Core Fortune: Analysis of the Ten-Year Growth of Semiconductor Agents - Liyuan Information
In order to provide reference for managers, decision makers, investors and other people who are interested in the operating conditions of electronic component companies, "Core Master·Core Wealth" will successively launch "Ten-Year Growth Analysis of Semiconductor Agents" for readers, deeply explore and sort out the company's financial information over the past decade, and conduct a horizontal comparative analysis of similar financial information in the industry, striving to show the company's operating status in multiple dimensions.
Liyuan Information (SZ300184)
Wuhan Liyuan Information Technology Co., Ltd., as the first A-share listed company in the domestic electronic components agency and distribution industry, has a high efficiency in industry integration.
◆Name: Wuhan Liyuan Information Technology Co., Ltd.
◆ Industry: Electronic components
◆ Main business: Promotion, sales and application services of IC and other electronic components
◆ Product types: electronic components, structural module devices (modules), power information collection and control system products, chips and kits containing embedded software, outsourcing processing
◆ First A-share issuance date: February 10, 2011
◆ Total share capital (billion shares): 11.81
◆ Circulating share capital (billion shares): 5.52
◆ Unit price of A shares (RMB): 9.09
◆ Market value of circulating shares (100 million yuan): 50.18
Source of chart: Eastmoney.com
Data source: Flush stock analysis
Data source: Liyuan Information Financial Report Announcement
|
Roe （ROE）Range |
nature |
|
<10% |
Unqualified companies |
|
10%-15% |
General Company |
|
15%-20% |
Excellent company |
|
>20% |
Outstanding Company |
The above evaluation indicators are summarized by industry insiders
for reference only
Data source: Liyuan Information Financial Report Announcement
In 2017, Liyuan Information's sales revenue was 8.238 billion yuan, a 4.17-fold increase from 1.593 billion yuan in 2016. Industry insiders analyzed that this sharp increase in revenue may be related to Liyuan's acquisition of 100% equity of Wuhan Patai in 2016 and its inclusion in the consolidated financial statements in 2017.
Generally speaking, the higher a company's total asset turnover rate, inventory turnover rate, and accounts receivable turnover rate, the stronger its profitability.
The data source of the above chart: Liyuan Information Financial Report Announcement
Accounts payable turnover rate reflects the liquidity of a company's accounts payable. A reasonable accounts payable turnover rate comes from comparisons with the same industry and the company's historical normal level.
Specifically, if the accounts payable turnover rate is lower than the industry average , it means that the company can use more of the supplier 's payment than its peers , but at the same time it also has to bear more repayment pressure. Vice versa.
Data source: Financial announcements of various companies
Debt-paying capacity refers to the ability of an enterprise to repay its due debts, mainly including the ability to repay short-term and long-term debts. The main indicator affecting an enterprise's long-term debt-paying capacity is the debt-to-asset ratio.
Long-term solvency analysis
Data source: Liyuan Information Financial Report Announcement
Data source: Financial announcements of various companies
Evaluation of debt-to-asset ratio indicators:
Generally speaking, the appropriate level of debt-to-asset ratio is 40% to 60%;
80% is the warning line;
If it reaches or exceeds 100%, it means that the company has no net assets or is insolvent.
Short-term solvency analysis
Generally speaking, the main indicators to measure a company's short-term debt repayment ability are the current ratio and quick ratio.
Data source: Liyuan Information Financial Report Announcement
Current ratio and quick ratio indicator evaluation:
Generally speaking, the higher the current ratio, the stronger the company's asset liquidity and short-term debt repayment ability; otherwise, it is weak.
Generally, the current ratio should be above 2:1, which means that current assets are twice the current liabilities. Even if half of the current assets cannot be converted into cash in the short term, all current liabilities can be repaid.
The quick ratio refers to the ratio of quick assets to current liabilities. It measures the ability of a company's current assets to be immediately converted into cash to repay current liabilities. It is generally believed that a quick ratio above 1 indicates a strong debt repayment ability.
Data source: Financial announcements of various companies
Generally speaking, there are two development models for listed companies, one is extensive and the other is endogenous.
Since 2013, Liyuan Information has launched large-scale external mergers and acquisitions, spending 3.258 billion yuan in just three years to acquire Shenzhen Dingxin Unlimited, Nanjing Feiteng Electronics and Wuhan Patai. These mergers and acquisitions will promote the company's sales growth to a certain extent.
However, from 2007 to 2018, Liyuan's operating income had a compound growth rate of 148.94%, and its net profit margin had a compound growth rate of 129.79%. That is, in 11 years, Liyuan's operating income increased by 119 times, and its net profit margin increased by 23 times. In other words, Liyuan Information's net profit growth rate was much lower than the growth rate of its operating income.
Data source: Liyuan Information Financial Report Announcement
Cash flow is the blood of an enterprise, and operating cash flow reflects the enterprise's ability to generate cash. Cash flow from operating activities per share and the ratio of cash flow from operating activities to net profit both reflect whether the enterprise has enough cash to guarantee dividends.
Some people say that profit is just wealth on paper, while cash flow is real money.
Data source: Liyuan Information Financial Report Announcement
Based on Buffett's stock selection indicators and the indicators that most investors value, this report selects six main indicators to compare similar companies in the industry. The main data indicators and trend analysis of Liyuan Information are as follows.
The data involving the circulating market value is as of May 29 , 2019
Data source: Shenzhen Stock Exchange
Liyuan Information is mainly engaged in the promotion, sales and application services of electronic components such as ICs. Its main competitors are several major manufacturers with similar businesses to the company. In mainland China, they mainly include Shenzhen Huaqiang, Will Holdings, and Intang Intelligent Control, in Taiwan and Hong Kong, they mainly include Xinzhi Holdings and WPG, and abroad they mainly include Avnet and Arrow Electronics in the United States. The main indicators of several companies are now compared for reference.
Comparison of main indicators of similar companies in the industry in fiscal year 2018
Data source: Financial announcements of various companies
This research report mainly selects the indicators that investors are most concerned about from an economic perspective and conducts detailed analysis and interpretation. The content is for reference only and does not constitute any investment advice. Investors operate at their own risk.
There are risks in the stock market, so you should be cautious when entering the market.
Follow the "Xin Shiye" public account and reply "Liyuan" to get the pdf version of the complete report, thank you.
The data in this report are all from stock exchanges and company financial reports. They are for readers’ reference only and are not used for any commercial purpose. If you have any questions, please contact us at info@gsi24.com.
Today's Core News Robot Civilization
京公网安备 11010802033920号