According to the public data of Securities Star, Dingsheng New Materials (603876) recently released its 2023 annual report. According to the financial report, the net profit of Dingsheng New Materials decreased by 61.29% during the reporting period. As of the end of the reporting period, the company's total operating income was 19.064 billion yuan, down 11.76% year-on-year, and the net profit attributable to the parent company was 535 million yuan, down 61.29% year-on-year. According to the single-quarter data, the total operating income in the fourth quarter was 4.826 billion yuan, a year-on-year decrease of 2.69%, and the net profit attributable to the parent company in the fourth quarter was 66.7033 million yuan, a year-on-year decrease of 80.86%.
The figure was lower than most analysts' expectations, who had previously expected a net profit of around 1.002 billion yuan in 2023.
Here's the detailed forecast information:
The performance of the data indicators announced in this financial report is not satisfactory. Among them, the gross profit margin was 11.08%, down 31.54% year-on-year, the net profit margin was 2.79%, down 56.35% year-on-year, the total sales expenses, management expenses and financial expenses were 390 million yuan, the three fees accounted for 2.05% of revenue, down 17.75% year-on-year, net assets per share were 7.29 yuan, down 42.62% year-on-year, operating cash flow per share was 1.27 yuan, down 65.73% year-on-year, and earnings per share were 0.61 yuan, down 61.15% year-on-year. The specific financial indicators are shown in the following table:
The reasons for the significant changes in the financial statements are as follows:
- The change in monetary funds was -34.09% due to the decrease in bill margin.
- The change in trading financial assets was -98.22% due to the decrease in wealth management in the current period.
- The change in prepayments was -58.9% due to a decrease in aluminium purchases during the period.
- The change in long-term amortized expenses was 52.02% due to the increase in investment in the current period.
- The change in deferred tax assets was -29.92% due to a decrease in the difference in the time of taxability.
- The change in trading financial liabilities was -94.18% due to the decrease in forward foreign exchange settlement and sales.
- The change in notes payable was -36.33% due to the decrease in the settlement of bills issued in the current period.
- The change in contract liabilities was -37.61% due to the decrease in advance receipts.
- The change in tax payable was -37.21% due to the decrease in income tax for the period.
- The change in non-current liabilities due within one year was 462.77% due to the increase in long-term borrowings due within one year in the current period.
- The change in long-term payables was 136.14% due to the increase in long-term margin received in advance during the period.
- The change in financial expenses was -133.55% due to the increase in deposit interest and the change in foreign exchange gains and losses in the current period.
- Net cash flow from operating activities varied by -37.83% due to a decrease in cash received from the sale of goods.
- The change in net cash flow from financing activities was 58.19% due to a decrease in the repayment of borrowings during the period.
The financial report analysis tool of Securities Star Price Investment Circle shows:
In terms of asset quality, the company's cash assets are very healthy. The company's accounts receivable volume is large. It is recommended to check two information of the accounting project in the annual report or semi-annual report, one is the provision, for the amount that cannot be recovered with a high probability, the company will generally make bad debt provisions, and you can check the amount of the provision and the estimated scale of the provision. The other is the aging of accounts receivable, that is, how long the account has been owed, generally most of them are less than one year, if the accounts receivable for more than one year accounts for a relatively high proportion need to be paid attention to. Inventory is higher than profit, be careful of inventory accrual impact on profit. The accounting treatment of inventory is an accounting item that will have a great impact on the company's current profit, and there is usually inventory in the company's annual report according to different types of determination methods, and it is necessary to search for inventory in the annual report to view specific data.
In terms of liabilities, pay attention to the composition of the company's accounts payable during the reporting period.
In terms of revenue analysis, the company's latest annual statement has positive cash flow, and the operating cash flow is much higher than the profit, which is usually a good thing, and it is recommended to confirm the reason, and the company's net operating cash flow is very abundant compared to the market value.
In terms of operating expenses, the company's R&D expenses are larger than profits, and may be more dependent on R&D, focusing on the company's product and service R&D cycle. There are many costs spent on R&D in the company's operation.
Judging from the company's financial statements in the past year, in terms of profitability, the main business has a low position in the industrial chain, barely maintaining turnover operations, marketing is a lot of investment, and the industry has a certain competitive pressure.
Further analysis of the company's historical financial statements in the past ten years shows that the overall earnings are not very stable. Profitability is average all year round, and there have been times when there have been operational difficulties in historical financial reports. The business volume has experienced a moderate growth rate in the past five years. Profits have grown at a moderate rate in the past five years, and the growth rate has exploded in recent years. Its latest earnings forecast suggests a slowdown in profit growth.
The financial report check-up tool shows:
- It is recommended to pay attention to the company's cash flow situation (monetary funds/current liabilities are only 46.53%, and the average operating cash flow/current liabilities in the past three years are only 12%)
- It is recommended to pay attention to the company's debt situation (the interest-bearing asset-liability ratio has reached 32.76%)
- It is recommended to pay attention to the company's accounts receivable status (accounts receivable/profit has reached 414.58%)
According to analyst tools, securities researchers generally expect 2024 results of 691 million yuan and an average earnings per share of 0.78 yuan.
The top 10 funds with heavy positions in Dingsheng New Materials are shown in the table below:
The fund that holds the most Dingsheng New Materials is Zhonggeng Value Pioneer Stock, with a current scale of 5.19 billion yuan and the latest net value of 0.8397 (April 23), down 0.72% from the previous trading day and down 30.6% in the past year. The current fund manager of the fund is Chen Tao.
The above content is compiled by Securities Star based on public information, generated by an algorithm (Network Information Calculation No. 310104345710301240019), and has nothing to do with the position of this site, if there is a problem with the data, please contact us. This article is a compilation of data and does not constitute any investment advice for you, investment is risky, please make a cautious decision.