Xinguang Optoelectronics (688011) disclosed its 2023 annual report on April 20. In 2023, the company achieved total revenue 1Pokeronline2476.2 billion yuan, an increase of 8% over the same period last yearPokeronline247.25%Pokeronline247The net profit loss was 39.1679 million yuan, compared with 24.6717 million yuan in the same period last year, 63.2807 million yuan in non-net profit and 40.3652 million yuan in the same period last year.Pokeronline247The net cash flow of Xinguang Optoelectronics was 684700 yuan, down 88.87% from the same period last year. During the reporting period, Xinguang Optoelectronics earned-0.392 yuan per share and the weighted average return on net assets was-3.35%.
During the reporting period, the company's total non-recurrent profit and loss was 24.1127 million yuan, of which the government subsidy included in the current profit and loss was 14.9726 million yuan.
Based on the closing price on April 19, Xinguang Optoelectronics currently has a price-to-earnings ratio (TTM) of about-36.18 times, a price-to-book ratio (LF) of about 1.24 times, and a price-to-sales ratio (TTM) of about 8.73 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 the compound growth rate of total revenue of Xinguang Optoelectronics in the past three years is 9.35%, ranking 11th among the 23 companies in the military electronics Ⅲ industry that have disclosed data for 2023. In the past three years, net profit grew at a compound annual growth rate of-217.42%, ranking 21Universe 23.
In terms of products, in the company's main business in 2023, the revenue of the optical target and scene simulation system was 86.7248 million yuan, down 5.15% from the same period last year, accounting for 53.46% of the operating income; the revenue from civilian products was 44.2793 million yuan, up 91.59% from the same period last year, accounting for 27.29% of the operating income; the revenue from the optical guidance system was 18.3294 million yuan, down 49.30% from the same period last year, accounting for 11.30% of the operating income.
In 2023, the company's gross profit margin was 35.17%, up 9.04 percentage points from the same period last year; the net profit margin was-25.08%, down 7.40 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 35.39%, up 44.30% from the same period last year and 2.46% from the previous quarter; the net profit rate was-23.42%, up 40.27% from the same period last year and 4.21% from the previous quarter.
In terms of products, the gross profit margins of optical target and scene simulation systems, civilian products, and optical guidance systems in 2023 are 42.89%, 22.82% and 27.69%, respectively.
During the reporting period, the total sales amount of the company's top five customers was 61 million yuan, accounting for 37.65% of the total sales amount, and the total purchase amount of the company's top five suppliers was 26 million yuan, accounting for 19.88% of the total annual purchase.
In 2023, the net cash flow of the company's operating activities was 684700 yuan, down 88.87% from the same period last year; the net cash flow of fund-raising activities was-8.3506 million yuan, an increase of 7.2723 million yuan over the same period last year; and the net cash flow of investment activities was 115 million yuan, compared with-25.0823 million yuan in the same period last year.
Further statistics show that the company's free cash flow is 109 million yuan in 2023, compared with-22 million yuan in the same period last year.
In 2023, the cash ratio of the company's operating income is 155.61%, and the net present ratio is-1.75%.
In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.12 times, compared with 0.11 times in the same period last year (the industry average in 2022 was 0.34 times, and the company ranked in the same industry as 59umber 60); the fixed assets turnover rate was 1.05 times, compared with 1.56 times in the same period last year (the industry average in 2022 was 4.55 times, and the company ranked 55Univer in the same industry). The turnover rate of accounts receivable and inventory is 1.05 times and 0.87 times respectively.
In 2023, the company's period expenses were 106 million yuan, an increase of 14.8367 million yuan over the same period last year, and the period expense rate was 65.55 percent, an increase of 4.49 percent over the same period last year. Among them, sales expenses increased by 13.65 percent over the same period last year, management expenses increased by 9.34 percent, R & D expenses increased by 17.37 percent, and financial expenses increased from-9.2571 million yuan to-7.5152 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 increased by 33.66% over the end of last year, accounting for 9.10% of the company's total assets; fixed assets increased by 110.59% over the end of the previous year, accounting for 8.73% of the company's total assets; trading financial assets decreased by 31.73% compared with the end of last year, accounting for 8.25 percentage points of the company's total assets. Projects under construction decreased by 93.53% compared with the end of last year, accounting for 7.71 percentage points of the company's total assets.
In terms of major changes in liabilities, by the end of 2023, the company's contractual liabilities increased by 29.73% over the end of the previous year, accounting for 1.23% of the company's total assets, mainly due to the increase in contracts in the current period, resulting in an increase in advance receipts; accounts payable decreased by 15.02% compared with the end of last year, accounting for 0.41% of the company's total assets Taxes and fees payable decreased by 67.50% compared with the end of last year, accounting for 0.36% of the company's total assets; other payables (including interest and dividends) decreased by 44.15% compared with the end of last year, accounting for 0.12% 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 119 million yuan, accounting for 10.39% of the net assets, a decrease of 5.3712 million yuan compared with the end of last year. Among them, the provision for the price decline of inventory is 5.942 million yuan, with a provision proportion of 4.77%.
For the whole of 2023, the company's R & D investment was 42.0427 million yuan, an increase of 17.37% over the same period last year; R & D investment accounted for 25.92% of operating income, an increase of 2.02% over the same period last year. In addition, the company's annual R & D investment capitalization rate is 0.
According to the annual report, as of December 31, 2023, the company had obtained a total of 68 licensed patents and 32 authorized software copyrights. Among them, 10 new patents and 12 software copyrights were granted in 2023.
In terms of solvency, the company's asset-liability ratio at the end of 2023 was 12.47%, an increase of 0.61 percentage points over the end of the previous year, and the interest-bearing asset-liability ratio was 0.13%, an increase of 0.09 percentage points over the end of the previous year.
In 2023, the current ratio of the company is 8.25 and the quick ratio is 7.28.
According to the annual report, among the company's top 10 circulating shareholders at the end of 2023, the new shareholders are Guojin quantitative multi-factor stock investment funds, replacing the Maanshan Business Partnership (limited partnership) at the end of the third quarter.
In terms of chip concentration, by the end of 2023, the total number of shareholders in the company was 7349, up 2.21% from the end of the third quarter, while the value of stock market holdings per household decreased to 321800 yuan from 322500 yuan at the end of the third quarter, a decrease of 0.22%.
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.
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)