China Securities Intelligent Financial News Tianneng Co., Ltd. (688819) disclosed its 2024 annual report on March 28. In 2024, the company will achieve a total operating income of 45.042 billion yuan, a year-on-year decrease of 5.67%; the net profit attributable to the parent company was 1.555 billion yuan, a year-on-year decrease of 32.54%; deducted non-net profit of 1.098 billion yuan, a year-on-year decrease of 41.70%; the net cash flow from operating activities was 6.563 billion yuan, a year-on-year increase of 159.01%; During the reporting period, the basic earnings per share of Tianneng shares was 1.6 yuan, and the weighted average return on equity was 10.03%. The company's 2024 annual distribution plan is: it intends to distribute 4.1 yuan (tax included) to all shareholders for every 10 shares.

Based on the closing price on March 27, Tianneng shares currently have a price-to-earnings ratio (TTM) of about 18.12 times, a price-to-book ratio (LF) of about 1.77 times, and a price-to-sales ratio (TTM) of about 0.63 times.

According to the data, the company's main electric light vehicle power batteries, energy storage batteries, special vehicle power batteries, and automobile start-stop batteries.

According to the data, the company's weighted average return on equity in 2024 will be 10.03%, down 5.86 percentage points from the same period last year. The company's return on invested capital in 2024 will be 6.69%, down 4.04 percentage points from the same period last year.

As of 2024, the company's net cash flow from operating activities will be 6.563 billion yuan, a year-on-year increase of 159.01%; Net cash flow from financing activities decreased by 3.525 billion yuan to -3.168 billion yuan, and net cash flow from investment activities was -2.457 billion yuan, compared with -3.072 billion yuan in the same period last year.

In terms of major changes in assets, as of the end of 2024, the company's monetary funds increased by 65.18% from the end of the previous year, accounting for 10.64 percentage points of the company's total assets, the total number of projects under construction decreased by 42.06% from the end of the previous year, and the proportion of the company's total assets decreased by 3.85 percentage points, the notes receivable and accounts receivable decreased by 12.85% from the end of the previous year, and the proportion of the company's total assets decreased by 3.06 percentage points, and the inventory increased by 14.94% from the end of the previous year. The proportion of the company's total assets decreased by 1.11 percentage points.

In terms of major changes in liabilities, as of the end of 2024, the company's short-term borrowings increased by 157.1% from the end of the previous year, accounting for 7.38 percentage points of the company's total assets, notes payable and accounts payable increased by 46.9% from the end of the previous year, accounting for 4.29 percentage points of the company's total assets, other payables (including interest and dividends) increased by 0.5% from the end of the previous year, accounting for 1.74 percentage points of the company's total assets, and contract liabilities decreased by 6.18% from the end of the previous year. The proportion of the company's total assets decreased by 0.9 percentage points.

From the perspective of inventory changes, as of the end of 2024, the book value of the company's inventory was 6.549 billion yuan, accounting for 41.22% of net assets, an increase of 851 million yuan from the end of the previous year. Among them, the provision for inventory decline was 76.174 million yuan, and the provision ratio was 1.15%.

For the whole year of 2024, the company's R&D investment will be 1.875 billion yuan, a year-on-year increase of 4.75%; R&D investment accounted for 4.16% of operating income, an increase of 0.41 percentage points over the same period last year.

In 2024, the company has a current ratio of 1.22 and a quick ratio of 0.96.

According to the annual report, among the top ten circulating shareholders of the company at the end of 2024, Tianneng Holding Group Co., Ltd. holds the largest shareholding, accounting for 81.885%. In terms of specific shareholding ratios, the shareholdings of ChinaAMC SSE Science and Technology Innovation Board 50 Component Exchange-traded Open-ended Index Securities Investment Fund, E Fund SSE Science and Technology Innovation Board 50 Component Exchange-traded Open-ended Index Securities Investment Fund, and Three Gorges Ruiyuan Innovation and Entrepreneurship Equity Investment Fund (Tianjin) Partnership (Limited Partnership) have decreased.

Proofreading: Sun Ping

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. The quantile calculation range of the three is from the company's listing to the latest announcement date.

When the P/E ratio and price-to-book ratio are negative, the current quantile is not displayed, which will cause the line chart to be interrupted.