wwwpowerball| Cologne shares: loss of 100 million yuan in 2023

Cologne shares (300405) disclosed its 2023 annual report on April 25th. 2023WwwpowerballThe company realized the total revenue 5.Wwwpowerball.58 billion yuan, down 28% from the same period last yearWwwpowerball.52%; the net profit loss of the parent was 100 million yuan, compared with a loss of 119 million yuan in the same period last year; deducting a non-net profit loss of 115 million yuan, and a loss of 144 million yuan in the same period last year; the net cash flow generated by operating activities was 10.4804 million yuan, compared with-97.8251 million yuan in the same period last year; during the reporting period, the basic earnings per share of Cologne shares was-0.348 yuan, and the weighted average return on net assets was-17.01%.

Based on its closing price on April 24, Cologne shares are trading at about-11.66 times TTM, 2.3x LF and 2.09x 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 Cologne's total revenue has a compound growth rate of-15.61% in the past three years, ranking 46th among the 47 companies in the other chemical industry that have disclosed data for 2023. In the past three years, net profit grew at a compound annual growth rate of-29.54%, ranking 360.47.

The data show that the main business of the company is to focus on the R & D, manufacturing, sales and service of fine chemical green low-carbon new materials, based on the field of fine chemical new materials, using ethylene oxide as the main raw material. to "fine, professional, characteristics, innovation" as the technical characteristics, the production of all kinds of building materials chemicals, surfactants, functional new materials and other fine chemical products.

From a product point of view, in the company's main business in 2023, the monomer income of polycarboxylic acid superplasticizer was 295 million yuan, down 26.75% from the same period last year, accounting for 52.90% of the operating income; the revenue from the diphenyl ether series was 70 million yuan, up 11.14% from the same period last year, accounting for 12.48% of the operating income; and the revenue from commercial concrete was 40 million yuan, an increase of 7.01% over the same period last year, accounting for 7.13% of the operating income.

By the end of 2023, the total number of employees of the company was 572, with per capita income of 976300 yuan, per capita profit of-175200 yuan, and per capita salary of 83700 yuan, which changed by-25.14%, 11.61% and-11.73% respectively over the same period last year.

In 2023, the company's gross profit margin was 6.41%, up 2.29 percentage points from the same period last year; the net profit margin was-17.97%, down 2.75 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 4.23%, down 0.81% from the same period last year and 0.84% from the previous quarter; the net profit rate was-57.35%, up 34.67% from the same period last year and down 49.57% from the previous quarter.

In terms of products, the gross profit margins of polycarboxylic acid superplasticizer monomer and phenyl ether series products in 2023 are-0.17% and 15.95%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 155 million yuan, accounting for 27.83% of the total sales amount, and the total purchase amount of the company's top five suppliers was 327 million yuan, accounting for 65.15% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was-17.01%, down 0.21 percentage points from the same period last year. The company's return on invested capital in 2023 was-6.1%, an increase of 3.92 percentage points over the same period last year.

In 2023, the net cash flow of the company's operating activities was 10.4804 million yuan, an increase of 108 million yuan over the same period last year; the net cash flow of fund-raising activities was 45.1128 million yuan, an increase of 2.1579 million yuan over the same period last year; and the net cash flow of investment activities was-38.571 million yuan, compared with 33.4291 million yuan in the same period last year.

Further statistics show that the free cash flow of the company is-30.4826 million yuan in 2023, compared with 14.3447 million yuan in the same period last year.

In 2023, the cash ratio of the company's operating income is 123.45%, and the net current ratio is-10.46%.

In 2023, the company's period expenses were 99.0679 million yuan, a decrease of 10.9044 million yuan compared with the same period last year, but the period expense rate was 17.75 percent, an increase of 3.66 percent over the same period last year. Among them, sales expenses decreased by 10.74% compared with the same period last year, management expenses decreased by 8.43%, R & D expenses decreased by 30.5%, and financial expenses decreased by 1.12%.

In terms of major changes in assets, by the end of 2023, the company's other non-current assets decreased by 94.08% compared with the end of last year, accounting for 2.46% of the company's total assets; notes receivable decreased by 32.06% compared with the end of last year, accounting for 2.00% of the company's total assets; monetary funds decreased by 23.61% compared with the end of last year, accounting for 1.57% of the company's total assets Fixed assets decreased by 8.28% compared with the end of last year, accounting for 1.46% of the company's total assets.

In terms of major changes in liabilities, by the end of 2023, the company's notes payable decreased by 65.27% compared with the end of last year, accounting for 3.45% of the company's total assets; other payables (including interest and dividends) decreased by 43.85% compared with the end of last year, accounting for 0.43% of the company's total assets; accounts payable decreased by 8.27% compared with the end of last year, accounting for 0.46% of the company's total assets Contract liabilities decreased by 42.75% compared with the end of last year, accounting for 0.28% 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 178 million yuan, accounting for 34.96% of the net assets, a decrease of 13.6618 million yuan compared with the end of last year. Among them, the stock price reduction provision is 21.5782 million yuan, and the proportion of provision is 10.84%.

For the whole of 2023, the company's R & D investment was 17.7155 million yuan, down 29.59% from the same period last year; R & D investment accounted for 3.17% of operating income, down 0.05% from the same period last year. In addition, the company's annual R & D investment capitalization rate is 0.

In terms of solvency, the company's asset-liability ratio at the end of 2023 was 58.94%, an increase of 3.05 percentage points over the end of the previous year, and the interest-bearing asset-liability ratio was 44.21%, an increase of 6.54 percentage points over the end of the previous year.

In 2023, the current ratio of the company is 1.09 and the quick ratio is 0.85.

According to the annual report, among the company's top 10 circulating shareholders at the end of 2023, the new shareholders are Nuanyi Xintianning No. 1 Private Equity Investment Fund, Zhang Shuibo, Qin Dongdong and Huatai Securities Co., Ltd., replacingWwwpowerballZhou Yuguang, Yang Chaowei, UBS AG and Guojin quantitative multi-factor stock investment funds at the end of the third quarter. In the specific shareholding ratio, Zhao Jiqing, Chen Neutral shareholding has increased, Hu Yulan shareholding has declined.

In terms of chip concentration, by the end of 2023, the total number of shareholders in the company was 14100, an increase of 1164, or 8.97%, over the end of the third quarter; the value of stock market holdings per household rose to 129900 yuan from 128000 yuan at the end of the third quarter, an increase of 1.48%.

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.

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)