China Securities Intelligent Financial News Western Construction (002302) disclosed its third quarter report for 2024 on October 22. In the first three quarters, the company achieved operating income of 15.017 billion yuan, a year-on-year decrease of 8.11%; the net profit attributable to the parent company was 9.6889 million yuan, a year-on-year decrease of 97.27%; After deducting the non-net profit loss of 26.0874 million yuan, the profit of 317 million yuan in the same period of last year, the net cash flow from operating activities was -952 million yuan, compared with -1.603 billion yuan in the same period of last year, and the basic earnings per share of Western Construction was -0.0111 yuan, and the weighted average return on equity was -0.15% during the reporting period.

Based on the closing price on October 21, the current price-to-earnings ratio (TTM) of Western Construction is about 32.81 times, the price-to-book ratio (LF) is about 1.01 times, and the price-to-sales ratio (TTM) is about 0.46 times.

According to the data, the company's main business is ready-mixed concrete and related business.

In terms of profitability, the company's weighted average return on equity in the first three quarters of 2024 was -0.15%, down 3.84 percentage points year-on-year. The company's return on invested capital in the first three quarters of 2024 was 0.83%, down 2.51 percentage points from the same period last year.

In the first three quarters of 2024, the company's net cash flow from operating activities was -952 million yuan, an increase of 651 million yuan year-on-year, net cash flow from financing activities was -768 million yuan, a year-on-year decrease of 94.2568 million yuan, and net cash flow from investment activities was -230 million yuan, compared with -220 million yuan in the same period last year.

In terms of major changes in assets, as of the end of the third quarter of 2024, the company's notes receivable and accounts receivable increased by 13.85% from the end of the previous year, accounting for 5.97 percentage points of the company's total assets, monetary funds decreased by 48.43% from the end of the previous year, accounting for 5.83 percentage points of the company's total assets, other current assets increased by 88.68% from the end of the previous year, accounting for 0.99 percentage points of the company's total assets, and right-of-use assets decreased by 19.32% from the end of the previous year. The proportion of the company's total assets decreased by 0.85 percentage points.

In terms of major changes in liabilities, as of the end of the third quarter of 2024, the company's non-current liabilities due within one year decreased by 59.12% from the end of the previous year, accounting for 2.19 percentage points of the company's total assets, notes payable and accounts payable increased by 8.45% from the end of the previous year, accounting for 1.85 percentage points of the company's total assets, long-term borrowings increased by 231.09% from the end of the previous year, accounting for 1.22 percentage points of the company's total assets, and other current liabilities increased by 94.71% from the end of the previous year. The proportion of the company's total assets increased by 0.96 percentage points.

For the first three quarters of 2024, the company has a current ratio of 1.35 and a quick ratio of 1.33.

According to the third quarterly report, among the top ten circulating shareholders of the company at the end of the third quarter of 2024, the new shareholder is the Southern CSI 1000 Exchange-traded Open-ended Index Securities Investment Fund, replacing Zhejiang Guangjie Investment Management Co., Ltd. at the end of the second quarter. In terms of specific shareholding ratio, the shareholding of Hong Kong Securities Clearing Co., Ltd. has increased, and the shareholding of Tianshan Materials Co., Ltd. has decreased.

Proofreading: Shen Nan

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.