nlhpoker| Lanzhou Yellow River: Loss of 46.7207 million yuan in 2023

Lanzhou Yellow River (000929) disclosed its 2023 annual report on April 18. 2023NlhpokerThe company realized operating income 2Nlhpoker.41 billion yuan, down 9.47% from the same period last year; net profit loss of 46.7207 million yuan, compared with 29.2442 million yuan in the same period last year; deducting non-net profit loss of 37.3028 million yuan, loss of 15.8932 million yuan in the same period last year; net cash flow from operating activities was-34.513 million yuan, compared with 28.414 million yuan in the same period last year. During the reporting period, the basic earnings per share of Lanzhou Yellow River was-0.2515 yuan, and the weighted average return on net assets was-7.61%.

Based on the closing price on April 17, the price-to-earnings ratio (TTM), price-to-book ratio (LF) and price-to-sales ratio (TTM) of the Yellow River in Lanzhou are about-25.57 times, 2.04 times and 4.95 times, respectively.

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 Lanzhou Yellow River in the past three years is-7.68%, ranking 11th among the 11 companies in the non-liquor industry that have disclosed data for 2023. The compound annual growth rate of net profit in the past three years is-24.13%, ranking 10x11.

According to the data, the company is mainly engaged in the production and sales of "Yellow River", "Qinghai Lake" double-brand beer and "Yellow River" series of malt, and the production and sales of beer and malt account for more than 90% of the total main business.

In terms of products, in the company's main business in 2023, beer revenue was 178 million yuan, down 7.94% from the same period last year, accounting for 73.97% of business income; beverage revenue was 28 million yuan, up 1.93% from the same period last year, accounting for 11.51% of business income; malt income was 16 million yuan, down 42.91% from the same period last year, accounting for 6.61% of business income.

By the end of 2023, the total number of employees of the company was 823, with per capita income of 293100 yuan, per capita profit of-56800 yuan, and per capita salary of 78600 yuan, which changed by-4.64%,-68.30% and 3.17% respectively over the same period last year.

In 2023, the company's gross profit margin was 15.16%, down 0.60 percentage points from the same period last year; the net profit margin was-23.03%, down 7.01 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-16.74%, down 0.44% from the same period last year and 43.09% from the previous quarter; the net profit rate was-176.89%, down 126.47 percentage points from the same period last year and 166.43 percentage points from the previous quarter.

In terms of products, the gross profit margins of beer, beverages and malt in 2023 are 13.16%, 12.63% and 40.07%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 21 million yuan, accounting for 8.71% of the total sales amount, and the total purchase amount of the company's top five suppliers was 59 million yuan, accounting for 23.36% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was-7.61%, down 3.15 percentage points from the same period last year. The company's return on invested capital in 2023 was-7.8%, down 1.03 percentage points from the same period last year.

In 2023, the net cash flow of the company's operating activities was-34.513 million yuan, a decrease of 62.9279 million yuan over the same period last year; the net cash flow of fund-raising activities was-20.0901 million yuan, an increase of 14.2726 million yuan over the same period last year; and the net cash flow of investment activities was 55.3349 million yuan, compared with-4.9665 million yuan in the same period last year.

Further statistics show that the free cash flow of the company is-328 million yuan in 2023, compared with 22 million yuan in the same period last year.

In 2023, the cash ratio of the company's operating income is 152.10%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.21 times, compared with 0.21 times in the same period last year (the industry average in 2022 was 0.34 times, and the company ranked 14Univer 16 in the same industry); the fixed asset turnover rate was 1.52 times, compared with 1.48 times in the same period last year (the industry average in 2022 was 1.57 times, and the company ranked 8Univer 16 in the same industry). The turnover rate of accounts receivable and inventory is 48.72 times and 1.67 times respectively.

In 2023, the company's period expenses were 54.3244 million yuan, an increase of 5.1377 million yuan over the same period last year, and the period expense rate was 22.52 percent, an increase of 4.06 percent over the same period last year. Among them, sales expenses increased by 3.25% over the same period last year, management expenses increased by 2.91%, R & D expenses increased by 2.97%, and financial expenses changed from-24.8309 million yuan to-21.9867 million yuan in the same period last year.

In terms of major changes in assets, by the end of 2023, the company's other non-current assets decreased by 67.00% compared with the end of last year, accounting for 15.57% of the company's total assets; monetary funds decreased by 34.37% compared with the end of last year, accounting for 7.24% of the company's total assets; trading financial assets decreased by 29.71% compared with the end of last year, accounting for 3.19 percentage points of the company's total assets. Fixed assets decreased by 18.69% compared with the end of last year, accounting for 1.41 percentage points of the company's total assets.

In terms of major changes in liabilities, by the end of 2023, the company's other payables (including interest and dividends) decreased by 41.55% compared with the end of last year, accounting for 2.68% of the company's total assets; short-term loans decreased by 85.74% compared with the end of last year, accounting for 1.43% of the company's total assets, mainly due to the repayment of bank loans during the reporting period Taxes and fees payable decreased by 86.10% compared with the end of last year, accounting for 0.93% of the company's total assets; accounts payable increased by 23.44% over the end of last year, accounting for 1.35% 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 117 million yuan, accounting for 19.94% of the net assets, a decrease of 10.9553 million yuan compared with the end of last year. Among them, the provision for the price decline of inventory is 3.2117 million yuan, with a provision proportion of 2.67%.

For the whole of 2023, the company's R & D investment was 2.3817 million yuan, an increase of 2.97% over the same period last year; R & D investment accounted for 0.99% of operating income, an increase of 0.12% 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 14.47%, down 2.94 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 0.27%, down 1.43 percentage points from the end of the previous year.

In 2023, the current ratio of the company is 4.96 and the quick ratio is 4.22.

According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, the new shareholders are Guojin Zhihong quantitative stock selection mixed securities investment fund, Zhou Shundong and Huatai Securities Co., Ltd., replacing Shan Yajun, Yang Gaofeng and Gansu Xinsheng Industry and Trade Co., Ltd at the end of the third quarter. In terms of the specific shareholding ratio, the holdings of Penghuazhong alcohol-traded open-index securities investment funds have increased, while those of Citic Securities Co., Ltd. have declined.

In terms of chip concentration, by the end of 2023, the total number of shareholders in the company was 23600, down 1991, or 7.79%, from the end of the third quarter; the value of stock market holdings per household rose to 77200 yuan from 72600 yuan at the end of the third quarter, an increase of 6.34%.

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. Price to book ratio 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. Price to sales valuation is usually used for growth companies that are losing money or meager 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 market-to-book ratio adopts LF mode, that is, calculated based on the latest financial report data.

When P/E ratio is negative, the current quantile is not displayed, resulting in broken line chart.

(Source: China Securities News·China Securities Network)

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