Keller shares (301070) disclosed its 2023 annual report on April 22nd. In 2023, the company achieved total revenue 3Freearcadegames.69 billion yuan, an increase of 21% over the same period last yearFreearcadegames.27%; the net profit of returning to the mother was 26.8516 million yuan, down 10.78% from the same period last year; deducting 17.8857 million yuan from non-net profit, down 0.08% from the same period last year; business activities generatedFreearcadegamesThe net cash flow was 36.4224 million yuan, down 5.33% from the same period last year. During the reporting period, the basic earnings per share of Keller shares was 0.42 yuan, and the weighted average return on net assets was 3.36%. The company's annual profit distribution plan for 2023 is: it is proposed to distribute 4 yuan (including tax) to all shareholders for every 10 shares.
During the reporting period, the company's total non-recurrent profit and loss was 8.9659 million yuan, of which entrustmentFreearcadegamesThe profit or loss of other people's investment or management of assets is 6.2655 million yuan.
At its closing price on April 19th, Keller shares are trading at a price-to-earnings ratio (TTM) of about 77.41 times, a price-to-book ratio (LF) of about 2.55 times and a price-to-sales ratio of about 5.64 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 Keller's total revenue has a compound growth rate of 9.47% in the past three years, ranking 12th among the 25 companies in other general equipment industries that have disclosed data for 2023. In the past three years, the compound annual growth rate of net profit was-24.85%, ranking 2112,25.
According to the annual report, the company is mainly engaged in the research and development, production, sales, installation and related technical services of HVLS fans.
From a product point of view, in the company's main business in 2023, the income of HVLS fans was 299 million yuan, an increase of 15.30% over the same period last year, accounting for 81.04% of the operating income; the investment and operation income of distributed photovoltaic power stations was 24 million yuan, an increase of 460.70% over the same period last year, accounting for 6.48% of the operating income; and the industrial and commercial energy storage business income was 15 million yuan, accounting for 4.15% of the operating income.
By the end of 2023, the total number of employees of the company was 621, with per capita income of 593500 yuan, per capita profit of 43200 yuan and per capita salary of 168500 yuan, down 1.38%, 27.44% and 5.35% respectively compared with the same period last year.
In 2023, the company's gross profit margin was 39.71%, up 0.42 percentage points from the same period last year; the net profit margin was 6.85%, down 3.62 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 29.57%, down 4.26% from the same period last year and 13.15% from the previous quarter; the net profit rate was-25.37%, down 6.41% from the same period last year and 42.19% from the previous quarter.
In terms of products, the gross profit margins of HVLS fans, distributed photovoltaic power station investment and operation, and industrial and commercial energy storage business in 2023 are 41.27%, 46.40% and 14.76%, respectively.
During the reporting period, the total sales amount of the company's top five customers was 39 million yuan, accounting for 10.52% of the total sales amount, and the total purchase amount of the company's top five suppliers was 80 million yuan, accounting for 22.00% of the total annual purchase.
According to the data, the weighted average return on equity of the company in 2023 was 3.36%, down 0.47 percentage points from the same period last year; the rate of return on invested capital in 2023 was 2.81%, down 0.80 percentage points from the same period last year.
In 2023, the net cash flow of the company's operating activities was 36.4224 million yuan, down 5.33% from the same period last year; the net cash flow of fund-raising activities was 12.8713 million yuan, an increase of 49.1826 million yuan over the same period last year; and the net cash flow of investment activities was-28.6554 million yuan, compared with-103 million yuan in the same period last year.
Further statistics show that the company's free cash flow is 105 million yuan in 2023, compared with-30 million yuan in the same period last year.
In 2023, the cash ratio of the company's operating income is 106.76%, and the net present ratio is 135.64%.
In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.37 times, compared with 0.32 times in the same period last year (the industry average in 2022 was 0.57 times, and the company ranked in the same industry 48 times 53); the fixed assets turnover rate was 1.81 times, compared with 4.13 times in the same period last year (the industry average in 2022 was 3.73 times, and the company ranked 25Universe in the same industry). The company's accounts receivable turnover and inventory turnover are 6.21 and 2.81 respectively.
In 2023, the company's period expenses were 124 million yuan, an increase of 30.8855 million yuan over the same period last year, and the period expense rate was 33.58%, an increase of 3.02% over the same period last year. Among them, sales expenses increased by 29.49 percent over the same period last year, management expenses increased by 25.4 percent, R & D expenses increased by 28.51 percent, and financial expenses changed from-4.2145 million yuan to-439200 yuan in the same period last year.
In terms of major changes in assets, by the end of 2023, the company's transactional financial assets decreased by 32.09% compared with the end of last year, accounting for 15.59% of the company's total assets; fixed assets increased by 143.09% over the end of the previous year, accounting for 15.00% of the company's total assets; projects under construction decreased by 97.01% compared with the end of last year, accounting for 11.66% of the company's total assets Monetary funds increased by 99.55% over the end of last year, accounting for 7.22 percentage points of the company's total assets.
In terms of major changes in liabilities, by the end of 2023, the company's accounts payable increased by 93.74% over the end of the previous year, accounting for 2.31% of the company's total assets; notes payable increased by 32.31% over the end of the previous year, accounting for 0.74% of the company's total assets; long-term loans decreased by 18.87% compared with the end of last year, accounting for 1.38 percentage points of the company's total assets. The non-current liabilities due within one year increased by 296.76% over the end of the previous year, accounting for 0.78 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 94.8566 million yuan, accounting for 11.62% of the net assets, an increase of 31.6368 million yuan over the end of last year. Among them, the provision for inventory price decline is 102200 yuan, with a provision proportion of 0.11%.
For the whole of 2023, the company's R & D investment was 17.9834 million yuan, an increase of 28.51% over the same period last year; R & D investment accounted for 4.88% of operating income, an increase of 0.28% 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 21.95%, up 4.42 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 6.78%, up 1.22 percentage points from the end of the previous year.
In 2023, the current ratio of the company is 3.77 and the quick ratio is 3.23.
According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, the new shareholders are Mao Aiying and Yinhuaxin selected one-year holding period mixed securities investment fund, Li Yicheng, replacing Lu Xiaomei at the end of the third quarter, southern high-end equipment flexible allocation hybrid securities investment fund, Shanghai Yihong Zhihe Investment Management Co., Ltd.-Xinyu Yipeng Investment Management Center (limited partnership). In the specific shareholding ratio, the Qingcheng Link Investment Management Partnership (limited partnership) and Hao Lei's shareholding have declined.
In terms of chip concentration, by the end of 2023, the total number of shareholders of the company was 4844, down 276 from the end of the third quarter, a decrease of 5.39%. The value of stock market holdings per household rose to 597800 yuan from 476600 yuan at the end of the third quarter, an increase of 25.43%.
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)