CSC Intelligent Financial Information Blue Shield Optoelectronics (300862) disclosed its 2023 annual report on April 22nd. In 2023, the company achieved a total revenue of 6Playsicboonline.43 billion yuan, down 15% from the same period last yearPlaysicboonline.83%PlaysicboonlineNet profit from home was 41.9811 million yuan, down 39.61% from the same period last year; non-net profit was 18.6829 million yuan, down 37.85% from the same period last year; net cash flow from operating activities was 8.3012 million yuan, compared with-57.7423 million yuan in the same period last year. During the reporting period, Blue Shield Optoelectronics basic earnings per share was 0.32 yuan, and the weighted average return on net assets was 2.11%. The annual profit distribution plan of the company in 2023 isPlaysicboonlineIt is proposed to distribute 0.76 yuan (including tax) to all shareholders for every 10 shares transferred to 4 shares.

During the reporting period, the company's total non-recurrent profit and loss was 23.2982 million yuan, of which the profit and loss from financial assets and liabilities was 15.5298 million yuan, and the impact of minority shareholders' equity (after tax) was-260700 yuan.

Based on the closing price on April 19, Blue Shield Optoelectronics currently has a price-to-earnings ratio (TTM) of about 90.97 times, a price-to-book ratio (LF) of about 1.9 times, and a price-to-sales ratio (TTM) of about 5.94 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 the compound growth rate of total revenue of Blue Shield Optoelectronics in the past three years is-3.46%, ranking 26th among the 28 companies in the instrument industry that have disclosed data for 2023. In the past three years, net profit grew at a compound annual growth rate of-31.40%, ranking 27,28th.

According to the annual report, the company is a high-tech enterprise integrating design and development, manufacturing, sales and service, mainly engaged in high-end analysis and measurement instrument manufacturing, software development, system integration and engineering, operation and maintenance services and data services. Products and services are mainly used in environmental monitoring, intelligent management, meteorological observation and other fields.

In terms of products, in the company's main business in 2023, environmental monitoring income was 506 million yuan, up 5.71% from the same period last year, accounting for 78.75% of the operating income; traffic management income was 68 million yuan, down 65.92% from the same period last year, accounting for 10.65% of the operating income; precision manufacturing revenue was 51 million yuan, down 27.03% from the same period last year, accounting for 7.89% of the operating income.

By the end of 2023, the total number of employees of the company was 1436, with per capita income of 447800 yuan, per capita profit of 29200 yuan and per capita salary of 129300 yuan, which changed by 7.02%,-23.21% and 22.55% respectively over the same period last year.

In 2023, the company's gross profit margin was 27.61%, up 1.83 percentage points from the same period last year; the net profit margin was 6.84%, down 2.87 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 28.90%, up 3.18% from the same period last year and 0.98% from the previous quarter; the net profit rate was 11.32%, down 2.12% from the same period last year and 6.12% higher than the previous quarter.

From a product point of view, the gross profit margins of environmental monitoring, traffic management and precision manufacturing in 2023 are 32.84%, 13.82% and-8.46%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 107 million yuan, accounting for 16.57% of the total sales amount, and the total purchase amount of the company's top five suppliers was 95 million yuan, accounting for 22.14% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 2.11%, down 1.55 percentage points from the same period last year; the return on invested capital in 2023 was 1.57%, down 1.58 percentage points from the same period last year.

In 2023, the net cash flow of the company's operating activities was 8.3012 million yuan, an increase of 66.0435 million yuan over the same period last year; the net cash flow of fund-raising activities was-34.9069 million yuan, a decrease of 90.3135 million yuan over the same period last year; and the net cash flow of investment activities was 58.1081 million yuan, compared with 48.8663 million yuan in the same period last year.

Further statistics show that the free cash flow of the company is-95.4344 million yuan in 2023, compared with 165.9858 million yuan in the same period last year.

In 2023, the cash ratio of the company's operating income is 102.91%, and the net present ratio is 19.77%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.24 times, compared with 0.29 times in the same period last year (the industry average in 2022 was 0.45 times, and the company ranked among the same industry 50 paces 58); the fixed assets turnover rate was 3.89 times, compared with 5.03 times in the same period last year (the industry average in 2022 was 4.66 times, and the company ranked 26umber 58 in the same industry). The turnover rate of accounts receivable and inventory is 1.53 times and 1.78 times respectively.

In 2023, the company's period expenses were 139 million yuan, a decrease of 6.988 million yuan compared with the same period last year, but the period expense rate was 21.65 percent, an increase of 2.51 percent over the same period last year. Among them, sales expenses increased by 3.91% over the same period last year, management expenses decreased by 8.96%, R & D expenses decreased by 6.92%, and financial expenses changed from-9.8018 million yuan to-11.5912 million yuan in the same period last year.

In terms of major changes in assets, by the end of 2023, the company's transactional financial assets decreased by 57.42% compared with the end of last year, accounting for 5.25% of the company's total assets; accounts receivable increased by 9.76% over the end of the previous year, accounting for 2.50% of the company's total assets; projects under construction increased by 186.26% over the end of last year, accounting for 2.25% of the company's total assets The non-current assets maturing within one year increased by 37.01% over the end of last year, accounting for 2.19 percentage points of the company's total assets.

In terms of major changes in liabilities, by the end of 2023, the company's notes payable decreased by 40.23% compared with the end of last year, accounting for 2.26% of the company's total assets; accounts payable decreased by 19.36%, accounting for 1.16% of the company's total assets; contract liabilities decreased by 41.03% compared with the end of last year, accounting for 1.28 percentage points of the company's total assets. Long-term loans decreased by 25.45% compared with the end of last year, accounting for 0.76 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 243 million yuan, accounting for 12.07% of the net assets, a decrease of 38.4282 million yuan compared with the end of last year. Among them, the provision for the price decline of inventory is 11.0966 million yuan, with a provision proportion of 4.37%.

For the whole of 2023, the company's R & D investment was 42.1506 million yuan, down 6.92% from the same period last year; R & D investment accounted for 6.56% of operating income, an increase of 0.63% 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 20.11%, down 6.48 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 3.33%, down 1.16 percentage points from the end of the previous year.

In 2023, the current ratio of the company is 4.31 and the quick ratio is 3.70.

According to the annual report, Yuan Yonggang and Cao Tongzhen are the new shareholders among the company's top ten circulating shareholders at the end of 2023, replacing Gu Meiying and Congju Lin at the end of the third quarter. In terms of specific shareholding ratio, Rui's private equity investment fund and Jiang Yixiang's shareholdings have increased, while Ningbo Luxi Equity Investment Partnership (limited partnership), Hainan Baiyi Science and Technology Center (limited partnership) and Cao Yun's shareholdings have declined.

In terms of chip concentration, as of the end of 2023, the total number of shareholders in the company was 10,400, a decrease of 3273 from the end of the third quarter, a decrease of 23.96%; the average stock market value per household increased from 252,600 yuan at the end of the third quarter to 536,300 yuan, an increase of 112.31%.

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)