This is the largest professional aluminum-magnesium alloy manufacturer in the country. The company mainly provides magnesium light alloy materials and automotive parts for new energy vehicle .
Relying on its strong competitiveness in this field, car companies such as BYD , Tesla , NIO , Xiaopeng and Geely are currently long-term customers of the company.
In addition, the company's products not only successfully entered the supply chain of Foxconn , but also a secondary supplier of Apple 3C products.
The net profit of this company in 2021 was 493 million yuan, a significant increase of 102% over 2020.
And by 2022, the company completed a net profit of 579 million yuan in just three quarters. The company's performance growth this year has not only achieved ahead of schedule, but also hit a record high in the past three years.
At present, after the company's stock fully recalled by 36%, it has recently experienced a short-term upward trend.
(The last translation officer of the article will tell you the name of the company and the stock code. Please first understand the basic situation of the company objectively and accurately before revealing the final answer)
Main business and core competitiveness
The revenue of the company's magnesium alloy products accounted for 39.76%, the revenue of aluminum alloy products accounted for 24.53%, and the revenue of aluminum alloy deep processing products accounted for 13.12%.
In the company's financial report, the translator found that the company not only produces dashboard brackets and other products for BYD Auto , but also develops battery shells and other products for CATL .
In addition, the high-performance magnesium alloy rods used in military products are produced by the company, so it also has a military concept.
. In the dividend information of this company, the translator also learned that the company has paid 14 dividends since its listing, with a total of 532 million yuan in cash being distributed. During the period from 2017 to 2021, shareholders divided the dividends into 5 times, and the average proportion of dividends to net profit was 20%.
or above is an introduction to the basic situation of the company. Let’s analyze the company’s performance in 2022.
Net profit performance
The following content and financial data are derived from the company's third quarter report of 2022 and have no personal opinion.
In the third quarter of 2021, the net profit of this company was only 264 million yuan. By the third quarter of 2022, the company's performance reached 579 million yuan, and increased significantly by 120% year-on-year.
The current net profit of this company ranks 41st among the 131 listed companies in the A-share non-ferrous metal concept sector. This ranking is at the upper middle position of the sector, which means that its scale is relatively not small.
Comparing a company's profit can only analyze the company's scale, but it cannot judge its ability to make money, because the net profit of companies with different scales is not comparable.
So to analyze the profitability of a company, you have to use the return on equity indicator, which is the ratio of net profit to shareholders' equity.
In the third quarter of 2021, the company's return on equity was 8.74%. This shows that if the management uses 100 yuan from shareholders and uses the production and operation of magnesium alloys, they can earn a net profit of 8.74 yuan in 9 months.
And by the third quarter of 2022, the company's return on equity reached 14.84%, and increased by 70% year-on-year.
The company's current profitability, that is, the return on assets, ranks 21st among the 131 listed companies in the A-share non-ferrous metal concept sector.
We can find that in the third quarter of 2022, the ranking of this company's money-making ability is much higher than its net profit, which shows that its money-making ability is the best among the A-share non-ferrous metal concept sector and companies with the same size as the company.
has seen the company's performance above and analyzed the company's ability to make money. Let's take a look at the company's cash flow .
The net cash flow generated by operating activities is a measure of the cash income and expenditure of a company, and is also called the touchstone of net profit.
In the third quarter of 2022, although the company's performance was 575 million yuan. However, during the same period, the company actually earned 684 million yuan in cash due to its operating activities, a significant increase of 129% year-on-year.
In the net profit, it includes both the cash collected and the unreceived payment, that is, accounts receivable.
So under normal circumstances, a company's net cash flow should be lower than the net profit, because the difference between the two is the payment that has not been received yet.
In the third quarter of this year, the company's net cash flow was actually higher than its net profit, and it increased significantly year-on-year.
This shows that the company's current cash flow is very abundant and the money in its account has also increased, which is very beneficial to the company's production and operation.
Through the above analysis, we learned that in the third quarter of 2022, this company was quite large, had strong ability to make money, and its current cash flow was also very abundant.
Reasons for performance growth
Let’s analyze an important question below, what causes the net profit of this non-ferrous metals company to grow. I hope everyone can read it carefully.
Through the analysis of DuPont theory, the translation officer found that in the third quarter of 2022, the main reason for the company's performance growth was the increase in net sales.
In the third quarter of 2021, the company sold magnesium alloys of 100 yuan, and could only make a net profit of 4.8 yuan, with a net profit margin of 48%.
In the third quarter of 2022, the company also sold magnesium alloys worth 100 yuan, but could make a net profit of 8.91 yuan, with a net sales profit margin reaching 8.91%, an increase of 86% year-on-year.
The current net sales margin of this company ranks 45th among the 131 listed companies in the A-share non-ferrous metal concept sector. This ranking is very high, which shows that its net sales profit margin is relatively not low.
To sum up, in 2022, the company's net sales rate increased, which also led to the company's third-quarter performance growth.
The shortcomings of
Because the translator did not write the article to recommend stocks, in the last part of this article, the translator will analyze the current problems and flaws of the company in detail to give you a risk warning.
After analyzing the main financial data, the translator found that in the third quarter of this year, the biggest problem of this company is that its short-term debt repayment ability is relatively weak.
current ratio is the most effective indicator to measure a company's short-term debt repayment ability. It is the ratio of current assets to short-term liabilities .
In the third quarter of 2021, the company's current ratio was 1.22. This shows that as long as the company has a short-term liability of 100 yuan, it will have a current asset of 122 yuan as a guarantee.
And by the third quarter of 2022, the company's current ratio dropped to 1.06, a year-on-year decrease of 13%.
Because in current assets, such as inventory and accounts receivable are difficult to cash out in a short period of time, the industry average of the current ratio is 2.
In the third quarter of this year, the company's current ratio was not only below the industry average, but also declined, which shows that the company's short-term debt repayment ability is not very strong.
The short-term debt repayment ability is weak, which will not only weaken a company's future cash flow capability, but also have the risk of a capital chain breakage in serious cases. This is something we need to pay attention to.
If the fundamental of listed companies is divided into five levels: A, B, C, D and E from high to low, the translator personally believes that the company can maintain the level of C.
And this company is Yunhai Metal Co., Ltd., stock code :002182.
Please note: companies with good fundamentals may not necessarily rise. However, the fundamentals of those stocks that can continue to rise must be very outstanding.
This article neither recommends the stock of Yunhai Metal , nor does it say how good Yunhai Metal Company is, but instead refines and translates the company's financial report.
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