baccaratcasino| Jiangshan Oupai: The profit in 2023 will be 390 million yuan and it is planned to be 17.8 yuan for 10 parties

Jiangshan Oupai (603208) disclosed its 2023 annual report on April 25th. 2023BaccaratcasinoThe company achieved a total revenue of 37Baccaratcasino.38 billion yuan, an increase of 16% over the same period last yearBaccaratcasino.49%; return to the mother net profit of 390 million yuan, reversing losses compared with the same period last year; deducting non-net profits of 339 million yuan, reversing losses compared with the same period last year; business activities generatedBaccaratcasinoThe net cash flow was 424 million yuan, down 18.93% from the same period last year. During the reporting period, Jiangshan Europe's basic earnings per share was 2.22 yuan, and the weighted average return on net assets was 26.45%. The company's annual profit distribution plan for 2023 is to distribute 17.8 yuan (including tax) to all shareholders for every 10 shares.

Based on the closing price on April 24, Jiangshan Europe's current price-to-earnings ratio (TTM), price-to-book ratio (LF) and price-to-sales ratio (TTM) are about 11.74 times, 2.98 times and 1.22 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 Jiangshan Oupai's total revenue grew at a compound growth rate of 7.47% in the past three years, ranking fourth among the seven companies in the custom home industry that have disclosed data for 2023. The compound annual growth rate of net profit in the past three years is-2.89%, ranking 4x7.

According to the annual report, Jiangshan Oupai is a professional door-making enterprise integrating design, R & D, production, sales and service. According to the "Industry Classification results of listed companies in the second half of 2023" released by the China Association of listed companies, the company belongs to wood processing and wood, bamboo, rattan, brown, grass products industry (industry code: CC20), with rich product line layout. At present, the company has a number of production bases, including Zhejiang Jiangshan production base, Henan Lankao production base, Chongqing Yongchuan production base, covering an area of nearly 2000 mu. At present, the company takes solid wood composite doors, plywood molded doors and other products as the core, and introduces integrated healthy household products such as doors, windows, wallboards, cabinets, floors, bathroom, hardware and so on.

From a product point of view, in the company's main business in 2023, the income of plywood molded doors was 2.169 billion yuan, an increase of 8.57% over the same period last year, accounting for 58.04% of business income; the income of solid wood composite doors was 829 million yuan, accounting for 22.19% of business income; and the revenue of cabinet products was 232 million yuan, an increase of 11.80% over the same period last year, accounting for 6.21% of business income.

By the end of 2023, the total number of employees of the company was 5023, with per capita income of 744200 yuan, per capita profit of 77600 yuan and per capita salary of 110900 yuan, up 20.48%, 235.10% and 7.09% respectively over the same period last year.

In 2023, the company's gross profit margin was 26.02%, up 2.17 percentage points from the same period last year; the net profit margin was 10.35%, up 19.89 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 29.12%, up 10.98% from the same period last year, up 2.36% from the previous quarter; and the net profit rate was 9.57%, up 42.87% from the same period last year, down 4.02% from the previous quarter.

In terms of products, the gross profit margins of plywood molded doors, solid wood composite doors and cabinets in 2023 are 26.38%, 22.83% and 21.75%, respectively.

According to the data, the weighted average return on equity of the company in 2023 was 26.45%, an increase of 44.62 percentage points over the same period last year, and the rate of return on invested capital in 2023 was 16.45%, an increase of 27.66 percentage points over the same period last year.

In 2023, the net cash flow of the company's operating activities was 424 million yuan, down 18.93% from the same period last year; the net cash flow of fund-raising activities was-175 million yuan, an increase of 78.564 million yuan over the same period last year; and the net cash flow of investment activities was-105 million yuan, compared with-224 million yuan in the same period last year.

Further statistics show that the company's free cash flow in 2023 was 285 million yuan, down 15.78% from the same period last year.

In 2023, the cash ratio of the company's operating income is 113.35%, and the net current ratio is 108.73%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.82 times, compared with 0.70 times in the same period last year (the industry average in 2022 was 0.69 times, and the company ranked among the same industry in the same industry). The turnover rate of fixed assets was 2.84 times, compared with 2.71 times in the same period last year (the industry average in 2022 was 2.55 times, and the company ranked 8Univer in the same industry). The turnover rate of accounts receivable and inventory is 4.56 times and 6.33 times respectively.

In 2023, the company's period expenses were 517 million yuan, a decrease of 13.06 million yuan compared with the same period last year, and the period expense rate was 13.82 percent, down 2.69 percent from the same period last year. Among them, sales expenses decreased by 7.24% year-on-year, management expenses increased by 2.07%, R & D expenses increased by 2.62%, and financial expenses increased by 30.65%.

In terms of major changes in assets, by the end of 2023, the company's accounts receivable increased by 20.09% over the end of the previous year, accounting for 2.68% of the company's total assets; fixed assets decreased by 4.33%, accounting for 2.25% of the company's total assets; inventory decreased by 8.44%, accounting for 1.17% of the company's total assets. Notes receivable decreased by 56.81% compared with the end of last year, accounting for 1.05 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 decreased by 7.85% compared with the end of last year, accounting for 1.97% of the company's total assets; deferred income tax liabilities decreased by 92.70% compared with the end of last year, accounting for 0.82% of the company's total assets; bonds payable increased by 4.46% over the end of the previous year, accounting for 0.13% of the company's total assets. Taxes and fees payable increased by 56.77% over the end of last year, accounting for 0.41% 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 417 million yuan, accounting for 27.22% of the net assets, a decrease of 38.4907 million yuan compared with the end of last year. Among them, the stock price reduction provision is 17.585 million yuan, and the proportion of provision is 4.04%.

For the whole of 2023, the company's R & D investment was 127 million yuan, an increase of 2.62% over the same period last year; R & D investment accounted for 3.39% of operating income, down 0.46% from the same period last year. In addition, the company's annual R & D investment capitalization rate is 0.

In terms of solvency, the asset-liability ratio of the company at the end of 2023 was 65.63%, down 1.43 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 17.06%, up 2.31 percentage points from the end of the previous year.

In 2023, the current ratio of the company is 1.33 and the quick ratio is 1.13.

According to the annual report, among the top 10 tradable shareholders of the company at the end of 2023, the new shareholder was the ICBC Credit Suisse Smart value mixed Securities Investment Fund, replacing the Bank of Communications Co., Ltd.-Great Wall Jiufu Core growth mixed Securities Investment Fund (LOF) at the end of the third quarter. In terms of specific shareholding ratio, Wang Wei and CEIBS value found that equity securities investment funds, CEIBS growth preferred returns and flexible allocation of mixed initiating securities investment funds, CEIBS potential value flexible allocation of hybrid securities investment funds have increased, and the shareholding of Hong Kong Securities Clearing Co., Ltd. has declined.

In terms of chip concentration, as of the end of 2023, the total number of shareholders in the company was 9619, an increase of 919 from the end of the third quarter, an increase of 10.56%; the average stock market value per household dropped from 719,100 yuan at the end of the third quarter to 546,900 yuan, a decrease of 23.95%.

Indicator Notes:

price-earnings ratio

= Total market value/net profit. When a company loses money, the P/E ratio is negative. At this time, it is meaningless to use the P/E ratio to value it, and the P/B ratio or P/P ratio is often used as a reference.

B ratio

= Total market value/net assets. The price-to-book 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. 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)

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