andromedacasinonodepositbonus| Longban Media: Net profit in 2023 will drop by 27.94% year-on-year and plan to pay 0.8 yuan for 10 shares

Dragon Edition Media (605577) disclosed its 2023 annual report on April 25th. 2023AndromedacasinonodepositbonusThe company achieved a total revenue of 18Andromedacasinonodepositbonus4.4 billion yuan, an increase of 2% over the same period last yearAndromedacasinonodepositbonus.14%; the net profit of returning to the mother was 344 million yuan, down 27.94% from the same period last year; deducting 281 million yuan from non-net profit, an increase of 36.19% over the same period last year; business activities generatedAndromedacasinonodepositbonusThe net cash flow was 390 million yuan, an increase of 9.95% over the same period last year. During the reporting period, Dragon Edition Media's basic earnings per share was 0.7749 yuan, with a weighted average return on net assets of 9.76%. The company's annual profit distribution plan for 2023 is to distribute 0.8 yuan (including tax) to all shareholders for every 10 shares.

Based on the closing price on April 24, Dragon Media currently trades at a price-to-earnings ratio (TTM) of about 23.16 times, a price-to-book ratio (LF) of about 2.19 times, and a price-to-sales ratio (TTM) of about 4.33 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 Dragon Edition Media's total revenue grew at a compound growth rate of 6.19% in the past three years, ranking fifth among the eight companies in the education and publishing industry that have disclosed data for 2023. The compound annual growth rate of net profit in the past three years was 23.97%, ranking 1x8.

According to the data, the company is mainly engaged in the publishing, distribution and printing services of books, periodicals and electronic publications, and is committed to providing knowledge and information to consumers, as well as teaching materials, teaching aids and other learning materials to primary and secondary school students. in order to meet the cultural consumption needs and educational needs of the audience.

From a product point of view, in the company's main business in 2023, the income from teaching materials and teaching was 1.49 billion yuan, up 0.33% from the same period last year, accounting for 80.77% of the operating income; the general book income was 233 million yuan, up 11.94% from the same period last year, accounting for 12.63% of the operating income; and the income from trade in materials was 49 million yuan, an increase of 8.15% over the same period last year, accounting for 2.63% of the operating income.

By the end of 2023, the total number of employees of the company was 2684, with per capita income of 687200 yuan, per capita profit of 128300 yuan and per capita salary of 123400 yuan, representing changes of 7.96%,-23.83% and 4.19% respectively over the same period last year.

In 2023, the company's gross profit margin was 43.18%, unchanged from the same period last year; the net profit margin was 18.67%, down 7.80 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 33.51%, up 0.05% from the same period last year, down 11.22% from the previous quarter; and the net profit rate was-6.39%, down 58.60% from the same period last year and 34.67% from the previous quarter.

In terms of products, the gross profit margins of teaching materials, general books and material trade in 2023 are 45.83%, 26.85% and 11.85%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 523 million yuan, accounting for 29.16% of the total sales amount, and the total purchase amount of the company's top five suppliers was 260 million yuan, accounting for 25.07% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 9.76%, down 5.21 percentage points from the same period last year; the return on invested capital in 2023 was 7.56%, down 5.89 percentage points from the same period last year.

In 2023, the net cash flow of the company's operating activities was 390 million yuan, an increase of 9.95% over the same period last year; the net cash flow of fund-raising activities was-48.8889 million yuan, a decrease of 4.4444 million yuan over the same period last year; and the net cash flow of investment activities was 80.1276 million yuan, compared with-323 million yuan in the same period last year.

Further statistics show that the free cash flow of the company in 2023 was 466 million yuan, an increase of 77.66% over the same period last year.

In 2023, the cash ratio of the company's operating income is 112.91%, and the net present ratio is 113.29%.

In terms of operating capacity, in 2023, the company's total asset turnover was 0.36 times, compared with 0.37 times in the same period last year (the industry average in 2022 was 0.50 times, and the company ranked in the same industry 9 times). The company's accounts receivable turnover and inventory turnover were 13.55 and 4.67 times, respectively.

In 2023, the company's period expenses were 494 million yuan, an increase of 188 million yuan over the same period last year, and the period expense rate was 26.81 percent, an increase of 9.82 percent over the same period last year. Among them, sales expenses decreased by 9.66% compared with the same period last year, management expenses increased by 316.62%, R & D expenses decreased by 26.96%, financial expenses-32.5717 million yuan, and the same period last year-18.7711 million yuan.

In terms of major changes in assets, by the end of 2023, the company's monetary funds had increased by 24.11% over the end of the previous year, accounting for 5.98% of the company's total assets; transactional financial assets decreased by 24.45% and accounted for 3.16% of the company's total assets; fixed assets decreased by 2.09% compared with the end of last year, accounting for 2.60% of the company's total assets Accounts receivable decreased by 57.46% compared with the end of last year, accounting for 2.26 percentage points of the company's total assets.

In terms of major changes in liabilities, by the end of 2023, the company's long-term salary payable increased by 13.00% over the end of the previous year, accounting for 0.95% of the company's total assets; accounts payable decreased by 9.92% compared with the end of the previous year, accounting for 1.25% of the company's total assets; the salary payable increased by 8.51% over the end of last year, accounting for 0.06% of the company's total assets Long-term deferred income decreased by 12.62% compared with the end of last year, accounting for 0.24 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 229 million yuan, accounting for 6.27% of the net assets, an increase of 7.8536 million yuan over the end of the previous year. Among them, the price reduction of inventory is prepared to be 74.5802 million yuan, with a provision proportion of 24.6%.

For the whole of 2023, the company's R & D investment was 2.5255 million yuan, down 26.96% from the same period last year; R & D investment accounted for 0.14% of operating income, down 0.05% from the same period last year. In addition, the company's annual R & D investment capitalization rate is 0.

In terms of solvency, the company's asset-liability ratio at the end of 2023 was 31.50%, down 0.58 percentage points from the end of the previous year; the interest-bearing asset-liability ratio was basically flat compared with the end of the previous year.

In 2023, the current ratio of the company is 3.50 and the quick ratio is 3.23.

According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, the new shareholders are Li Ning, Hong Kong Securities Clearing Limited, UBSAG, MERRILLLYNCHINTERNATIONAL, Xia Yinhao, Song Guojiang, Fanda Investment Co., Ltd.-Fanda Vector China New economy ETF Replaced Dacheng CSC 360 Internet + big data 100 Index Securities Investment Fund, Shenzhen Shengjie Times Equity Investment Center (limited partnership), UBS Group, Huatai Barry quality leading hybrid securities investment fund, Liu Tongtong, CITIC Securities Co., Ltd., Wang Guoqiang. In the specific shareholding ratio, Southern Publishing Media Co., Ltd., Guangdong Publishing Group Co., Ltd. holding shares have declined.

In terms of chip concentration, as of the end of 2023, the total number of shareholders in the company was 35,400, an increase of 22,300 from the end of the third quarter, an increase of 170.56%; the average stock market value per household dropped from 354,500 yuan at the end of the third quarter to 292,800 yuan, a decrease of 17.40%.

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)