Source: Oriental Wealth

Shield environment(002011) Disposable 2023 annual reports on April 19.2023年，公司实现营业总收入113.82亿元，同比增长11.50%；归母净利润7.38亿元，同比下降11.50%；扣非净利润8.21亿元，同比增长78.08%；经营活动产生的现金流量净The amount was 812 million yuan, a year -on -year decrease of 36.00%; during the reporting period,Shield environmentBasic earnings per share are 0.7 yuan, and the average net asset yield is 18.30%.

Based on the closing price on April 18th,Shield environmentAt present, the P / E ratio (TTM) is about 16.7 times, the net ratio (LF) is about 2.79 times, and the market sales ratio (TTM) is about 1.08 times.

In recent years, the company’s price -earnings ratio (TTM), a net ratio (LF), and the historic segmentation of the marketing ratio (TTM) are shown below:

Data statistics show that the compound growth rate of total operating income in Dun’an environment in the past three years was 15.54%, and it has disclosed the third of the 11 companies in the home appliance parts III industry.The compound annual growth rate of net profit in the past three years was 39.90%, ranking 2/11.

The annual report shows that the company’s main business includes refrigeration accessories, refrigeration air -conditioning equipment,new energyCar thermal managementR & D, production and sales of core parts.

From the perspective of the product, in the company’s main business in 2023, the revenue of the refrigeration accessories industry was 8.456 billion yuan, an increase of 8.74%year -on -year, accounting for 74.29%of operating income;14.46%;Car thermal managementIndustrial income was 473 million yuan, an increase of 136.54%year -on -year, accounting for 4.15%of operating income.

As of the end of 2023, the total number of employees in the company was 11,870, with a per capita income of 958,900 yuan, a per capita profit of 62,200 yuan, and a per capita salary of 124,100 yuan, a decrease of 4.38%, 24.10%, and 5.72%from the same period last year.

In 2023, the company’s gross profit margin was 19.19%, a year -on -year increase of 2.34 percentage points; the net interest rate was 6.43%, a decrease of 1.71 percentage points from the same period last year.Judging from the index in a single quarter, the company’s gross profit margin in the fourth quarter of 2023 was 18.98%, a year -on -year increase of 2.30 percentage points, and a decrease of 0.43 percentage points from the previous month.Fall 0.66 percentage points.

From the perspective of products, the refrigeration accessories industry, refrigeration equipment industry,Car thermal managementThe industry’s gross profit margin in 2023 was 19.44%, 24.70%, and 22.37%, respectively.

During the reporting period, the total sales amount of the top five customers in the company was 4.861 billion yuan, accounting for 42.70%of the total sales amount. The top five suppliers of the company’s purchases were 2.747 billion yuan, accounting for 33.42%of the total annual purchase.

Data show that in 2023, the company’s weighted average net assets yield was 18.30%, a decrease of 19.63 percentage points from the same period last year; the company’s investment in 2023 was 13.84%, a decrease of 6.98 percentage points from the same period last year.

In 2023, the company’s net cash flow net cash flow was 812 million yuan, a year-on-year decrease of 36.00%; the net cash flow of fundraising activities was 411 million yuan, a year-on-year increase of 784 million yuan.It was -337 billion yuan.

Further statistics found that the company’s free cash flow in 2023 was 744 million yuan, a decrease of 13.14%compared to the same period last year.

In 2023, the company’s operating income cash ratio was 56.77%, and the net proportion was 109.99%.

In terms of operating capabilities, in 2023, the company’s total asset turnover rate was 1.19 times, and the same period of the previous year was 1.24 times (the average industry in 2022 was 0.81 times, the company ranked 3/28 in the same industry); the fixed asset turnover rate was 11.74 timesIn the same period last year, 11.01 times (the average industry in 2022 was 4.32 times, and the company ranked 3/28 in the same industry); the company’s account receivable turnover rate and inventory turnover rate were 6.53 and 7.24, respectively.

In terms of major changes in assets, as of the end of 2023, the company’s monetary funds increased by 86.58%compared with the end of the previous year, accounting for 8.52 percentage points in the company’s total assets;The proportion of assets decreased by 5.21 percentage points; the financing of receivables increased by 79.61%compared with the end of the previous year, and the proportion of the company’s total assets increased by 4.64 percentage points; inventory increased by 1.34%compared with the end of the previous year, and the proportion of the company’s total assets decreased by 3.29 percentage points.

In terms of major debt changes, as of the end of 2023, the company’s bills payable increased by 147.04%compared with the end of the previous year, accounting for 5.73 percentage points of the company’s total assets; long -term borrowing increased by 179.88%from the end of the previous year, accounting for 3.49 percentage points of the company’s total assets;The non -current liabilities expired during the year increased by 447.08%from the end of the previous year, accounting for 2.75 percentage points of the company’s total assets; short -term borrowing decreased by 21.29%compared with the end of the previous year, and the proportion of the company’s total assets decreased by 3.89 percentage points.

From the perspective of inventory changes, as of the end of 2023, the company’s book has a book value of 1.279 billion yuan, accounting for 28.95%of net assets, an increase of 73.479 million yuan from the end of the previous year.Among them, the inventory price preparation was 45,721,400 yuan, and the proportion was 3.45%.

In 2023, the company’s R & D investment amount was 434 million yuan, an increase of 11.36%year -on -year; R & D investment accounted for 3.81%of operating income, which was flat compared with the same period last year.In addition, the company’s annual R & D investment capitalization rate is 0.

In terms of debt repayment, the company’s asset -liability ratio at the end of 2023 was 59.32%, an increase of 1.88 percentage points compared with the end of the previous year; the interest rate of assets was 16.12%, an increase of 2.35 percentage points compared to the end of the previous year.

In 2023, the company’s mobile ratio was 1.60, and the speed ratio was 1.36.

The annual report shows that among the top ten shareholders of the company at the end of 2023, the new shareholders areChina Life InsuranceInsuranceCo., Ltd.-Tradition-OrdinaryInsuranceProduct-005L-CT001 Shanghai, replaced the Penghua selected growth and hybrid model at the end of the third quarterSecuritiesInvestment fund.In terms of specific shareholding ratio, basic careInsuranceFund One 2012 Three Combinations,SceneryGreat Wall Strategy Selection and Flexible Configuration Mixed TypeSecuritiesInvestment fund holdings have risen, and the global Herui hybrid models are provedSecuritiesInvestment funds and Penghua’s high -quality growth mixed securities investment funds have declined.

In terms of concentration of chips, as of the end of 2023, the total number of shareholders of the company was 41,800, a decrease of 7031 households from the end of the third quarter, a decrease of 14.39%.Yuan, an increase of 44.41%.

Indicate annotation:

P / E ratio

= Total market value/net profit.When the company loses losses, the price -earnings ratio is negative. At this time, the price -earnings ratio valuation has no practical significance, and it is often used as a reference for the market ratio or market sales ratio.

Net rate

= Total market value/net assets.Municipal net ratio valuation method is mostly used for companies with large profit fluctuations and relatively stable net assets.

Marketing rate

= Total market value/operating income.The marketing ratio valuation method is usually used for growth companies that losses or micro -profit.

The price -earnings ratio and marketing ratio of the text are calculated by the TTM method, that is, the 12 -month data calculation of the 12 -month financial report (including forecast) as of the latest period.Municipal net rate adopts an LF method, which is calculated based on the recent financial report data.

When the price -earnings ratio is negative, it will not show that the segmentation of the current period will cause the folding diagram to be interrupted.