$Simpson Manufacturing (SSD.US)$🎯 2023.7.25 The current pri...

New Data: Second Half of 2022 and Annual Report, 2023Q1

2022 revenue increased sharply by 34.5 due to acquisitions in the second quarter, operating profit increased 29.3%, net profit increased 25.4%, interest expenses accounted for 1.6% of operating profit, and the burden was very light.

2023Q1 revenue increased 0.7%, operating profit increased 5.6%, and net profit continued to grow 14.6%.

The balance ratio in 2022 increased from 20.2% to 43.6%. The receivables and inventory ratio and growth rate were normal. Goodwill and other intangible assets were 862 million, accounting for 54.6% of net assets of 1,579 million yuan, long-term loans of 544 million yuan, accounting for 34.4% of net assets, and the leverage ratio was OK.

In 2022, due to major acquisitions, the net operating amount was lower than the net investment amount of 470 million yuan. This made the shareholder surplus accumulated over the past five years almost exhausted, but at present, it seems that the results of the acquisition are relatively healthy.

Currently, the price-earnings ratio is 20.3, and the price-earnings ratio TTM is slightly reduced to 19.8. There is a certain discount on valuation. Considering that the current revenue growth seems to have stagnated, the top of the cycle seems to have passed, and the position observation is relatively good.