China Securities Intelligent Financial News Fumiao Technology (688350) disclosed its 2024 annual performance forecast on the evening of January 17, and it is expected to achieve operating income of 1.484 billion yuan to 1.634 billion yuan in 2024, a year-on-year decrease of 0.37%-9.52%; The net profit loss attributable to the parent company was 3.8 million yuan to 5.7 million yuan, compared with a profit of 27.2076 million yuan in the same period last year, and the non-net profit loss was 10.9 million yuan to 15.3 million yuan, compared with a profit of 20.0357 million yuan in the same period last year. Based on the closing price on January 17, Fumiao Technology's current price-to-earnings ratio (TTM) is about -279.66 times to -419.49 times, the price-to-book ratio (LF) is about 1.17 times, and the price-to-sales ratio (TTM) is about 1.02 times.

Based on the average value of this disclosed performance forecast, the company's price-to-earnings ratio (TTM) chart in recent years is as follows

According to the announcement, the reason for the change in the company's performance is that during the reporting period, affected by the slowdown in global economic growth, the continued sluggish downstream demand, and the increasingly fierce competition in the industry, the company's chemical business expansion and new product launch have brought challenges, and the sales price has declined. At the same time, the insufficient operating rate of enterprises in the park has also led to a decline in the supply and marketing of energy, resulting in a slight decline in the company's revenue.

During the reporting period, under the competitive pressure of market supply and demand changes, the competition in the industry stock intensified, the sales price declined, and the sales structure changed. At the same time, the depreciation and amortization costs brought by the consolidation of fund-raising projects and the investment in new projects led to a year-on-year decline in the overall gross profit margin.

The company issued convertible corporate bonds in December 2022, and during the reporting period, the company's fund-raising and investment projects were consolidated, resulting in the corresponding part of the interest expense, resulting in a large increase in financial expenses.

On July 31, 2022, the company acquired 100% equity of Suzhou Jingchang Technology Development Co., Ltd., forming a goodwill of 30.7389 million yuan. During the reporting period, Jiangsu Changjiu Agricultural Science and Chemical Co., Ltd., which is indirectly controlled by Suzhou Jingchang Science and Technology Development Co., Ltd., incurred losses, resulting in a large provision for goodwill impairment.

Affected by the decrease in investment in water environment treatment and environmental protection projects, the company's membrane business development in the reporting period was less than expected.

Proofreading: Yang Ning

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.