Lucky TV Media (601929) disclosed its 2023 annual report on April 12. In 2023, the company achieved a total revenue of 16.Roulettertp10 billion yuan, down 11% from the same period last yearRoulettertp.77%RoulettertpThe net profit loss was 693 million yuan, compared with 424 million yuan in the same period last year, 705 million yuan in non-net profit and 474 million yuan in the same period last year.RoulettertpThe net cash flow was 450 million yuan, down 34.30% from the same period last year. During the reporting period, basic earnings per share of JTV Media was-0.2099 yuan, and the weighted average return on net assets was-10.47%.

Based on the closing price on April 11, Gigi Media currently trades at a price-to-earnings ratio (TTM) of about-7.35x, a price-to-book ratio (LF) of about 0.78x and a price-to-sales ratio (TTM) of about 3.19x.

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 Jilin TV Media in the past three years is-6.72%, and the compound annual growth rate of net profit in the past three years is-320.29%.

From a product point of view, in 2023, the company's main business, cable television service revenue of 1.6 billion yuan, accounting for 100.00% of the business income.

By the end of 2023, the total number of employees of the company was 6013, with per capita income of 266000 yuan, per capita profit of-115200 yuan, and per capita salary of 111900 yuan, which changed by-7.27%,-71.7% and 21.90% respectively over the same period last year.

In 2023, the company's gross profit margin was 5.65%, down 16.69 percentage points from the same period last year; the net profit margin was-43.53%, down 19.95 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-53.64%, down 56.15% from the same period last year and 41.54% from the previous quarter; the net profit rate was-116.39%, down 56.26% from the same period last year and 46.46% from the previous quarter.

During the reporting period, the total sales amount of the company's top five customers was 108 million yuan, accounting for 6.77% of the total sales amount, and the total purchase amount of the company's top five suppliers was 161 million yuan, accounting for 13.93% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was-10.47%, down 4.43 percentage points from the same period last year; the return on invested capital in 2023 was-4.58%, down 2.03 percentage points from the same period last year.

In 2023, the net cash flow of the company's operating activities was 450 million yuan, down 34.30% from the same period last year; the net cash flow of fund-raising activities was 141 million yuan, an increase of 716 million yuan over the same period last year; and the net cash flow of investment activities was-428 million yuan, compared with-827 million yuan in the same period last year.

Further statistics show that the company's free cash flow is 262 million yuan in 2023, compared with-20 million yuan in the same period last year.

In 2023, the cash ratio of the company's operating income is 118.65%, and the net present ratio is-64.96%.

In terms of operating capacity, the company's total asset turnover rate was 0.11 times in 2023, compared with 0.12 times in the same period last year (the industry average in 2022 was 0.25 times, and the company ranked 14Universe 14 in the same industry), and the fixed asset turnover rate was 0.19 times, compared with 0.22 times in the same period last year (the industry average in 2022 was 1.57 times, and the company ranked 14Universe in the same industry). The turnover rate of accounts receivable and inventory is 4.33 times and 1.44 times respectively.

In 2023, the company's period expenses were 775 million yuan, a decrease of 61.8358 million yuan compared with the same period last year, but the period expense rate was 48.43 percent, an increase of 2.29 percent over the same period last year. Among them, sales expenses decreased by 32.64% compared with the same period last year, management expenses decreased by 4.65%, R & D expenses decreased by 5.98%, and financial expenses increased by 39.01%.

In terms of major changes in assets, by the end of 2023, the company's monetary funds had increased by 48.00% over the end of last year, accounting for 1.35% of the company's total assets; projects under construction decreased by 17.18% and accounted for 1.21% of the company's total assets; fixed assets decreased by 0.40% compared with the end of last year, accounting for 0.85% of the company's total assets. The total investment in other equity instruments decreased by 11.56% compared with the end of last year, accounting for 0.63 percentage points in the company's total assets.

In terms of major changes in liabilities, by the end of 2023, the company's non-current liabilities due in one year decreased by 82.88% compared with the end of last year, accounting for 6.21% of the company's total assets; bonds payable increased by 251.86% over the end of the previous year, accounting for 5.32% of the company's total assets; long-term loans increased by 19.26% over the end of last year, accounting for 4.01% of the company's total assets Short-term loans decreased by 56.78% compared with the end of last year, accounting for 2.27% of the company's total assets, mainly due to the repayment of short-term loans in the current period.

From the perspective of inventory changes, by the end of 2023, the book value of the company's inventory was 1.057 billion yuan, accounting for 16.1% of the 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 76.4222 million yuan, down 12.80% from the same period last year; R & D investment accounted for 4.78% of operating income, down 0.05% from the same period last year. In addition, the company's annual R & D investment capitalization rate is 17.85%.

In terms of solvency, the asset-liability ratio of the company at the end of 2023 was 54.21%, up 1.93 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 33.18%, up 0.86 percentage points from the end of the previous year.

In 2023, the current ratio of the company is 0.72 and the quick ratio is 0.38.

According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, the new shareholders were Hong Kong Securities Clearing Limited and Zhu Yongcun, replacing Yanji Rong Media Center (Yanji Radio and Television Station) and Xia Chongyang at the end of the third quarter. In terms of specific shareholding ratio, Jilin Radio and Television Station, Changchun Radio and Television Station, Jilin Province Jilin TV Investment Co., Ltd., Dunhua City Rong Media Center (Dunhua Radio and Television Station), Huadian City Culture and Tourism Development Co., Ltd., Yushu City Rong Media Center (Yushu Radio and Television Station), Nong'an County Xinglong Agricultural Infrastructure Development Co., Ltd., Zhu Guangchao's holdings have declined.

In terms of chip concentration, by the end of 2023, the total number of shareholders of the company was 95900, an increase of 11300, or 13.38%, compared with the end of the third quarter; the value of stock market holdings per household decreased to 66200 yuan from 74100 yuan at the end of the third quarter, a decrease of 10.66%.

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

(Source: China Securities News·China Securities Network)