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【BT财报瞬析】上海石化2023三季报:营业收入增长显著,净资产有所下降,现金流量净额承压

[BT Financial Report Instantaneous Analysis] Shanghai Petrochemical's 2023 Three-Quarter Report: Significant increase in operating income, decline in net assets, and pressure on net cash flow

businesstimes cn ·  10/27/2023 12:02

Announcement time of this financial report: 2023-10-25 19:30:25

Shanghai Petrochemical (stock code: 600688) is a chemical company operating in the context of China's continued economic recovery and overall positive recovery. Despite uncertainties such as world economic recovery under pressure, declining crude oil prices, and sluggish consumption in the chemical market, the company adheres to the overall work tone of stability and progress, and has maintained the smooth operation of production and operation through comprehensive and strict internal management and strengthened grass-roots construction and infrastructure work.

In terms of assets and liabilities, Shanghai Petrochemical's total assets at the end of the third quarter of 2023 were 39.32 billion yuan, down from 41,243 billion yuan at the end of the previous year. Total liabilities were $13.637 billion, a partial decrease from $14.871 billion at the end of the previous year. Net assets were $25.683 billion, down from $26.371 billion at the end of the previous year. The balance ratio was 34.68%, down from 36.06% at the end of the previous year. These changes may relate to the company's operating activities and financial management strategies during the reporting period.

In terms of profit, the company's operating income from the beginning of the year to the end of the reporting period was 69.859 billion yuan, a significant increase from 57.779 billion yuan in the same period last year. This is mainly due to the increase in crude oil processing volume during the reporting period compared to the same period last year, and sales of synthetic fibers, resins and plastics, intermediate petrochemicals and petroleum products increased compared to the same period last year. Operating costs were 58.956 billion yuan, up from 51,267 billion yuan in the same period last year. Gross margin was 15.61%, up from 11.27% in the same period last year. This may be related to the increase in the company's production and sales volume of petrochemical products, a year-on-year decrease in unit costs, and a year-on-year increase in gross profit during the reporting period, leading to an increase in operating performance during the reporting period.

In terms of cash flow, the total cash inflow from the company's operating activities from the beginning of the year to the end of the reporting period was 78.091 billion yuan, up from 63.922 billion yuan in the same period last year. However, the subtotal cash outflow from operating activities was $78.98 billion, a significant increase over $68.656 billion in the same period last year, resulting in a negative net cash flow from operating activities. This may be related to the increase in the company's cash for purchasing goods and accepting labor payments during the reporting period compared to the same period last year.

In summary, Shanghai Petrochemical's operating conditions in the third quarter of 2023 were generally stable, and there was a significant increase in operating income, but net assets declined, and net cash flow was under pressure. The company was able to maintain the smooth operation of production and operation in the face of uncertain factors such as world economic recovery under pressure, declining crude oil prices, and poor consumption in the chemical market, showing good management ability and risk resilience.

For investors, Shanghai Petrochemical's operating income increased significantly and gross margin increased, showing good profitability. However, the decline in net assets and the negative value of net cash flow may mean that the company has certain risks in asset management and cash flow management. Therefore, investors should fully consider these factors and make careful decisions when considering investing in Shanghai Petrochemical.

This article only represents the judgments made by analysts themselves or analysts based on AI analysis. It cannot be used as an investment indicator, nor does it constitute any investment advice. The original purpose of this article was to help investors analyze and judge capital market data in the most intuitive and fastest way and from the most professional perspective.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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