China Securities Intelligent Financial News and Hui Optoelectronics (688538) disclosed its 2023 semi-annual report on August 12. In the first half of 2023, the company achieved total operating income of 1.373 billion yuan, a year-on-year decrease of 23.38; net profit loss of 1.296 billion yuan, loss of 0.474 billion yuan in the same period last year; non-net profit loss of 1.352 billion yuan, loss of 0.58 billion yuan in the same period last year; operating activities The net cash flow generated was -0.27 billion yuan, compared with -29.6351 million yuan in the same period last year; during the reporting period, Hehui Optoelectronics's basic earnings per share were -0.09 yuan, the weighted average return on net assets was -8.55 per cent.

based on the closing price on August 11, the current price-to-earnings ratio (TTM) of Hehui Optoelectronics is about -15.09 times, the price-to-book ratio (LF) is about 2.52 times, and the price-to-sales ratio (TTM) is about 9.7 times.

The historical map of the company's price-to-book ratio (LF) and price-to-sales ratio (TTM) in recent years is as follows:

According to the semi-annual report, the company achieved total operating income of 0.527 billion billion yuan in the second quarter, down 32.82 percent from the same period last year and 37.83 percent from the previous month; net profit attributable to the parent -0.87 billion billion yuan, down 205.32 percent from the same period last year and 104.39 percent from the previous month; and net profit after deduction -0.9 billion billion yuan, down 170.93 percent from the same period last year and 99.19 percent from the previous month.

According to the data, the company mainly focuses on the research and development, production and sales of high-resolution AMOLED semiconductor display panels. The company's AMOLED semiconductor display panel products are mainly used in consumer terminal electronic products such as smart phones, smart wear and tablet/notebook computers, at the same time, the company is also actively developing and producing AMOLED semiconductor display panel products suitable for automotive display, airborne display, desktop display, smart home display, industrial control display, medical display and other professional display fields.

In the first half of 2023, the company's gross profit margin was -45.72, a year-on-year decrease of 31.55 percentage points; the net profit margin was -94.37, a decrease of 67.93 percentage points from the same period last year. In terms of single-quarter indicators, the company's gross profit margin in the second quarter of 2023 was -84.74 percent, down 63.21 percentage points from the same period last year and 63.28 percentage points from the previous quarter, while the net profit margin was -165.29 percent, down 128.92 percentage points from the same period last year and 115.01 percentage points from the previous quarter.

According to the data, the company's weighted average return on net assets in the first half of 2023 was -8.55%, down 5.79 percentage points from the same period last year; the company's return on invested capital in the first half of 2023 was -3.66%, down 2.46 percentage points from the same period last year.

In the first half of 2023, the company's net cash flow from operating activities was -0.27 billion yuan, a year-on-year decrease of 0.241 billion yuan; net cash flow from financing activities was 0.17 billion yuan, an increase of 0.36 billion yuan year-on-year; net cash flow from investment activities was 0.186 billion yuan, compared with the same period last year. -0.72 billion yuan.

Further statistics found that the company's free cash flow in the first half of 2023 was -0.402 billion yuan, compared with -0.586 billion yuan in the same period last year.

In the first half of 2023, the company's cash ratio to operating income was 139.87 percent.

in terms of operating capacity, in the first half of 2023, the turnover rate of the company's total assets was 0.05 times, compared with 0.05 times in the same period last year (the industry average in the first half of 2022 was 0.28 times, ranking 40/42 in the same industry); The turnover rate of fixed assets was 0.08 times, compared with 0.12 times in the same period last year (the industry average in the first half of 2022 was 1.62 times, ranking 41/42 in the same industry); the Company's accounts receivable turnover rate and inventory turnover rate were 3.68 and 1.35 times, respectively.

In the first half of 2023, the company's period expenses were 0.555 billion yuan, an increase of 0.315 billion yuan from the same period last year; the period expense rate was 40.40, an increase of 27.04 percentage points from the same period last year. Among them, sales expenses increased by 0.35, management expenses increased by 0.16, research and development expenses increased by 46.1, and financial expenses increased by 295.92.

in terms of major changes in assets, as of the end of the second quarter of 2023, the company's construction in progress increased by 13.14 compared with the end of the previous year, accounting for 3.48 percentage points of the company's total assets; accounts receivable decreased by 58.70 compared with the end of the previous year, accounting for 0.97 percentage points of the company's total assets; fixed assets decreased by 3.23 compared with the end of the previous year, accounting for 0.63 percentage points; the balance of monetary funds increased by 19.91, the proportion of the company's total assets increased by 0.33 percentage points.

in terms of major changes in liabilities, as of the end of the second quarter of 2023, the company's non-current liabilities due within one year increased by 93.88 compared with the end of the previous year, accounting for 2.30 percentage points of the company's total assets; accounts payable decreased by 42.34 compared with the end of the previous year, accounting for 1.78 percentage points of the company's total assets; long-term loans decreased by 0.89 compared with the end of the previous year, accounting for 1.41 percentage points; contractual liabilities decreased by 32.38 compared with the end of last year, accounting for 0.08 percentage points of the company's total assets.

From the perspective of inventory changes, as of the end of the first half of 2023, the book value of the company's inventory was 1.473 billion yuan, accounting for 10.15 of net assets, a decrease of 15.6527 million yuan from the end of the previous year. Among them, the provision for inventory decline is 0.326 billion yuan, with a provision ratio of 18.13.

In terms of solvency, the company's asset-liability ratio at the end of the second quarter of 2023 was 50.93, an increase of 2.09 percentage points compared to the end of the previous year; the interest-bearing asset-liability ratio was 46.38, an increase of 4.05 percentage points compared to the end of the previous year.

In the first half of 2023, the company's current ratio was 1.68 and its quick ratio was 1.09.

The semi-annual report shows that among the company's top ten tradable shareholders at the end of the first half of 2023, Shanghai Integrated Circuit Industry Investment Fund Co., Ltd. held the most shares, accounting for 13.81. The list of the top ten circulating shareholders remains unchanged from the first quarter of 2023. In terms of specific shareholding ratios, the holdings of Huaxia SSE 50-component traded open-end index securities investment fund and E Fund SSE 50-component traded open-end index securities investment fund increased, guangzhou Kaide Investment Holdings Co., Ltd., China Insurance Investment Fund (Limited Partnership), China Securities Shanghai State-owned Enterprise Trading Open Index Securities Investment Fund, Shanghai Science and Technology Venture Capital (Group) Co., Ltd., and Shanghai Jiushi Investment Management Co., Ltd. Decline.

In terms of chip concentration, as of the end of the second quarter of 2023, the total number of shareholders of the company was 144800, a decrease of 7323 from the end of the first quarter, a decrease of 4.82; the average market value of the shares held by each household rose from 234700 yuan at the end of the first quarter to 243700 yuan, an increase of 3.83.

Indicator notes:

P/E

= Total Market Cap/Net Profit. When the company loses money when the P/E ratio is negative, it is not practical to use the P/E ratio to value, often using the P/E ratio or the price-to-sales ratio as a reference.

Price-to-Book Ratio

= Total market capitalization/net assets. The P/E valuation method is mostly used for companies with volatile earnings and relatively stable net assets.

Market-to-sales ratio

= Total market value/operating income. The price-to-sales valuation method is usually used for growth companies that are losing money or making small profits.

The P/E and P/S ratios in this article are calculated using TTM, which is based on data for the 12 months to the most recent financial report (including forecasts). The price-to-book ratio is calculated using the LF method, which is based on the most recent financial report data.

When the P/E ratio is negative, the current decile is not displayed, which will cause the line chart to be interrupted.