Yue'an Xincai (688786)'s financial analysis of the first quarter of 2023: net profit decreases by 39.28%, and the proportion of three fees increases significantly

According to the public data of Securities Star, Yue'an Xincai (688786) recently released the first quarter report of 2023. According to the financial report, the net profit of Yue'an New Material in the reporting period decreased by 39.28%, and the proportion of three fees increased significantly. As of the end of the reporting period, the company's total operating revenue was 79.1668 million yuan, down 23.66% year on year, and the net profit attributable to the parent company was 16.3863 million yuan, down 39.28% year on year. According to the single quarter data, the total operating revenue in the first quarter was 79.1668 million yuan, down 23.66% year on year, and the net profit attributable to the parent company in the first quarter was 16.3863 million yuan, down 39.28% year on year.

The performance of various data indicators released in this financial report is not satisfactory. Among them, the gross profit rate was 37.22%, up 3.74% year on year, the net profit rate was 20.72%, down 22.58% year on year, the sales expenses, administrative expenses and financial expenses totaled 9.0365 million yuan, the three expenses accounted for 11.41% of the revenue, up 120.27% year on year, the net asset per share was 7.93 yuan, up 6.93% year on year, the operating cash flow per share was -0.08 yuan, down 126.19% year on year, the earnings per share was 0.19 yuan, down 40.62% year on year.

The financial report analysis tool of Securities Star Price Investment Circle shows that:

(Data pictures are for reference only)

From the company's latest financial statements in 2022, in terms of profitability, the main business has a high position in the industrial chain, premium rights, and a good marketing competitive environment.

Further analysis of the Company's historical financial statements over the past ten years shows that its profitability is good in the long run. Business volume and profits have experienced rapid growth in the past five years. Its latest profit forecast shows that profit growth will increase.

The analysis of the company's financial report data shows that special attention should be paid to the inventory data. The proportion of the company's three fees increased significantly.

Reliable analyst opinion: the company's future performance will grow rapidly and grow well.

The fund holding the most Yue'an New Materials is Hang Seng Qianhai High end Manufacturing Hybrid A, with the current scale of 11 million yuan and the latest net value of 0.7669 (April 24), down 1.16% from the previous trading day. The current fund manager of the fund is Xing Cheng Qiteng.

Recently, well-known institutions have paid attention to the following issues of the company:

Q: Is the effect of the first raised project of the company on cost reduction consistent with the capacity invested by the proposed self raised fund this time? What is the current order support for the first raised project to release capacity this year?

A: Dear investors. The process of the company's first raised investment project is partially optimized on the basis of the existing production line process, focusing on improving the automation level and production efficiency, while maintaining the stable performance of the product, so the cost has decreased slightly; The 3000 ton demonstration line invested and constructed with self raised funds adopts innovative technology, which is expected to reduce the cost significantly; After the completion of the company's first raised project, the capacity will increase by 6000 tons/year (planned to be released in three years); The company's new production capacity this year is mainly for automotive applications, and some of it is for high power inductors for servers. Thank you for your attention!

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