Annual Reports are a waste of time, or worse.
I'll concede that it's a good idea to read (or skim) through the most recent one prior to purchasing shares. It will put some useful pictures and visuals in your brain to go with all the numbers and data. Helps you to see it as a real business and not just a computer simulation.
But otherwise, totally useless. Worse than useless. Studying annual reports in detail gives you the illusion of having learned something actionable regarding the future stock price of the company. But it's just an illusion. And the illusion will cause you to discount or overemphasize hard data and thus make bad choices.
Now, any good theory needs to be falsifiable. So if you have outperformed the stock market over the past 5 years and you can attribute a portion of that outperformance to reading annual reports, then I'd like to hear what you say and learn from you.