Shanghai and Nanjing shares (300669) disclosed their 2023 annual report on April 22nd. In 2023, the company achieved total revenue 3Crashbandicootworld7.6 billion yuan, down 7% from the same period last yearCrashbandicootworld.12%CrashbandicootworldThe net profit from home was 48.5854 million yuan, down 6.24% from the same period last year; the non-net profit was 46.6913 million yuan, up 8.12% from the same period last year; the net cash flow from operating activities was 93.4921 million yuan, up 56.47% from the same period last year; during the reporting period, the basic earnings per share of Shanghai and Nanjing shares was 0.2521 yuan, and the weighted average return on net assets was 5.57%. The company's annual profit distribution plan for 2023 is to distribute 1.2 yuan (including tax) to all shareholders for every 10 shares.

Based on the closing price on April 19th, Shanghai-Nanjing shares are trading at about 50.65 times TTM, 2.78 times LF and 6.55 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 Shanghai and Nanjing shares have a compound growth rate of 1.80% in total revenue in the past three years, ranking seventh among the 10 companies in the building equipment industry that have disclosed data for 2023. The compound annual growth rate of net profit in the past three years is-3.60%, ranking 6x10.

According to the data, the company is a supplier of elevator important components and component systems, mainly engaged in the development, design, manufacturing and sales of all kinds of elevator important components and component systems, including elevator safety components. The company's existing safety pliers, speed limiters, buffers, rope clamps, roller guide boots and other five categories of products, hundreds of specifications, is one of the representatives of technological and innovative enterprises in the industry.

From a product point of view, in the company's main business in 2023, the income of elevator safety components was 326 million yuan, down 7.63% from the same period last year, accounting for 86.68% of the operating income.

By the end of 2023, the total number of employees of the company was 638, with per capita income of 589000 yuan, per capita profit of 76200 yuan and per capita salary of 125600 yuan, down 5.52%, 4.62% and 1.38% respectively compared with the same period last year.

In 2023, the company's gross profit margin was 26.87%, up 1.42 percentage points from the same period last year; the net profit margin was 12.93%, up 0.12 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 27.41%, up 2.65% from the same period last year, down 1.24% from the previous quarter; and the net profit rate was 11.78%, down 1.43% from the same period last year and 4.30% from the previous quarter.

During the reporting period, the total sales amount of the company's top five customers was 140 million yuan, accounting for 37.35% of the total sales amount, and the total purchase amount of the company's top five suppliers was 90 million yuan, accounting for 46.92% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 5.57%, down 0.55 percentage points from the same period last year; the return on invested capital of the company in 2023 was 4.25%, down 0.96 percentage points from the same period last year.

In 2023, the net cash flow of the company's operating activities was 93.4921 million yuan, an increase of 56.47% over the same period last year; the net cash flow of fund-raising activities was-8.5257 million yuan, a decrease of 9.9822 million yuan over the same period last year; and the net cash flow of investment activities was-126 million yuan, compared with 164 million yuan in the same period last year.

Further statistics show that the free cash flow of the company is-21.0372 million yuan in 2023, compared with 213.4704 million yuan in the same period last year.

In 2023, the cash ratio of the company's operating income is 109.64%, and the net present ratio is 192.43%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.37 times, compared with 0.43 times in the same period last year (the industry average in 2022 was 0.57 times, and the company ranked in the same industry 12 times 14); the fixed assets turnover rate was 2.32 times, compared with 2.52 times in the same period last year (the industry average in 2022 was 4.85 times, and the company ranked 14 times in the same industry). The turnover rate of accounts receivable and inventory is 2.87 times and 5.35 times respectively.

In 2023, the company's period expenses were 47.1092 million yuan, a decrease of 3.7041 million yuan compared with the same period last year, and the period expense rate was 12.54%, down 0.02% from the same period last year. Among them, sales expenses increased by 6.12% year-on-year, management expenses increased by 6.09%, R & D expenses decreased by 9.29%, financial expenses-10.1588 million yuan, and the same period last year-6.2724 million yuan.

In terms of major changes in assets, by the end of 2023, the project under construction of the company had increased by 121.07% over the end of last year, accounting for 10.81% of the company's total assets; monetary funds decreased by 9.75% compared with the end of last year, and the proportion of total assets decreased by 6.48%; accounts receivable decreased by 12.19% compared with the end of last year, accounting for 2.48% of the company's total assets;CrashbandicootworldHis non-current assets decreased by 97.95% compared with 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 accounts payable increased by 57.54% over the end of the previous year, accounting for 1.56% of the company's total assets; short-term loans increased by 36.82% over the end of the previous year, accounting for 1.42% of the company's total assets; leasing liabilities increased by 400.80% over the end of last year, accounting for 0.31% of the company's total assets Taxes and fees payable decreased by 38.33% compared with the end of last year, accounting for 0.26 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 48.6534 million yuan, accounting for 5.49% 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 19.4452 million yuan, down 9.29% from the same period last year; R & D investment accounted for 5.17% of operating income, down 0.13% from the same period last year. In addition, the company's annual R & D investment capitalization rate is 0.

In terms of solvency, the company's asset-liability ratio at the end of 2023 was 14.35%, an increase of 2.73 percentage points over the end of the previous year, and the interest-bearing asset-liability ratio was 6.54%, an increase of 1.49 percentage points over the end of the previous year.

In 2023, the current ratio of the company is 4.22 and the quick ratio is 3.87.

According to the annual report, among the company's top 10 circulating shareholders at the end of 2023, Xu Furong and Nian Yixin actively grew private equity investment funds, replacing Wang Nioxing and BARCLAYSBANKPLC at the end of the third quarter. In the specific shareholding ratio, Nuanyi Xintianning No. 1 private equity investment fund, Beijing Ruizhe Investment Management Co., Ltd.-Ruizhe private equity fund No. 2 private equity fund has increased, while Xu Wensong's shareholding has declined.

In terms of chip concentration, by the end of 2023, the total number of shareholders in the company was 6500, down 71 from the end of the third quarter, or 1.08%, while the value of stock market holdings per household rose to 462200 yuan from 426400 yuan at the end of the third quarter, an increase of 8.40%.

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 value/operating income. The price-to-sales ratio valuation method is usually used for growth companies that lose money or make small profits.

The price-to-earnings ratio and price-to-sales ratio in the text are calculated based on the TTM method, which is based on data for the 12 months up to the latest financial report (including forecasts). The P/B ratio adopts LF method, which is calculated based on the latest financial report data.

When the P/E ratio is negative, the current quantiles are not displayed, which will cause the line chart to be interrupted.

(Article source: China Securities Journal·China Securities Network)