Dongpeng Beverage (605499) released its 2023 annual report on April 15. 2023TherodfathermegawaysThe company realized the total revenue of 112Therodfathermegaways.63 billion yuan, up 32.42% over the same period last year; net profit from home was 2.04 billion yuan, up 41.60% over the same period last year; deducting 1.87 billion yuan from non-net profit, up 38.29% over the same period last year; net cash flow from operating activities was 3.281 billion yuan, up 61.95% over the same period last year; during the reporting period, Dongpeng Beverage basic earnings per share was 5.0993 yuan, with a weighted average return on net assets of 35.82%. The company's annual profit distribution plan for 2023 is to distribute 25 yuan (including tax) to all shareholders for every 10 shares.

Based on the closing price on April 12, Dongpeng Beverage's current price-to-earnings ratio (TTM), price-to-book ratio (LF) and price-to-sales ratio (TTM) are about 36.24 times, 11.69 times and 6.56 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 Dongpeng's total revenue has a compound growth rate of 31.45% in the past three years, ranking first among the eight companies in the beverage and dairy industry that have disclosed data for 2023. The compound annual growth rate of net profit in the past three years was 35.93%, ranking 2x8.

In terms of products, Eastroc Super Drink's income in the company's main business in 2023 was 10.336 billion yuan, an increase of 26.48 percent over the same period last year, accounting for 91.77 percent of the operating income.

By the end of 2023, the total number of employees of the company was 9460, with per capita income of 1.1906 million yuan, per capita profit of 215600 yuan and per capita salary of 134400 yuan, up 18.73%, 26.96% and 8.24% respectively over the same period last year.

In 2023, the company's gross profit margin was 43.07%, up 0.74 percentage points from the same period last year; the net profit margin was 18.11%, up 1.17 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 44.90%, up 0.52% from the same period last year and 3.39% from the previous quarter; the net profit rate was 14.65%, down 0.13% from the same period last year and 2.56% from the previous quarter.

During the reporting period, the total sales amount of the company's top five customers was 378 million yuan, accounting for 3.36% of the total sales amount, and the total purchase amount of the company's top five suppliers was 2.078 billion yuan, accounting for 37.82% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 35.82%, an increase of 4.17 percentage points over the same period last year, and the rate of return on invested capital in 2023 was 22.24%, an increase of 0.35 percentage points over the same period last year.

In 2023, the net cash flow of the company's operating activities was 3.281 billion yuan, an increase of 61.95% over the same period last year; the net cash flow of fund-raising activities was-1.058 billion yuan, a decrease of 2.822 billion yuan over the same period last year; and the net cash flow of investment activities was-758 million yuan, compared with-3.336 billion yuan in the same period last year.

Further statistics show that the company's free cash flow is 5.269 billion yuan in 2023, compared with-1.608 billion yuan in the same period last year.

In 2023, the cash ratio of the company's operating income is 124.81%, and the net current ratio is 160.86%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.85 times, compared with 0.87 times in the same period last year (the industry average in 2022 was 0.73 times, and the company ranked in the same industry 9 times 28); the fixed assets turnover rate was 4.38 times, compared with 4.11 times in the same period last year (the industry average in 2022 was 2.75 times, and the company ranked 7ultimate 28 in the same industry). The turnover rate of accounts receivable and inventory is 247.24 times and 13.32 times respectively.

In 2023, the company's period expenses were 2.381 billion yuan, an increase of 591 million yuan over the same period last year, and the period expense rate was 21.14%, an increase of 0.10% over the same period last year. Among them, sales expenses increased by 34.94% year-on-year, management expenses increased by 44.25%, R & D expenses increased by 24.31%, and financial expenses decreased by 94.43%.

In terms of major changes in assets, by the end of 2023, the company's monetary funds had increased by 180.77% over the end of the previous year, accounting for 23.00 percentage points of the company's total assets; the number of non-current assets due within one year had decreased by 74.64% compared with the end of last year, accounting for 11.09% of the company's total assets; and the proportion of transactional financial assets had decreased by 39.20% compared with the end of last year, accounting for 8.74% of the company's total assets. Other current assets decreased by 71.59% compared with the end of last year, accounting for 5.42 percentage points of the company's total assets.

In terms of major changes in liabilities, by the end of 2023, the company's contractual liabilities increased by 60.23% over the end of the previous year, accounting for 4.01% of the company's total assets; accounts payable increased by 41.23% over the end of the previous year, accounting for 0.73% of the company's total assets; short-term borrowing decreased by 5.84% compared with the end of last year, accounting for 6.43% of the company's total assets Other payables (including interest and dividends) increased by 24.51% over the end of last year, accounting for 0.02 percentage points of the company's total assets.

In terms of inventory changes, by the end of 2023, the book value of the company's inventory was 569 million yuan, accounting for 8.99% of net assets. According to the financial report, the company has no provision for inventory price decline in the current period.

For the whole of 2023, the company's R & D investment was 54.3907 million yuan, an increase of 24.31% over the same period last year; R & D investment accounted for 0.48% of operating income, down 0.03% from 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 57.01%, down 0.32 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 22.09%, down 5.05 percentage points from the end of the previous year.

In 2023, the current ratio of the company is 1.09 and the quick ratio is 1.02.

According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, the new shareholders were the 115 combination of the National Social Security Fund, replacing the Yantai Dongpeng far Investment Development Partnership (limited partnership) at the end of the third quarter. In terms of specific shareholding ratio, the shareholding of Hong Kong Securities Clearing Co., Ltd. has increased, while that of Cai Yunsheng, Chen Haiming, Li Dawen and Guangfa steady growth securities investment funds has declined.

In terms of chip concentration, by the end of 2023, the total number of shareholders of the company was 8694, down 259 from the end of the third quarter, a decrease of 2.89%. The value of stock market holdings per household rose to 8.3973 million yuan from 8.1704 million yuan at the end of the third quarter, an increase of 2.78%.

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.

In this paper, the price-to-earnings ratio and price-to-sales ratio are calculated by TTM, that is, based on the 12-month data up to the latest financial report (including forecast). The price-to-book ratio is calculated on the basis of LF, which is based on the latest financial report.

When the price-to-earnings ratio is negative, the current quantile is not displayed, which will lead to the interruption of the line chart.

(article source: China Securities News, China Securities Network)