China Securities Intelligent Finance News Jingke Energy (688223) disclosed its 2023 annual report on April 23. In 2023, the company achieved a total operating revenue of 118.682 billion yuan, a year-on-year increase of 43.55%; The net profit attributable to the parent company was 7.44 billion yuan, a year-on-year increase of 153.20%; The net profit after deduction was 6.904 billion yuan, a year-on-year increase of 152.09%; The net cash flow generated from operating activities was 24.816 billion yuan, a year-on-year increase of 507.62%; During the reporting period, Jingke Energy's basic earnings per share were 0.74 yuan, with a weighted average return on equity of 24.19%. The company's annual profit distribution plan for 2023 is to distribute 2.24 yuan (including tax) to all shareholders for every 10 shares.
Based on the closing price on April 22nd, Jingke Energy's current price to earnings ratio (TTM) is about 10.13 times, price to book ratio (LF) is about 2.19 times, and price to sales ratio (TTM) is about 0.63 times.
The historical breakdowns of the company's recent price to earnings ratio (TTM), price to book ratio (LF), and price to sales ratio (TTM) are shown below:
According to data statistics, the compound growth rate of Jingke Energy's total operating revenue in the past three years is 52.20%, ranking third among the seven companies in the photovoltaic module industry that have disclosed data for 2023. The compound annual growth rate of net profit in the past three years is 92.59%, ranking 2/7.
The annual report states that the company is a globally renowned photovoltaic product manufacturer with photovoltaic industry technology as its core and a development vision of "changing energy structure and assuming future responsibilities". The company's main business scope includes photovoltaic business, including monocrystalline silicon rods, silicon wafer cutting, battery preparation, and module packaging. The company has established a vertically integrated production capacity from silicon wafer production, battery cell production to photovoltaic module production, serving photovoltaic power station investors, developers, contractors, and distributed photovoltaic system end customers worldwide. Based on this, it provides efficient and high-quality solar photovoltaic modules and energy storage products to global customers, continuously delivering clean energy.
In terms of products, in 2023, the company's main business revenue from photovoltaic modules was 114.383 billion yuan, a year-on-year increase of 43.33%, accounting for 96.38% of the operating revenue; The revenue from photovoltaic cells was 1.597 billion yuan, a year-on-year increase of 55.99%, accounting for 1.35% of the operating revenue; Silicon wafer revenue was 284 million yuan, a year-on-year decrease of 39.18%, accounting for 0.24% of operating revenue.
In 2023, the company's gross profit margin was 14.04%, an increase of 3.59 percentage points year-on-year; The net profit margin was 6.27%, an increase of 2.72 percentage points from the same period last year. From the perspective of quarterly indicators, the company's gross profit margin in the fourth quarter of 2023 was 9.66%, a year-on-year decrease of 1.16 percentage points and a month on month decrease of 7.12 percentage points; The net profit margin was 3.23%, a decrease of 0.99 percentage points from the same period last year and a decrease of 4.75 percentage points from the previous quarter.
By product, the gross profit margins for photovoltaic modules, photovoltaic cells, and silicon wafers in 2023 were 14.43%, 0.82%, and 0.85%, respectively.
During the reporting period, the total sales amount of the company's top five customers was 19.995 billion yuan, accounting for 16.85% of the total sales amount. The total purchase amount of the company's top five suppliers was 22.744 billion yuan, accounting for 28.27% of the annual total purchase amount.
The data shows that the weighted average return on equity of the company in 2023 was 24.19%, an increase of 12.03 percentage points compared to the same period last year; The return on investment of the company in 2023 was 16.30%, an increase of 5.87 percentage points compared to the same period last year.
In 2023, the net cash flow from operating activities of the company was 24.816 billion yuan, a year-on-year increase of 507.62%, mainly due to the significant increase in sales payments received during the reporting period; The net cash flow from financing activities was 3.434 billion yuan, a year-on-year decrease of 8.251 billion yuan; The net cash flow from investment activities was -1.28 billion yuan, compared to -14.844 billion yuan in the same period last year, mainly due to an increase in investment in new production capacity during the reporting period.
Further statistics show that the company's free cash flow in 2023 was 731 million yuan, compared to the same period last year, which was -9339 million yuan.
In 2023, the company's operating income to cash ratio was 99.15%, and the net cash ratio was 333.53%.
In terms of operational capacity, in 2023, the total asset turnover rate of the company was 1.00 times, compared to 0.93 times in the same period last year (the industry average in 2022 was 1.01 times, and the company ranked 12/18 in the same industry); The fixed asset turnover rate was 3.52 times, compared to 3.48 times in the same period last year (the industry average in 2022 was 3.65 times, and the company ranked 12/18 in the same industry); The company's accounts receivable turnover rate and inventory turnover rate are 6.06 times and 5.72 times, respectively.
In 2023, the company's expenses during the period were 6.827 billion yuan, an increase of 1.781 billion yuan compared to the same period last year; But the cost rate during the period was 5.75%, a decrease of 0.35 percentage points from the same period last year. Among them, sales expenses increased by 20.44% year-on-year, management expenses increased by 38.27% year-on-year, research and development expenses increased by 31.53% year-on-year, and financial expenses increased from -234 million yuan in the same period last year to -626 million yuan.
In terms of significant changes in assets, as of the end of 2023, the company's inventory increased by 4.39% compared to the end of the previous year, and its proportion in total assets decreased by 2.73 percentage points; Monetary funds increased by 39.29% compared to the end of last year, accounting for a 2.15 percentage point increase in the company's total assets; Accounts receivable financing decreased by 83.39% compared to the end of the previous year, accounting for a decrease of 2.14 percentage points in the company's total assets; Construction in progress increased by 153.88% compared to the end of last year, accounting for a 1.45 percentage point increase in the company's total assets.
In terms of significant changes in liabilities, as of the end of 2023, the company's accounts payable increased by 49.41% compared to the end of the previous year, accounting for an increase of 2.79 percentage points in the company's total assets; Accounts payable increased by 24.57% compared to the end of the previous year, and its proportion in the company's total assets decreased by 0.07 percentage points; Short term loans decreased by 38.26% compared to the end of the previous year, accounting for a decrease of 4.86 percentage points in the company's total assets; Contract liabilities decreased by 28.85% compared to the end of the previous year, and their proportion in the company's total assets decreased by 3.56 percentage points.
From the perspective of inventory changes, as of the end of 2023, the book value of the company's inventory was RMB 18.216 billion, accounting for 53.01% of net assets, an increase of RMB 765 million compared to the end of the previous year. Among them, the provision for inventory depreciation is 682 million yuan, with a provision ratio of 3.61%.
In 2023, the company's R&D investment amounted to 6.899 billion yuan, a year-on-year increase of 22.87%; The proportion of R&D investment in operating revenue was 5.81%, a decrease of 0.98 percentage points compared to the same period last year.
According to the data, as of the end of the reporting period, the company has applied for more than 3800 patents and obtained more than 3500 authorized patents. These patents cover various efficient photovoltaic cell and module technologies such as PERC, TOPCon, BC, etc. On the N-type TOPCon patent ranking, the company surpassed most brands with 330 TOPCon patents. In addition, the company has carried out TOPCon patent authorization to promote collaborative innovation and support the healthy development of the industry. In early 2024, at a reasonable licensing fee, the company has granted the right to use some of its N-type TOPCon related patents to a leading photovoltaic enterprise, allowing the licensee to use the aforementioned TOPCon patented technology in their related TOPCon products.
In terms of debt paying ability, the company's asset liability ratio at the end of 2023 was 73.99%, a decrease of 0.74 percentage points compared to the end of the previous year; The interest bearing asset liability ratio was 16.77%, an increase of 2.81 percentage points compared to the end of the previous year.
In 2023, the company's current ratio was 1.15 and quick ratio was 0.90.
The annual report shows that among the ten major circulating shareholders of the company at the end of 2023, the new shareholders are Shangrao Jiarui Enterprise Development Center (limited partnership), Xizang Yunshang Equity Investment Fund Management Co., Ltd. - Gongqingcheng Yunjing Venture Capital Partnership (limited partnership), Xizang Yunshang Equity Investment Fund Management Co., Ltd. - Ningbo Rongxin Venture Capital Partnership (limited partnership), Xingye Guoxin Asset Management Co., Ltd. - Jiaxing Jingneng Investment Partnership (limited partnership), Fuzhou Xingzi Ruiying Private Fund Management Co., Ltd. - Fuzhou Economic and Technological Development Zone Xingrui Hesheng Equity Investment Partnership (limited partnership), Guangfa Technology Pioneer Hybrid Securities Investment Fund, and Guangfa Industry Strictly select three-year holding period hybrid securities investment funds. In terms of specific shareholding ratio, the holdings of Hong Kong Central Depository and Clearing Corporation Limited have increased, while the holdings of Huaxia Shanghai Science and Technology Innovation Board 50 Component Trading Open Index Securities Investment Fund and GF High end Manufacturing Stock Initiated Securities Investment Fund have decreased.
In terms of chip concentration, as of the end of 2023, the total number of shareholders in the company was 85600, an increase of 10400 or 13.78% compared to the end of the third quarter; The average stock market value per household decreased from 1.3425 million yuan at the end of the third quarter to 1.0356 million yuan, a decrease of 22.86%.
Indicator annotations:
P/E ratio
=Total market value/net profit. When a company loses money, the P/E ratio is negative, and using P/E ratio for valuation is not practical. Often, P/B ratio or P/S ratio is used as a reference.
P/B ratio
=Total market value/net assets. The price to book ratio valuation method is often used for companies with significant profit fluctuations and relatively stable net assets.
Market sales ratio
=Total market value/operating revenue. The market to sales ratio valuation method is commonly used for growth companies that are losing money or making small profits.
The price to earnings ratio and price to sales ratio in the text are calculated using TTM method, which is based on data from the most recent financial report (including forecast) for 12 months. 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 quantile will cause the line chart to break.