3dpinballonline| China-Singapore Group: Net profit in 2023 will drop by 15.29% year-on-year and plan to pay 2.73 yuan for 10 shares

Zhongxin Group (601512) disclosed its 2023 annual report on April 20. 20233dpinballonlineThe company achieved a total revenue of 363dpinballonline.57 billion yuan, down 22.89% from the same period last year; net profit from home was 1.362 billion yuan, down 15.29% from the same period last year; deducting 1.177 billion yuan from non-net profit, down 20.16% from the same period last year; net cash flow from operating activities was 1.763 billion yuan, up 51.48% from the same period last year; during the reporting period, Zhongxin Group's basic earnings per share was 0.91 yuan, and the weighted average return on net assets was 9.91%. The company's annual profit distribution plan for 2023 is to distribute 2.73 yuan (including tax) to all shareholders for every 10 shares.

Based on the closing price on April 19, Zhongxin Group is currently trading at a price-to-earnings ratio of about 9.12 times, a price-to-book ratio of about 0.87 times (LF) and a price-to-sales ratio of about 3.4 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 Zhongxin Group's total revenue has a compound growth rate of 2.31% in the past three years, ranking fourth among the six companies in the industrial real estate industry that have disclosed data for 2023. In the past three years, net profit grew at a compound annual growth rate of 1.37%, ranking 2x6.

According to the data, the development and operation of the park is the core business of the company, including the production-city integration park and the park in the district. The two plates promote each other, promote each other's development, and constantly enhance the core competitiveness of the park's development and operation.

From a product point of view, in the company's main business in 2023, the park development and operation income was 2.853 billion yuan, accounting for 78.01% of the operating income, and the green development income was 651 million yuan, accounting for 17.80% of the operating income.

In 2023, the company's gross profit margin was 50.78%, down 6.78 percentage points from the same period last year; the net profit margin was 41.84%, down 4.20 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 55.32%, down 0.69% from the same period last year and 16.11% higher than the previous quarter; the net profit rate was 30.07%, down 19.23% from the same period last year and 14.18% from the previous quarter.

In terms of products, the gross profit margins of park development and operation and green development in 2023 are 58.44% and 19.04%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 1.822 billion yuan, accounting for 49.82% of the total sales amount, and the total purchase amount of the company's top five suppliers was 396 million yuan, accounting for 9.04% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 9.91%, down 2.70 percentage points from the same period last year; the return on invested capital in 2023 was 6.18%, down 3.24 percentage points from the same period last year.

In 2023, the net cash flow of the company's operating activities was 1.763 billion yuan, an increase of 51.48% over the same period last year; the net cash flow of fund-raising activities was 125 million yuan, a decrease of 576 million yuan over the same period last year; and the net cash flow of investment activities was-1.649 billion yuan, compared with-1.365 billion yuan in the same period last year.

Further statistics show that the free cash flow of the company in 2023 is 1.456 billion yuan, an increase of 258.16% over the same period last year.

In 2023, the cash ratio of the company's operating income is 140.64%, and the net current ratio is 129.43%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.11 times, compared with 0.15 times in the same period last year (the industry average in 2022 was 0.15 times, and the company ranked in the same industry as 5x10), and the fixed assets turnover rate was 2.22 times, compared with 3.21 times in the same period last year (the industry average in 2022 was 21.70 times, and the company ranked 10th in the same industry). The turnover rate of accounts receivable and inventory is 1.56 times and 0.16 times respectively.

In 2023, the company's period expenses were 497 million yuan, an increase of 46.1507 million yuan over the same period last year, and the period expense rate was 13.59 percent, an increase of 4.08 percent over the same period last year. Among them, sales expenses increased by 21.39%, management expenses increased by 10.88%, R & D expenses increased by 46.03%, and financial expenses increased by 5.7% over the same period last year.

In terms of major changes in assets, by the end of 2023, the company's other non-current financial assets increased by 37.67% over the end of the previous year, accounting for 2.68% of the company's total assets; projects under construction decreased by 39.15% compared with the end of last year, accounting for 1.31% of the company's total assets; accounts receivable decreased by 10.22%, accounting for 1.28% of the company's total assets Fixed assets increased by 29.59% over the end of last year, accounting for 0.88 percentage points of the company's total assets.

In terms of major changes in liabilities, by the end of 2023, the company's bonds payable increased by 100.15% over the end of the previous year, accounting for 2.62% of the company's total assets; other payables (including interest and dividends) increased by 23.77% over the end of the previous year, accounting for 0.84% of the company's total assets; short-term loans decreased by 18.01% compared with the end of last year, accounting for 1.14% of the company's total assets Contract liabilities increased by 14.62% over the end of last year, accounting for 0.31% of the company's total assets.

In terms of inventory changes, by the end of 2023, the book value of the company's inventory was 11.583 billion yuan, accounting for 81.46% of net assets. According to the financial report, the company has no provision for inventory price decline in the current period.

For the whole of 2023, the company's R & D investment was 19.0266 million yuan, an increase of 46.03% over the same period last year; R & D investment accounted for 0.52% of operating income, an increase of 0.25% over 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 45.47 percent, up 1.03 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 24.74 percent, up 0.04 percentage points from the end of the previous year.

In 2023, the current ratio of the company is 2.19 and the quick ratio is 0.79.

According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, the new shareholders are Tian Shiqiang, Xingfu Investment Management Co., Ltd.-Xingfu No. 1 Strategic Investment Fund, Tianan Life Insurance Co., Ltd.-Ping an Asset Multi-asset portfolio. It replaces Huatai Berry's flexible allocation of hybrid securities investment funds, Huatai Berry innovation and upgrading hybrid securities investment funds, and Huatai Berry research selected hybrid securities investment funds at the end of the third quarter. In terms of specific shareholding ratio, the shareholding of Hong Kong Securities Clearing Co., Ltd. has declined.

In terms of chip concentration, by the end of 2023, the total number of shareholders in the company was 20900, an increase of 1483, or 7.63%, compared with the end of the third quarter; the value of stock market holdings per household decreased to 552700 yuan from 690600 yuan at the end of the third quarter, a decrease of 19.97%.

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)