casinobonusca|宏辉果蔬：2023年净利2395.19万元 同比下降49.48%

Honghui fruits and vegetables (603336) released its 2023 annual report on April 12. 2023CasinobonuscaThe company achieved a total revenue of 10%Casinobonusca8.6 billion yuan, down 4% from the same period last yearCasinobonusca.15%; the net profit returned to the mother was 23.9519 million yuan, down 49.48% from the same period last year; the non-net profit was 18.7824 million yuan, down 58.03% from the same period last year; business activities were generatedCasinobonuscaThe net cash flow of Honghui was-3.4851 million yuan, compared with-38.9719 million yuan in the same period last year. During the reporting period, Honghui's basic earnings per share was 0.04 yuan, and the weighted average return on net assets was 2.09%.

Based on the closing price on April 11, Honghui fruits and vegetables are currently trading at a price-to-earnings ratio (TTM) of about 98.83 times, a price-to-book ratio (LF) of about 2.06 times and a price-to-sales ratio (TTM) of about 2.18 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 Honghui's total revenue has a compound growth rate of 4.04% in the past three years, ranking sixth among the seven companies in the planting industry that have disclosed data for 2023. The compound annual growth rate of net profit in the past three years is-31.08%, ranking 7x7.

The annual report shows that during the reporting period, the company's main business is the fruit and vegetable business, including planting management, postharvest purchase, origin pre-cooling, frozen storage, pre-selection and classification, processing and packaging, cold chain distribution.

In terms of products, in the company's main business in 2023, fruit revenue was 906 million yuan, down 6.29% from the same period last year, accounting for 83.43% of operating income; meat trade revenue was 97 million yuan, down 8.81% from the same period last year, accounting for 8.97% of operating income; and edible oil revenue was 36 million yuan, up 145.79% from the same period last year, accounting for 3.31% of operating income.

By the end of 2023, the total number of employees of the company was 753, with per capita income of 1.442 million yuan, per capita profit of 31800 yuan and per capita salary of 61900 yuan, which changed by 8.45%,-42.83% and 8.21% respectively over the same period last year.

In 2023, the company's gross profit margin was 8.01%, down 0.44 percentage points from the same period last year; the net profit margin was 1.81%, down 2.27 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 4.95%, up 0.11% from the same period last year, down 5.29% from the previous quarter; and the net profit rate was-3.07%, down 1.64% from the same period last year and 5.88% from the previous quarter.

In terms of products, the gross profit margins of fruit, meat trade and edible oil in 2023 are 10.43%,-7.70% and-1.45%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 214 million yuan, accounting for 19.67% of the total sales amount, and the total purchase amount of the company's top five suppliers was 91 million yuan, accounting for 9.99% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 2.09%, down 2.16 percentage points from the same period last year, and the return on invested capital in 2023 was 2.60%, down 1.34 percentage points from the same period last year.

In 2023, the net cash flow of the company's operating activities was-3.4851 million yuan, an increase of 35.4868 million yuan over the same period last year; the net cash flow of fund-raising activities was 23.3846 million yuan, a decrease of 83.4956 million yuan over the same period last year; and the net cash flow of investment activities was-25.119 million yuan, compared with-41.4341 million yuan in the same period last year.

Further statistics show that the free cash flow of the company in 2023 is-27.7724 million yuan, compared with-89.5993 million yuan in the same period last year.

In 2023, the cash ratio of the company's operating income is 100.89%, and the net present ratio is-14.55%.

In terms of operating capacity, in 2023, the company's total asset turnover was 0.60 times, compared with 0.67 times in the same period last year (the industry average in 2022 was 0.48 times, and the company ranked 22nd in the same industry); the company's accounts receivable turnover and inventory turnover were 1.81 and 2.59 respectively.

In 2023, the company's period expenses were 63.7078 million yuan, an increase of 26.672 million yuan over the same period last year, and the period expense rate was 5.87 percent, an increase of 2.60 percent over the same period last year. Among them, sales expenses increased by 26.28 percent over the same period last year, management expenses increased by 16.6 percent, R & D expenses increased by 2.4802 million yuan, and financial expenses increased by 373.63 percent over the same period last year.

In terms of major changes in assets, by the end of 2023, projects under construction decreased by 89.18% compared with the end of last year, accounting for 8.71% of the company's total assets; fixed assets increased by 50.79% over the end of the previous year, accounting for 8.57% of the company's total assets; accounts receivable increased by 15.14% over the end of last year, accounting for 3.48% of the company's total assets Inventory decreased by 3.45% compared with the end of last year, accounting for 1.50 percentage points of the company's total assets.

In terms of major changes in liabilities, by the end of 2023, the company's short-term borrowing increased by 15.47% over the end of the previous year, accounting for 2.21% of the company's total assets; bonds payable increased by 5.28% over the end of the previous year, accounting for 0.20% of the company's total assets; contract liabilities decreased by 90.75% compared with the end of last year, accounting for 0.36% of the company's total assets. Accounts payable increased by 10.08% over the end of last year, accounting for 0.17 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 379 million yuan, accounting for 32.96% of the net assets, a decrease of 13.509 million yuan compared with the end of last year. Among them, the provision for inventory price decline is 4.6265 million yuan, with a provision proportion of 1.21%.

In terms of solvency, the company's asset-liability ratio at the end of 2023 was 37.60%, an increase of 2.11 percentage points over the end of the previous year, and the interest-bearing asset-liability ratio was 33.77%, an increase of 2.41 percentage points over the end of the previous year.

In 2023, the current ratio of the company is 2.46 and the quick ratio is 1.64.

According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, the new shareholders are CITIC Securities Co., Ltd., Guotai Junan Securities Co., Ltd., Huatai Securities Co., Ltd., and China International Capital Co., Ltd., replacing MORGAN STANLEY & CO at the end of the third quarter. INTERNATIONAL PLC., Zheng Shaona, Li Li Yuan Heng value selection No. 2 Private Securities Investment Fund, Ni Runxin. In the specific shareholding ratio, Anxin Securities Co., Ltd. agreed to repurchase securities trading special securities account holdings have increased, Huang Junhui, Zheng Youwen, Lin Ruihua, Zheng Yongqiang, Lin Yougui shareholdings have declined.

In terms of chip concentration, by the end of 2023, the total number of shareholders of the company was 33700, down 2347 from the end of the third quarter, a decrease of 6.51%; the value of stock market holdings per household rose to 86500 yuan from 80700 yuan at the end of the third quarter, an increase of 7.19%.

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.

The price-earnings ratio and price-to-sales ratio are TTM, which is calculated based on the data of the latest financial report (including forecast) for 12 months. The market-to-book ratio adopts LF mode, that is, calculated based on the latest financial report data.

When P/E ratio is negative, the current quantile is not displayed, resulting in broken line chart.

(Source: China Securities News·China Securities Network)

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