China Securities Intelligent Financial News and Hui Optoelectronics (688538) disclosed their 2024 annual reports on March 29. In 2024, the company will achieve a total operating income of 4.958 billion yuan, a year-on-year increase of 63.19%; The net profit loss attributable to the parent company was 2.518 billion yuan, compared with a loss of 3.244 billion yuan in the same period last year, the loss of non-net profit was 2.586 billion yuan, the loss was 3.332 billion yuan in the same period last year, the net cash flow from operating activities was -172 million yuan, compared with -278 million yuan in the same period last year, and the basic earnings per share of Hehui Optoelectronics was -0.18 yuan, and the weighted average return on equity was -22.29% during the reporting period.

Based on the closing price on March 28, the current price-to-earnings ratio (TTM) of Hehui Optoelectronics is about -12.19 times, the price-to-book ratio (LF) is about 3.06 times, and the price-to-sales ratio (TTM) is about 6.19 times.

According to the data, the company mainly focuses on the R&D, production and sales of high-resolution AMOLED semiconductor display panels. The company's AMOLED semiconductor display panel products are mainly used in smart phones, smart wearables, tablets, laptops and other consumer terminal electronic products, and the company is also actively developing and producing AMOLED semiconductor display panel products suitable for on-board displays, aviation airborne displays, desktop displays, smart home displays, industrial control displays, medical displays and other professional display fields.

According to the data, the company's weighted average return on equity in 2024 will be -22.29%, an increase of 0.59 percentage points from the same period last year. The company's return on invested capital in 2024 was -7%, an increase of 2.8 percentage points from the same period last year.

As of 2024, the company's net cash flow from operating activities was -172 million yuan, an increase of 106 million yuan year-on-year, net cash flow from financing activities was 2.909 billion yuan, an increase of 2.568 billion yuan year-on-year, and net cash flow from investment activities was -886 million yuan, compared with 483 million yuan in the same period last year.

In terms of major changes in assets, as of the end of 2024, the total number of projects under construction of the company decreased by 40.32% from the end of the previous year, accounting for 9.89 percentage points of the company's total assets, monetary funds increased by 198.83% from the end of the previous year, accounting for 6.16 percentage points of the company's total assets, fixed assets increased by 9.24% from the end of the previous year, accounting for 3.07 percentage points of the company's total assets, and notes receivable and accounts receivable increased by 107.87% from the end of the previous year. The proportion of the company's total assets increased by 1.27 percentage points.

In terms of major changes in liabilities, as of the end of 2024, the company's long-term borrowings decreased by 44.19% compared with the end of the previous year, accounting for 20.29 percentage points of the company's total assets, and the total long-term payables accounted for 1.92% of the company's total assets, compared with 0 at the end of the previous year. Other payables (including interest and dividends) decreased by 50.33% from the end of the previous year, accounting for 0.17 percentage points of the company's total assets, and contract liabilities decreased by 31.57% from the end of the previous year, accounting for 0.11 percentage points of the company's total assets.

From the perspective of inventory changes, as of the end of 2024, the book value of the company's inventory will be 832 million yuan, accounting for 8.29% of net assets, a decrease of 28.9591 million yuan from the end of the previous year. Among them, the provision for inventory decline was 423 million yuan, and the provision ratio was 33.71%.

For the whole year of 2024, the company's R&D investment will be 495 million yuan, a year-on-year increase of 5.01%; R&D investment accounted for 9.99% of operating income, down 5.53 percentage points from the same period last year. In addition, the capitalization rate of the company's R&D investment for the whole year was 57.93%.

In 2024, the company has a current ratio of 0.46 and a quick ratio of 0.39.

According to the annual report, among the top ten circulating shareholders of the company at the end of 2024, the new shareholder is ICBC Credit Suisse SSE Science and Technology Innovation Board 50 Component Exchange-traded Open-ended Index Securities Investment Fund, replacing Guangzhou Kaide Investment Holding Co., Ltd. and Shanghai Guoxin Investment Development Co., Ltd. at the end of the third quarter. In terms of specific shareholding ratios, the shareholdings of Shanghai Integrated Circuit Industry Investment Fund Co., Ltd., 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, Hong Kong Securities Clearing Co., Ltd., CSI Shanghai State-owned Enterprises Exchange-traded Open-ended Index Securities Investment Fund, CSI 500 Exchange-traded Open-ended Index Securities Investment Fund, and Shanghai Jiushi Investment Management Co., Ltd. have declined.

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.