CSI Caixun Liberal Arts (002775) disclosed its 2023 annual report on April 12. In 2023, the company achieved operating income of 10%.Onlinegamesearncrypto.25 billion yuan, an increase of 11.73% over the same period last year; net profit loss of 149 million yuan, compared with a loss of 368 million yuan in the same period last year; deducting a non-net profit loss of 184 million yuan, a loss of 381 million yuan in the same period last year; net cash flow from operating activities was-404 million yuan, compared with-617 million yuan in the same period last year. During the reporting period, the basic earnings per share of Liberal Arts shares was-0.25 yuan, and the weighted average return on net assets was-44.18%.

Based on the closing price on April 11, liberal arts shares are trading at about-11.16 times TTM, 5.34 times price-to-book (LF) and 1.63 times TTM.

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 compound growth rate of total operating income of Liberal Arts shares in the past three years is-25.90%, and the compound annual growth rate of net profit in the past three years is-197.76%.

According to the annual report, the company's main business is ecological engineering construction, landscape design, new energy power generation and energy storage, science, education, cultural travel, garden maintenance, planting of green seedlings, etc., among which 12 services of ecological engineering construction industry is the main source of business income of the company.

In terms of products, in the company's main business in 2023, the revenue from ecological engineering was 916 million yuan, up 8.92% from the same period last year, accounting for 89.34% of the operating income; the revenue from science, education, culture and tourism was 56 million yuan, up 627.00% from the same period last year, accounting for 5.47% of the operating income; and the revenue from landscape design was 30 million yuan, down 8.46% from the same period last year, accounting for 2.89% of the operating income.

By the end of 2023, the total number of employees of the company was 1032, with per capita income of 993600 yuan, per capita profit of-144800 yuan, and per capita salary of 114000 yuan, up 22.55%, 55.46% and 7.42% respectively over the same period last year.

In 2023, the company's gross profit margin was 18.04%, down 4.25 percentage points from the same period last year; the net profit margin was-16.05%, up 24.51 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 18.66%, down 7.19% from the same period last year and 0.84% from the previous quarter; the net profit rate was-63.06%, up 31.57% from the same period last year and down 52.58% from the previous quarter.

In terms of products, the gross profit margins of ecological engineering, science, education, cultural travel and landscape design in 2023 are 20.45%, 20.43% and-37.44%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 426 million yuan, accounting for 41.52% of the total sales amount, and the total purchase amount of the company's top five suppliers was 55 million yuan, accounting for 4.09% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was-44.18%, up 57.73 percentage points from the same period last year. The company's return on invested capital in 2023 was-2.44%, an increase of 12.61 percentage points over the same period last year.

In 2023, the net cash flow of the company's operating activities was-404 million yuan, an increase of 213 million yuan over the same period last year; the net cash flow of fund-raising activities was 393 million yuan, a decrease of 213 million yuan over the same period last year; and the net cash flow of investment activities was 2.0894 million yuan, compared with-68.2205 million yuan in the same period last year.

Further statistics show that the free cash flow of the company is-286 million yuan in 2023, compared with 76 million yuan in the same period last year.

In 2023, the cash ratio of the company's operating income is 84.49%.

In terms of operating capacity, in 2023, the company's total asset turnover was 0.19 times, compared with 0.19 times in the same period last year (the industry average in 2022 was 0.20 times, and the company ranked in the same industry 12 times 24); the company's accounts receivable turnover and inventory turnover were 0.92 and 2.69 times, respectively.

In 2023, the company's period expenses were 290 million yuan, an increase of 61.5205 million yuan over the same period last year, and the period expense rate was 28.29 percent, an increase of 3.39 percent over the same period last year. Among them, sales expenses increased by 292.4 percent over the same period last year, management expenses increased by 7.05 percent, R & D expenses increased by 13.55 percent, and financial expenses increased by 55.04 percent.

In terms of major changes in assets, by the end of 2023, the company's other non-current assets decreased by 21.70% compared with the end of last year, accounting for 4.47% of the company's total assets; contract assets increased by 50.39% over the end of the previous year, accounting for 4.27% of the company's total assets; long-term receivables increased by 40.69% over the end of last year, accounting for 3.03% of the company's total assets Accounts receivable increased by 9.39% over the end of last year, accounting for 1.48 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 increased by 28.57% over the end of the previous year, accounting for 3.47% of the company's total assets; short-term loans increased by 25.17% over the end of the previous year, accounting for 0.88% of the company's total assets; other payables (including interest and dividends) decreased by 16.64% compared with the end of last year, accounting for 3.93 percentage points of the company's total assets. The non-current liabilities due within one year increased by 63.99% over the end of the previous year, accounting for 0.63 percentage points of the company's total assets.

For the whole of 2023, the company's R & D investment was 29.2658 million yuan, an increase of 13.59% over the same period last year; R & D investment accounted for 2.85% of operating income, an increase of 0.04% over the same period last year. In addition, the company's annual R & D investment capitalization rate is 0.03%.

In terms of solvency, the asset-liability ratio of the company at the end of 2023 was 93.92%, down 1.44 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 37.17%, down 2.23 percentage points from the end of the previous year.

In 2023, the current ratio of the company is 0.75 and the quick ratio is 0.67.

According to the annual report, Foshan Construction and Development Group Co., Ltd. held the largest number of shares among the company's top ten circulating shareholders at the end of 2023, accounting for 19.25%. The list of the top ten tradable shareholders remains unchanged compared with the third quarterly report of 2023. In the specific shareholding ratio, Jinyuanshun Anyuanqi flexible allocation of mixed securities investment fund holdings have increased, Shenzhen Zeguang Investment Co., Ltd., Fu Mengjing, UBS AG shareholdings have declined.

It is worth noting that, according to the annual report data, 13.67% of Liberal Arts shares are in a state of pledge. Among them, Li Congwen, the second largest shareholder, pledged 73.7779 million shares of the company, accounting for 87.47 per cent of his total shareholding.

In terms of chip concentration, by the end of 2023, the total number of shareholders was 17200, an increase from the end of the third quarter.OnlinegamesearncryptoThere were 316 households, an increase of 1.87%, and the value of stock market holdings per household dropped to 142500 yuan from 145200 yuan at the end of the third quarter, a decrease of 1.86%.

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.

The price-earnings ratio and price-to-sales ratio are TTM, which is calculated based on the data of the latest financial report (including forecast) for 12 months. 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)