As a leader in the electrical automation industry, Megmeet (stock code: 002851) relies on its core technology in the power electronics and related control industry to continue to promote the development of six categories of products, including electronic control products for smart home appliances, power products, new energy and rail transit components, industrial automation, intelligent equipment, and precision connections. In 2023, Megmeet achieved steady growth in performance with a wide range of product applications and continuous innovation in technology.
In terms of assets and liabilities, Megmeet's total assets increased 19.48% from 8.465 billion yuan in 2022 to 10.113 billion yuan in 2023. Total liabilities also increased from 4,633 billion yuan in 2022 to 5.573 billion yuan in 2023, indicating that while the company is expanding its scale, financial leverage has also increased. The balance ratio increased slightly, from 54.73% in 2022 to 55.1% in 2023, but overall remained within a reasonable range. The decline in goodwill from $98.5 million to $73.46 million may reflect the company's careful evaluation and impairment testing of M&A assets.
In terms of profit, Megmeet's revenue in 2023 reached 6.754 billion yuan, an increase of 23.30% compared with 5.478 billion yuan in 2022. Operating profit and net profit were 633 million yuan and 625 million yuan respectively, with year-on-year increases of 24.97% and 30.40%, respectively, indicating that the company's profitability and efficiency have improved. The increase in gross margin and net margin increased from 23.76% and 8.75% to 24.94% and 9.26%, respectively, further verifying the company's advantage in cost control and market competitiveness.
In terms of cash flow, net cash flow from operating activities was drastically changed from -20.74 million yuan in 2022 to 310 million yuan in 2023, reflecting a significant improvement in the company's operating efficiency and the effectiveness of cash management. This transformation is critical to support the company's continued growth and expansion plans.
In summary, Megmeet showed strong financial performance and steady growth potential in 2023. By continuously optimizing the product structure and improving market competitiveness, the company has successfully grasped development opportunities in the fields of smart home appliances and new energy. Despite the challenges of rising financial leverage and the external economic environment, Megmeet has maintained good profitability and cash flow conditions, showing its strong market position and broad prospects for future development.