Ruichuang Micro-Nano (688002) disclosed its 2024 semi-annual report on August 30. In the first half of 2024, the company achieved operating income of 2.022 billion yuan, a year-on-year increase of 13.32%; the net profit attributable to the parent company was 224 million yuan, a year-on-year decrease of 12.91%; deducted non-net profit of 208 million yuan, a year-on-year decrease of 9.45%; the net cash flow from operating activities was 74.3108 million yuan, a year-on-year increase of 81.52%; During the reporting period, the basic earnings per share of Ruichuang Micro-Nano was 0.5 yuan, and the weighted average return on equity was 4.65%. The company's 2024 semi-annual distribution plan is: it intends to distribute 0.55 yuan (tax included) to all shareholders for every 10 shares.

According to the announcement, the change in the company's operating income was mainly due to the growth of infrared thermal imaging business revenue during the reporting period.

Based on the closing price on August 29, the current price-to-earnings ratio (TTM) is about 23.83 times, the price-to-book ratio (LF) is about 2.23 times, and the price-to-sales ratio (TTM) is about 2.9 times.

The historical quantile charts of the company's price-to-earnings ratio (TTM), price-to-book ratio (LF) and price-to-sales ratio (TTM) in recent years are as follows:

According to the semi-annual report, the company achieved a total operating income of 1.015 billion yuan in the second quarter, an increase of 2.08% year-on-year and 0.79% month-on-month; the net profit attributable to the parent company was 95.7717 million yuan, down 45.58% year-on-year and 25.51% month-on-month; The non-net profit was 93.2145 million yuan, down 39.47% year-on-year and 18.72% month-on-month.

According to the semi-annual report, the company is a leading national high-tech enterprise specializing in the design and manufacturing technology development of application-specific integrated circuits and special chips, deeply cultivating multi-dimensional perception fields such as infrared, microwave and laser, mastering the core technology of multispectral sensing research and development and AI algorithm research and development, and providing global customers with MEMS chips, ASIC processor chips, infrared thermal imaging products and laser, microwave products and optoelectronic systems with excellent performance.

In the first half of 2024, the company's gross profit margin was 49.46%, down 0.33 percentage points year-on-year, and its net profit margin was 8.54%, down 4.93 percentage points year-on-year. In terms of single-quarter indicators, the company's gross profit margin in the second quarter of 2024 was 52.26%, down 0.13 percentage points year-on-year and up 5.62 percentage points quarter-on-quarter, and the net profit margin was 6.98%, down 9.63 percentage points from the same period last year and down 3.14 percentage points from the previous quarter.

According to the data, the company's weighted average return on equity in the first half of 2024 was 4.65%, down 1.37 percentage points from the same period last year, and the company's return on invested capital in the first half of 2024 was 2.91%, down 1.63 percentage points from the same period last year.

In the first half of 2024, the company's net cash flow from operating activities was 74.3108 million yuan, a year-on-year increase of 81.52%; Net cash flow from financing activities decreased by 1.501 billion yuan to RMB103 million, and net cash flow from investing activities decreased by RMB304 million, compared to RMB856 million in the same period last year.

Further statistics found that the company's free cash flow in the first half of 2024 was -116 million yuan, compared with -595 million yuan in the same period last year.

In the first half of 2024, the company's operating income to cash ratio was 93.71%, and the net cash ratio was 33.12%.

In terms of operating capacity, in the first half of 2024, the company's total asset turnover ratio was 0.24 times, compared to 0.24 times in the same period last year (the industry average in the first half of 2023 was 0.13 times, and the company ranked 8/63 in the same industry); The fixed asset turnover ratio was 1.12 times, compared with 1.26 times in the same period last year (the industry average in the first half of 2023 was 1.69 times, and the company ranked 41/63 in the same industry); The company's accounts receivable turnover rate and inventory turnover rate were 1.58 times and 0.62 times, respectively.

In the first half of 2024, the company's expenses for the period were 687 million yuan, an increase of 105 million yuan over the same period of last year, and the expense ratio for the period was 33.97%, an increase of 1.39 percentage points over the same period of last year. Among them, sales expenses increased by 23.3% year-on-year, administrative expenses increased by 7.35% year-on-year, R&D expenses increased by 21.92% year-on-year, and financial expenses increased by 33.5% year-on-year.

According to the data, the change in selling expenses was mainly due to the increase in labor costs, marketing expenses and after-sales maintenance expenses during the reporting period; The change in administrative expenses was mainly due to the increase in labor costs, depreciation and amortization expenses during the reporting period. The change in finance expenses was mainly due to a decrease in interest income from deposits; The change in R&D expenses was mainly due to the increase in labor costs, depreciation and amortization expenses during the reporting period.

In terms of major changes in assets, as of the end of the first half of 2024, the company's monetary funds decreased by 17.91% from the end of the previous year, accounting for 3.70 percentage points of the company's total assets, other current assets increased by 316.47% from the end of the previous year, accounting for 2.25 percentage points of the company's total assets, inventory increased by 12.76% from the end of the previous year, accounting for 1.32 percentage points of the company's total assets, and deferred income tax assets increased by 70.56% from the end of the previous year. The proportion of the company's total assets increased by 1.04 percentage points.

In terms of major changes in liabilities, as of the end of the first half of 2024, the company's taxes payable increased by 810.43% from the end of the previous year, accounting for 2.08 percentage points of the company's total assets, accounts payable increased by 25.02% from the end of the previous year, accounting for 1.53 percentage points of the company's total assets, other current liabilities decreased by 56.21% from the end of the previous year, accounting for 0.85 percentage points of the company's total assets, and the compensation payable to employees decreased by 50.71% from the end of the previous year. The proportion of the company's total assets decreased by 0.80 percentage points.

From the perspective of inventory changes, as of the end of the first half of 2024, the book value of the company's inventory was 1.754 billion yuan, accounting for 35.52% of net assets, an increase of 199 million yuan from the end of the previous year. Among them, the provision for inventory decline was 127 million yuan, and the provision ratio was 6.73%.

In terms of solvency, the company's asset-liability ratio at the end of the first half of 2024 was 40.51%, an increase of 2.25 percentage points from the end of the previous year, and the interest-bearing asset-liability ratio was 18.85%, a decrease of 0.11 percentage points from the end of the previous year.

For the first half of 2024, the company has a current ratio of 2.51 and a quick ratio of 1.59.

According to the semi-annual report, among the top ten circulating shareholders of the company at the end of the first half of 2024, the new shareholder is Invesco Great Wall Electronic Information Industry Equity Securities Investment Fund, which replaces the three-year regular open flexible allocation hybrid securities investment fund of Dongfang Hong Ruixi at the end of the first quarter. In terms of specific shareholding ratios, the holdings of Hong Kong Securities Clearing Co., Ltd., Invesco Great Wall Fund China Life Growth Equity Portfolio Single Asset Management Plan (available for sale), Invesco Great Wall New Energy Industry Equity Securities Investment Fund, and Invesco Great Wall Growth Leading One-year Holding Period Hybrid Securities Investment Fund have increased, while the holdings of Ma Hong, Li Weicheng, Liang Jun, Fang Xinqiang, and Shenzhen Innovation Investment Group Co., Ltd. have decreased.

In terms of chip concentration, as of the end of the first half of 2024, the total number of shareholders of the company was 20,900, an increase of 4,972 or 31.20% from the end of the first quarter; The average market value of shares held by households decreased from 1.112 million yuan at the end of the first quarter to 599,900 yuan, a decrease of 46.05%.

indicator annotation:

P/E ratio

= Total Market Capitalization / Net Profit. When the company loses money, the P/E ratio is negative, and it is not practical to use the P/E ratio for valuation, and the P/B ratio or P/B ratio is often used as a reference.

Price-to-book ratio

= Total Market Capitalization / Net Assets. The price-to-book ratio valuation method is mostly used for companies with large fluctuations in earnings and relatively stable net assets.

Price-to-sales ratio

= Total Market Capitalization / Operating Income. The price-to-sales ratio method is often used for growing companies that are losing money or making small profits.

The price-to-earnings ratio and price-to-sales ratio in this article are calculated using the TTM method, that is, the data for the 12 months up to the latest financial report (including forecast). The price-to-book ratio is calculated using the LF method, that is, based on the latest financial report data.

When the P/E ratio is negative, the current quantile is not displayed, which will cause the line chart to break.