Zhongzheng Intelligent Finance News Huicheng Technology (002168) disclosed its 2024 semi annual report on August 31. In the first half of 2024, the company achieved a revenue of 111 million yuan, a year-on-year increase of 11.94%; The net profit attributable to the parent company was a loss of 69.3855 million yuan, compared to a loss of 51.142 million yuan in the same period last year; Deducting non net profit loss of 67.5425 million yuan, with a loss of 49.9662 million yuan in the same period last year; The net cash flow generated from operating activities was -50.5028 million yuan, compared to -45.233 million yuan in the same period last year; During the reporting period, Huicheng Technology's basic earnings per share were -0.0885 yuan.
Based on the closing price on August 30th, Huicheng Technology's current price to earnings ratio (TTM) is approximately -126.17 times, price to book ratio (LF) is approximately -38.23 times, and price to sales ratio (TTM) is approximately 7.75 times.
The historical distribution chart of the company's price to earnings ratio (TTM), price to book ratio (LF), and price to sales ratio (TTM) in recent years is shown below:
According to the semi annual report, the company achieved a total operating revenue of 80.0539 million yuan in the second quarter, a year-on-year increase of 48.34% and a month on month increase of 156.22%; Net profit attributable to the parent company was 31.754 million yuan, a year-on-year decrease of 5.18% and a month on month increase of 15.62%; Deducting non recurring net profit of -30.3272 million yuan, a year-on-year decrease of 6.74% and a month on month increase of 18.51%.
The semi annual report shows that the company focuses on its main business and concentrates its strategic focus and advantageous resources on the intelligent manufacturing business sector.
In the first half of 2024, the company's gross profit margin was 13.92%, a year-on-year decrease of 25.55 percentage points; The net profit margin was -63.38%, a decrease of 13.23 percentage points from the same period last year. From the perspective of single quarter indicators, the company's gross profit margin for the second quarter of 2024 was 14.83%, a year-on-year decrease of 16.63 percentage points and a month on month increase of 3.22 percentage points; The net profit margin was -39.85%, an increase of 18.23 percentage points from the same period last year and an increase of 83.79 percentage points from the previous quarter.
In the first half of 2024, the net cash flow from operating activities of the company was -50.5028 million yuan, a year-on-year decrease of 5.2698 million yuan; Net cash flow from financing activities was -24.1293 million yuan, a year-on-year decrease of 22.9876 million yuan; The net cash flow from investment activities was 24.991 million yuan, compared to 30.156 million yuan in the same period last year.
Further statistics show that the company's free cash flow in the first half of 2024 was -55.8589 million yuan, compared to -26.748 million yuan in the same period last year.
In the first half of 2024, the company's operating income to cash ratio was 109.90%.
In terms of operational capability, in the first half of 2024, the company's total asset turnover rate was 0.13 times, compared to 0.12 times in the same period last year (the industry average in the first half of 2023 was 0.25 times, and the company ranked 21/25 in the same industry); The fixed asset turnover rate was 0.97 times, compared to 0.68 times in the same period last year (the industry average in the first half of 2023 was 1.90 times, and the company ranked 22/25 in the same industry); The company's accounts receivable turnover rate and inventory turnover rate are 0.70 and 1.61 times, respectively.
In the first half of 2024, the company's period expenses were 79.6487 million yuan, a decrease of 5.456 million yuan compared to the same period last year; The period expense ratio was 71.56%, a decrease of 14.03 percentage points compared to the same period last year. Among them, sales expenses increased by 2.52% year-on-year, management expenses increased by 0.73% year-on-year, research and development expenses decreased by 55.19% year-on-year, and financial expenses increased by 2.04% year-on-year.
In terms of significant changes in assets, as of the end of the first half of 2024, the company's monetary funds decreased by 78.48% compared to the end of the previous year, accounting for 5.65 percentage points of the company's total assets; Fixed assets decreased by 0.21% compared to the end of last year, accounting for 2.20 percentage points of the company's total assets; The total investment in other equity instruments decreased by 2.13% compared to the end of the previous year, and the proportion of total assets of the company increased by 1.64 percentage points; Deferred income tax assets increased by 1.81% compared to the end of the previous year, accounting for 1.22 percentage points of the company's total assets.
In terms of significant changes in liabilities, as of the end of the first half of 2024, the company's accounts payable decreased by 24.05% compared to the end of the previous year, accounting for 2.37 percentage points of the company's total assets, mainly due to the payment of accounts payable during the reporting period; Short term borrowings increased by 597.34% compared to the end of the previous year, accounting for 4.40 percentage points of the company's total assets, mainly due to new borrowings from financial institutions during the reporting period; Other payables (including interest and dividends) decreased by 9.95% compared to the end of last year, accounting for 2.23 percentage points of the company's total assets; Long term loans decreased by 16.07% compared to the end of the previous year, accounting for a decrease of 0.11 percentage points in the company's total assets.
From the perspective of inventory changes, as of the end of the first half of 2024, the book value of the company's inventory was 52.8879 million yuan, accounting for -98.04% of net assets, a decrease of 13.2936 million yuan from the end of the previous year. Among them, the provision for inventory impairment is 3.0125 million yuan, with a provision ratio of 5.39%.
In terms of debt paying ability, the company's asset liability ratio at the end of the first half of 2024 was 103.34%, an increase of 8.21 percentage points compared to the end of the previous year; The interest bearing asset liability ratio was 35.25%, an increase of 7.46 percentage points from the end of the previous year.
In the first half of 2024, the company's current ratio was 0.41 and quick ratio was 0.33.
According to the semi annual report, among the top ten circulating shareholders of the company at the end of the first half of 2024, the new shareholder is J P. Morgan Securities PLC - with its own funds, Chen Tianhui, and Guan Xueping, replaced Li Rong, Xie Guangsheng, and Xu Gaoquan at the end of the first quarter. In terms of specific shareholding ratios, Chongqing Lvfa City Construction Co., Ltd., Hu Zuping, and Cai Mingyou have increased their holdings, while Yu Huijuan's holdings have decreased.
In terms of chip concentration, as of the end of the first half of 2024, the total number of shareholders of the company was 56000, a decrease of 4721 from the end of the first quarter, a decrease of 7.78%; The average stock market value per household decreased from 50400 yuan at the end of the first quarter to 31200 yuan, a decrease of 38.10%.
Indicator annotation:
Price to earnings ratio
=Total market value/net profit. When a company is losing money, the P/E ratio is negative, and using P/E ratio for valuation is not practically meaningful. Often, the price to book ratio or price to sales ratio is used as a reference.
Price to book ratio
=Total market value/net assets. The price to book ratio valuation method is often used for companies with significant profit fluctuations but relatively stable net assets.
Market sales ratio
=Total market value/operating revenue. The market to sales ratio valuation method is usually used for growth companies that are operating at a loss or with low profits.
The price to earnings ratio and price to sales ratio in the article are calculated using the TTM method, which is based on data from the last 12 months of the financial report (including forecasts). The price to book ratio is calculated using the LF method, which is based on the latest financial report data.
When the P/E ratio is negative, not displaying the current percentile will cause the line chart to break.