CSI Financial Information Entrepreneurship Dark Horse (300688) disclosed its 2023 annual report on April 22nd. In 2023, the company achieved total revenue 2Luabingo71 billion yuan, down 21% from the same period last yearLuabingo.92%; return to the mother net profit of 9.6639 million yuan, reversing losses compared with the same period last year; deducting non-net profits of 2.526 million yuan, reversing losses compared with the same period last year; business activities generatedLuabingoThe net cash flow was-9.9677 million yuan, compared with 4.5008 million yuan in the same period last year. During the reporting period, the basic earnings per share of the venture dark horse was 0.06 yuan, and the weighted average return on net assets was 1.75%. The annual profit distribution plan of the company in 2023 isLuabingoIt is proposed to distribute 0.05 yuan (including tax) to all shareholders for every 10 shares.
During the reporting period, the company's total non-recurrent profit and loss was 7.1379 million yuan, of which the government subsidy included in the current profit and loss was 5.3713 million yuan.
Based on the closing price on April 19th, the current price-to-earnings ratio (TTM), price-to-book ratio (LF) and price-to-sales ratio (TTM) are about 366.84 times, 6.51 times and 13.08 times respectively.
The historical quantiles of the company's recent price-to-earnings ratio (TTM), price-to-book ratio (LF) and price-to-sales ratio (TTM) are as follows:
Statistics show that the total revenue of entrepreneurial dark horse has a compound growth rate of 18.35% in the past three years, ranking second among the five companies in the training and education industry that have disclosed data for 2023. Net profit has grown at a compound annual growth rate of 9.66% in the past three years, ranking second and fifth.
From a product-by-product point of view, in the company's main business in 2023, the income from the enterprise service business was 151 million yuan, down 37.84% from the same period last year, accounting for 55.54% of the operating income; the income from accelerated services was 106 million yuan, up 11.89% from the same period last year, accounting for 38.98% of the operating income; the income from artificial intelligence business was 2 million yuan, accounting for 0.61% of the operating income.
By the end of 2023, the total number of employees of the company was 679, with per capita income of 399200 yuan, per capita profit of 14200 yuan and per capita salary of 220400 yuan, which changed from-30.54%, 110.32% and-21.39% respectively over the same period last year.
In 2023, the company's gross profit margin was 55.11%, up 26.76 percentage points from the same period last year; the net profit margin was 6.72%, up 38.42 percentage points from the same period last year. According to the single-quarter indicators, the company's gross profit margin in the fourth quarter of 2023 was 64.12%, down 17.25% from the same period last year, up 6.34% from the same period last year; and the net profit rate was 30.78%, up 123.73 percentage points from the same period last year and 13.19% from the previous quarter.
In terms of products, the gross profit margins of enterprise service business, enterprise acceleration service and artificial intelligence business in 2023 are 46.38%, 63.82% and 82.59%, respectively.
During the reporting period, the total sales amount of the company's top five customers was 33 million yuan, accounting for 12.03% of the total sales amount, and the total purchase amount of the company's top five suppliers was 20 million yuan, accounting for 16.03% of the total annual purchase.
According to the data, the weighted average return on equity of the company in 2023 was 1.75%, an increase of 16.14 percentage points over the same period last year, and the return on invested capital of the company in 2023 was 0.07%, an increase of 20.68 percentage points over the same period last year.
In 2023, the net cash flow of the company's operating activities was-9.9677 million yuan, a decrease of 14.4685 million yuan compared with the same period last year; the net cash flow of fund-raising activities was-35.0011 million yuan, a decrease of 97.9212 million yuan over the same period last year; and the net cash flow of investment activities was-4201.02 million yuan, compared with-692395 million yuan in the same period last year.
Further statistics show that the company's free cash flow is 11.8273 million yuan in 2023, compared with-78.197 million yuan in the same period last year.
In 2023, the cash ratio of the company's operating income is 95.02%, and the net present ratio is-103.14%.
In 2023, the company's period expenses were 142 million yuan, a decrease of 43.6884 million yuan compared with the same period last year, and the period expense rate was 52.26%, down 1.13 percentage points from the same period last year. Among them, sales expenses decreased by 6.08% compared with the same period last year, management expenses decreased by 39.74%, R & D expenses decreased by 2.13%, financial expenses-10.2065 million yuan, and the same period last year-10.845 million yuan.
In terms of major changes in assets, by the end of 2023, the company's other current assets decreased by 93.67% compared with the end of last year, accounting for 6.46% of the company's total assets; other non-current financial assets increased by 47.23% over the end of the previous year, accounting for 2.64% of the company's total assets; long-term equity investment increased by 18.49% over the end of last year, accounting for 2.57% of the company's total assets Intangible assets increased by 79.52% over the end of last year, accounting for 2.36 percentage points of the company's total assets.
In terms of major changes in liabilities, by the end of 2023, the company's contractual liabilities decreased by 22.69% compared with the end of last year, accounting for 2.70% of the company's total assets; lease liabilities decreased by 65.07% compared with the end of last year, accounting for 1.29% of the company's total assets; accounts payable increased by 32.37% over the end of last year, accounting for 1.63% of the company's total assets Other payables (including interest and dividends) decreased by 23.29% compared with the end of last year, accounting for 0.30 percentage points of the company's total assets.
For the whole of 2023, the company's R & D investment was 29.1196 million yuan, down 8.65% from the same period last year; R & D investment accounted for 10.74% of operating income, an increase of 1.56% over the same period last year. In addition, the company's annual R & D investment capitalization rate is 53.15%.
In terms of solvency, the asset-liability ratio of the company at the end of 2023 was 26.84%, down 2.75 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 1.69%, down 0.14 percentage points from the end of the previous year.
In 2023, the current ratio of the company is 2.51 and the quick ratio is 2.51.
According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, Cui Zihao and Cui Fenghua replaced Hainan Zizhou Investment Partnership (limited partnership) and Shangguanyushi at the end of the third quarter. In the specific shareholding ratio, Xie Zhaohua's shareholding has increased, while Lanchuang Culture Media (Tianjin) partnership (limited partnership), Ruan Jin and Fan Fang's shareholdings have declined.
In terms of chip concentration, by the end of 2023, the total number of shareholders in the company was 25400, an increase of 1007, or 4.13%, compared with the end of the third quarter; the value of stock market holdings per household fell to 189300 yuan from 206700 yuan at the end of the third quarter, a decrease of 8.42%.
Indicator Notes:
Price-earnings ratio
= total market capitalization / net profit. When the company loses money, the price-to-earnings ratio is negative, so it is of no practical significance to use the price-to-earnings ratio or the price-to-sales ratio as a reference.
Price to book ratio
= total market capitalization / net assets. The price-to-book ratio valuation method is mostly used for companies whose earnings fluctuate greatly and their net assets are relatively stable.
Market sales ratio
= total market capitalization / operating income. The valuation method of price-to-sales ratio is usually used for growth companies that are losing money or making small profits.
In this paper, the price-to-earnings ratio and price-to-sales ratio are calculated by TTM, that is, based on the 12-month data up to the latest financial report (including forecast). The price-to-book ratio is calculated on the basis of LF, which is based on the latest financial report.
When the price-to-earnings ratio is negative, the current quantile is not displayed, which will lead to the interruption of the line chart.
(article source: China Securities News, China Securities Network)
