Minde Electronics (300656) disclosed its 2023 annual report on April 20. In 2023, the company achieved total revenue 4Finaltablepokerclub0 billion yuan, down 22.90% from the same period last year; net profit from home was 12.5557 million yuan, down 86.0% from the same period last year; deducting a loss of 17.4819 million yuan from non-net profit, a profit of 52.5585 million yuan in the same period last year; net cash flow from operating activities was 97.6553 million yuan, an increase of 24.09% over the same period last year; during the reporting period, Minde Electronics basic earnings per share was 0.0727 yuan, with a weighted average return on net assets of 1.08%. It is proposed to distribute a cash dividend of 0.3 yuan (including tax) for every 10 shares to all shareholders.

During the reporting period, the total non-recurrent profit and loss of the company was 30.0376 million yuan, of which the profit and loss arising from contingent events unrelated to the normal operation of the company was 31.8889 million yuan.

At its closing price on April 19, Minde is trading at about 243.23 times TTM, 2.62 times LF and 7.64 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 the compound growth rate of total revenue of Minde Electronics in the past three years is-0.31%.FinaltablepokerclubHis electronic Ⅲ industry ranks 17th out of 20 companies that have disclosed data for 2023. The compound annual growth rate of net profit in the past three years is-37.57%, ranking 160.20.

According to the annual report, the company is mainly engaged in the research and development, production and sales of bar code identification equipment, as well as semiconductor design and distribution.

From a product point of view, in the company's main business in 2023, the revenue from information identification and automation products was 278 million yuan, up 25.63% from the same period last year, accounting for 69.48% of the operating income; the revenue from electronic components products was 90 million yuan, down 63.55% from the same period last year, accounting for 22.43% of the operating income; and the revenue from power semiconductor products was 32 million yuan, down 37.10% from the same period last year, accounting for 8.09% of the operating income.

By the end of 2023, the total number of employees of the company was 237, with per capita income of 1.6857 million yuan, per capita profit of 53000 yuan and per capita salary of 220000 yuan, with changes of-20.63%,-85.59% and 15.95% respectively over the same period last year.

In 2023, the company's gross profit margin was 32.91%, up 7.63 percentage points from the same period last year; the net profit margin was 3.66%, down 14.00 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 44.96%, up 18.14% from the same period last year and 17.61% from the previous quarter; the net profit rate was-1.33%, down 26.17% from the same period last year and 5.19% from the previous quarter.

From a product point of view, the gross profit margins of information identification and automation products, electronic components products and power semiconductor products in 2023 are 40.96%, 17.05% and 7.83%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 188 million yuan, accounting for 47.15% of the total sales amount. The total purchase amount of the company's top five suppliers was 88 million yuan, accounting for 34.04% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 1.08%, down 7.41 percentage points from the same period last year; the return on invested capital in 2023 was 1.57%, down 7.58 percentage points from the same period last year.

In 2023, the net cash flow of the company's operating activities was 97.6553 million yuan, an increase of 24.09% over the same period last year; the net cash flow of fund-raising activities was 84.3436 million yuan, a decrease of 484 million yuan over the same period last year; and the net cash flow of investment activities was-192 million yuan, compared with-534 million yuan in the same period last year.

Further statistics show that the free cash flow of the company in 2023 is-59.4978 million yuan, compared with-205.6247 million yuan in the same period last year.

In 2023, the cash ratio of the company's operating income is 123.42%, and the net present ratio is 777.78%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.24 times, compared with 0.44 times in the same period last year (the industry average in 2022 was 0.81 times, and the company ranked 29Universe 38 in the same industry), and the fixed asset turnover rate was 1.64 times, 12.03 times in the same period last year (the industry average in 2022 was 18.46 times, and the company ranked 14alpha in the same industry). The turnover rate of accounts receivable and inventory is 1.85 times and 2.62 times respectively.

In 2023, the company's period expenses were 82.7569 million yuan, an increase of 13.5235 million yuan over the same period last year, and the period expense rate was 20.71 percent, an increase of 7.35 percent over the same period last year. Among them, sales expenses increased by 22.22% over the same period last year, management expenses increased by 11.7%, R & D expenses increased by 6.74%, and financial expenses increased by 93.98%.

In terms of major changes in assets, by the end of 2023, the company's fixed assets increased by 671.93% over the end of the previous year, accounting for 20.78% of the company's total assets; projects under construction decreased by 52.76% compared with the end of last year, accounting for 13.93% of the company's total assets; accounts receivable decreased by 9.96% compared with the end of last year, accounting for 3.22% of the company's total assets Goodwill decreased by 22.10% compared with the end of last year, accounting for 2.31 percentage points in the company's total assets.

In terms of major changes in liabilities, by the end of 2023, the company's long-term loans increased by 167.81% over the end of the previous year, accounting for 7.13% of the company's total assets, mainly due to the addition of long-term bank loans for the purchase of wafer production line equipment during the reporting period; accounts payable increased by 193.87% over the end of the previous year, accounting for 4.60% of the company's total assets, mainly due to an increase in the purchase of raw materials payable over the end of the previous year. Short-term borrowing decreased by 21.14% compared with the end of last year, accounting for 3.23% of the company's total assets, mainly due to the repayment of part of the loan at the end of this reporting period; the non-current liabilities due within one year increased by 60.53% compared with the end of last year, and the proportion of the company's total assets increased by 0.67%.

From the perspective of inventory changes, by the end of 2023, the book value of the company's inventory was 97.3579 million yuan, accounting for 8.35% of the net assets, a decrease of 9.7494 million yuan compared with the end of last year. Among them, the provision for inventory price decline is 24.5588 million yuan, with a provision proportion of 20.14%.

For the whole of 2023, the company's R & D investment was 26.4793 million yuan, an increase of 6.74% over the same period last year; R & D investment accounted for 6.63% of operating income, an increase of 1.84% over the same period last year. In addition, the company's annual R & D investment capitalization rate is 0.

According to the annual report, by the end of the reporting period, the company had 84 effectively authorized registered patents, including 15 invention patents, 59 utility model patents, 10 designs, 36 software copyright registration, and 13 integrated circuit layout-design rights.

In terms of solvency, the company's asset-liability ratio at the end of 2023 was 32.98%, an increase of 8.58 percentage points over the end of the previous year, and the interest-bearing asset-liability ratio was 21.88%, an increase of 4.56 percentage points over the end of the previous year.

In 2023, the current ratio of the company is 1.54 and the quick ratio is 1.27.

According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, the new shareholders were Gao Feng and Gong Liangyun, replacing the China-Europe value Smart return mixed Securities Investment Fund and Huang Xiaodong at the end of the third quarter. In the specific shareholding ratio, Xu Xiangcan and Huang Qiang's shareholdings have declined.

In terms of chip concentration, by the end of 2023, the total number of shareholders in the company was 11900, an increase of 2140, or 22.02%, over the end of the third quarter; the value of stock market holdings per household decreased to 357100 yuan from 455300 yuan at the end of the third quarter, a decrease of 21.57%.

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)