Chuanning Bio (301301) disclosed its 2023 annual report on April 22nd. In 2023, the company achieved a total revenue of 48.Jamgacor5lionsmegaways.23 billion yuan, an increase of 26.24% over the same period last year; net profit of 941 million yuan, an increase of 128.56% over the same period last year; deducting 936 million yuan of non-net profit, an increase of 109.55% over the same period last year; business activities generatedJamgacor5lionsmegawaysThe net cash flow was 1.292 billion yuan, an increase of 86.86% over the same period last year. During the reporting period, Chuanning Biological basic earnings per share was 0.42 yuan, and the weighted average return on net assets was 14.33%. The company's annual profit distribution plan for 2023 is to distribute 2.25 yuan (including tax) to all shareholders for every 10 shares.

Based on the closing price on April 19, Chuanning Bio's current price-to-earnings ratio (TTM) is about 22.17 times, price-to-book ratio (LF) is about 3.0 times, and price-to-sales ratio (TTM) is about 4.32 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 Chuanning Bio's total revenue has a compound growth rate of 9.74% in the past three years, ranking 18th among the 55 companies in the chemical preparation industry that have disclosed data for 2023. In the past three years, net profit grew at a compound annual growth rate of 60.15%, ranking 5x55.

From a product point of view, in the company's main business in 2023, the revenue of pharmaceutical intermediates was 4.447 billion yuan, an increase of 25.94% over the same period last year, accounting for 92.2% of the operating income.

By the end of 2023, the total number of employees of the company was 2881, with per capita income of 1.6742 million yuan, per capita profit of 326500 yuan and per capita salary of 145600 yuan, up 21.77%, 120.47% and 15.89% respectively over the same period last year.

In 2023, the company's gross profit margin was 31.57%, up 6.77 percentage points from the same period last year; net profit margin was 19.50%, up 8.73 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 36.31%, up 23.02% from the same period last year and 3.18% from the previous quarter; the net profit rate was 24.19%, up 15.20% from the same period last year and 2.78% from the previous quarter.

During the reporting period, the total sales amount of the company's top five customers was 2.171 billion yuan, accounting for 45.02% of the total sales amount, and the total purchase amount of the company's top five suppliers was 1.272 billion yuan, accounting for 47.82% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 14.33%, an increase of 6.06 percentage points over the same period last year, and the return on invested capital in 2023 was 10.89%, an increase of 5.01 percentage points over the same period last year.

In 2023, the net cash flow of the company's operating activities was 1.292 billion yuan, an increase of 86.86% over the same period last year; the net cash flow of fund-raising activities was-1.808 billion yuan, a decrease of 2.284 billion yuan over the same period last year; and the net cash flow of investment activities was-353 million yuan, compared with-54.2019 million yuan in the same period last year.

Further statistics show that the free cash flow of the company in 2023 is 1.17 billion yuan, an increase of 59.14% over the same period last year.

In 2023, the cash ratio of the company's operating income is 86.79%, and the net current ratio is 137.41%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.47 times, compared with 0.38 times in the same period last year (the industry average in 2022 was 0.43 times, and the company ranked 68 times 112 in the same industry), and the fixed assets turnover rate was 0.91 times, compared with 0.68 times in the same period last year (the industry average in 2022 was 2.45 times, and the company ranked 101Univer 112 in the same industry). The turnover rate of accounts receivable and inventory is 5.93 times and 2.16 times respectively.

In 2023, the company's period expenses were 282 million yuan, a decrease of 32.138 million yuan compared with the same period last year, and the period expense rate was 5.84 percent, down 2.38 percent from the same period last year. Among them, sales expenses increased by 96.96% over the same period last year, management expenses decreased by 0.66%, R & D expenses increased by 56.18%, and financial expenses decreased by 50.55%.

In terms of major changes in assets, by the end of 2023, the company's monetary funds had decreased by 53.37% compared with the end of last year, accounting for 8.20% of the company's total assets; projects under construction increased by 794.48% over the end of the previous year, accounting for 4.72% of the company's total assets; inventory increased by 21.16% over the end of last year, accounting for 3.22% of the company's total assets Fixed assets decreased by 5.96% compared with the end of last year, accounting for 1.91 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 decreased by 74.98% compared with the end of last year, accounting for 10.22 percentage points of the company's total assets, mainly due to the repayment of long-term loans; the non-current liabilities due within one year decreased by 36.15% compared with the end of last year, and the proportion of the company's total assets decreased by 2.82 percentage points. Notes payable increased by 166.79% over the end of last year, accounting for 1.83% of the company's total assets; lease liabilities increased by 1743.84% over the end of last year, accounting for 1.76% 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 1.676 billion yuan, accounting for 24.09% of the net assets, an increase of 293 million yuan over the end of last year. Among them, the stock price reduction provision is 14.9265 million yuan, and the proportion of provision is 0.88%.

For the whole of 2023, the company's R & D investment was 55.2581 million yuan, an increase of 56.18% over the same period last year; R & D investment accounted for 1.15% of operating income, an increase of 0.22% over the same period last year. In addition, the company's annual R & D investment capitalization rate is 0.

According to the annual report, by the end of 2023, the company had applied for 158 patents (108 invention patents and 49 utility model), of which 72 patents had been granted (32 invention patents and 40 utility model).

In terms of solvency, the asset-liability ratio of the company at the end of 2023 was 31.22%, down 9.01 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 17.26%, down 14.08 percentage points from the end of the previous year.

In 2023, the current ratio of the company is 1.56 and the quick ratio is 0.90.

According to the annual report, among the top ten circulating shareholders of the company at the end of 2023 The new shareholders are Shanghai Dongfeng Asset Management Co., Ltd.-Ningbo Dongwei Venture Capital Partnership (limited partnership), Chengdu Coluninghe enterprise management partnership (limited partnership), Chengdu Corunning North enterprise management partnership (limited partnership), Shouguang Yi hang investment partnership (limited partnership), Shouguang Huining Chiyuan investment partnership (limited partnership), Shouguang Zhongju Ningcheng investment partnership (limited partnership), Shouguang Yihong investment partnership (limited partnership), Shouguang Yi Silong investment partnership (limited partnership), Sun Shenxia Instead of Huitianfu Medical Services at the end of the third quarter, flexible allocation of mixed securities investment funds, Huang Wenbo, CITIC Securities Co., Ltd., Cathay Pacific China Securities Exchange Exchange Index Securities Investment Fund, Tan Meijuan, Zhang Yun, Huatai Securities Co., Ltd., Chen Qixing, Yang Wansong. In terms of specific shareholding ratio, the shareholding of Hong Kong Securities Clearing Limited has increased.

In terms of chip concentration, as of the end of 2023, the total number of shareholders in the company was 38,600, a decrease of 2932 from the end of the third quarter, a decrease of 7.07%; the average stock market value per household increased from 483,700 yuan at the end of the third quarter to 484,200 yuan, an increase of 0.10%.

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)