mslotterypowerball| Jiang Bolong: Loss of 828 million yuan in 2023

Jiang Bolong (301308) disclosed the 2023 annual report on April 22nd. 2023MslotterypowerballThe company realized operating income of 101Mslotterypowerball.25 billion yuan, an increase of 21.55% over the same period last year; net profit loss of 828 million yuan, compared with 72.797 million yuan in the same period last year; deducting 882 million yuan in non-net profit loss, 37.8443 million yuan in the same period last year; net cash flow from operating activities was-2.798 billion yuan, compared with-326 million yuan in the same period last year. During the reporting period, Jiang Bolong's basic earnings per share was-2.01 yuan, and the weighted average return on net assets was-13.01%.

Based on the closing price on April 19, Jiang Bolong's current price-to-earnings ratio (TTM) is about-49.36 times, price-to-book ratio (LF) is about 6.79 times, and price-to-sales ratio (TTM) is about 4.04 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 Jiang Bolong's total revenue grew at a compound growth rate of 11.64% in the past three years, ranking 19th among the 27 companies in the digital chip design industry that have disclosed data for 2023. In the past three years, the compound annual growth rate of net profit was-244.17%, ranking 24extreme 27th.

According to the annual report, the company's main business is semiconductor storage application product research and development, design, packaging and testing, manufacturing (SMT and package links, the same below) and sales.

From a product point of view, in the company's main business in 2023, embedded storage revenue was 4.423 billion yuan, up 1.31% from the same period last year, accounting for 43.68% of operating income; solid state disk revenue was 2.802 billion yuan, up 86.33% from the same period last year, accounting for 27.68% of operating income; mobile storage revenue was 2.328 billion yuan, up 14.18% from the same period last year, accounting for 22.99% of operating income.

By the end of 2023, the total number of employees of the company was 2979, with per capita income of 3.3988 million yuan, per capita profit of-277900 yuan, and per capita salary of 239600 yuan, down 35.29%, 705.41% and 35.76% respectively compared with the same period last year.

In 2023, the company's gross profit margin was 8.19%, down 4.21 percentage points from the same period last year; the net profit margin was-8.27%, down 9.14 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 18.51%, up 18.09% from the same period last year and 13.57% from the same period last year; the net profit rate was 1.29%, up 9.31% from the same period last year and 11.28% from the previous quarter.

From a product point of view, the gross profit margins of embedded storage, solid state disk and removable storage in 2023 are 3.11%, 5.46% and 24.58%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 3.501 billion yuan, accounting for 34.58% of the total sales amount, and the total purchase amount of the company's top five suppliers was 5.561 billion yuan, accounting for 48.56% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was-13.01%, down 14.36 percentage points from the same period last year. The company's return on invested capital in 2023 was-10.22%, down 11.05 percentage points from the same period last year.

In 2023, the net cash flow of the company's operating activities was-2.798 billion yuan, a decrease of 2.472 billion yuan compared with the same period last year; the net cash flow of fund-raising activities was 3.718 billion yuan, an increase of 1.162 billion yuan over the same period last year; and the net cash flow of investment activities was-1.661 billion yuan, compared with-960 million yuan in the same period last year.

Further statistics show that the free cash flow of the company in 2023 is-2.971 billion yuan, compared with-1.336 billion yuan in the same period last year.

In 2023, the cash ratio of the company's operating income is 103.84%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.89 times, compared with 1.10 times in the same period last year (the industry average in 2022 was 0.49 times, and the company ranked first in the same industry. 45); fixed assets turnover rate was 9.99 times, compared with 17.41 times in the same period last year (the industry average in 2022 was 16.27 times, and the company ranked in the same industry 24 times 45). The company's accounts receivable turnover and inventory turnover were 8.96 and 1.93 respectively.

In 2023, the company's period expenses were 1.586 billion yuan, an increase of 718 million yuan over the same period last year, and the period expense rate was 15.67 percent, an increase of 5.24 percent over the same period last year. Among them, sales expenses increased by 80.4% over the same period last year, management expenses increased by 108.04%, R & D expenses increased by 66.74%, and financial expenses increased by 108.71%.

In terms of major changes in assets, by the end of 2023, the company's monetary funds had decreased by 36.42% compared with the end of last year, accounting for 12.48% of the company's total assets; fixed assets increased by 197.64% over the end of the previous year, accounting for 5.40% of the company's total assets; projects under construction increased by 243.77% over the end of last year, accounting for 1.72% of the company's total assets Inventory increased by 57.40% over the end of last year, accounting for 1.31 percentage points of the company's total assets.

In terms of major changes in liabilities, by the end of 2023, the company's long-term loans increased by 736.14% over the end of the previous year, accounting for 12.50% of the company's total assets; short-term loans increased by 171.21% over the end of the previous year, accounting for 9.32% of the company's total assets; accounts payable increased by 73.19% over the end of last year, accounting for 1.00 percentage points of the company's total assets Other payables (including interest and dividends) increased by 799.50% over the end of last year, accounting for 2.25 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 5.893 billion yuan, accounting for 97.87% of the net assets, an increase of 2.149 billion yuan over the end of last year. Among them, the price reduction of inventory is prepared to be 120 million yuan, with a provision ratio of 2.0%.

For the whole of 2023, the company's R & D investment was 594 million yuan, an increase of 66.74% over the same period last year; R & D investment accounted for 5.86% of operating income, an increase of 1.59% over the same period last year. In addition, the company's annual R & D investment capitalization rate is 0.

According to the annual report, as of December 31, 2023, the company has obtained 533 patents, including 215 invention patents, 109 overseas patents, 113 software copyrights and 6 integrated circuit layout designs.

In terms of solvency, the company's asset-liability ratio at the end of 2023 was 52.85%, an increase of 26.91 percentage points over the end of the previous year, and the interest-bearing asset-liability ratio was 38.59%, an increase of 23.73 percentage points over the end of the previous year.

In 2023, the current ratio of the company is 1.84 and the quick ratio is 0.64.

According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, the new shareholders are Cathay Pacific Fund-Industrial and Commercial Bank of China-Cathay Pacific Fund Gewu No. 1 Asset Management Plan, Hong Kong Securities Clearing Company Limited, Cathay Pacific Fund-Shanghai Bank-Cathay Pacific Fund Gewu No. 2 Collective Asset Management Plan, Yi Fangda gem traded open-index securities investment fund. Replaced the investment advantage enterprises at the end of the third quarter to flexibly configure mixed securities investment funds, Shenzhen Liheke Venture Capital Co., Ltd.-Shenzhen Lihe new generation information technology venture capital partnership (limited partnership), Huaan Media Internet mixed securities investment fund, Xingquan selected hybrid securities investment fund. In terms of specific shareholding ratio, the shareholding of Debang semiconductor industry mixed initiating securities investment fund has increased. Yuanhe Puhua (Suzhou) Investment Management Co., Ltd.-Jiangsu Yuanquan Yuanhe Puhua Equity Investment Partnership (limited partnership) and Xinao New Energy Industry Stock Investment Fund have declined.

In terms of chip concentration, by the end of 2023, the total number of shareholders in the company was 20800, down 2145, or 9.34%, from the end of the third quarter; the value of stock market holdings per household rose to 1.825 million yuan from 1.5746 million yuan at the end of the third quarter, an increase of 15.90%.

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)