Chengyi Pharmaceutical: Net profit will increase by 0.81% year-on-year in 2023, with plans to send 2 yuan per 10 pieces

Chengyi Pharmaceutical (603811) disclosed its 2023 annual report on April 26.
In 2023, the company achieved operating income of 672 million yuan, a year-on-year increase of 2.54%; net profit attributable to the parent company was 163 million yuan, a year-on-year increase of 0.81%; non-net profit after deducting 155 million yuan, a year-on-year increase of 10.6%; net cash flow generated from operating activities was 195 million yuan, a year-on-year increase of 17.38%; during the reporting period, Chengyi Pharmaceutical’s basic earnings per share was 0.5 yuan, and the weighted average return on net assets was 14.35%.
The company\’s 2023 distribution plan is: It plans to distribute 2 yuan (tax included) to all shareholders for every 10 shares.
Based on the closing price on April 25, Chengyi Pharmaceutical\’s current price-to-earnings ratio (TTM) is approximately 16.15 times, its price-to-book ratio (LF) is approximately 2.21 times, and its price-to-sales ratio (TTM) is approximately 3.92 times.
The historical quantile chart of the company\’s price-to-earnings ratio (TTM), price-to-book ratio (LF), and price-to-sales ratio (TTM) in recent years is as follows: As of the end of 2023, the compound growth rate of Chengyi Pharmaceutical\’s three-year total operating income is -3.96%. The formulation industry ranks 58th among 71 companies that have disclosed 2023 data.
The three-year net profit compound annual growth rate is -0.46%, ranking 46/71.
In terms of products, in 2023, the company\’s main business will include preparation revenue of 530 million yuan, accounting for 78.98% of operating revenue; API revenue of 107 million yuan, accounting for 15.87% of operating revenue; traditional Chinese medicine revenue of 14 million yuan, accounting for 15.87% of operating revenue; 2.14%.
As of the end of 2023, the company has a total of 738 employees, with per capita income of 910,100 yuan, per capita profit of 220,700 yuan, and per capita salary of 148,500 yuan, an increase of 3.65%, 1.91%, and 10.99% respectively over the same period last year.
In 2023, the company\’s gross profit margin will be 64.18%, a decrease of 4.24 percentage points year-on-year; the net profit margin will be 24.13%, a decrease of 0.48 percentage points compared with the same period last year.
Judging from single-quarter indicators, the company\’s gross profit margin in the fourth quarter of 2023 was 65.14%, a year-on-year decrease of 3.35 percentage points, and a month-on-month increase of 1.94 percentage points; the net profit rate was 22.88%, a decrease of 9.96 percentage points from the same period last year, and a year-on-year decrease of 9.96 percentage points from the previous quarter. increased by 6.15 percentage points.
In terms of products, the gross profit margins of preparations, APIs, and traditional Chinese medicines in 2023 will be 69.89%, 48.22%, and 70.24% respectively.
During the reporting period, the company\’s top five customers had a total sales amount of 219 million yuan, accounting for 32.62% of the total sales amount, and the company\’s top five suppliers had a total purchase amount of 67 million yuan, accounting for 35.87% of the total annual purchases.
Data show that the company\’s weighted average return on net assets in 2023 will be 14.35%, a decrease of 1.31 percentage points from the same period last year.
The company\’s return on invested capital in 2023 was 10.63%, a decrease of 1.96 percentage points from the same period last year.
In 2023, the company\’s net cash flow from operating activities was 195 million yuan, a year-on-year increase of 17.38%; the net cash flow from financing activities was -55.3756 million yuan, a year-on-year decrease of 263 million yuan; the net cash flow from investing activities was -59.6007 million yuan, a year-on-year decrease of -59.6007 million yuan. During the same period, it was -241 million yuan.
Further statistics found that the company\’s free cash flow in 2023 was 225 million yuan, compared with -34 million yuan in the same period last year.
In 2023, the company\’s operating income cash ratio will be 104.44%, and the net cash ratio will be 119.57%.
In terms of operating capacity, in 2023, the company\’s total asset turnover rate was 0.37 times, compared with 0.43 times in the same period last year (the industry average in 2022 was 0.43 times, and the company ranked 58/112 times in the same industry); the fixed asset turnover rate was 0.78 times , 1.01 times in the same period last year (the industry average in 2022 is 2.45 times, and the company ranks 93/112 times in the same industry); the company\’s accounts receivable turnover rate and inventory turnover rate are 9.87 times and 2.11 times respectively.
In 2023, the company\’s period expenses will be 303 million yuan, a decrease of 16.9867 million yuan compared with the same period last year; the period expense rate is 45.04%, a decrease of 3.74 percentage points compared with the same period last year.
Among them, sales expenses decreased by 15.56% year-on-year, administrative expenses increased by 5.68% year-on-year, research and development expenses increased by 6.41% year-on-year, and financial expenses increased by 91.76% year-on-year.
In terms of major changes in assets, as of the end of 2023, the company\’s construction in progress decreased by 96.63% compared with the end of the previous year, and its proportion in the company\’s total assets decreased by 10.29 percentage points; fixed assets increased by 35.33% from the end of the previous year, and its proportion in the company\’s total assets increased by 9.80 percentage points; Monetary funds increased by 37.77% compared with the end of the previous year, and their proportion in the company\’s total assets increased by 3.12 percentage points; other non-current assets decreased by 58.92% compared with the end of the previous year, and their proportion in the company\’s total assets decreased by 1.46 percentage points.
In terms of major changes in liabilities, as of the end of 2023, the company\’s accounts payable increased by 117.04% from the end of the previous year, and the proportion of the company\’s total assets increased by 3.09 percentage points; short-term borrowings increased by 53.37% from the end of the previous year, and the proportion of the company\’s total assets increased by 1.75 percentage points; Other payables (including interest and dividends) decreased by 27.73% from the end of the previous year, and the proportion of the company\’s total assets decreased by 1.54 percentage points; long-term borrowings decreased by 5.49% from the end of the previous year, and the proportion of the company\’s total assets decreased by 2.75 percentage points.
Judging from inventory changes, as of the end of 2023, the book value of the company\’s inventory was 117 million yuan, accounting for 9.79% of net assets, an increase of 5.7418 million yuan from the end of the previous year.
Among them, the provision for inventory decline was 10.7538 million yuan, with a provision ratio of 8.43%.
For the whole year of 2023, the company\’s R&D investment amounted to 47.1445 million yuan, a year-on-year increase of 6.41%; R&D investment accounted for 7.02% of operating income, an increase of 0.26 percentage points compared with the same period last year.
In addition, the company\’s annual R&D investment capitalization rate was 0.
In terms of solvency, the company\’s asset-liability ratio at the end of 2023 was 36.78%, an increase of 0.24 percentage points from the end of the previous year; the interest-bearing asset-liability ratio was 23.42%, a decrease of 1.35 percentage points from the end of the previous year.
In 2023, the company\’s current ratio is 1.51 and its quick ratio is 1.17.
The annual report shows that among the company\’s top ten tradable shareholders at the end of 2023, the new shareholders are China Merchants Fund-Guoxin Investment Co., Ltd.-China Merchants Fund-Steady Absolute Return Single Asset Management Plan, which replaced the Umeli Jinan No. 99 Private Equity at the end of the third quarter. Securities Investment Funds.
In terms of specific shareholding ratios, Shen Ailan and Zhuang Xiaoping\’s shareholdings have increased.
In terms of chip concentration, as of the end of 2023, the total number of shareholders of the company was 14,000, an increase of 1,234 from the end of the third quarter, an increase of 9.64%; the average shareholding value of each household dropped from 300,200 yuan at the end of the third quarter to 241,900 yuan, a decrease of 19.42%.
Indicator notes: Price-to-earnings ratio = total market value/net profit.
When the company is losing money, the price-to-earnings ratio is negative. At this time, using the price-to-earnings ratio for valuation has no practical significance. The price-to-book ratio or the price-to-sales ratio is often used as a reference.
Price-to-book ratio = total market value/net assets.
The price-to-book ratio valuation method is mostly used for companies with large earnings fluctuations but relatively stable net assets.
Price-to-sales ratio = total market value/operating income.
The price-to-sales valuation method is often used for growth companies that are losing money or making only a small profit.
The price-to-earnings ratio and price-to-sales ratio in this article adopt the TTM method, which is calculated based on the 12-month data as of the latest financial report (including forecast).
The price-to-book ratio adopts the LF method, which is calculated based on the latest financial report data.
When the P/E ratio is negative, the current period quantiles are not displayed, which will cause the line chart to be interrupted.
(Source of the article: China Securities Journal·China Securities Network)