CSC Intelligent Financial Information Tongdahai (301378) disclosed its 2023 annual report on April 22nd. In 2023, the company achieved a total revenue of 5.Onlinecryptoearninggames.49 billion yuan, an increase of 18.58% over the same period last year; net profit returned to the mother was 54.4992 million yuan, down 37.51% from the same period last year; non-net profit was 47.5852 million yuan, down 43.63% from the same period last yearOnlinecryptoearninggamesThe net cash flow was-18.2087 million yuan, compared with 52.0823 million yuan in the same period last year. During the reporting period, Tongdahai's basic earnings per share was 0.82 yuan, and the weighted average return on net assets was 4.59%. The company's annual profit distribution plan for 2023 is: it is proposed to distribute 5 yuan (including tax) to all shareholders for every 10 shares transferred to 4 shares.

Based on the closing price on April 19, Tongdahai's current price-to-earnings ratio (TTM) is about 39.58 times, price-to-book ratio (LF) is about 1.49 times, and price-to-sales ratio (TTM) is about 3.93 times.

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 Tongdahai's total revenue has a compound growth rate of 17.68% in the past three years, ranking 15th among the 55 companies in the vertical application software industry that have disclosed data for 2023. The compound annual growth rate of net profit in the past three years is-10.80%, ranking 33prime 55th.

According to the annual report, the company is a first-class supplier of products and solutions in the field of informatization in the domestic judicial industry, and a leading enterprise in the field of court informatization. Products and services are mainly used in the Supreme people's Court and more than 2800 courts in 24 provinces, autonomous regions, municipalities directly under the Central Government, including Jiangsu, Zhejiang, Sichuan, Liaoning, Anhui and Xinjiang Construction Corps. The company also provides specialized products and services for banking, postal services, bankruptcy administrators and other industry users.

From a product point of view, in the company's main business in 2023, the revenue from application software development was 298 million yuan, up 9.76% from the same period last year, accounting for 54.34% of the operating income; the revenue from application services was 168 million yuan, up 26.67% from the same period last year, accounting for 30.60% of the operating income; and the income from judicial auxiliary services was 76 million yuan, an increase of 45.50% over the same period last year, accounting for 13.76% of the operating income.

By the end of 2023, the total number of employees of the company was 2351, with per capita income of 233400 yuan, per capita profit of 23200 yuan and per capita salary of 151800 yuan, down 2.60%, 48.67% and 0.76% respectively compared with the same period last year.

In 2023, the company's gross profit margin was 48.66%, down 6.66 percentage points from the same period last year; the net profit margin was 10.43%, down 9.04 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 57.34%, down 6.89% from the same period last year, up 15.53% from the same period last year; and the net profit rate was 28.33%, down 7.78% from the same period last year and up 31.90% from the previous quarter.

From a product point of view, the gross profit margins of application software development, application software services and judicial assistance services in 2023 are 61.09%, 41.23% and 19.07%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 115 million yuan, accounting for 20.99% of the total sales amount, and the total purchase amount of the company's top five suppliers was 30 million yuan, accounting for 26.91% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 4.59%, down 16.94 percentage points from the same period last year; the rate of return on invested capital in 2023 was 4.05%, down 16.76 percentage points from the same period last year.

In 2023, the net cash flow of the company's operating activities was-18.2087 million yuan, a decrease of 70.291 million yuan compared with the same period last year; the net cash flow of fund-raising activities was 922 million yuan, an increase of 926 million yuan over the same period last year; and the net cash flow of investment activities was-560 million yuan, compared with 72.23 million yuan in the same period last year.

Further statistics show that the free cash flow of the company is-290 million yuan in 2023, compared with 67 million yuan in the same period last year.

In 2023, the cash ratio of the company's operating income is 99.59%, and the net present ratio is-33.41%.

In terms of operating capacity, the company's total asset turnover rate was 0.46 times in 2023, compared with 0.71 times in the same period last year (the industry average in 2022 was 0.44 times, and the company ranked in the same industry in 2022.) the turnover rate of fixed assets was 192.54 times, compared with 174.52 times in the same period last year (the industry average in 2022 was 12.57 times, and the company ranked 5lap103 in the same industry) The turnover rate of accounts receivable and inventory is 5.52 times and 6.61 times respectively.

In 2023, the company's period expenses were 228 million yuan, an increase of 49.5948 million yuan over the same period last year, and the period expense rate was 41.57 percent, an increase of 2.99 percent over the same period last year. Among them, sales expenses increased by 34.11% over the same period last year, management expenses increased by 23.2%, R & D expenses increased by 30.88%, and financial expenses changed from-2.0572 million yuan to-6.7823 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 377.03% over the end of the previous year, accounting for 21.56% of the company's total assets; intangible assets decreased by 2.36%, accounting for 14.58% of the company's total assets; projects under construction increased by 2453.11% over the end of last year, accounting for 5.20% of the company's total assets. Accounts receivable increased by 44.33% over the end of last year, accounting for 4.95 percentage points of the company's total assets.

In terms of major changes in liabilities, by the end of 2023, the company's accounts payable had increased by 191.25% over the end of the previous year, accounting for 0.84% of the company's total assets; contract liabilities decreased by 36.42% compared with the end of the previous year, accounting for 10.27% of the company's total assets; non-current liabilities due within one year decreased by 82.38% compared with the end of the previous year, accounting for 1.07% of the company's total assets The salary payable to the staff and workers decreased by 9.34% compared with the end of last year, accounting for 3.71 percentage points in 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 46.984 million yuan, accounting for 3.25% of net assets. According to the financial report, the company has no provision for inventory price decline in the current period.

For the whole of 2023, the company's R & D investment was 146 million yuan, an increase of 30.88% over the same period last year; R & D investment accounted for 26.61% of operating income, an increase of 2.50% over the same period last year. In addition, the company's annual R & D investment capitalization rate is 0.

In terms of solvency, the asset-liability ratio of the company at the end of 2023 was 14.15%, down 19.08 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 0.26%, down 1.48 percentage points from the end of the previous year.

In 2023, the current ratio of the company is 6.10 and the quick ratio is 5.89.

According to the annual report, among the top ten circulating shareholders of the company at the end of 2023, the new shareholders are Taikang Life Insurance Co., Ltd.-Investment Co., Ltd.-Industry configuration, Huatai Berry quality leading mixed Securities Investment Fund, Jinyuan Shun'an High quality and flexible configuration Hybrid Securities Investment Fund, Ping an Securities Co., Ltd. Replaced Jing Tao, Wells Fargo emerging Industry Stock Investment Fund, China Merchants Bank Co., Ltd.-Wells Fargo Innovation Enterprise flexible allocation of mixed Securities Investment Fund (LOF), Tianbeihe value Jinxuan No. 1 Private Securities Investment Fund at the end of the third quarter. In terms of specific shareholding ratio, Huatai Berry Fund-Zhejiang Merchant Bank-Huatai Berry value trend No. 1 Collective Asset Management Plan, he Fenghua and Guoxin Securities Co., Ltd. holdings have increased. Huaxia steady growth mixed securities investment fund, Huatai Berry Zhiyuan hybrid securities investment fund holdings have declined.

In terms of chip concentration, by the end of 2023, the total number of shareholders of the company was 8552, down 668 from the end of the third quarter, a decrease of 7.25%; the value of stock market holdings per household rose to 393900 yuan from 390800 yuan at the end of the third quarter, an increase of 0.79%.

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)