Power Diamond (301071) released its 2023 annual report on April 22nd. In 2023, the company achieved a total revenue of 7Videopokergamesfreedownload.52 billion yuan, down 17.03% from the same period last year; net profit from home was 364 million yuan, down 20.97% from the same period last year; non-net profit was 308 million yuan, down 29.53% from the same period last year; net cash flow from operating activities was 281 million yuan, down 14.39% from the same period last year; during the reporting period, basic earnings per share of Power Diamond was 1.40 yuan, and the weighted average return on net assets was 6.87%. The company's annual profit distribution plan for 2023 is to distribute 5 yuan (including tax) to all shareholders for every 10 shares.
Based on the closing price on April 19, Power Diamond is currently trading at a price-to-earnings ratio (TTM) of about 23.71x, a price-to-book ratio (LF) of about 1.62x and a price-to-sales ratio of 11.47x.
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 compound growth rate of total revenue of Power Diamond in the past three years is 45.35%, ranking second among the eight companies in the non-metallic material Ⅲ industry that have disclosed data for 2023. The compound annual growth rate of net profit in the past three years was 70.80%, ranking 2x8.
According to the data, the company is a high-tech enterprise specializing in the research, development, production and sales of synthetic diamond products, including nurtured diamonds, diamond single crystals and diamond powders.
In terms of products, in the company's main business in 2023, the revenue of diamond powder was 296 million yuan, down 6.53% from the same period last year, accounting for 39.30% of the operating income; the revenue from cultivating diamonds was 228 million yuan, down 41.46% from the same period last year, accounting for 30.26% of the operating income; and the diamond single crystal income was 205 million yuan, up 17.68% from the same period last year, accounting for 27.29% of the operating income.
By the end of 2023, the total number of employees of the company was 930, with per capita income of 808600 yuan, per capita profit of 391100 yuan and per capita salary of 63000 yuan, down 46.92%, 49.44% and 15.26% respectively compared with the same period last year.
In 2023, the company's gross profit margin was 51.67%, down 11.62 percentage points from the same period last year; the net profit margin was 48.37%, down 2.41 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 50.94%, down 7.36% from the same period last year and 2.45% from the previous quarter; the net profit rate was 52.91%, up 5.35% from the same period last year and 7.77% from the previous quarter.
In terms of products, the gross profit margins of fine diamond powder, cultivated diamond and diamond single crystal in 2023 are 59.81%, 52.67% and 42.82%, respectively.
During the reporting period, the total sales amount of the company's top five customers was 255 million yuan, accounting for 33.87% of the total sales amount, and the total purchase amount of the company's top five suppliers was 592 million yuan, accounting for 53.68% of the total annual purchase.
According to the data, the weighted average return on equity of the company in 2023 was 6.87%, down 31.86 percentage points from the same period last year; the return on invested capital in 2023 was 6.06%, down 7.72 percentage points from the same period last year.
In 2023, the net cash flow of the company's operating activities was 281 million yuan, down 14.39% from the same period last year; the net cash flow of fund-raising activities was-252 million yuan, down 4.297 billion yuan from the same period last year; and the net cash flow of investment activities was-1.999 billion yuan, compared with-1.581 billion yuan in the same period last year.
Further statistics show that the free cash flow of the company in 2023 is-1.591 billion yuan, compared with-1.077 billion yuan in the same period last year.
In 2023, the cash ratio of the company's operating income is 97.10%, and the net present ratio is 77.34%.
In terms of operating capacity, the company's total asset turnover rate was 0.12 times in 2023, compared with 0.24 times in the same period last year (the industry average in 2022 was 0.47 times, and the company ranked 12th in the same industry), and the fixed asset turnover rate was 0.54 times, compared with 1.13 times in the same period last year (the industry average in 2022 was 2.01 times, and the company ranked 11th in the same industry). The turnover rate of accounts receivable and inventory is 5.31 times and 1.38 times respectively.
In 2023, the company's period expenses were 44.136 million yuan, a decrease of 6.9318 million yuan compared with the same period last year, but the period expense rate was 5.87 percent, an increase of 0.24 percent over the same period last year. Among them, sales expenses increased by 7.03 percent over the same period last year, management expenses increased by 57.71 percent, R & D expenses decreased by 0.45 percent, and financial expenses changed from-15.6874 million yuan to-32.4647 million yuan in the same period last year.
In terms of major changes in assets, by the end of 2023, the company's monetary funds had decreased by 58.49% compared with the end of last year, accounting for 30.01% of the company's total assets; transactional financial assets increased by 99.21% over the end of the previous year, accounting for 18.12% of the company's total assets; fixed assets increased by 80.33% over the end of last year, accounting for 11.43% of the company's total assets Projects under construction decreased by 60.28% compared with the end of last year, accounting for 2.03% of the company's total assets.
In terms of major changes in liabilities, by the end of 2023, the company's notes payable had increased by 92.86% over the end of the previous year, accounting for 2.36% of the company's total assets; the non-current liabilities due within one year had increased by 6689.67% over the end of the previous year, accounting for 1.53% of the company's total assets; long-term loans decreased by 18.01% compared with the end of last year, accounting for 0.96% of the company's total assets Long-term deferred income increased by 45.79% over the end of last year, accounting for 0.55 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 321 million yuan, accounting for 6.03% of the net assets, an increase of 116 million yuan over the end of last year. Among them, the provision for inventory price decline is 14.0024 million yuan, with a provision proportion of 4.18%.
For the whole of 2023, the company's R & D investment was 43.8578 million yuan, down 0.45% from the same period last year; R & D investment accounted for 5.83% of operating income, an increase of 0.97% over the same period last year. In addition, the company's annual R & D investment capitalization rate is 0.
According to the annual report, the company has independent intellectual property rights in the key technologies and process control of synthetic diamond production.VideopokergamesfreedownloadIt includes a full set of core technologies for the production of synthetic diamond, including raw material formulation technology, new sealing pressure transmission medium manufacturing technology, large cavity synthesis technology, high-grade diamond synthesis technology, diamond powder preparation technology and so on. We have an experienced and innovative R & D team dedicated to technical research, product and process development in the field of synthetic diamond. Through continuous product innovation and process improvement, the company has accumulated a deep technical reserve in the field of synthetic diamond and achieved fruitful research and development achievements. The company has obtained 83 authorized patents, including 9 invention patents. At present, the company has mass produced large particles of high-grade cultivated diamonds of less than 30 carats, and the large particles of cultivated diamonds in the stage of laboratory technology research have exceeded 50 carats.
In terms of solvency, the asset-liability ratio of the company at the end of 2023 was 18.55%, up 3.25 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 4.99%, up 0.67 percentage points from the end of the previous year.
In 2023, the current ratio of the company is 5.26 and the quick ratio is 4.89.
According to the annual report, Liu Zheng was the new shareholder among the top 10 circulating shareholders of the company at the end of 2023, replacing Allianz Global Investment Singapore Co., Ltd.-Allianz China A-share Fund (Exchange), Henan Power Diamond Co., Ltd. buyback special securities account, Weng Weiwu, Guangfa Securities Co., Ltd. In the specific shareholding ratio, the shareholding of Shenzhen Hanqingda Technology Co., Ltd. has increased, while that of Hong Kong Securities Clearing Co., Ltd., Lin Peixia has declined.
In terms of chip concentration, by the end of 2023, the total number of shareholders in the company was 33500, up 1.65% from the end of the third quarter, while the value of stock market holdings per household fell to 251300 yuan from 264000 yuan at the end of the third quarter, a decrease of 4.81%.
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)