Lizhong Group (300428) disclosed its 2023 annual report on April 25th. 2023PlaybingonearmeThe company achieved a total revenue of 233Playbingonearme.65 billion yuan, an increase of 9% over the same period last yearPlaybingonearme.33%; the net profit returned to the mother was 606 million yuan, an increase of 22.98% over the same period last year; the non-net profit was 519 million yuan, an increase of 30.79% over the same period last year; business activities were generatedPlaybingonearmeThe net cash flow of Lizhong Group was 961 million yuan, an increase of 296.40% over the same period last year. During the reporting period, Lizhong Group's basic earnings per share was 0.97 yuan, and the weighted average return on net assets was 9.76%. The company's annual profit distribution plan for 2023 is to distribute 1.2 yuan (including tax) to all shareholders for every 10 shares.
Based on the closing price on April 24, Lizhong Group's current price-to-earnings ratio (TTM) is about 19.72 times, price-to-book ratio (LF) is about 1.79 times, and price-to-sales ratio (TTM) is about 0.51 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:
By the end of 2023, the three-year compound growth rate of total operating income of Lizhong Group was 20.39%, ranking first among the eight companies in the tire and hub industry that had disclosed data for 2023. The compound annual growth rate of three-year net profit was 11.87%, ranking 3Universe 8.
The data show that the company is mainly engaged in the three major businesses of functional intermediate alloy new materials, recycled casting aluminum alloy materials and aluminum alloy wheel products. It is a complete industrial chain company with melting equipment and wheel mold R & D and manufacturing, recycled aluminum resources recycling, recycled casting aluminum alloy R & D and manufacturing, functional intermediate alloy new materials R & D and manufacturing, automotive aluminum alloy wheels and lightweight chassis parts design and manufacturing. At the same time, the company's layout of new battery materials and fluoride field, to further achieve the two-way expansion of the company's industrial chain.
From a product point of view, in the company's main business in 2023, the revenue of cast aluminum alloy was 12.133 billion yuan, up 4.55% from the same period last year, accounting for 51.93% of the operating income; the income of aluminum alloy wheels was 8.47 billion yuan, up 19.18% from the same period last year, accounting for 36.25% of the operating income; and the intermediate alloy income was 1.857 billion yuan, down 3.82% from the same period last year, accounting for 7.95% of the operating income.
By the end of 2023, the total number of employees of the company was 11960, with per capita income of 1.9536 million yuan, per capita profit of 50600 yuan and per capita salary of 109600 yuan, which changed by-3.21%, 8.87% and 5.94% respectively over the same period last year.
In 2023, the company's gross profit margin was 10.48%, up 0.97 percentage points from the same period last year; the net profit margin was 2.64%, up 0.29 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 10.57%, up 0.97% from the same period last year, down 0.50% from the previous quarter; and the net profit rate was 3.17%, up 1.29% from the same period last year and 0.46% from the previous quarter.
In terms of products, the gross profit margins of cast aluminum alloy, aluminum alloy wheel and master alloy in 2023 are 5.72%, 16.71% and 13.04%, respectively.
During the reporting period, the total sales amount of the company's top five customers was 5.779 billion yuan, accounting for 25.16% of the total sales amount, and the total purchase amount of the company's top five suppliers was 8.688 billion yuan, accounting for 42.33% of the total annual purchase.
According to the data, the weighted average return on equity of the company in 2023 was 9.76%, an increase of 0.63 percentage points over the same period last year, and the return on invested capital in 2023 was 5.59%, an increase of 0.04 percentage points over the same period last year.
In 2023, the net cash flow of the company's operating activities was 961 million yuan, an increase of 296.40% over the same period last year; the net cash flow of fund-raising activities was 208 million yuan, a decrease of 1.383 billion yuan over the same period last year; and the net cash flow of investment activities was-640 million yuan, compared with-1.637 billion yuan in the same period last year.
Further statistics show that the company's free cash flow is 138 million yuan in 2023, compared with-1.4 billion yuan in the same period last year.
In 2023, the cash ratio of the company's operating income is 106.69%, and the net present ratio is 158.72%.
In terms of operating capacity, in 2023, the company's total asset turnover rate was 1.31 times, compared with 1.36 times in the same period last year (the industry average in 2022 was 0.63 times, and the company ranked first in the same industry); fixed assets turnover rate was 6.80 times, compared with 7.83 times in the same period last year (the industry average in 2022 was 2.20 times, and the company ranked in the same industry). The company's accounts receivable turnover and inventory turnover are 6.18 and 5.64 respectively.
In 2023, the company's period expenses were 1.841 billion yuan, an increase of 297 million yuan over the same period last year, and the period expense rate was 7.88 percent, an increase of 0.66 percent over the same period last year. Among them, sales expenses increased by 36.06% over the same period last year, management expenses increased by 16.03%, R & D expenses increased by 12.32%, and financial expenses increased by 32.38%.
In terms of major changes in assets, by the end of 2023, the company's transactional financial assets decreased by 94.09% compared with the end of last year, accounting for 2.25% of the company's total assets; monetary funds increased by 24.96% over the end of the previous year, accounting for 1.78% of the company's total assets; projects under construction increased by 53.98% over the end of last year, accounting for 1.72% of the company's total assets Inventory increased by 2.25% over the end of last year, accounting for 1.61 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 7.22% compared with the end of last year, accounting for 5.36% of the company's total assets, mainly due to the repayment of bank loans in the current period; long-term loans increased by 11.50% over the end of last year, accounting for 0.12% of the company's total assets; accounts payable increased by 20.32% over the end of last year, accounting for 0.59% of the company's total assets Notes payable increased by 38.04% over the end of last year, accounting for 0.62 percentage points in 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 3.747 billion yuan, accounting for 56.28% of the net assets, an increase of 82.305 million yuan over the end of the previous year. Among them, the provision for the price decline of inventory is 12.001 million yuan, with a provision proportion of 0.32%.
For the whole of 2023, the company's R & D investment was 745 million yuan, an increase of 11.85% over the same period last year; R & D investment accounted for 3.19% of operating income, an increase of 0.07% over the same period last year. In addition, the company's annual R & D investment capitalization rate is 0.39%.
Data show that as of the reporting period, the company now has 27 invention patents, 78 utility model patents, 3 design patents, 62 provincial scientific and technological achievements, a number of non-patented technology and reserve and R & D product projects in the field of functional intermediate alloy new materials.
In terms of solvency, the asset-liability ratio of the company at the end of 2023 was 63.27%, down 1.66 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 48.73%, down 2.28 percentage points from the end of the previous year.
In 2023, the current ratio of the company is 1.51 and the quick ratio is 1.07.
According to the annual report, among the company's top 20 circulating shareholders at the end of 2023, the new shareholders are he Jiannan and Yifangda Kexun mixed securities investment funds, replacing the mixed securities investment funds of du Daimi and Yifangda resources industry at the end of the third quarter. In terms of specific shareholding ratio, the shareholding of Guoxin Securities Co., Ltd. has increased. Tianjin Dongan Brothers Co., Ltd., Zang Na, Zang Yakun, Nippon Metal Co., Ltd., Hong Kong Securities Clearing Co., Ltd., Zang Yonghe, Zang Yongjian, Zang Liguo, Zang Yonghe, Zang Yonyi, Chen Qinghui, Liu Xia, everyone Life Insurance Co., Ltd.-traditional products, Beijing Maichuang Global Trading Co., Ltd., Huaxia Life Insurance Co., Ltd.-own funds, everyone Life Insurance Co., Ltd.-Universal products, Everyone assets-Industrial and Commercial Bank of China-everyone assets-blue chip selection No. 5 collection of asset management products holdings have declined.
In terms of chip concentration, by the end of 2023, the total number of shareholders in the company was 24500, an increase of 2031, or 9.05%, compared with the end of the third quarter; the value of stock market holdings per household decreased to 540400 yuan from 630600 yuan at the end of the third quarter, a decrease of 14.30%.
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)