$200nodepositbonus200freespinsrealmoney2022| Huafeng Aluminum: Net profit in 2023 will increase by 35.06% year-on-year, it is planned to pay 2 yuan for 10 shares

Huafeng Aluminum (601702) disclosed its 2023 annual report on April 26th. 2023$200nodepositbonus200freespinsrealmoney2022The company achieved a total revenue of 92$200nodepositbonus200freespinsrealmoney202291 billion yuan, an increase of 8% over the same period last year$200nodepositbonus200freespinsrealmoney2022.73%$200nodepositbonus200freespinsrealmoney2022The net profit from home was 899 million yuan, up 35.06% over the same period last year; the non-net profit was 877 million yuan, up 35.88% from the same period last year; the net cash flow from operating activities was 374 million yuan, up 14.42% from the same period last year; during the reporting period, Huafeng Aluminum basic earnings per share was 0.90 yuan, and the weighted average return on net assets was 21.50%. The company's annual profit distribution plan for 2023 is to distribute 2 yuan (including tax) to all shareholders for every 10 shares.

Based on its closing price on April 25, Huafeng Aluminium is trading at about 21.31 times TTM, 4.24 times LF and 2.06 times TTM.

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 Huafeng Aluminum's total revenue has grown at a compound growth rate of 31.70% in the past three years, ranking fourth among the 23 companies in the aluminum industry that have disclosed data for 2023. In the past three years, net profit grew at a compound annual growth rate of 53.32%, ranking 7x23.

From a product point of view, in the company's main business in 2023, the revenue of aluminum plate, strip and foil was 9.088 billion yuan, accounting for 97.82% of the operating income.

By the end of 2023, the total number of employees of the company was 1912, with per capita income of 4.8593 million yuan, per capita profit of 470300 yuan and per capita salary of 229500 yuan, up 7.48%, 33.51% and 7.56% respectively over the same period last year.

In 2023, the company's gross profit margin was 15.91%, up 2.01 percentage points from the same period last year; the net profit margin was 9.68%, up 1.89 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 14.91%, up 3.23% from the same period last year, down 1.21% from the previous quarter; and the net profit rate was 9.08%, up 2.36% from the same period last year and down 0.83% from the previous quarter.

During the reporting period, the total sales amount of the company's top five customers was 3.373 billion yuan, accounting for 36.31% of the total sales amount, and the total purchase amount of the company's top five suppliers was 3.38 billion yuan, accounting for 42.90% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 21.50%, an increase of 2.12 percentage points over the same period last year, and the return on invested capital of the company in 2023 was 15.66%, an increase of 2.11 percentage points over the same period last year.

In 2023, the net cash flow of the company's operating activities was 374 million yuan, an increase of 14.42% over the same period last year; the net cash flow of fund-raising activities was-306 million yuan, an increase of 41.8268 million yuan over the same period last year; and the net cash flow of investment activities was-25.3371 million yuan, compared with 30.8516 million yuan in the same period last year.

According to further statistics, the free cash flow of the company in 2023 was 321 million yuan, down 20.71% from the same period last year.

In 2023, the cash ratio of the company's operating income is 89.30%, and the net present ratio is 41.55%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 1.38 times, compared with 1.41 times in the same period last year (the industry average in 2022 was 0.93 times, and the company ranked in the same industry as 4x30); fixed assets turnover rate was 5.81 times, compared with 5.11 times in the same period last year (the industry average in 2022 was 3.50 times, and the company ranked 8gamut 30 in the same industry). The turnover rate of accounts receivable and inventory is 6.39 times and 3.86 times respectively.

In 2023, the company's period expenses were 448 million yuan, an increase of 22.6215 million yuan over the same period last year, but the period expense rate was 4.82 percent, down 0.15 percent from the same period last year. Among them, sales expenses increased by 80.29% over the same period last year, management expenses increased by 29.01%, R & D expenses decreased by 10.72%, and financial expenses decreased by 23.67%.

In terms of major changes in assets, by the end of 2023, the financing of the company's receivables increased by 110.60% over the end of the previous year, accounting for 7.24% of the company's total assets; fixed assets decreased by 8.54% compared with the end of last year, accounting for 5.31% of the company's total assets; inventory increased by 8.94% over the end of last year, accounting for 1.45% of the company's total assets Other current assets decreased by 75.53% compared with the end of last year, accounting for 0.84 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 87.50% compared with the end of last year, accounting for 4.53% of the company's total assets; non-current liabilities due within one year increased by 52.85% over the end of the previous year, accounting for 2.29% of the company's total assets; notes payable increased by 213.58% over the end of last year, accounting for 2.17% of the company's total assets Long-term deferred income decreased by 7.59% compared with the end of last year, accounting for 0.50 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 2.113 billion yuan, accounting for 46.7% of the net assets, an increase of 173 million yuan over the end of last year. Among them, the price reduction of inventory is prepared to be 19.7709 million yuan, with a provision ratio of 0.93%.

For the whole of 2023, the company's R & D investment was 231 million yuan, down 10.72% from the same period last year; R & D investment accounted for 2.49% of operating income, down 0.54% 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 37.01%, down 3.60 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 26.07%, down 4.59 percentage points from the end of the previous year.

In 2023, the current ratio of the company is 2.18 and the quick ratio is 1.32.

According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, the new shareholders are Yi Fonda Fenghua Bond Investment Fund and Taikang Life Insurance Co., Ltd. instead of Huafeng Group Co., Ltd., Pingyang Chengpu Investment Partnership (limited partnership) at the end of the third quarter. In terms of specific shareholding ratio, the shareholdings of Yi Fangda Resources Industry mixed Securities Investment Fund and Hong Kong Securities Clearing Co., Ltd. have increased. Yi Fangda supply reform flexible allocation of mixed securities investment funds, Xinao New Energy Industry Stock Investment Fund, basic Endowment Insurance Fund 16011 portfolio holdings have declined.

In terms of chip concentration, by the end of 2023, the total number of shareholders in the company was 18900, down 2169 from the end of the third quarter, or 10.32%; the value of stock market holdings per household rose to 950800 yuan from 726800 yuan at the end of the third quarter, an increase of 30.82%.

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)