thewallamericangameshow| Jinzhou Pipeline: Net profit in 2023 will increase by 20.54% year-on-year, planned to be 0.6 yuan for 10 shares

Jinzhou Pipeline (002443) disclosed its 2023 annual report on April 20. In 2023, the company achieved total revenue of 57%.Thewallamericangameshow.43 billion yuan, down 5.68% from the same period last year; net profit from home was 284 million yuan, up 20.54% from the same period last year; deducting non-net profit from 278 million yuan, up 22.49% from the same period last year; net cash flow from operating activities was 662 million yuan, up 170.51% from the same period last year; during the reporting period, Jinzhou Pipeline basically earned 0.55 yuan per share, with a weighted average return on net assets of 8.79%. The company's annual profit distribution plan for 2023 is to distribute 0.6 yuan (including tax) to all shareholders for every 10 shares.

Based on the closing price on April 19th, Jinzhou Pipeline currently has a price-to-earnings ratio (TTM) of about 11.57 times, a price-to-book ratio (LF) of about 0.98 times, and a price-to-sales ratio (TTM) of about 0.57 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 the total revenue of Jinzhou pipeline has a compound growth rate of 3.97% in the past three years, ranking seventh among the eight companies in the special steel Ⅲ industry that have disclosed data in 2023. The compound annual growth rate of net profit in the past three years is-21.39%, ranking 7x8.

According to the data, the company is a national high-tech enterprise specializing in the research and development, manufacture and sales of welded steel pipe products, and is a well-known supplier of pipes and accessories in the industry.

From a product point of view, in the company's main business in 2023, civil steel pipe revenue was 3.396 billion yuan, down 9.52% from the same period last year, accounting for 59.13% of business income; industrial steel pipe revenue was 2.041 billion yuan, down 0.02% from the same period last year, accounting for 35.54% of business income.

In 2023, the company's gross profit margin was 12.30%, up 1.44 percentage points from the same period last year; net profit margin was 5.54%, up 1.20 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 10.50%, down 1.04% from the same period last year and 3.62% from the previous quarter; the net profit rate was 4.38%, down 1.34% from the same period last year and 2.56% from the previous quarter.

In terms of products, the gross profit margins of civil steel pipes and industrial steel pipes in 2023 are 12.08% and 13.02%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 1.254 billion yuan, accounting for 21.82% of the total sales amount, and the total purchase amount of the company's top five suppliers was 2.211 billion yuan, accounting for 49.65% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 8.79%, an increase of 1.11 percentage points over the same period last year, and the return on invested capital in 2023 was 7.93%, an increase of 0.85 percentage points over the same period last year.

In 2023, the net cash flow of the company's operating activities was 662 million yuan, an increase of 170.51% over the same period last year, mainly due to the cash paid for the purchase of goods and the reduction of various taxes and fees paid; the net cash flow of fund-raising activities was-397 million yuan, a decrease of 432 million yuan over the same period last year, mainly due to the decrease in bank financing in the current period. The net cash flow of investment activities was-114 million yuan, compared with-78.4702 million yuan in the same period last year, mainly due to the increase in bank financing in the current period.

Further statistics show that the free cash flow of the company in 2023 was 537 million yuan, an increase of 217.04% over the same period last year.

In 2023, the cash ratio of the company's operating income is 109.54%, and the net present ratio is 233.16%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 1.23 times, compared with 1.33 times in the same period last year (the industry average in 2022 was 0.92 times, and the company ranked third in the same industry), and the fixed assets turnover rate was 6.80 times in the same period last year. (the industry average in 2022 was 3.70 times, and the company ranked 4lap13 in the same industry). The turnover rate of accounts receivable and inventory is 6.39 times and 4.49 times respectively.

In 2023, the company's period expenses were 324 million yuan, a decrease of 29.431 million yuan compared with the same period last year, and the period expense rate was 5.64 percent, down 0.16 percent from the same period last year. Among them, sales expenses increased by 23.62% over the same period last year, management expenses increased by 2.97%, R & D expenses decreased by 12.53%, and financial expenses changed from 8.3763 million yuan in the same period last year to-6.0577 million yuan.

In terms of major changes in assets, by the end of 2023, the company's monetary funds had increased by 20.85% over the end of the previous year, accounting for 3.63% of the company's total assets; inventory decreased by 11.62% compared with the end of the previous year, accounting for 2.46% of the company's total assets; transactional financial assets increased by 66.67% over the end of last year, accounting for 1.78% of the company's total assets The advance payment decreased by 22.16% compared with the end of last year, accounting for 1.47 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 loans decreased by 53.22% compared with the end of last year, accounting for 7.19% of the company's total assets; accounts payable decreased by 11.09% compared with the end of last year, accounting for 0.40% of the company's total assets; taxes and fees payable increased by 99.73% over the end of last year, accounting for 0.42% of the company's total assets Contract liabilities decreased by 7.29% compared with the end of last year, accounting for 0.26 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 1.054 billion yuan, accounting for 31.4% of the net assets, a decrease of 139 million yuan compared with the end of last year. Among them, the provision for the price decline of inventory is 17.8692 million yuan, with a provision proportion of 1.67%.

For the whole of 2023, the company's R & D investment was 182 million yuan, down 12.53% from the same period last year; R & D investment accounted for 3.17% of operating income, down 0.25 percentage points from the same period last year. In addition, the company's annual R & D investment capitalization rate is 0.

According to the annual report, a total of 14 patents were granted, of which 3 were invention patents, 15 were applied for patents, including 4 invention patents, and the Huzhou Patent-oriented Project was approved.

In terms of solvency, the asset-liability ratio of the company at the end of 2023 was 22.68%, down 7.51 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 6.71%, down 7.19 percentage points from the end of the previous year.

In 2023, the current ratio of the company is 4.00 and the quick ratio is 2.82.

According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, the new shareholders are Wells Fargo Innovation trend Stock Investment Fund, China Merchants China Securities dividend Exchange Open Index Securities Investment Fund, J.P. MorganSecuritiesPLC-self-owned funds, Guangfa Securities Co., Ltd., replacingThewallamericangameshowAt the end of the third quarter, the Fuguo China Stock Exchange dividend Index enhanced Securities Investment Fund, Huatai Barry China Securities Investment Fund with low dividend volatility trading index securities investment fund, Chuangjin Hexin Securities Investment Fund with low dividend volatility Index, Dacheng China Securities Investment Fund. In terms of specific shareholding ratio, the holdings of Huitianfu Fund Management Co., Ltd.-Social Security Fund 1103 portfolio and investment quantitative selected stock initiating securities investment funds have increased. The shareholdings of Yumin and Yifangda dividend trading open-ended index securities investment funds have declined.

In terms of chip concentration, as of the end of 2023, the total number of shareholders in the company was 38,300, a decrease of 334 households or 0.86% from the end of the third quarter; the average market value of shares held by each household dropped from 94,000 yuan at the end of the third quarter to 93,000 yuan, a decrease of 1.06%.

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)