CSI Intelligent Financial News China West Power (601179) disclosed the 2023 annual report on April 11. 2023MegamillionscosttoplayThe company realized operating income of 208Megamillionscosttoplay4.8 billion yuan, an increase of 12 percent over the same period last yearMegamillionscosttoplay.36%MegamillionscosttoplayThe net profit from home was 885 million yuan, up 42.99% from the same period last year; the non-net profit was 641 million yuan, up 142.48% from the same period last year; the net cash flow from operating activities was 1.215 billion yuan, up 118.08% from the same period last year; during the reporting period, the basic earnings per share of China West Electric Power Company was 0.17 yuan, and the weighted average return on net assets was 4.14%. The company's annual profit distribution plan for 2023 is to distribute 0.66 yuan (including tax) to all shareholders for every 10 shares.

Based on its closing price on April 10, China West Power now trades at about 31.73 times TTM, 1.3 times LF and 1.35 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 China West Power's total revenue has a compound growth rate of 9.59% in the past three years, ranking seventh among the nine companies in the power transmission and transformation equipment industry that have disclosed data for 2023. The compound annual growth rate of net profit in the past three years was 53.68%, ranking 3x9.

Data show that the company's main business is transmission and distribution and control equipment research and development, design, manufacturing, sales, testing, related equipment sets, technical research, service and project contracting and other business.

From a product point of view, in the company's main business in 2023, transformer income was 7.823 billion yuan, up 40.31% from the same period last year, accounting for 37.16% of business income; switching income was 7.663 billion yuan, up 33.07% from the same period last year, accounting for 36.40% of business income; electronic, electric power, engineering trade income was 3.658 billion yuan, down 30.11% from the same period last year, accounting for 17.38% of business income.

By the end of 2023, the total number of employees of the company was 9312, with per capita income of 2.2607 million yuan, per capita profit of 95100 yuan and per capita salary of 234400 yuan, up 22.33%, 55.88% and 15.85% respectively over the same period last year.

In 2023, the company's gross profit margin was 17.83%, up 1.41 percentage points from the same period last year; the net profit margin was 4.89%, up 0.96 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 19.88%, up 2.60% from the same period last year and 2.65% from the previous quarter; the net profit rate was 5.46%, up 1.82% from the same period last year and 2.08% from the previous quarter.

From a product point of view, the gross profit margins of transformers, switches, electronic power and engineering trade in 2023 are 8.47%, 25.23% and 15.80%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 8.662 billion yuan, accounting for 41.55% of the total sales amount, and the total purchase amount of the company's top five suppliers was 2.93 billion yuan, accounting for 14.68% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 4.14%, an increase of 1.20 percentage points over the same period last year, and the return on invested capital of the company in 2023 was 3.95%, an increase of 0.99 percentage points over the same period last year.

In 2023, the net cash flow of the company's operating activities was 1.215 billion yuan, an increase of 118.08% over the same period last year; the net cash flow of fund-raising activities was-772 million yuan, a decrease of 2.271 billion yuan over the same period last year; and the net cash flow of investment activities was 2.044 billion yuan, compared with-350 million yuan in the same period last year.

Further statistics show that the free cash flow of the company in 2023 is 3.251 billion yuan, an increase of 47.23% over the same period last year.

In 2023, the cash ratio of the company's operating income is 107.47%, and the net present ratio is 137.27%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.49 times, compared with 0.46 times in the same period last year (the industry average in 2022 was 0.60 times, and the company ranked 23x31 in the same industry); the fixed assets turnover rate was 5.49 times, compared with 4.40 times in the same period last year (the industry average in 2022 was 4.87 times, and the company ranked 15Univer in the same industry). The turnover rate of accounts receivable and inventory is 2.13 times and 4.55 times respectively.

In 2023, the company's period expenses were 2.884 billion yuan, an increase of 444 million yuan over the same period last year, and the period expense rate was 13.83 percent, an increase of 0.68 percent over the same period last year. Among them, sales expenses increased by 21.52% over the same period last year, management expenses increased by 7.16% over the same period last year, R & D expenses increased by 19.7%, and financial expenses increased from-8.6333 million yuan in the same period last year to 93.0554 million yuan.

In terms of major changes in assets, by the end of 2023, the company's long-term equity investment increased by 1559.89% over the end of the previous year, accounting for 5.01% of the company's total assets; monetary funds increased by 28.38% over the end of the previous year, accounting for 3.86% of the company's total assets; other current assets decreased by 29.93% compared with the end of last year, accounting for 2.54 percentage points of the company's total assets Transactional financial assets decreased by 53.34% compared with the end of last year, accounting for 2.53 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 59.49% over the end of the previous year, accounting for 2.96% of the company's total assets; short-term loans increased by 143.36% over the end of the previous year, accounting for 1.74% of the company's total assets; notes payable increased by 14.38% over the end of last year, accounting for 0.57% of the company's total assets Other current liabilities increased by 27.12% over the end of last year, accounting for 0.54 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 3.545 billion yuan, accounting for 16.38% of the net assets, a decrease of 361 million yuan compared with the end of last year. Among them, the price reduction of inventory is prepared to be 110 million yuan, with a provision ratio of 3.0%.

For the whole of 2023, the company's R & D investment was 1.021 billion yuan, an increase of 28.16% over the same period last year; R & D investment accounted for 4.90% of operating income, an increase of 0.48% over the same period last year. In addition, the capitalization rate of the company's annual R & D investment is 46.25%.

In terms of solvency, the asset-liability ratio of the company at the end of 2023 was 44.21%, down 0.08 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 3.53%, up 1.92 percentage points from the end of the previous year.

In 2023, the current ratio of the company is 1.77 and the quick ratio is 1.57.

According to the annual report, among the company's top 10 tradable shareholders at the end of 2023, the new shareholders flexibly allocated hybrid securities investment funds for Yi Fangda's innovation-driven hybrid securities investment fund, replacing the Southern Fund-Agricultural Bank of China Financial Asset Management Plan at the end of the third quarter. In terms of specific shareholdings, the shareholdings of Hong Kong Securities Clearing Co., Ltd., Wang Hongjiang and Hu Jiang have increased, while those of ICBC Credit Suisse innovative Stock Investment Fund, Xinhua Life Insurance Co., Ltd.-dividend-group dividend-018L-FH001 Shanghai and CSI 500 traded index securities investment funds have declined.

In terms of chip concentration, by the end of 2023, the total number of shareholders of the Company was 145,200, down 7,654 households compared with the end of the third quarter, with a decrease of 5.01%; the market value of shares held by each household increased from 162,600 yuan at the end of the third quarter to 174,000 yuan, with an increase rate of 7.01%.

Indicator Notes:

price-earnings ratio

= Total market value/net profit. When the company loses money, the P/E ratio is negative, at this time it is meaningless to use the P/E ratio or the P/E ratio as a reference.

B ratio

= Total market value/net assets. Price to book ratio 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. Price to sales valuation is usually used for growth companies that are losing money or meager profits.

The price-earnings ratio and price-to-sales ratio are TTM, which is calculated based on the data of the latest financial report (including forecast) for 12 months. The market-to-book ratio adopts LF mode, that is, calculated based on the latest financial report data.

When P/E ratio is negative, the current quantile is not displayed, resulting in broken line chart.

(Source: China Securities News·China Securities Network)