occurrences

Recently, Sumeda released its 2023 annual report. During the reporting period, total operating income was 122.98 billion yuan, down -12.87% from last year; net profit to mother was 1.03 billion yuan, an increase of +12.4% over the previous year; in 2023, the company earned 0.79 yuan per share, weighted average return on net assets of 15.75%, based on total share capital at the end of 23, and distributed a cash dividend of 0.33 yuan (tax included) per share. Based on the closing date of April 12, the dividend rate was 3.75%.

The company released its 2024 Q1 quarterly report, achieving total revenue of 23.745 billion yuan, a decrease of -23.4% over the same period last year; net profit to mother was 266 million yuan, an increase of +5.2% over the previous year.

reviews

The actual controller of the company is China Machinery Industry Group Co., Ltd., which directly holds 41.6% of the shares. The main business includes two major categories: industrial chain and supply chain. Supply chain is a supply chain integration service, which refers to commodity operation and import and export of mechanical and electrical equipment. An industrial chain is a variety of products or services, etc.

Investment ratings

We are optimistic about the company's development. In particular, net profit has achieved a three-year compound growth rate of 23.5%, and the quality of operations has steadily improved. It is recommended that you continue to pay attention and give it an “gain” rating.

Risk warning

The macroeconomy fell short of expectations; demand in the industrial chain fell too fast; consumption fell beyond expectations.