crashbandicootdiscord| Yi Hualu: Loss of 1.890 billion yuan in 2023

Yi Hualu (300212) disclosed the 2023 annual report on April 18. 2023CrashbandicootdiscordThe company realized the total revenue of 7Crashbandicootdiscord.65 billion yuan, down 52% from the same period last yearCrashbandicootdiscord.31%; return to the mother net profit loss of 1.89 billion yuan, profit of 11.54 million yuan in the same period last year; deduction of non-net profit loss of 1.949 billion yuan, loss of 154 million yuan in the same period last year; net cash flow from operating activities was-224 million yuan, compared with 598 million yuan in the same period last year; during the reporting period, Yihualu's basic earnings per share was-2.8326 yuan, and the weighted average return on net assets was-60.94%.

Based on the closing price on April 17, Yihualu's current price-to-earnings ratio (TTM), price-to-book ratio (LF) and price-to-sales ratio (TTM) are about-8.27,4.35,20.42times.

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 Yihualu's total revenue has a compound growth rate of-33.38% in the past three years, ranking 40th among the 40 companies in the IT services Ⅲ industry that have disclosed data for 2023. The compound annual growth rate of net profit in the past three years is-249.90%, ranking 39ax 40th.

From a product-by-product point of view, in the company's main business in 2023, the solution income was 425 million yuan, down 66.74% from the same period last year, accounting for 55.50% of the operating income; the service consulting income was 259 million yuan, up 5.29% from the same period last year, accounting for 33.83% of the operating income; the product sales revenue was 82 million yuan, up 0.21% from the same period last year, accounting for 10.66% of the operating income.

By the end of 2023, the total number of employees of the company was 1088, with per capita income of 703100 yuan, per capita profit of-1.7371 million yuan, and per capita salary of 437700 yuan, which changed by-36.26%,-21987.18% and 26.37% respectively over the same period last year.

In 2023, the company's gross profit margin was 0.88%, down 44.92% from the same period last year; the net profit margin was-245.75%, down 247.76 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-219.40%, down 284.97 percentage points from the same period last year and 225.99 percentage points from the same period last year; the net profit margin was-2168.21%, down 2178.10 percentage points from the same period last year and 2040.30 percentage points from the previous quarter.

In terms of products, the gross profit margins of solutions, service consulting and product sales in 2023 are-28.45%, 38.50% and 34.21%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 397 million yuan, accounting for 51.88% of the total sales amount, and the total purchase amount of the company's top five suppliers was 265 million yuan, accounting for 34.98% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was-60.94%, down 61.23 percentage points from the same period last year; the return on invested capital in 2023 was-19.36%, down 21.87 percentage points from the same period last year.

In 2023, the net cash flow of the company's operating activities was-224 million yuan, a decrease of 823 million yuan over the same period last year; the net cash flow of fund-raising activities was 647 million yuan, an increase of 681 million yuan over the same period last year; and the net cash flow of investment activities was-160 million yuan, compared with-458 million yuan in the same period last year.

Further statistics show that the free cash flow of the company is-1.772 billion yuan in 2023, compared with 1.694 billion yuan in the same period last year.

In 2023, the cash ratio of the company's operating income is 207.55%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.06 times, compared with 0.11 times in the same period last year (the industry average in 2022 was 0.47 times, and the company ranked 133max 135 in the same industry); the fixed asset turnover rate was 0.81 times, compared with 3.24 times in the same period last year (the industry average in 2022 was 10.93 times, and the company ranked 110pm 135 in the same industry). The company's accounts receivable turnover and inventory turnover are 0.43 and 1.97 respectively.

In 2023, the company's period expenses were 908 million yuan, an increase of 113 million yuan over the same period last year, and the period expense rate was 118.64 percent, an increase of 69.09 percent over the same period last year. Among them, sales expenses increased by 33.07% over the same period last year, management expenses increased by 7.95%, R & D expenses decreased by 26.63%, and financial expenses increased by 16.56%.

In terms of major changes in assets, by the end of 2023, the company's fixed assets had increased by 102.10% over the end of last year, accounting for 5.17% of the company's total assets; projects under construction decreased by 69.18%, accounting for 3.50% of the company's total assets; monetary funds increased by 108.46% over the end of last year, accounting for 3.35% of the company's total assets. Accounts receivable decreased by 28.46% compared with the end of last year, accounting for 3.22 percentage points of the company's total assets.

In terms of major changes in liabilities, by the end of 2023, the company's short-term borrowing increased by 115.30% over the end of the previous year, accounting for 12.18% of the company's total assets; other current liabilities decreased by 59.94% compared with the end of the previous year, accounting for 8.03% of the company's total assets; non-current liabilities due within one year decreased by 55.98% compared with the end of the previous year, accounting for 3.39% of the company's total assets Accounts payable decreased by 13.78% compared with the end of last year, accounting for 1.17 percentage points 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 386 million yuan, accounting for 10.72% of the net assets, an increase of 52500 yuan over the end of last year. Among them, the provision for the price decline of inventory is 20.1683 million yuan, and the proportion of provision is 4.97%.

For the whole of 2023, the company's R & D investment was 234 million yuan, down 3.65% from the same period last year; R & D investment accounted for 30.54% of operating income, an increase of 15.42% over the same period last year. In addition, the company's annual R & D investment capitalization rate is 81.65%.

In terms of solvency, the asset-liability ratio of the company at the end of 2023 was 69.13%, down 0.27 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 33.55%, an increase of 11.10 percentage points over the end of the previous year.

In 2023, the current ratio of the company is 1.09 and the quick ratio is 1.04.

According to the annual report, among the company's top 10 circulating shareholders at the end of 2023, the new shareholders are Chen Wenjun and Guangzhou Hengxun supply chain Co., Ltd., replacingCrashbandicootdiscordAt the end of the third quarter, Guangfa electronic information media industry selected stock initiating securities investment fund, Huaxia Life Insurance Co., Ltd.-self-owned funds. In terms of specific shareholdings, China Hualu Group Co., Ltd., Hualu Capital Holdings Co., Ltd., Hong Kong Securities Clearing Co., Ltd., Lin Yongjun, Liao Fuxiu, Cai Jian, China Securities 500 exchange-traded securities investment fund, Deng Tao's shareholdings have declined.

In terms of chip concentration, by the end of 2023, the total number of shareholders in the company was 80100, an increase of 8261, or 11.50%, compared with the end of the third quarter; the value of stock market holdings per household decreased to 284100 yuan from 320300 yuan at the end of the third quarter, a decrease of 11.30%.

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 value/net assets. Price to book ratio 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. Price to sales valuation is usually used for growth companies that are losing money or meager 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 market-to-book ratio adopts LF mode, that is, calculated based on the latest financial report data.

When P/E ratio is negative, the current quantile is not displayed, resulting in broken line chart.

(Source: China Securities News·China Securities Network)

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