Western Superconductor (688122.SH): Achieve net profit of 752 million yuan in 2023, a year-on-year decrease of 30.33%

On March 30, 2024, Western Superconductor (688122)(688122.SH) released its 2023 full-year performance report.

The company achieved operating income of 4.159 billion yuan, a year-on-year decrease of 1.62%, net profit attributable to the parent company of 752 million yuan, a year-on-year decrease of 30.33%, and net cash flow from operating activities of 162 million yuan, a year-on-year decrease of 45.85%. The asset-liability ratio was 44.26%, a year-on-year increase of 0.52 percentage points.

The company's gross sales margin was 31.87%, a year-on-year decrease of 7.58 percentage points. Basic earnings per share were 1.16 yuan, a year-on-year decrease of 50.24%. The return on diluted net assets was 11.90%, a year-on-year decrease of 6.11 percentage points.

The company's inventory turnover rate was 0.99 times, down 0.30 times year-on-year, and the total asset turnover rate was 0.36 times, down 0.07 times year-on-year.

The company's advance receipts were approximately 1.03 million yuan, sales expenses were approximately 30.5 million yuan, management expenses were approximately 194 million yuan, and financial expenses were approximately 46.57 million yuan.

The company's main businesses are high-end titanium alloy materials, superconducting products, high-performance superalloy materials, and other businesses, accounting for 65.02%, 25.54%, 5.68%, and 3.76%, and achieved revenue of 2.505 billion yuan, 985 million yuan, 474 million yuan, and 195 million yuan respectively, with gross profit margins of 34.41%, 34.39%, 15.86%, and 25.58%, respectively.