Ya Xiang shares (301220) disclosed its 2023 annual report on April 22nd. In 2023, the company achieved a total revenue of 6Thechasegame.3 billion yuan, down 10% from the same period last yearThechasegame.66%; the net profit of returning to the mother was 80.158 million yuan, down 39.18% from the same period last year; deducting 73.341 million yuan from non-net profit, down 40.13% from the same period last year; business activities generatedThechasegameThe net cash flow was 75.9319 million yuan, down 14.80% from the same period last year. During the reporting period, the basic earnings per share of Yaxang shares was 1 yuan, and the weighted average return on net assets was 5.11%. The annual profit distribution plan of the company in 2023 isThechasegameIt is proposed to distribute 2 yuan (including tax) to all shareholders for every 10 shares.

At its closing price on April 19th, Yaxang shares are trading at a price-to-earnings ratio of about 24.61 times, a price-to-book ratio (LF) of about 1.25 times, and a price-to-sales ratio (TTM) of about 3.13 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 Yaxang's total revenue has a compound growth rate of 3.12% in the past three years, ranking 11th among the 12 companies in the food and feed additive industry that have disclosed data for 2023. Net profit has grown at a compound annual growth rate of 0.83% in the past three years, ranking fifth and 12th.

From a product point of view, in the company's main business in 2023, the revenue from coolants was 292 million yuan, up 19.29% from the same period last year, accounting for 46.28% of the operating income; the revenue from natural spices was 231 million yuan, down 29.53% from the same period last year, accounting for 36.66% of the operating income; and the revenue from synthetic spices was 99 million yuan, down 18.18% from the same period last year, accounting for 15.65% of the operating income.

By the end of 2023, the total number of employees of the company was 569, with per capita income of 1.1075 million yuan, per capita profit of 140900 yuan and per capita salary of 143300 yuan, which changed from-12.08%,-40.14% and 14.38% respectively over the same period last year.

In 2023, the company's gross profit margin was 32.17%, down 3.28 percentage points from the same period last year; the net profit margin was 12.61%, down 5.98 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 35.24%, down 3.58% from the same period last year, up 7.09% from the previous quarter; and the net profit rate was 6.97%, down 12.69% from the same period last year and 5.06% from the previous quarter.

In terms of products, the gross profit margins of coolants, natural spices and synthetic spices in 2023 were 33.94%, 37.20% and 16.92%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 376 million yuan, accounting for 59.70% of the total sales amount, and the total purchase amount of the company's top five suppliers was 121 million yuan, accounting for 35.22% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 5.11%, down 6.44 percentage points from the same period last year; the return on invested capital in 2023 was 4.94%, down 5.53 percentage points from the same period last year.

In 2023, the net cash flow of the company's operating activities was 75.9319 million yuan, down 14.80% from the same period last year; the net cash flow of fund-raising activities was 16.5946 million yuan, down 498 million yuan from the same period last year; and the net cash flow of investment activities was 85.0768 million yuan, compared with-549 million yuan in the same period last year.

Further statistics show that the company's free cash flow is 204 million yuan in 2023, compared with-457 million yuan in the same period last year.

In 2023, the cash ratio of the company's operating income is 117.38%, and the net current ratio is 94.73%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.35 times, compared with 0.51 times in the same period last year (the industry average in 2022 was 0.65 times, and the company ranked the highest in the same industry); the fixed assets turnover rate was 1.64 times, compared with 2.03 times in the same period last year (the industry average in 2022 was 2.36 times, and the company ranked 13Univer in the same industry). The turnover rate of accounts receivable and inventory is 3.34 times and 0.99 times respectively.

In 2023, the company's period expenses were 121 million yuan, an increase of 19.2688 million yuan over the same period last year, and the period expense rate was 19.19 percent, an increase of 4.78 percent over the same period last year. Among them, sales expenses increased by 80.15% over the same period last year, management expenses increased by 3.29%, R & D expenses increased by 21.73%, and financial expenses changed from-8.5738 million yuan to-3.9395 million 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 70.56% compared with the end of last year, accounting for 20.06% of the company's total assets; monetary funds increased by 161.75% over the end of the previous year, accounting for 10.49% of the company's total assets; projects under construction increased by 7616.13% over the end of last year, accounting for 7.22% of the company's total assets Other non-current assets increased by 2062.64% over the end of last year, accounting for 1.21 percentage points of the company's total assets.

In terms of major changes in liabilities, by the end of 2023, the company's short-term borrowing increased by 81.05% over the end of the previous year, accounting for 2.79% of the company's total assets; taxes and fees payable increased by 143.93% over the end of the previous year, accounting for 0.41% of the company's total assets; accounts payable decreased by 3.37% compared with the end of last year, accounting for 0.49% of the company's total assets Deferred income tax liabilities decreased by 93.66% compared with the end of last year, accounting for 0.13 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 448 million yuan, accounting for 28.36% of the net assets, an increase of 29.8117 million yuan over the end of the previous year. Among them, the stock price reduction is prepared to be 2.09 million yuan, with a provision ratio of 0.46%.

For the whole of 2023, the company's R & D investment was 44.5156 million yuan, an increase of 21.73% over the same period last year; R & D investment accounted for 7.06% of operating income, an increase of 1.88% over the same period last year. In addition, the company's annual R & D investment capitalization rate is 0.

According to the annual report, as of December 31, 2023, the company and its subsidiaries have been granted 142 patents, including 13 invention patents and 129 utility model patents.

In terms of solvency, the company's asset-liability ratio at the end of 2023 was 14.24%, an increase of 3.68 percentage points over the end of the previous year, and the interest-bearing asset-liability ratio was 7.88%, an increase of 3.88 percentage points over the end of the previous year.

In 2023, the current ratio of the company is 4.72 and the quick ratio is 2.84.

According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, the new shareholders flexibly allocate mixed securities investment funds, Rongtong Xin new growth mixed securities investment funds, and Guangfa multi-factor hybrid securities investment funds for the financing health industry, replacing he Huiqing, Guangfa Securities Co., Ltd., and Chinese businessmen at the end of the third quarter. In terms of specific shareholding ratio, Shanghai Yong Wah Investment Management Co., Ltd.-Shanghai Yongyao Private Investment Fund Partnership (limited partnership), Kunshan Dinglong Bohui Investment Management Company (limited partnership), Yu Huifen, Kunshan Chaohui equity investment partnership (limited partnership), Zhou Jianguo's shareholding has declined.

In terms of chip concentration, as of the end of 2023, the total number of shareholders in the company was 5835, an increase of 105 or 1.83% from the end of the third quarter; the average market value of shares held by each household dropped from 461,000 yuan at the end of the third quarter to 457,700 yuan, a decrease of 0.72%.

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)