According to the public data of Securities Star, the Western High Court (688334) recently released its 2023 annual report. According to the financial report, the revenue and net profit of the West High Court increased year-on-year during the reporting period. As of the end of the reporting period, the company's total operating income was 602 million yuan, an increase of 15.53% year-on-year, and the net profit attributable to the parent company was 162 million yuan, an increase of 24.56% year-on-year. According to the data of a single quarter, the total operating income in the fourth quarter was 165 million yuan, an increase of 26.54% year-on-year, and the net profit attributable to the parent company in the fourth quarter was 38.3199 million yuan, a year-on-year decrease of 14.48%.
The figure was lower than most analysts' expectations, who had previously expected a net profit of around 164 million yuan in 2023.
Here's the detailed forecast information:
The performance of the data indicators announced in this financial report is still good. Among them, the gross profit margin was 47.67%, a year-on-year decrease of 1.06%, the net profit margin was 26.97%, a year-on-year increase of 7.81%, the total sales expenses, management expenses and financial expenses were 91.7921 million yuan, the three fees accounted for 15.25% of revenue, a year-on-year decrease of 6.89%, the net assets per share were 9.52 yuan, an increase of 22.13% year-on-year, the operating cash flow per share was 0.83 yuan, an increase of 0.17% year-on-year, and the earnings per share were 0.59 yuan, an increase of 7.27% year-on-year. The specific financial indicators are shown in the following table:
The reasons for the significant changes in the financial statements are as follows:
- The change in selling expenses was 20.04% due to business development.
- The change in finance expenses was -35.34% due to the increase in interest income on deposits.
- The change in R&D expenses was 22.36%, due to the increase in R&D investment due to the development of fund-raising projects.
- Net cash flow from operating activities changed by 33.56% due to an increase in cash recovered from sales during the period.
- The change in net cash flow from investing activities was -131.45% due to the increase in cash outflows from the purchase of time deposits and large certificates of deposit during the period.
- The change in net cash flow from financing activities was 5729.21% due to the receipt of funds from the initial public offering of shares during the period.
- The change in monetary funds was 201.72% due to the receipt of funds from the initial public offering of shares during the period.
- The change in notes receivable was 209.5% due to the increase in the collection of notes received during the period.
- The change in receivables was -38.11% due to the increase in the collection of bills received during the period.
- The change in prepayments was -77.04% due to the fact that most of the prepayments in the current period were prepaid for long-term assets, which were reclassified to other non-current assets.
- The change in other receivables was -92.51% due to the significant decrease in interest receivables due to the significant decrease in interest receivables due to the recovery of interest on deposits accrued in the previous period during the period.
- The inventory change was -31.81% due to the decrease in the amount of contracts executed at the end of the period and the corresponding decrease in contract performance costs.
- The change in contract assets was -59.92% due to the recovery of part of the warranty in the current period.
- Reasons for changes in non-current assets maturing within one year: debt investments maturing within one year.
- The change in other current assets was -32.85% due to a decrease in prepaid taxes.
- The change in debt investment was 30.25%, due to the increase in the purchase of fixed deposits and large-amount certificates of deposit in the current period.
- The change in construction in progress was 160.22%, due to the increase in investment in projects under construction in the current period.
- The change in deferred tax assets was 47.49% due to the increase in deductible temporary differences in the period.
- The change in other non-current assets was 95.39% due to the increase in prepaid long-term assets in the current period.
- The change in tax payable was 138.41% due to the increase in corporate income tax payable at the end of the period.
- The change in other payables was 172.07% due to the increase in collection and payment at the end of the period.
- The change in other current liabilities was 53.92% due to the increase in notes receivable that could not be derecognized by endorsement transfer in the current period.
The financial report analysis tool of Securities Star Price Investment Circle shows:
In terms of asset quality, the company's cash assets are very healthy. The company's fixed assets are larger than the revenue scale, so it is recommended to focus on the analysis of the quality of the company's fixed assets. Depreciation is generally a method of accounting for the one-time expenditure of fixed assets, such as 1 million purchased a piece of equipment, according to the annual operating cost of 200,000 yuan in the next 5 years of the annual report, to prevent all included in the year resulting in the profit value is more ugly, is a method of smoothing the statement, interested in the annual report can look at the company's more detailed depreciation method, sometimes it is excessive, there will be a motive to do high current profits by extending the depreciation life of assets. You can pay attention to whether the depreciation method and time period are fair, and be wary of enterprises that increase short-term profits by doing low depreciation. Focus on the deterioration trend of corporate credit asset quality.
In terms of revenue analysis, the company's customer concentration is relatively high. The company's latest annual statement has positive cash flow, and operating cash flow and profit match.
In terms of operating expenses, the cost of R&D in the company's operation is average.
Judging from the company's financial statements in the past year, in terms of profitability, the main business has a high position in the industrial chain, has the right to premium, and has a good marketing competitive environment.
The financial report check-up tool shows:
According to analyst tools, securities researchers generally expect 2024 results of 205 million yuan and an average earnings per share of 0.65 yuan.
The top 10 funds with heavy positions in the Western High Court are shown in the table below:
The fund that holds the most in the Western High Court is Western Profit Quantitative Preferred One-Year Holding A, with a current scale of 355 million yuan and the latest net value of 0.8746 (April 11), an increase of 0.75% from the previous trading day and an increase of 5.37% in the past year. The current fund manager of the fund is Zhai Zijian.
Recently, a well-known organization has paid attention to the following issues of the company:
Q: What are the main contents of transformer testing?
Answer: transformer belongs to winding equipment, the company's winding equipment testing is mainly for the equipment fault current withstand performance, insulation performance, measurement performance, non-electrical performance and other test testing, the company's test capacity to meet the AC 1,100kV, DC ± 1,100kV UHV and below winding equipment testing needs.
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