CSI Shougang shares (000959) disclosed its 2023 annual report on April 22nd. 2023LivebaccaratonlineThe company achieved a total revenue of 1137Livebaccaratonline6.1 billion yuan, down 3% from the same period last yearLivebaccaratonline.71%; the net profit returned to the mother was 664 million yuan, down 40.98% from the same period last year; the non-net profit was 528 million yuan, down 49.87% from the same period last year; business activities were generatedLivebaccaratonlineThe net cash flow of Shougang was 6.154 billion yuan, down 38.73% from the same period last year. During the reporting period, Shougang's basic earnings per share was 0.0856 yuan, and the weighted average return on net assets was 1.35%. The company's annual profit distribution plan for 2023 is: it is proposed to distribute 0.3 yuan (including tax) to all shareholders for every 10 shares.
At its closing price on April 19th, Shougang shares are trading at a price-to-earnings ratio of about 40.87 times, a price-to-book ratio (LF) of about 0.55 times and a price-to-sales ratio of about 0.24 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 Shougang's total revenue has a compound growth rate of 12.48% in the past three years, ranking third among the 10 companies in the plate industry that have disclosed data for 2023. The compound annual growth rate of net profit in the past three years is-29.07%, ranking 4x10.
From a product point of view, in the company's main business in 2023, the revenue from cold rolling was 60.288 billion yuan, up 20.17% from the same period last year, accounting for 53.00% of the operating income; the revenue from hot rolling was 47.572 billion yuan, down 1.52% from the same period last year, accounting for 41.82% of the operating income; and the billet income was 420 million yuan, down 23.14% from the same period last year, accounting for 0.37% of the operating income.
By the end of 2023, the total number of employees of the company was 18226, with per capita income of 6.2417 million yuan, per capita profit of 36400 yuan and per capita salary of 257300 yuan, down 1.69%, 39.74% and 0.45% respectively compared with the same period last year.
In 2023, the company's gross profit margin was 4.67%, down 1.32 percentage points from the same period last year; the net profit margin was 0.66%, down 0.62 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 1.67%, down 1.18% from the same period last year and 4.78% from the previous quarter; the net profit rate was-0.96%, up 1.41% from the same period last year and down 2.98% from the previous quarter.
In terms of products, the gross profit margins of cold rolling, hot rolling and billet in 2023 are 5.34%, 3.41% and 0.19%, respectively.
During the reporting period, the total sales amount of the company's top five customers was 17.768 billion yuan, accounting for 15.62% of the total sales amount, and the total purchase amount of the company's top five suppliers was 74.13 billion yuan, accounting for 65.93% of the total annual purchase.
According to the data, the weighted average return on equity of the company in 2023 was 1.35%, down 1.07 percentage points from the same period last year; the return on invested capital in 2023 was 1.98%, down 1.09 percentage points from the same period last year.
In 2023, the net cash flow of the company's operating activities was 6.154 billion yuan, down 38.73% from the same period last year; the net cash flow of fund-raising activities was-4.637 billion yuan, an increase of 2.452 billion yuan over the same period last year; and the net cash flow of investment activities was-942 million yuan, compared with-3.162 billion yuan in the same period last year.
Further statistics show that the company's free cash flow in 2023 was 3.194 billion yuan, down 59.78% from the same period last year.
In 2023, the cash ratio of the company's operating income is 57.58%, and the net present ratio is 927.20%.
In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.81 times, compared with 0.81 times in the same period last year (the industry average in 2022 was 1.09 times, and the company ranked the highest in the same industry); the fixed assets turnover rate was 1.24 times, compared with 1.24 times in the same period last year (the industry average in 2022 was 2.21 times, and the company ranked 17th in the same industry). The company's accounts receivable turnover and inventory turnover were 80.81 and 8.99 respectively.
In terms of major changes in assets, by the end of 2023, the company's notes receivable decreased by 40.84% compared with the end of last year, accounting for 1.79% of the company's total assets; intangible assets increased by 53.69% over the end of last year, accounting for 1.64% of the company's total assets; projects under construction decreased by 30.66% compared with the end of last year, accounting for 1.49% of the company's total assets. The amount paid in advance increased by 231.81% over the end of last year, accounting for 1.10 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 52.71% compared with the end of last year, accounting for 2.57% of the company's total assets; short-term loans decreased by 9.87% compared with the end of last year, accounting for 1.27% of the company's total assets; non-current liabilities due within one year decreased by 66.88% compared with the end of last year, accounting for 1.85% of the company's total assets Other payables (including interest and dividends) decreased by 84.37% compared with the end of last year, accounting for 1.62 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 12.178 billion yuan, accounting for 24.61% of the net assets, an increase of 217 million yuan over the end of last year. Among them, the price reduction of inventory is prepared to be 235 million yuan, with a provision proportion of 1.9%.
For the whole of 2023, the company's R & D investment was 5.022 billion yuan, down 6.76% from the same period last year; R & D investment accounted for 4.41% of operating income, down 0.15% 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 60.43%, down 4.60 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 29.66%, down 1.22 percentage points from the end of the previous year.
In 2023, the current ratio of the company is 0.50 and the quick ratio is 0.32.
According to the annual report, at the end of 2023, Shougang Group Co., Ltd. held the most shares among the top 10 circulating shareholders of the company, accounting for 40.71%. The list of the top ten tradable shareholders remains unchanged compared with the third quarterly report of 2023. In terms of specific shareholding ratio Shougang Group Co., Ltd., China Baowu Iron and Steel Group Co., Ltd., Beijing Capital Investment Holdings Co., Ltd., Sunshine Life Insurance Co., Ltd.-traditional insurance products, Liu Wei, Sunshine Life Insurance Co., Ltd.-dividend insurance products, Shanxi Coking Coal Group Financial Co., Ltd., Guoshou Pension Strategy No. 4 stock pension products-Industrial and Commercial Bank of China Co., Ltd. The shareholdings of the Hong Kong Securities Clearing Company Limited and the 118 National Social Security Fund have declined.
In terms of chip concentration, by the end of 2023, the total number of shareholders in the company was 93800, an increase of 985, or 1.06%, compared with the end of the third quarter; the value of stock market holdings per household decreased to 287400 yuan from 320000 yuan at the end of the third quarter, a decrease of 10.19%.
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 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)