CSI Financial Information Olympic Union Electronics (300585) disclosed its 2023 annual report on April 24th. In 2023, the company achieved total revenue 4Thesimscrypto.88 billion yuan, up 21.29% over the same period last year; net profit from home was 5.2242 million yuan, down 73.58% from the same period last year; deducting 3.8872 million yuan from non-net profit, reversing losses over the same period last year; net cash flow from operating activities was 23.0672 million yuan, compared with-9.3226 million yuan in the same period last year; during the reporting period, the basic earnings per share of Olympian Electronics was 0.0305 yuan, and the weighted average return on net assets was 0.73%. The company's annual profit distribution plan for 2023 is to distribute 0.1 yuan (including tax) to all shareholders for every 10 shares.

At its closing price on April 23, Olympian Electronics is trading at about 366.84 times TTM, 2.66 times LF and 3.93 times 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:

Statistics show that Olympian Electronics' total revenue has a compound growth rate of 5.45% in the past three years, ranking 40th among the 62 companies in the chassis and engine systems industry that have disclosed data for 2023. In the past three years, the compound annual growth rate of net profit was-45.10%, ranking 58Univer 62.

Data show that the company's products are involved in power electronic control, body electronic control and new energy system control and other fields.

From a product point of view, in the company's main business in 2023, the income of the shift controller was 169 million yuan, an increase of 29.14% over the same period last year, accounting for 34.62% of the operating income; the income of the electronic throttle pedal assembly was 147 million yuan, an increase of 29.40% over the same period last year, accounting for 30.04% of the operating income; the income of the rearview mirror of the car was 74 million yuan, an increase of 14.18% over the same period last year, accounting for 15.22% of the operating income.

By the end of 2023, the total number of employees of the company was 723, with per capita income of 675300 yuan, per capita profit of 7200 yuan and per capita salary of 156500 yuan, which changed by 14.58%,-75.04% and 10.43% respectively over the same period last year.

In 2023, the company's gross profit margin was 29.02%, up 1.18 percentage points from the same period last year; the net profit margin was 1.03%, down 4.24 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 32.89%, up 1.93% from the same period last year and 7.54% from the previous quarter; the net profit rate was-1.77%, down 2.75% from the same period last year and 2.14% from the previous quarter.

From a product point of view, the gross profit margins of shift controller, electronic throttle pedal assembly and car rearview mirror in 2023 are 25.03%, 30.69% and 23.46%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 261 million yuan, accounting for 53.46% of the total sales amount, and the total purchase amount of the company's top five suppliers was 98 million yuan, accounting for 26.89% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 0.73%, down 2.10 percentage points from the same period last year; the return on invested capital in 2023 was-0.11%, down 2.62 percentage points from the same period last year.

In 2023, the net cash flow of the company's operating activities was 23.0672 million yuan, an increase of 32.3899 million yuan over the same period last year; the net cash flow of fund-raising activities was-3.5416 million yuan, an increase of 11.1031 million yuan over the same period last year; and the net cash flow of investment activities was-32.666 million yuan, compared with-53.588 million yuan in the same period last year.

Further statistics show that the free cash flow of the company in 2023 is-24.3622 million yuan, compared with-18.9036 million yuan in the same period last year.

In 2023, the cash ratio of the company's operating income is 87.69%, and the net present ratio is 441.55%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.52 times, compared with 0.44 times in the same period last year (the industry average in 2022 was 0.56 times, and the company ranked in the same industry 73 times 98); the fixed assets turnover rate was 4.08 times, 3.05 times in the same period last year (the industry average in 2022 was 2.48 times, and the company ranked 34pm in the same industry) The company's accounts receivable turnover and inventory turnover are 3.91 and 3.02 respectively.

In 2023, the company's period expenses were 134 million yuan, an increase of 19.5101 million yuan over the same period last year, but the period expense rate was 27.37 percent, down 0.97 percent from the same period last year. Among them, sales expenses increased by 14.04 percent over the same period last year, management expenses increased by 18.94 percent, R & D expenses increased by 17.67 percent, and financial expenses decreased by 31.93 percent.

In terms of major changes in assets, by the end of 2023, the company's long-term receivables decreased by 46.47% compared with the end of last year, accounting for 2.43% of the company's total assets; fixed assets decreased by 9.89% compared with the end of last year, accounting for 1.79% of the company's total assets; intangible assets increased by 92.90% over the end of last year, accounting for 1.61% of the company's total assets Projects under construction increased by 162.34% over the end of last year, accounting for 1.45% of the company's total assets.

In terms of major changes in liabilities, by the end of 2023, the company's accounts payable increased by 16.36% over the end of the previous year, accounting for 1.10% of the company's total assets; notes payable increased by 23.17% over the end of the previous year, accounting for 0.86% of the company's total assets; itsThesimscryptoHis current liabilities increased by 172.59% over the end of last year, accounting for 0.61% of the company's total assets; it is estimated that his current liabilities increased by 239.17% over the end of last year, accounting for 0.55% 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 120 million yuan, accounting for 16.67% of the net assets, an increase of 10.7796 million yuan over the end of the previous year. Among them, the price reduction of inventory is prepared for 10.2327 million yuan, with a provision proportion of 7.86%.

For the whole of 2023, the company's R & D investment was 42.5317 million yuan, an increase of 17.67% over the same period last year; R & D investment accounted for 8.71% of operating income, down 0.27% 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 is one of the drafters of the Chinese electronic throttle industry standard "Technical conditions of Automobile Electronic Throttle pedal Assembly" and a qualified demonstration unit for the standardization of enterprise intellectual property management in Jiangsu Province. During the reporting period, the company added 15 new patents (including 5 invention patents, 9 utility model patents and 1 design patent) and 8 new software copyright certificates. As of December 31, 2023, a total of 149 patents have been obtained (including 35 invention patents, 106 utility model patents and 8 design patents) and 63 software copyright certificates.

In terms of solvency, the company's asset-liability ratio at the end of 2023 was 23.57%, an increase of 3.02 percentage points over the end of the previous year, and the interest-bearing asset-liability ratio was 2.31%, an increase of 0.08 percentage points over the end of the previous year.

In 2023, the current ratio of the company is 2.36 and the quick ratio is 1.78.

According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, the new shareholders are BARCLAYS BANK PLC, Guangfa Securities Co., Ltd., Huatai Securities Co., Ltd., CITIC Lyon Asset Management Co., Ltd.-client funds-RMB remittance, replacing Goldman Sachs Co., Ltd., UBS AG, Zou Rong and Kang Tao at the end of the third quarter. In the specific shareholding ratio, CITIC Securities Co., Ltd., MORGAN STANLEY & CO. INTERNATIONAL PLC. The shareholding has increased, while J.P.Morgan Securities PLC- 's own funds and Wu Meijuan's shareholding have declined.

In terms of chip concentration, by the end of 2023, the total number of shareholders in the company was 26200, down 3087 from the end of the third quarter, or 10.55%; the value of stock market holdings per household rose to 109500 yuan from 95000 yuan at the end of the third quarter, an increase of 15.26%.

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)