The company we saw today is one of the few domestic manufacturers that can simultaneously manufacture wind power forgings, wind power castings, and wind power structural parts in batches.
In addition, as one of the major manufacturers of large-scale castings and forgings in China, the company can provide level 1-5 large-scale forgings, castings and core components for wind power, nuclear power plants, ships, petrochemicals, marine engineering, aerospace and other industries.
Judging from the company's stock price, the company's stock price in the past year has roughly fluctuated between 4 yuan and 3 yuan.
Next, let’s take a look at the company’s competitive advantages and business highlights.
This company is mainly engaged in large forging products such as DN50-1600mm ductile iron pipe molds and MW-level wind turbine spindles. R&D, manufacturing and sales.
Before I finished speaking, this company took the microphone from my hand to its own,
Let this company continue to introduce itself to us,
"Thank you Changfeng, dear friends, everyone Good afternoon! "
Changfeng has just said, what is my main job? Let me tell you about my honors.
At present, I am the largest ductile iron pipe mold and MW wind turbine spindle in my country. The production enterprise,
, has also become a research and development and manufacturing base for major equipment and core components required for national economic construction.
My products are also widely used.
I can be used for energy, electricity, thermal power, hydropower, including the new energy we are talking about, wind power, nuclear power, petrochemicals, ships, offshore equipment, metallurgy, aerospace, military industry, mining, Industries such as cement and papermaking provide core components for large-scale high-end equipment.
Of course, wind power is my main product here.
In 2020, our cumulative orders for the whole year exceeded 4.4 billion yuan, and we developed more than 80 new customers; we have 483 units of wind power modular products.
In the future, I will also vigorously develop offshore wind power !
Also in this year, I changed the controlling shareholder of . From the previous private major shareholder, I invested in the state-owned major shareholder.
I believe that with the support of the new state-owned controlling shareholder, I can continue to work hard and continue to work in the green industry. Make efforts in the field of energy equipment!
At this point, I believe that friends who are familiar with me must have guessed who I am,
However, friends who haven’t guessed it yet, don’t worry,
Because we can’t just listen to one side of the story, I have finished what I should say, next , I will hand over the microphone to Changfeng. He will reveal my identity at the end of the article. I hope everyone can maintain a neutral and peaceful attitude and understand my more three-dimensional image objectively and impartially before revealing the final answer.
Thank you Changfeng for preparing this stage for me. See you next time!
It can be seen that this company, as a comprehensive R&D and manufacturing platform for new energy equipment, is in a leading position, especially in certain segments of wind power. However, we cannot just listen to one person's words. We also need to further study the company's financial reports to see what the company's internal quality is.
Pat Dorsey, the head of research at Morningstar, the top rating agency in the United States, once said , develop an investment philosophy, figure out the company's competitive environment, analyze the company and stock valuation .
Therefore, Changfeng’s article is not intended to recommend stocks. Instead, we interpret a company based on a consistent investment philosophy. Condensing the 14-page financial report into about 2,000 words, we provide you with a systematic system to interpret the company's financial report.
All the contents of this article come from the company's financial reports and do not contain any personal opinions. The purpose of this article is to help everyone interpret the financial reports of listed companies more systematically and discover the language behind the financial reports of listed companies.
Let’s first look at the company’s growth situation.
The company’s operating income has shown a trend of increasing year by year since 2016.
From 2016 to 2020, in the five years, the company’s average annual revenue growth rate was 20.17%.
In other words, the company's business scale is growing every year, and its market share is gradually increasing.
From the perspective of the company's operating profits,
the company's overall operating profits from 2016 to the present have also seen significant growth.
From 2016 to 2020, the company's net profit grew at an average annual rate of 27.68%, which is slightly higher than the company's operating income.
The company's profits can grow simultaneously with its revenue, and it is in healthy development.
So what is the company's current financial situation, what is its debt situation, and is its liquidity sufficient?
The company’s debt ratio has not fluctuated much recently.
’s debt ratio increased from 41.76% in 2016 to 48.37% in the third quarter of 2021. is at normal level.
From the perspective of liquidity,
we can see that the company's liquidity has declined slightly in the past five years.
For every 1 yuan of current liabilities in 2016, the company had 1.55 yuan of corresponding current assets.
In the third quarter of 2021, for every 1 yuan of current liabilities the company had, the corresponding current assets dropped to 1.17 yuan.
But the overall current assets can still cover 117% of current liabilities.
Finally, let’s take a look at the company’s cash flow situation. After all, a company’s cash flow is related to whether the company has real money coming in. It is an important indicator to measure whether the company’s business is developing healthily.
Before, we looked at the company The profit and revenue have increased significantly since 2016.
And from the perspective of cash flow, the company's cash flow from 2016 to the third quarter of 2021 is all positive inflows,
and the company's operating cash flow has also shown year-by-year growth from 2017 to the present.
The company's cash flow can grow simultaneously with revenue and profits and develop healthily.
So does the company have any shortcomings?
That is, although the company's revenue and profits, including assets, have increased significantly, the rate of return on net assets has also increased, but the overall rate of return is not high.
The return on net assets was below 5% from 2016 to 2019. It has only exceeded 5% in the past two years.
It remains to be seen whether the company's return on net assets can continue to grow in the future.
This company is Tongyu Heavy Industries listed on A shares , stock code 300185.
Please note: The article neither recommends the stock of Tongyu Heavy Industries, nor does it say how good Tongyu Heavy Industries is. It just sorted out the company's financial report with systematic analysis logic, including the bright spots and dark sides. The content and data in this article can be found in the company's financial reports and announcements.
Changfeng has been a financial market practitioner for 13 years. He has gone through many bull and bear rounds and has rich market experience in multiple financial fields.
is passionate about stocks and trading and is willing to devote time, energy and resources to practice and go to Collect pearls in the sea of stocks,
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