has a compound growth rate of 15.39% in the past three years, ranking 10th among the 32 companies in the chassis and engine systems industry that have disclosed data for 2023. In the past three years, net profit grew at a compound annual growth rate of 28.17%, ranking 6x32.

According to the annual report, the company is currently engaged in the manufacture and sales of thermal management components in automotive and civil sectors, which are subdivided into important engine thermal management components, engine thermal management energy-saving and emission reduction components, and new energy, hydrogen fuel cell and 5G industrial liquid cooling and photovoltaic system cooling components and modules.

In terms of products, in the company's main business in 2023, the income of engine thermal management energy saving and emission reduction components was 1.88 billion yuan, an increase of 24.49% over the same period last year, accounting for 45.92% of business income; the income of important components of engine thermal management was 1.724 billion yuan, an increase of 22.77% over the same period last year, accounting for 42.09% of business income. The income of cooling components and modules of new energy, hydrogen fuel cells and 5G industrial liquid cooling and photovoltaic systems was 374 million yuan, an increase of 62.54 percent over the same period last year, accounting for 9.14 percent of the operating revenue.

By the end of 2023, the total number of employees of the company was 5267, with per capita income of 777500 yuan, per capita profit of 49700 yuan and per capita salary of 110900 yuan, up 18.96%, 194.48% and 14.85% respectively over the same period last year.

In 2023, the company's gross profit margin was 20.89%, up 3.04 percentage points from the same period last year; net profit margin was 5.89%, up 3.59 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 16.61%, down 3.05% from the same period last year and 7.66% from the previous quarter; the net profit rate was 2.09%, down 0.31% from the same period last year and 5.21% from the previous quarter.

In terms of products, the gross profit margins of engine thermal management energy saving and emission reduction components, engine thermal management important components, new energy, hydrogen fuel cells and 5G industrial liquid cooling and photovoltaic system cooling components and modules in 2023 are 21.27%, 21.13% and 17.46%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 1.957 billion yuan, accounting for 48.08% of the total sales amount, and the total purchase amount of the company's top five suppliers was 667 million yuan, accounting for 25.44% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 10.17%, an increase of 6.48 percentage points over the same period last year, and the return on invested capital of the company in 2023 was 7.73%, an increase of 5.81 percentage points over the same period last year.

In 2023, the net cash flow of the company's operating activities was 316 million yuan, an increase of 219.14% over the same period last year; the net cash flow of fund-raising activities was 358 million yuan, an increase of 437 million yuan over the same period last year; and the net cash flow of investment activities was-447 million yuan, compared with 4.5636 million yuan in the same period last year.

Further statistics show that the free cash flow of the company is-13.7643 million yuan in 2023, compared with 323.8918 million yuan in the same period last year.

In 2023, the cash ratio of the company's operating income is 109.49%, and the net present ratio is 120.57%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.87 times, compared with 0.75 times in the same period last year (the industry average in 2022 was 0.56 times, and the company ranked among the same industry in the same industry. 98); fixed assets turnover rate was 2.57 times, compared with 2.00 times in the same period last year (the industry average in 2022 was 2.48 times, and the company ranked 5798 times in the same industry). The turnover rate of accounts receivable and inventory is 5.32 times and 3.23 times respectively.

In 2023, the company's period expenses were 590 million yuan, an increase of 85.3461 million yuan over the same period last year, but the period expense rate was 14.40 percent, down 1.08 percent from the same period last year. Among them, sales expenses increased by 5.65 percent over the same period last year, management expenses increased by 14.06 percent, R & D expenses increased by 20.3 percent, and financial expenses changed from-11.0471 million yuan to-2.491 million yuan in the same period last year.

In terms of major changes in assets, by the end of 2023, the company's fixed assets decreased by 1.96% compared with the end of last year, accounting for 5.47% of the company's total assets; monetary funds increased by 46.30% over the end of the previous year, accounting for 2.28% of the company's total assets; accounts receivable increased by 0.61% over the end of last year, accounting for 2.22% of the company's total assets Projects under construction increased by 9135.42% over the end of last year, accounting for 0.81% of the company's total assets.

In terms of major changes in liabilities, by the end of 2023, the company's short-term loans decreased by 58.00% compared with the end of last year, accounting for 7.72% of the company's total assets; notes payable increased by 7.48% compared with the end of the previous year, and the proportion of the company's total assets decreased by 1.13%; accounts payable increased by 6.52% over the end of last year, accounting for 1.03% of the company's total assets;AllpokerhandsHis payables (including interest and dividends) decreased by 31.28% compared with the end of last year, accounting for 0.18 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 1.058 billion yuan, accounting for 32.75% of the net assets, an increase of 108 million yuan over the end of the previous year. Among them, the price reduction of inventory is prepared to be 10.4643 million yuan, with a provision proportion of 0.98%.

For the whole of 2023, the company's R & D investment was 240 million yuan, an increase of 20.30% over the same period last year; R & D investment accounted for 5.87% of operating income, down 0.26% 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's eight subsidiaries, including Nanyang Feilong, Zhengzhou Feilong, Shanghai Feilong and Wuhu Feilong, are national high-tech enterprises, and the company has national technology centers, postdoctoral research workstations and four R & D centers. Among them, the R & D centers in Shanghai and Wuhu are new energy product R & D centers. By the end of the reporting period, the company had obtained a total of 527 patents (141 invention patents), including 525 domestic patents and 2 international patents.

In terms of solvency, the asset-liability ratio of the company at the end of 2023 was 36.67%, down 11.06 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 4.43%, down 8.40 percentage points from the end of the previous year.

In 2023, the current ratio of the company is 1.71 and the quick ratio is 1.11.

According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, the new shareholders are Chen Yuzhou, ICBC Credit Suisse New Energy vehicle themed mixed Securities Investment Fund, Wu Nafen, Ping an Securities-China Ping an Life Insurance Co., Ltd.-dividend-individual insurance dividend-Ping an Securities-Ping an Life Insurance Equity Investment No. 2 single asset management plan. In terms of specific shareholding ratio, the shareholdings of Henan Wanxi Holdings Co., Ltd., Yifangda value growth mixed Securities Investment Fund, Wu Minhua and Wang Bowen have increased, while the holdings of the 502 portfolio of the National Social Security Fund have declined.

In terms of chip concentration, by the end of 2023, the total number of shareholders in the company was 68000, an increase of 7271, or 11.97%, compared with the end of the third quarter; the value of stock market holdings per household dropped to 117500 yuan from 119700 yuan at the end of the third quarter, a decrease of 1.84%.

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 capitalization / net assets. The price-to-book ratio valuation method is mostly used for companies whose earnings fluctuate greatly and their net assets are relatively stable.

Market sales ratio

= total market capitalization / operating income. The valuation method of price-to-sales ratio is usually used for growth companies that are losing money or making small profits.

In this paper, the price-to-earnings ratio and price-to-sales ratio are calculated by TTM, that is, based on the 12-month data up to the latest financial report (including forecast). The price-to-book ratio is calculated on the basis of LF, which is based on the latest financial report.

When the price-to-earnings ratio is negative, the current quantile is not displayed, which will lead to the interruption of the line chart.

(article source: China Securities News, China Securities Network)

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