Source: China Economic Network
On April 4, BOE A released its 2022 annual report, and the audit opinion was a standard unqualified audit opinion.
According to the report, the company's annual operating income in 2022 will be 178.414 billion yuan, a year-on-year decrease of 19.28%; the net profit attributable to the parent was 7.551 billion yuan, down 70.91% from the same period last year; net profit after deduction of non-attributable parent was -2.229 billion yuan, down 109.26% from the same period last year; Basic earnings per share were 0.19 yuan per share.
Since its listing in January 2001, the company has paid cash dividends 12 times, and the cumulative cash dividend has been implemented to 16.791 billion yuan. According to the announcement, the company intends to distribute a cash dividend of 0.61 yuan (including tax) to all shareholders for every 10 shares.
The Eagle Eye Early Warning System for Listed Companies' Financial Reports conducts intelligent quantitative analysis of BOE A's 2022 annual report from four dimensions: performance quality, profitability, capital pressure, safety, and operational efficiency.
First, the level of performance qualityDuring the reporting period, the company's revenue was 178.414 billion yuan, a year-on-year decrease of 19.28%; net profit was -1.737 billion yuan, down 105.62% year-on-year; The net cash flow of operating activities was 43.022 billion yuan, down 31.38% year-on-year.
From the overall level of performance, it is necessary to focus on:
Operating income declined. During the reporting period, the operating income was 178.41 billion yuan, a year-on-year decrease of 19.28%.
Net profit attributable to the parent decreased significantly. During the reporting period, the net profit attributable to the parent was 7.55 billion yuan, a significant decrease of 70.91% year-on-year.
· Net profit net of non-attributable parent decreased significantly. During the reporting period, the net profit after deduction of non-attributable parent was -2.23 billion yuan, a significant decrease of 109.26% year-on-year.
· The net profit lost for the first time in the past three years. During the reporting period, the net profit was negative at -1.74 billion yuan.
Net profit is more volatile. In the past three annual reports, the net profit was 4.53 billion yuan, 30.43 billion yuan and -1.74 billion yuan, with year-on-year changes of 1050.84%, 572.04% and -105.62% respectively, and the net profit was relatively fluctuating.
Combined with the quality of cash flow, it is necessary to focus on:
· The net cash flow from operating activities/net profit ratio continued to decline. In the past three half-year reports, the net cash flow/net profit ratio of operating activities was 8.67, 2.05 and -24.77, respectively, which continued to decline, and the quality of profit showed a downward trend.
During the reporting period, the company's gross profit margin was 11.7%, a year-on-year decrease of 59.41%; net profit margin was -0.97%, down 106.97% year-on-year; Return on equity (weighted) was 5.45%, down 77.23% year-on-year.
Combined with the company's operating side to look at the income, it is necessary to focus on:
· Sales gross margin decreased significantly. During the reporting period, the gross profit margin of sales was 11.7%, a significant decrease of 59.41% year-on-year.
Sales gross margin is more volatile. In the past three annual reports, the gross profit margin of sales was 19.72%, 28.87% and 11.7%, and the year-on-year changes were 29.93%, 55.67% and -59.41%, respectively, and the gross profit margin of sales fluctuated abnormally.
Net profit margin on sales decreased significantly. During the reporting period, the net profit margin of sales was -0.97%, a significant decrease of 106.97% year-on-year.
Combined with the company's asset side to look at the income, it is necessary to focus on:
The return on equity decreased significantly. During the reporting period, the weighted average return on equity was 5.45%, a significant decrease of 77.23% year-on-year.
Return on invested capital is less than 7%. During the reporting period, the company's return on invested capital was 2.72%, with an average of less than 7% for the three reporting periods.
From the perspective of whether there is an impairment risk, it is necessary to focus on:
The rate of change in goodwill exceeds 30%. During the Reporting Period, the goodwill balance was RMB660 million, with a change rate of -41.52% from the beginning of the period.
From the perspective of merchant concentration and minority shareholders, it is necessary to focus on:
Minority shareholders have negative profit and loss, and net profit attributable to parents is positive. During the reporting period, the profit and loss of minority shareholders was -9.29 billion yuan, and the net profit attributable to the parent was 7.55 billion yuan.
Third, financial pressure and security aspects
During the reporting period, the company's asset-liability ratio was 51.96%, a year-on-year increase of 0.46%; The current ratio was 1.66, the quick ratio was 1.39, and the total debt was 149.091 billion yuan, of which short-term debt was 25.948 billion yuan, and the short-term debt accounted for 17.4% of the total debt.
From the perspective of long-term financial pressure, it is necessary to focus on:
Short-term debt can be covered by broad monetary funds, but long-term debt cannot be covered. During the reporting period, the broad money fund/total debt ratio was 0.49, and broad money funds were lower than total debt.
From the perspective of funding coordination, it is necessary to focus on:
Relatively wealthy funds. During the reporting period, the company's working capital demand was -12.6 billion yuan, the working capital was 56.56 billion yuan, and the operating activities, investment and financing activities brought relatively abundant funds to the company, and the company's cash payment capacity was 69.16 billion yuan, and the efficiency of capital use deserves further attention.
Fourth, the level of operational efficiency
During the reporting period, the company's accounts receivable turnover rate was 5.6, a year-on-year decrease of 25.91%; The inventory turnover rate was 6.23, down 9.58% year-on-year; The total asset turnover ratio was 0.41, down 18.94% year-on-year.
From the perspective of operating assets, it is necessary to focus on:
Accounts receivable turnover has dropped significantly. During the reporting period, the accounts receivable turnover ratio was 5.6, a significant decrease to 25.92% year-on-year.
Inventory turnover continues to decline. In the past three annual reports, the inventory turnover rate was 7.19, 6.84 and 6.23 respectively, and the inventory turnover capacity became weaker.
From the perspective of long-term assets, it is necessary to focus on:
The construction in progress has changed greatly. During the reporting period, the construction in progress amounted to RMB43.39 billion, an increase of 35.07% over the beginning of the period.
Source: Sina Securities