primalmegawaysslot| Tianfu Communications: In 2023, net profit will increase by 81.14% year-on-year. It is planned to transfer 10 shares to 10 yuan

CSC Intelligent Financial Information Tianfu Communications (300394) disclosed its 2023 annual report on April 22nd. In 2023, the company achieved a total revenue of 19.Primalmegawaysslot.3.9 billion yuan, up 62.04% over the same period last year; net profit from home was 730 million yuan, up 81.14% over the same period last year; deducting 720 million yuan from non-net profit, up 97.42% over the same period last year; net cash flow from operating activities was 902 million yuan, an increase of 94.51% over the same period last year; during the reporting period, Tianfu Communication basically earned 1.8482 yuan per share, with a weighted average return on net assets of 25.08%. The annual profit distribution plan of the company in 2023 isPrimalmegawaysslotIt is proposed to distribute 10 yuan (including tax) to all shareholders for every 10 shares transferred to 4 shares.

According to the announcement, the company achieved double growth in operating income and profits throughout the year, mainly due to the development of artificial intelligence AI technology and the increase in computing demand, and the global data center construction led to a sustained and steady growth in demand for high-speed optical devices, especially the rapid growth in demand for high-speed products and the increase in the company's forward-looking layout and R & D investment, making the new product line quickly meet customer needs. At the same time, the company continues to upgrade its information system and automation, reduce costs and increase efficiency in Jiangxi production base, and significantly improve the capacity utilization of high-speed products.

Based on its closing price on April 19, Tianfu Telecom currently trades at a price-to-earnings ratio (TTM) of about 87.92 times, a price-to-book ratio (LF) of about 20.1 times, and a price-to-sales ratio (TTM) of about 33.1 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:

Data statistics show that Tianfu Communication's total revenue has a compound growth rate of 30.44% in the past three years, ranking first among the 15 companies in the communications network equipment and devices industry that have disclosed data for 2023. In the past three years, net profit grew at a compound annual growth rate of 37.77%, ranking 2top 15.

Data show that the company specializes in high-speed optical device research and development, large-scale mass production and sales business. In recent years, the application field of the company's main optical products has been extended from the optical communication industry to the lidar and other fields.

From a product point of view, in the company's main business in 2023, the revenue of optical passive devices was 1.183 billion yuan, an increase of 23.28% over the same period last year, accounting for 61.04% of the operating income; the revenue of active devices alone was 746 million yuan, an increase of 242.52% over the same period last year, accounting for 38.48% of the operating income.

By the end of 2023, the total number of employees of the company was 3474, with per capita income of 558000 yuan, per capita profit of 210100 yuan and per capita salary of 84200 yuan, respectively, representing changes of 33.44%, 49.18% and-9.26% over the same period last year.

In 2023, the company's gross profit margin was 54.30%, up 2.68 percentage points from the same period last year; the net profit margin was 37.65%, up 3.80 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 56.55%, down 0.05% from the same period last year, up 1.19% from the same period last year; and the net profit rate was 39.62%, down 1.52% from the same period last year and up 2.05% from the previous quarter.

In terms of products, the gross profit margins of optical passive devices and optical active devices in 2023 are 60.25% and 44.77%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 1.583 billion yuan, accounting for 81.64% of the total sales amount, and the total purchase amount of the company's top five suppliers was 408 million yuan, accounting for 54.73% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 25.08%, an increase of 8.78 percentage points over the same period last year, and the rate of return on invested capital in 2023 was 22.75%, an increase of 6.79 percentage points over the same period last year.

In 2023, the net cash flow of the company's operating activities was 902 million yuan, an increase of 94.51% over the same period last year; the net cash flow of fund-raising activities was-9.4449 million yuan, an increase of 119 million yuan over the same period last year; and the net cash flow of investment activities was 258 million yuan, compared with-180 million yuan in the same period last year.

Further statistics show that the company's free cash flow in 2023 was 1.159 billion yuan, an increase of 355.10% over the same period last year.

In 2023, the cash ratio of the company's operating income is 112.49%, and the net current ratio is 123.56%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.57 times, compared with 0.44 times in the same period last year (the industry average in 2022 was 0.58 times, and the company ranked 36 times in the same industry), and the fixed assets turnover rate was 3.21 times, 2.06 times in the same period last year (the industry average in 2022 was 4.19 times, and the company ranked 29max in the same industry). The turnover rate of accounts receivable and inventory is 5.31 times and 4.01 times respectively.

In 2023, the company's period expenses were 185 million yuan, an increase of 1.9929 million yuan over the same period last year, but the period expense rate was 9.55 percent, down 5.76 percent from the same period last year. Among them, sales expenses increased by 1.19 percent over the same period last year, management expenses increased by 31.95 percent, R & D expenses increased by 16.74 percent, and financial expenses changed from-20.1425 million yuan to-58.9037 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 177.14% over the end of the previous year, accounting for 24.63 percentage points of the company's total assets; transactional financial assets had decreased by 50.56% compared with the end of last year, accounting for 19.23% of the company's total assets; fixed assets increased by 4.13% over the end of last year, accounting for 4.60 percentage points of the company's total assets The financing of receivables decreased by 55.81% compared with the end of last year, accounting for 1.90 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 148.03% over the end of the previous year, accounting for 2.36% of the company's total assets; contract liabilities increased by 144.81% over the end of the previous year, accounting for 0.97% of the company's total assets; notes payable increased by 117.47% over the end of last year, accounting for 0.74% of the company's total assets Taxes and fees payable increased by 143.32% over the end of last year, accounting for 0.75% 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 256 million yuan, accounting for 8.01% of the net assets, an increase of 69.2036 million yuan over the end of last year. Among them, the provision for inventory price decline is 32.0653 million yuan, with a provision proportion of 11.14%.

For the whole of 2023, the company's R & D investment was 143 million yuan, an increase of 16.74% over the same period last year; R & D investment accounted for 7.39% of operating income, down 2.87% from 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 13.72%, up 4.62 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 0.04%, down 0.07 percentage points from the end of the previous year.

In 2023, the current ratio of the company is 6.04 and the quick ratio is 5.54.

According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, the new shareholders are Yi Fangda gem traded open index securities investment fund, southern growth pioneer mixed securities investment fund, basic endowment insurance fund 1202 portfolio, Huaan gem 50 traded index securities investment fund, Beijing Panze Asset Management Co., Ltd.-Panze Yangfan stable Replaced Wang Xiaoke, National Social Security Fund 104 portfolio, Zhu Guodong, Golden Eagle Reform dividend flexible allocation of mixed securities investment funds, UBS AG at the end of the third quarter. In terms of specific shareholding ratio, the shareholdings of Hong Kong Securities Clearing Co., Ltd., Manulife transition opportunity stock investment funds have increased, and the holdings of JPMorgan emerging dynamic hybrid securities investment funds and JPMorgan vision hybrid securities investment funds have declined.

In terms of chip concentration, by the end of 2023, the total number of shareholders of the company was 34500, down 8081, or 18.99%, from the end of the third quarter; the value of stock market holdings per household rose to 1.0484 million yuan from 881600 yuan at the end of the third quarter, an increase of 18.92%.

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.

In this paper, the price-to-earnings ratio and price-to-sales ratio are calculated by TTM, that is, based on the 12-month data up to the latest financial report (including forecast). The price-to-book ratio is calculated on the basis of LF, which is based on the latest financial report.

When the price-to-earnings ratio is negative, the current quantile is not displayed, which will lead to the interruption of the line chart.

(article source: China Securities News, China Securities Network)

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