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Three Gorges Tourism (002627) released its 2023 annual report on April 18. 2023EarntoplaygamescryptoThe company achieved a total revenue of 16Earntoplaygamescrypto10 billion yuanEarntoplaygamescrypto, down 16% from the same period last yearEarntoplaygamescrypto.10%; the net profit of returning to the mother was 130 million yuan, an increase of 2848.55% over the same period last year; deducting 88.9663 million yuan from non-net profit, reversing losses over the same period last year; the net cash flow from operating activities was 379 million yuan, down 24.83% from the same period last year; during the reporting period, the basic earnings per share of the three Gorges tourism was 0.1782 yuan, and the weighted average return on net assets was 4.24%. The company's annual profit distribution plan for 2023 is: it is proposed to distribute 1 yuan (including tax) to all shareholders for every 10 shares.
Based on the closing price on April 17, the current price-to-earnings ratio (TTM), price-to-book ratio (LF) and price-to-sales ratio (TTM) of the three Gorges tourism are about 32.57 times, 1.36 times and 2.64 times respectively.
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 the total revenue of the three Gorges tourism has a compound growth rate of-6.38% in the past three years, ranking 19th among the 21 companies in the railway and highway industry that have disclosed data for 2023. In the past three years, net profit grew at a compound annual growth rate of 38.98%, ranking 5x21.
Data show that during the reporting period, the company is mainly engaged in integrated tourism service business, integrated transportation service business.
From a product point of view, in the company's main business in 2023, the revenue from comprehensive transportation services was 1.271 billion yuan, down 28.27% from the same period last year, accounting for 79.44% of the operating income; the revenue from comprehensive tourism services was 508 million yuan, an increase of 291.14% over the same period last year, accounting for 31.73% of the operating income.
By the end of 2023, the total number of employees of the company was 2095, with per capita income of 763900 yuan, per capita profit of 61900 yuan and per capita salary of 124900 yuan, respectively, changing from 5.08%, 3,235.59% and 18.32% over the same period last year.
In 2023, the company's gross profit margin was 15.25%, up 9.80 percentage points from the same period last year; the net profit margin was 7.46%, up 7.20 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 10.36%, up 12.95% from the same period last year, down 11.45% from the previous quarter; and the net profit rate was 4.94%, up 6.65% from the same period last year and down 5.47% from the previous quarter.
In terms of products, the gross profit margins of integrated transportation services and tourism services in 2023 are 7.97% and 27.29%, respectively.
During the reporting period, the total sales amount of the company's top five customers was 315 million yuan, accounting for 19.69% of the total sales amount, and the total purchase amount of the company's top five suppliers was 892 million yuan, accounting for 65.74% of the total annual purchase.
According to the data, the weighted average return on equity of the company in 2023 was 4.24%, an increase of 4.10 percentage points over the same period last year, and the return on invested capital of the company in 2023 was 2.61%, an increase of 2.52 percentage points over the same period last year.
In 2023, the net cash flow of the company's operating activities was 379 million yuan, down 24.83% from the same period last year; the net cash flow of fund-raising activities was-11.2958 million yuan, an increase of 436 million yuan over the same period last year; and the net cash flow of investment activities was-690 million yuan, compared with-170 million yuan in the same period last year.
Further statistics show that the free cash flow of the company in 2023 was 275 million yuan, down 9.54% from the same period last year.
In 2023, the cash ratio of the company's operating income is 120.11%, and the net current ratio is 292.21%.
In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.37 times, compared with 0.42 times in the same period last year (the industry average in 2022 was 0.21 times, and the company ranked among the same industry in the same industry). The turnover rate of fixed assets was 1.65 times, compared with 2.15 times in the same period last year (the industry average in 2022 was 1.46 times, and the company ranked 12gam34 in the same industry). The company's accounts receivable turnover and inventory turnover were 91.63 and 11.15 respectively.
In 2023, the company's period expenses were 161 million yuan, a decrease of 12.9313 million yuan compared with the same period last year, but the period expense rate was 10.08%, an increase of 0.95% over the same period last year. Among them, sales expenses decreased by 20.5% compared with the same period last year, management expenses increased by 16.79%, and financial expenses changed from-4.1571 million yuan to-29.775 million yuan in the same period last year.
In terms of major changes in assets, by the end of 2023, the company's monetary funds had increased by 18.85% over the end of the previous year, accounting for 6.33% of the company's total assets; inventory decreased by 97.80%, accounting for 5.31% of the company's total assets; prepayments decreased by 95.15% compared with the end of last year, accounting for 3.05% of the company's total assets. Fixed assets increased by 10.64% over the end of last year, accounting for 2.96 percentage points of the company's total assets.
In terms of major changes in liabilities, by the end of 2023, the company's non-current liabilities due in one year decreased by 95.92% compared with the end of last year, accounting for 4.99% of the company's total assets; long-term loans increased by 66.89% over the end of the previous year, accounting for 3.66% of the company's total assets; contract liabilities decreased by 93.21% compared with the end of last year, accounting for 1.26% of the company's total assets Accounts payable increased by 30.35% over the end of last year, accounting for 0.84 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 5.2476 million yuan, accounting for 0.17% of the net assets. According to the financial report, the company has no provision for inventory price decline in the current period.
In terms of solvency, the asset-liability ratio of the company at the end of 2023 was 21.35%, down 6.02 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 8.95%, down 1.34 percentage points from the end of the previous year.
In 2023, the current ratio of the company is 5.95 and the quick ratio is 5.93.
According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, Yichang Transportation and Tourism Industry Development Group Co., Ltd. held the most shares, accounting for 22.63%. The list of the top ten tradable shareholders remains unchanged compared with the third quarterly report of 2023. In the specific shareholding ratio, principal growth No. 1 private equity investment fund holdings have declined.
In terms of chip concentration, by the end of 2023, the total number of shareholders in the company was 20700, down 685 from the end of the third quarter, a decrease of 3.21%; the value of stock market holdings per household rose to 190600 yuan from 189700 yuan at the end of the third quarter, an increase of 0.47%.
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)