Feilong shares (002536) disclosed its 2023 annual report on April 12. 2023AdultvideoarcadesThe company achieved a total revenue of 40%Adultvideoarcades9.5 billion yuan, an increase of 25% over the same period last yearAdultvideoarcades.69%AdultvideoarcadesNet profit from home was 262 million yuan, up 211.14% over the same period last year; non-net profit was 250 million yuan, up 321.40% from the same period last year; net cash flow from operating activities was 316 million yuan, an increase of 219.14% over the same period last year; during the reporting period, basic earnings per share of Feilong shares was 0.5 yuan, and the weighted average return on net assets was 10.17%. The company's annual profit distribution plan for 2023 is: it is proposed to distribute 3 yuan (including tax) to all shareholders for every 10 shares.

Based on its closing price on April 11, Feilong shares are trading at a price-to-earnings ratio (TTM) of about 26.13 times, a price-to-book ratio (LF) of about 2.12 times and a price-to-sales ratio of about 1.67 times.

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 Flying Dragon's total revenue has a compound growth rate of 15.39% in the past three years, ranking 10th among the 32 companies in the chassis and engine systems industry that have disclosed data for 2023. In the past three years, net profit grew at a compound annual growth rate of 28.17%, ranking 6x32.

According to the annual report, the company is currently engaged in the manufacture and sales of thermal management components in automotive and civil sectors, which are subdivided into important engine thermal management components, engine thermal management energy-saving and emission reduction components, and new energy, hydrogen fuel cell and 5G industrial liquid cooling and photovoltaic system cooling components and modules.

In terms of products, in the company's main business in 2023, the income of engine thermal management energy saving and emission reduction components was 1.88 billion yuan, an increase of 24.49% over the same period last year, accounting for 45.92% of business income; the income of important components of engine thermal management was 1.724 billion yuan, an increase of 22.77% over the same period last year, accounting for 42.09% of business income. The income of cooling components and modules of new energy, hydrogen fuel cells and 5G industrial liquid cooling and photovoltaic systems was 374 million yuan, an increase of 62.54 percent over the same period last year, accounting for 9.14 percent of the operating revenue.

By the end of 2023, the total number of employees of the company was 5267, with per capita income of 777500 yuan, per capita profit of 49700 yuan and per capita salary of 110900 yuan, up 18.96%, 194.48% and 14.85% respectively over the same period last year.

In 2023, the company's gross profit margin was 20.89%, up 3.04 percentage points from the same period last year; net profit margin was 5.89%, up 3.59 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 16.61%, down 3.05% from the same period last year and 7.66% from the previous quarter; the net profit rate was 2.09%, down 0.31% from the same period last year and 5.21% from the previous quarter.

In terms of products, the gross profit margins of engine thermal management energy saving and emission reduction components, engine thermal management important components, new energy, hydrogen fuel cells and 5G industrial liquid cooling and photovoltaic system cooling components and modules in 2023 are 21.27%, 21.13% and 17.46%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 1.957 billion yuan, accounting for 48.08% of the total sales amount, and the total purchase amount of the company's top five suppliers was 667 million yuan, accounting for 25.44% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 10.17%, an increase of 6.48 percentage points over the same period last year, and the return on invested capital of the company in 2023 was 7.73%, an increase of 5.81 percentage points over the same period last year.

In 2023, the net cash flow of the company's operating activities was 316 million yuan, an increase of 219.14% over the same period last year; the net cash flow of fund-raising activities was 358 million yuan, an increase of 437 million yuan over the same period last year; and the net cash flow of investment activities was-447 million yuan, compared with 4.5636 million yuan in the same period last year.

Further statistics show that the free cash flow of the company is-13.7643 million yuan in 2023, compared with 323.8918 million yuan in the same period last year.

In 2023, the cash ratio of the company's operating income is 109.49%, and the net present ratio is 120.57%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.87 times, compared with 0.75 times in the same period last year (the industry average in 2022 was 0.56 times, and the company ranked among the same industry in the same industry. 98); fixed assets turnover rate was 2.57 times, compared with 2.00 times in the same period last year (the industry average in 2022 was 2.48 times, and the company ranked 5798 times in the same industry). The turnover rate of accounts receivable and inventory is 5.32 times and 3.23 times respectively.

In 2023, the company's period expenses were 590 million yuan, an increase of 85.3461 million yuan over the same period last year, but the period expense rate was 14.40 percent, down 1.08 percent from the same period last year. Among them, sales expenses increased by 5.65 percent over the same period last year, management expenses increased by 14.06 percent, R & D expenses increased by 20.3 percent, and financial expenses changed from-11.0471 million yuan to-2.491 million yuan in the same period last year.

In terms of major changes in assets, by the end of 2023, the company's fixed assets decreased by 1.96% compared with the end of last year, accounting for 5.47% of the company's total assets; monetary funds increased by 46.30% over the end of the previous year, accounting for 2.28% of the company's total assets; accounts receivable increased by 0.61% over the end of last year, accounting for 2.22% of the company's total assets Projects under construction increased by 9135.42% over the end of last year, accounting for 0.81% of the company's total assets.

In terms of major changes in liabilities, by the end of 2023, the company's short-term loans decreased by 58.00% compared with the end of last year, accounting for 7.72% of the company's total assets; notes payable increased by 7.48% over the end of the previous year, and the proportion of the company's total assets decreased by 1.13%; accounts payable increased by 6.52% over the end of last year, accounting for 1.03% of the company's total assets Other payables (including interest and dividends) decreased by 31.28% compared with the end of last year, accounting for 0.18% 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 1.058 billion yuan, accounting for 32.75% of the net assets, an increase of 108 million yuan over the end of the previous year. Among them, the price reduction of inventory is prepared to be 10.4643 million yuan, with a provision proportion of 0.98%.

For the whole of 2023, the company's R & D investment was 240 million yuan, an increase of 20.30% over the same period last year; R & D investment accounted for 5.87% of operating income, down 0.26% from 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's eight subsidiaries, including Nanyang Feilong, Zhengzhou Feilong, Shanghai Feilong and Wuhu Feilong, are national high-tech enterprises, and the company has national technology centers, postdoctoral research workstations and four R & D centers. Among them, the R & D centers in Shanghai and Wuhu are new energy product R & D centers. By the end of the reporting period, the company had obtained a total of 527 patents (141 invention patents), including 525 domestic patents and 2 international patents.

In terms of solvency, the asset-liability ratio of the company at the end of 2023 was 36.67%, down 11.06 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 4.43%, down 8.40 percentage points from the end of the previous year.

2023年，公司流动比率为1.71，速动比率为1.11。

年报显示，2023年年末公司十大流通股东中，新进股东为陈愉洲、工银瑞信新能源汽车主题混合型证券投资基金、吴娜芬、平安证券-中国平安人寿保险股份有限公司-分红-个险分红-平安证券-平安人寿分红险权益投资2号单一资产管理计划。在具体持股比例上，河南省宛西控股股份有限公司、易方达价值成长混合型证券投资基金、吴敏华、王博文持股有所上升，全国社保基金五零二组合持股有所下降。

筹码集中度方面，截至2023年年末，公司股东总户数为6.8万户，较三季度末增长了7271户，增幅11.97%；户均持股市值由三季度末的11.97万元下降至11.75万元，降幅为1.84%。

指标注解：

市盈率

=总市值/净利润。当公司亏损时市盈率为负，此时用市盈率估值没有实际意义，往往用市净率或市销率做参考。

市净率

=总市值/净资产。市净率估值法多用于盈利波动较大而净资产相对稳定的公司。

市销率

=总市值/营业收入。市销率估值法通常用于亏损或微利的成长型公司。

文中市盈率和市销率采用TTM方式，即以截至最近一期财报（含预报）12个月的数据计算。市净率采用LF方式，即以最近一期财报数据计算。

市盈率为负时，不显示当期分位数，会导致折线图中断。

（文章来源：中国证券报·中证网）