China Securities Intelligent Financial Information Western Securities (002673) disclosed its 2023 annual report on April 24th. 2023BestfreeslotsonlineThe company achieved a total revenue of 68Bestfreeslotsonline.94 billion yuan, up 29.87% over the same period last year; net profit from home was 1.166 billion yuan, up 170.76% over the same period last year; deducting 1.157 billion yuan from non-net profit, an increase of 177.16% over the same period last year; net cash flow from operating activities was 251 million yuan, compared with-4.745 billion yuan in the same period last year; during the reporting period, basic earnings per share of Western Securities was 0.2608 yuan, with a weighted average return on net assets of 4.24%. The company's annual profit distribution plan for 2023 is to distribute 0.9 yuan (including tax) to all shareholders for every 10 shares.

Based on the closing price on April 23, Western Securities has a price-to-earnings ratio (TTM) of about 27.68 times, a price-to-book ratio (LF) of about 1.15 times, and a price-to-sales ratio (TTM) of about 4.68 times.

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 Western Securities has a compound growth rate of 9.97% in total revenue in the past three years, ranking sixth among the 35 companies in the securities Ⅲ industry that have disclosed data for 2023. In the past three years, net profit grew at a compound annual growth rate of 1.43%, ranking 140.35.

Data show that the company mainly engaged in wealth management business, self-investment business, investment banking business, credit business, asset management business five major business sectors.

In terms of products, in the company's main business in 2023, the investment income was 2.024 billion yuan, up 15.96% from the same period last year, accounting for 29.36% of the operating income; the net income from fees and commissions was 1.719 billion yuan, down 5.55% from the same period last year, accounting for 24.93% of the operating income; the fair value change profit and loss income was 272 million yuan, down 136.62% from the same period last year, accounting for 3.94% of the operating income.

According to the data, the weighted average return on equity of the company in 2023 was 4.24%, up 2.65 percentage points from the same period last year.

In 2023, the net cash flow of the company's operating activities was 251 million yuan, an increase of 4.996 billion yuan over the same period last year; the net cash flow of fund-raising activities was-1.832 billion yuan, a decrease of 5.987 billion yuan over the same period last year; and the net cash flow of investment activities was-147 million yuan, compared with-105 million yuan in the same period last year.

In 2023, the cash ratio of the company's operating income is 214.83%, and the net present ratio is 21.51%.

In terms of major changes in assets, by the end of 2023, the company's purchase and resale of financial assets had decreased by 38.53% compared with the end of last year, accounting for 3.01% of the company's total assets; other assets increased by 207.34% over the end of the previous year, accounting for 1.84% of the company's total assets; trading financial assets increased by 3.32% over the end of last year, accounting for 1.72% of the company's total assets Monetary funds decreased by 7.07% compared with the end of last year, accounting for 1.19 percentage points of the company's total assets.

In terms of major changes in liabilities, by the end of 2023, the company's short-term financing payable decreased by 42.77% compared with the end of last year, accounting for 3.79% of the company's total assets; bonds payable increased by 22.01% over the end of the previous year, accounting for 2.81% of the company's total assets; the amount of securities sold by agents decreased by 11.17% compared with the end of last year, accounting for 1.74% of the company's total assets. Total transactional financial liabilities increased by 920.52% over the end of last year, accounting for 1.42 percentage points of the company's total assets.

In terms of solvency, the asset-liability ratio of the company at the end of 2023 was 70.77%, down 0.88 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 15.93%, an increase of 2.85 percentage points over the end of the previous year.

According to the annual report, Cinda Capital Management Co., Ltd. was the new shareholder among the company's top 10 tradable shareholders at the end of 2023, replacing the CSI 500 exchange-traded securities investment fund at the end of the third quarter. In terms of specific shareholding ratio, the shareholdings of Shaanxi Investment Group Co., Ltd., Cathay Pacific Securities Co., Ltd., trading index securities investment funds of securities companies, Huabao Securities Securities Co., Ltd., and Hong Kong Securities Clearing Co., Ltd., have decreased.

In terms of chip concentration, by the end of 2023, the total number of shareholders in the company was 161800, down 497 from the end of the third quarter, a decrease of 0.31%; the value of stock market holdings per household dropped to 176000 yuan from 181800 yuan at the end of the third quarter, a decrease of 3.19%.

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)