内容导读：BlueFlameHoldings(000968)disclosedits2023annualreportonApril25th.In2023,thecompanyachievedtotalrevenu...……
Blue Flame Holdings (000968) disclosed its 2023 annual report on April 25th. In 2023, the company achieved total revenue of 23Ps4blockchaingames.81 billion yuan, down 4.81% from the same period last year; net profit from home was 540 million yuan, down 4.09% from the same period last year; deducting 508 million yuan from non-net profit, down 2.86% from the same period last year; business activities generatedPs4blockchaingamesThe net cash flow of Blue Flame Holdings was 1.127 billion yuan, an increase of 21.87% over the same period last year. During the reporting period, Blue Flame Holdings earned 0.56 yuan per share and the weighted average return on net assets was 9.92%. The company's annual profit distribution plan for 2023 is to distribute 1.7 yuan (including tax) to all shareholders for every 10 shares.
At its closing price on April 24, Blue Flame Holdings is trading at about 11.52times TTM, 1.1x LF and 2.61x 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:
By the end of 2023, Blue Flame Holdings had a three-year compound growth rate of 18.23%, ranking eighth among the 27 companies in the oil and petrochemical industry that had disclosed data for 2023. The compound annual growth rate of three-year net profit is 62.94%, ranking 7x27th.
In terms of products, in the company's main business in 2023, the sales revenue of coalbed methane was 2.229 billion yuan, down 9.04% from the same period last year, accounting for 93.59% of the operating income; the revenue from gas well construction projects was 109 million yuan, up 316.21% from the same period last year, accounting for 4.57% of the operating income.
By the end of 2023, the total number of employees of the company was 2050, with per capita income of 1.1617 million yuan, per capita profit of 263500 yuan and per capita salary of 225500 yuan, which changed by-5.88%,-5.16% and 11.11% respectively over the same period last year.
In 2023, the company's gross profit margin was 35.89%, down 2.04 percentage points from the same period last year; the net profit margin was 22.34%, up 0.39 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 28.02%, down 17.69% from the same period last year and 8.33% from the previous quarter; the net profit rate was 22.10%, up 6.21% from the same period last year and 8.28% from the previous quarter.
In terms of products, the gross profit margins of coalbed methane sales and gas well construction projects in 2023 are 34.78% and 45.30%, respectively.
During the reporting period, the total sales amount of the company's top five customers was 2.099 billion yuan, accounting for 88.13% of the total sales amount, and the total purchase amount of the company's top five suppliers was 381 million yuan, accounting for 21.70% of the total annual purchase.
According to the data, the weighted average return on equity of the company in 2023 was 9.92%, down 1.46 percentage points from the same period last year; the return on invested capital in 2023 was 6.97%, down 0.69 percentage points from the same period last year.
In 2023, the net cash flow of the company's operating activities was 1.127 billion yuan, an increase of 21.87% over the same period last year; the net cash flow of fund-raising activities was 459 million yuan, an increase of 686 million yuan over the same period last year; and the net cash flow of investment activities was-792 million yuan, compared with-877 million yuan in the same period last year.
Further statistics show that the free cash flow of the company in 2023 is-298 million yuan, compared with-670 million yuan in the same period last year.
In 2023, the cash ratio of the company's operating income is 94.88%, and the net present ratio is 208.70%.
In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.20 times, compared with 0.22 times in the same period last year (the industry average in 2022 was 0.94 times, and the company ranked 45 times in the same industry); the fixed assets turnover rate was 0.47 times, compared with 0.51 times in the same period last year (the industry average in 2022 was 4.45 times, and the company ranked 46 times in the same industry). The company's accounts receivable turnover and inventory turnover were 1.96 and 41.77 respectively.
In terms of major changes in assets, by the end of 2023, the company's monetary funds had increased by 48.46% over the end of the previous year, accounting for 5.19% of the company's total assets; accounts receivable financing decreased by 50.46% compared with the end of last year, accounting for 2.90% of the company's total assets; projects under construction decreased by 1.54% compared with the end of last year, accounting for 1.21% of the company's total assets. Fixed assets increased by 2.21% over the end of last year, accounting for 0.55% of the company's total assets.
In terms of major changes in liabilities, by the end of 2023, the company's accounts payable decreased by 32.56% compared with the end of last year, accounting for 6.03% of the company's total assets; short-term loans increased by 379.41% over the end of the previous year, accounting for 3.18% of the company's total assets; notes payable decreased by 51.37% compared with the end of last year, accounting for 3.17 percentage points of the company's total assets. Long-term borrowing increased by 21.48% over the end of last year, accounting for 2.47 percentage points 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 37.5338 million yuan, accounting for 0.66% of the net assets, an increase of 1.9773 million yuan over the end of the previous year. Among them, the provision for the price decline of inventory is 330000 yuan, with a provision proportion of 0.87%.
For the whole of 2023, the company's R & D investment was 93.3635 million yuan, an increase of 6.90% over the same period last year; R & D investment accounted for 3.92% of operating income, an increase of 0.43% over the same period last year. In addition, the company's annual R & D investment capitalization rate is 0.
According to the annual report, the company applied for and granted 126 national patents, including 30 invention patents.
In terms of solvency, the asset-liability ratio of the company at the end of 2023 was 51.95%, down 2.45 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 34.91%, an increase of 6.79 percentage points over the end of the previous year.
In 2023, the current ratio of the company is 1.23 and the quick ratio is 1.22.
According to the annual report, Shen Zhenyu and Zhao Shunzhong were the new shareholders among the company's top 10 circulating shareholders at the end of 2023, replacing Zhao Kai and China Coal Energy Group Co., Ltd. In the specific shareholding ratio, Wang Shumin's shareholding has increased, while that of Hong Kong Securities Clearing Co., Ltd., and Shaanxi Changda Oil and Gas Engineering and Technical Service Co., Ltd., has declined.
In terms of chip concentration, by the end of 2023, the total number of shareholders of the company was 42500, an increase of 0.40% from the end of the third quarter, while the value of stock market holdings per household fell to 161800 yuan from 181700 yuan at the end of the third quarter, a decrease of 10.95%.
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)