Beilu Pharmaceutical (300016) disclosed its 2023 annual report on April 22nd. 2023PokerdealsThe company achieved a total revenue of 8Pokerdeals91 billion yuan, an increase of 16% over the same period last yearPokerdeals.30%; return to the mother net profit loss of 71.7571 million yuan, profit of 11.2839 million yuan in the same period last year; deduction of non-net profit loss of 69.5462 million yuan, loss of 26.5506 million yuan in the same period last year; net cash flow generated by operating activities was 58.4608 yuan, down 54.26% from the same period last year; during the reporting period, Beilu Pharmaceutical basic earnings per share was-0.15 yuan, and the weighted average return on net assets was-4.17%.
Based on the closing price on April 19, Beilu Pharmaceutical currently has a price-to-earnings ratio (TTM) of about 29.2 times, a price-to-book ratio (LF) of about 1.27 times, and a price-to-sales ratio (TTM) of about 2.35 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 followsPokerdeals:
Statistics show that Beilu Pharmaceutical's total revenue has a compound growth rate of 2.49% in the past three years, ranking 35th among the 55 companies in the chemical preparation industry that have disclosed data for 2023. In the past three years, the compound annual growth rate of net profit was-174.33%, ranking 490.55.
According to the annual report, during the reporting period, the company's main business is still the research and development, production and sales of contrast agents and APIs, central nervous systems and hypoglycemic drugs. The company's product line and main products are shown in the table below.
From a product point of view, in the company's main business in 2023, the contrast agent income was 535 million yuan, an increase of 4.59% over the same period last year, accounting for 60.09% of the operating income; the income of Jiuwei Zhenxin granule was 141 million yuan, an increase of 13.10% over the same period last year, accounting for 15.81% of the operating income; the revenue of hypoglycemic drugs was 95 million yuan, an increase of 59.02% over the same period last year, accounting for 10.62% of the operating income.
By the end of 2023, the total number of employees of the company was 952, with per capita income of 935600 yuan, per capita profit of-75400 yuan, and per capita salary of 212100 yuan, which changed by 12.76%,-716.55% and 10.75% respectively over the same period last year.
In 2023, the company's gross profit margin was 47.01%, down 8.38 percentage points from the same period last year; the net profit margin was-9.34%, down 8.75 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 41.83%, down 4.31% from the same period last year and 5.84% from the previous quarter; the net profit rate was-32.79%, down 10.40% from the same period last year and 28.46% from the previous quarter.
In terms of products, the gross profit rates of contrast agents, Jiuwei Zhenxin granules and hypoglycemic drugs in 2023 were 45.51%, 59.95% and 57.90%, respectively.
During the reporting period, the total sales amount of the company's top five customers was 172 million yuan, accounting for 19.34% of the total sales amount, and the total purchase amount of the company's top five suppliers was 177 million yuan, accounting for 56.77% of the total annual purchase.
According to the data, the weighted average return on equity of the company in 2023 was-4.17%, down 4.78 percentage points from the same period last year; the return on invested capital in 2023 was-2.32%, down 3.25 percentage points from the same period last year.
In 2023, the net cash flow of the company's operating activities was 58.4608 million yuan, down 54.26% from the same period last year; the net cash flow of fund-raising activities was 53.1716 million yuan, an increase of 207 million yuan over the same period last year; and the net cash flow of investment activities was-114 million yuan, compared with-97.7644 million yuan in the same period last year.
Further statistics show that the free cash flow of the company in 2023 is-167 million yuan, compared with-2 million yuan in the same period last year.
In 2023, the cash ratio of the company's operating income is 103.40%, and the net present ratio is-81.47%.
In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.32 times, compared with 0.27 times in the same period last year (the industry average in 2022 was 0.43 times, ranking the company in the same industry 88 times 112); the fixed assets turnover rate was 1.16 times, compared with 1.00 times in the same period last year (the industry average in 2022 was 2.45 times, and the company ranked 95,112 times in the same industry). The turnover rate of accounts receivable and inventory is 6.12 times and 1.81 times respectively.
In 2023, the company's period expenses were 465 million yuan, an increase of 28.1361 million yuan over the same period last year, but the period expense rate was 52.25%, down 4.84% from the same period last year. Among them, sales expenses increased by 3.08% over the same period last year, management expenses decreased by 4.61%, R & D expenses increased by 23.55%, and financial expenses increased by 5.43%.
In terms of major changes in assets, by the end of 2023, accounts receivable increased by 74.24% over the end of the previous year, accounting for 2.79% of the company's total assets; projects under construction increased by 145.39% over the end of the previous year, accounting for 2.32% of the company's total assets; inventory decreased by 11.35% compared with the end of last year, accounting for 1.12% of the company's total assets Fixed assets decreased by 3.45% compared with the end of last year, accounting for 0.97 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 loans increased by 63.15% over the end of the previous year, accounting for 2.41% of the company's total assets; long-term loans increased by 44.74% over the end of the previous year, accounting for 1.42% of the company's total assets; bonds payable increased by 8.46% over the end of last year, accounting for 1.28% of the company's total assets Notes payable decreased by 63.37% compared with the end of last year, accounting for 1.23 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 245 million yuan, accounting for 14.83% of the net assets, a decrease of 31.3625 million yuan compared with the end of last year. Among them, the provision for the price decline of inventory is 9.5833 million yuan, with a provision proportion of 3.77%.
For the whole of 2023, the company's R & D investment was 122 million yuan, an increase of 22.62% over the same period last year; R & D investment accounted for 13.73% of operating income, an increase of 0.70% over 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 36.64%, up 4.87 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 27.81%, up 5.21 percentage points from the end of the previous year.
In 2023, the current ratio of the company is 3.33 and the quick ratio is 2.65.
According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, the new shareholders are Guangfa Securities Co., Ltd., Wanjia CSI 1000 Index enhanced initiating Securities Investment Fund, and Chen Berlin, replacing the mixed securities investment funds of CITIC Securities Co., Ltd., Chen Feng and Dacheng Jingheng at the end of the third quarter. In the specific shareholding ratio, Wang Daixue, Chongqing three Gorges paint Co., Ltd., China Resources Yukang Asset Management Co., Ltd., Yan Shouli shareholding has declined.
In terms of chip concentration, by the end of 2023, the total number of shareholders in the company was 29800, an increase of 845, or 2.92%, over the end of the third quarter; the value of stock market holdings per household rose to 117400 yuan from 117300 yuan at the end of the third quarter, an increase of 0.09%.
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 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)