abugarciacardinalc3spinningreel| Sainz: Net profit in 2023 will increase by 36.39% year-on-year, it is planned to pay 5 yuan for 10 shares

Sainz (688480) disclosed its 2023 annual report on April 22nd. In 2023, the company achieved a total revenue of 8Abugarciacardinalc3spinningreel0.08 billion yuan, up 47.47 percent over the same period last year; net profit from home was 90.3279 million yuan, up 36.39 percent over the same period last year; deducting 75.2817 million yuan from non-net profit, up 35.02 percent over the same period last year; net cash flow from operating activities was 67.3181 million yuan, up 155.79 percent over the same period last year; during the reporting period, Sainz's basic earnings per share was 0.95 yuan, and the weighted average return on net assets was 9.99 percent. The company's annual profit distribution plan for 2023 is to distribute 5 yuan (including tax) to all shareholders for every 10 shares.

Sainz's price-to-earnings ratio (TTM), price-to-book ratio (LF) and price-to-sales ratio (TTM) are about 32.05, 3.11 and 3.58 times, respectively.

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:

According to statistics, Sainz's total revenue grew at a compound growth rate of 31.39% in the past three years, and net profit grew at a compound annual growth rate of 25.24% in the past three years.

According to the annual report, the company is a high-tech enterprise specializing in the prevention and control of heavy metal pollution, with the core development goal of becoming a leader in the field of prevention and control of heavy metal pollution. business covers heavy metal acid, wastewater, waste residue treatment and resource utilization, environmental remediation, pharmaceutical and equipment production and sales, design and technical services, environmental housekeeper, environmental consulting, environmental testing and other fields. The company adheres to R & D and innovation for a long time, aiming at the whole process of "source prevention, process control and end treatment" according to the four technological research and development principles of "resource utilization, reduction, harmlessness and economical application". Always focus on heavy metal pollution prevention and control technology research and development and application promotion.

From a product point of view, in the company's main business in 2023, the income of the comprehensive solution for the prevention and control of heavy metal pollution was 460 million yuan, up 88.03% from the same period last year, accounting for 56.87% of the operating income; the operating service income was 193 million yuan, down 0.96% from the same period last year, accounting for 23.92% of the operating income; and the product sales income was 137 million yuan, accounting for 16.99% of the operating income.

By the end of 2023, the total number of employees of the company was 891, with per capita income of 907300 yuan, per capita profit of 101400 yuan and per capita salary of 134300 yuan, up 20.32%, 11.29% and 2.77% respectively over the same period last year.

In 2023, the company's gross profit margin was 28.83%, down 1.87 percentage points from the same period last year; the net profit margin was 11.76%, down 1.15 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 25.12%, down 2.26% from the same period last year and 5.98% from the previous quarter; the net profit rate was 9.04%, up 0.98% from the same period last year and down 5.52% from the previous quarter.

From a product point of view, the gross profit margins of comprehensive solutions for the prevention and control of heavy metal pollution, operational services and product sales in 2023 are 22.71%, 32.78% and 45.30%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 480 million yuan, accounting for 59.55% of the total sales amount, and the total purchase amount of the company's top five suppliers was 88 million yuan, accounting for 22.16% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 9.99%, down 3.79 percentage points from the same period last year; the return on invested capital of the company in 2023 was 9.66%, down 0.20 percentage points from the same period last year.

In 2023, the net cash flow of the company's operating activities was 67.3181 million yuan, an increase of 155.79% over the same period last year; the net cash flow of fund-raising activities was-82.2653 million yuan, a decrease of 472 million yuan over the same period last year; and the net cash flow of investment activities was-50.1921 million yuan, compared with-13.449 million yuan in the same period last year.

Further statistics show that the free cash flow of the company in 2023 was 21.7567 million yuan, down 212.5% compared with the same period last year.

In 2023, the cash ratio of the company's operating income is 75.85%, and the net current ratio is 74.53%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.56 times, compared with 0.50 times in the same period last year (the industry average in 2022 was 0.27 times, and the company ranked first in the same industry). The turnover rate of fixed assets was 9.75 times, compared with 6.28 times in the same period last year (the industry average in 2022 was 5.96 times, and the company ranked 8Comp15 in the same industry). The turnover rate of accounts receivable and inventory is 2.41 times and 8.36 times respectively.

In 2023, the company's period expenses were 137 million yuan, an increase of 46.3571 million yuan over the same period last year, and the period expense rate was 16.91 percent, an increase of 0.44 percent over the same period last year. Among them, sales expenses increased by 60.63% over the same period last year, management expenses increased by 41.82%, R & D expenses increased by 52.65% over the same period last year, and financial expenses changed from-1.0467 million yuan to-1.6402 million yuan in the same period last year.

In terms of major changes in assets, by the end of 2023, the company's accounts receivable increased by 67.49% over the end of the previous year, accounting for 9.86% of the company's total assets; monetary funds decreased by 9.43% compared with the end of last year, and the proportion of the company's total assets decreased by 7.30%; inventory decreased by 69.63%, accounting for 5.55% of the company's total assets. Transactional financial assets increased by 380.00% over the end of last year, accounting for 2.48 percentage points of the company's total assets.

In terms of major changes in liabilities, by the end of 2023, the company's notes payable had increased by 214.64% over the end of the previous year, accounting for 4.83% of the company's total assets; accounts payable had increased by 19.73% over the end of the previous year, accounting for 1.28% of the company's total assets; contract liabilities decreased by 37.18% compared with the end of last year, accounting for 2.18% of the company's total assets;Abugarciacardinalc3spinningreelHis payables (including interest and dividends) decreased by 74.04% compared with the end of last year, accounting for 1.04 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 32.0676 million yuan, accounting for 3.44% of the net assets, a decrease of 73.5058 million yuan compared with the end of last year. 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 45.8234 million yuan, an increase of 52.65% over the same period last year; R & D investment accounted for 5.67% of operating income, an increase of 0.19% over the same period last year. In addition, the company's annual R & D investment capitalization rate is 0.

According to the data, in 2023, the company carried out the reform of R & D mode and continued to improve technological innovation and core technology competitiveness. The pilot-scale experiment of sodium sulfate resource utilization technology has been completed, and the technology industrialization has been further accelerated; the company's R & D achievements are gratifying, and 13 new patents have been authorized during the reporting period, including 9 invention patents and 4 utility model patents; the company's core technology has been widely recognized and won the first prize of China Nonferrous Metals Industry Science and Technology, the list of practical technology and demonstration projects for ecological environmental protection, Hunan Science and Technology Progress Award and other honors.

In terms of solvency, the asset-liability ratio of the company at the end of 2023 was 35.0%, up 1.91 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 0.005%, down 1.53 percentage points from the end of the previous year.

In 2023, the current ratio of the company is 2.60 and the quick ratio is 2.53.

According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, the new shareholders are Zijin Mining Zifeng (Xiamen) Investment Partnership (Limited Partnership), Tan Xiaolin, Jiang Guomin, Li Xiguo, Yang Zhihui, Wang Qingwei, Shenwan Hongyuan Securities-Industrial Bank-Shen Wanghong Sainz employee participation in Branch Chuangban Strategic Placement No. 1 Collective Asset Management Plan, emerging growth five Private Equity Investment Fund, Chen Runhua Instead of Feng Jiapeng and BoCom Schroeder at the end of the third quarter, flexible allocation of hybrid securities investment funds, Jianxin small and medium-sized pioneer equity securities investment funds, honest Xinrui core selected hybrid securities investment funds, Jianxin potential new blue chip securities investment funds, Jianxin optimized allocation of hybrid securities investment funds, Liu Xin, Zhu Zhizhong, China Everbright Bank Co., Ltd.-Morgan Stanley Resources preferred Hybrid Securities Investment Fund (LOF). In the specific shareholding ratio, Zhu Peiyi's shareholding has increased.

In terms of chip concentration, by the end of 2023, the total number of shareholders of the company was 2584, down 482 from the end of the third quarter, a decrease of 15.72%; the value of stock market holdings per household rose to 1.4209 million yuan from 924500 yuan at the end of the third quarter, an increase of 53.69%.

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)