jilicom| Shifting to communications: net profit in 2023 will drop by 11.40% year-on-year, and it is planned to be 1.5 yuan for 10 shares

CSC Intelligent Financial Information moved to Communications (300590) April 22nd disclosed the 2023 annual report. 2023JilicomThe company achieved a total revenue of 10%Jilicom.1.6 billion yuan, up 1.35% over the same period last year; net profit returned to the mother was 147 million yuan, down 11.40% from the same period last year; non-net profit was 144 million yuan, down 7.59% from the same period last year; net cash flow from operating activities was 310 million yuan, compared with-114 million yuan in the same period last year; during the reporting period, basic earnings per share for communications was 0.32 yuan, and the weighted average return on net assets was 8.48%. The company's annual profit distribution plan for 2023 is to distribute 1.5 yuan (including tax) to all shareholders for every 10 shares.

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 37.96 times, 3.15 times and 5.48 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:

Data statistics show that the compound growth rate of total revenue transferred to communications in the past three years is 29.05%, ranking third among the 13 companies in the communications terminal and accessories industry that have disclosed data in 2023. In the past three years, net profit grew at a compound annual growth rate of 17.50%, ranking 8x13.

According to the annual report, the company is a leading provider of wireless Internet of things equipment and solutions, and currently focuses on the R & D and sales of Internet of things terminal equipment.

From a product point of view, in the company's main business in 2023, the revenue of the intelligent terminal of vehicle information was 483 million yuan, down 4.71% from the same period last year, accounting for 47.57% of the operating income; the income of the intelligent terminal of asset management information was 329 million yuan, an increase of 21.06% over the same period last year, accounting for 32.35% of the operating income; the income of the intelligent terminal for two-wheeled vehicles was 64 million yuan, down 51.00% from the same period last year, accounting for 6.30% of the operating income.

By the end of 2023, the total number of employees of the company was 501, with per capita income of 2.0275 million yuan, per capita profit of 292900 yuan and per capita salary of 314200 yuan, which changed by 1.15%,-11.58% and 12.72% respectively over the same period last year.

In 2023, the company's gross profit margin was 40.40%, up 5.69 percentage points from the same period last year; the net profit margin was 14.45%, down 2.08 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 39.77%, up 3.16% from the same period last year, down 0.66% from the previous quarter; and the net profit rate was 13.32%, up 3.64% from the same period last year and down 2.60% from the previous quarter.

From a product point of view, the gross profit margins of vehicle information intelligent terminals, asset management information intelligent terminals and two-wheeled intelligent terminals in 2023 are 43.90%, 39.88% and 29.72%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 505 million yuan, accounting for 49.69% of the total sales amount, and the total purchase amount of the company's top five suppliers was 173 million yuan, accounting for 37.06% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 8.48%, down 1.77 percentage points from the same period last year; the return on invested capital in 2023 was 8.03%, down 2.10 percentage points from the same period last year.

In 2023, the net cash flow of the company's operating activities was 310 million yuan, an increase of 424 million yuan over the same period last year; the net cash flow of fund-raising activities was-79.666 million yuan, a decrease of 36.0388 million yuan over the same period last year; and the net cash flow of investment activities was-313 million yuan, compared with-227 million yuan in the same period last year.

Further statistics show that the company's free cash flow is 298 million yuan in 2023, compared with-337 million yuan in the same period last year.

In 2023, the cash ratio of the company's operating income is 104.47%, and the net current ratio is 211.09%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.51 times, compared with 0.51 times in the same period last year (the industry average in 2022 was 0.63 times, and the company ranked 22cm 29 in the same industry); the fixed asset turnover rate was 4.09 times, 3.93 times in the same period last year (the industry average in 2022 was 6.80 times, and the company ranked 22max 29 in the same industry). The company's accounts receivable turnover and inventory turnover are 3.93 and 1.09 respectively.

In 2023, the company's period expenses were 226 million yuan, an increase of 42.6454 million yuan over the same period last year, and the period expense rate was 22.25 percent, an increase of 3.95 percent over the same period last year. Among them, sales expenses increased by 15.4 percent over the same period last year, management expenses increased by 9.6 percent, R & D expenses increased by 7.13 percent, and financial expenses increased from-34.3373 million yuan to-13.1327 million yuan in the same period last year.

In terms of major changes in assets, by the end of 2023, the company's monetary funds had increased by 138.37% over the end of the previous year, accounting for 11.04% of the company's total assets; inventory decreased by 19.30% compared with the end of last year, accounting for 6.88% of the company's total assets; other current assets decreased by 82.97% compared with the end of last year, accounting for 1.61 percentage points of the company's total assets. Transactional financial assets decreased by 1.21% compared with the end of last year, accounting for 1.04 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 70.53% compared with the end of last year, accounting for 3.88% of the company's total assets; accounts payable increased by 90.38% over the end of the previous year, accounting for 3.37% of the company's total assets; other current liabilities decreased by 82.99% compared with the end of last year, accounting for 0.48 percentage points of the company's total assets. Notes payable increased by 29.15% over the end of last year, accounting for 0.22% of the company's total assets.

From the perspective of inventory changes, by the end of 2023, the book value of the company's inventory was 494 million yuan, accounting for 28.0% of the net assets, a decrease of 118 million yuan compared with the end of last year. Among them, the price reduction of inventory is prepared to be 31.8715 million yuan, with a provision proportion of 6.06%.

For the whole of 2023, the company's R & D investment was 121 million yuan, an increase of 7.13% over the same period last year; R & D investment accounted for 11.96% of operating income, an increase of 0.65% over the same period last year. In addition, the company's annual R & D investment capitalization rate is 0.

According to the annual report, by the end of the reporting period, the company had 134 authorized patents, including 128 domestic patents (including 64 invention patents, 61 utility model patents and 3 design patents) and 6 foreign patents. The company has 216 software copyrights.

In terms of solvency, the asset-liability ratio of the company at the end of 2023 was 12.92%, down 0.97 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 0.20%, up 0.01 percentage points from the end of the previous year.

In 2023, the current ratio of the company is 6.36 and the quick ratio is 4.43.

According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, the new shareholders are Yi Fang Daxun mixed Securities Investment Fund, CITIC Securities Co., Ltd., Sun Hongbo, and Yi Fang Da Ke Rong mixed Securities Investment Fund, replacing Wang Bo, Lin Meng, Fan Xiaohong and Su Runlian at the end of the third quarter. In terms of specific shareholdings, Yao Donghui's shareholdings have increased, while those of Jingsui International Co., Ltd., Xinwei Consulting Co., Ltd., Liao Ronghua, Cheng Rui Zhengqian 67 Private Securities Investment Fund, and Hong Kong Securities Clearing Co., Ltd. have declined.

In terms of chip concentration, as of the end of 2023, the total number of shareholders in the company was 28,900, a decrease of 1915 or 6.21% from the end of the third quarter; the average market value of shares held by each household increased from 169,500 yuan at the end of the third quarter to 190,400 yuan, an increase of 12.33%.

Indicator Notes:

price-earnings ratio

= Total market value/net profit. When a company loses money, the P/E ratio is negative. At this time, it is meaningless to use the P/E ratio to value it, and the P/B ratio or P/P ratio is often used as a reference.

B ratio

= Total market value/net assets. The price-to-book valuation method is mostly used for companies with large fluctuations in earnings and relatively stable net assets.

market sales rate

= Total market value/operating income. The price-to-sales ratio valuation method is usually used for growth companies that lose money or make small profits.

The price-to-earnings ratio and price-to-sales ratio in the text are calculated based on the TTM method, which is based on data for the 12 months up to the latest financial report (including forecasts). The P/B ratio adopts LF method, which is calculated based on the latest financial report data.

When the P/E ratio is negative, the current quantiles are not displayed, which will cause the line chart to be interrupted.

(Article source: China Securities Journal·China Securities Network)