Special Service (300917) disclosed the 2023 annual report on April 22nd. 2023Rocketplaycasinonodepositbonuscodes2022The company realized the total revenue of 24Rocketplaycasinonodepositbonuscodes2022.4.8 billion yuan, up 22.04% over the same period last year; net profit from home was 120 million yuan, up 5.30% over the same period last year; deducting 102 million yuan from non-net profit, up 19.67% over the same period last year; net cash flow from operating activities was 212 million yuan, an increase of 61.65% over the same period last year; during the reporting period, the basic earnings per share of special distribution services was 0.71 yuan, and the weighted average return on net assets was 12.22%. The company's annual profit distribution plan for 2023 is to distribute 2.2 yuan (including tax) to all shareholders for every 10 shares.

Based on the closing price on April 19, the current price-to-earnings ratio (TTM), price-to-book ratio (LF) and price-to-sales ratio (TTM) are about 31.62 times, 3.69 times and 1.55 times respectively.

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 total revenue of special service has a compound growth rate of 30.21% in the past three years, ranking second among the seven companies in the real estate service industry that have disclosed data for 2023. In the past three years, net profit grew at a compound annual growth rate of 6.56%, ranking 6x7.

According to the annual report, the company takes integrated property management services as its core business and focuses on providing professional, high-end and customized logistics support services to customers by continuously deepening the research on customer needs, operation scenarios and service standards. to meet the customer's full-cycle service demand management.

From a product point of view, in the company's main business in 2023, the revenue from comprehensive property management services was 1.998 billion yuan, up 21.11% from the same period last year, accounting for 81.64% of the operating income; the revenue from government services was 253 million yuan, up 9.34% from the same period last year, accounting for 10.34% of the operating income; and the income from value-added services was 192 million yuan, an increase of 57.83% over the same period last year, accounting for 7.85% of the operating income.

By the end of 2023, the total number of employees of the company was 14523, with per capita income of 168500 yuan, per capita profit of 8300 yuan and per capita salary of 89800 yuan, which changed by 10.68%,-4.50% and 2.16% respectively over the same period last year.

In 2023, the company's gross profit margin was 12.19%, down 1.50 percentage points from the same period last year; the net profit margin was 5.30%, down 0.77 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 12.72%, down 1.80% from the same period last year, up 1.91% from the same period last year; and the net profit rate was 6.14%, up 0.20% from the same period last year and 2.25% from the previous quarter.

In terms of products, the gross profit margins of integrated property management services, government services and value-added services in 2023 are 8.31%, 15.00% and 48.50%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 1.671 billion yuan, accounting for 68.27% of the total sales amount, and the total purchase amount of the company's top five suppliers was 102 million yuan, accounting for 10.96% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 12.22%, down 0.46 percentage points from the same period last year; the return on invested capital in 2023 was 11.61%, down 0.93 percentage points from the same period last year.

In 2023, the net cash flow of the company's operating activities was 212 million yuan, an increase of 61.65% over the same period last year; the net cash flow of fund-raising activities was-84.467 million yuan, a decrease of 40.5193 million yuan over the same period last year; and the net cash flow of investment activities was 25.9202 million yuan, compared with 150 million yuan in the same period last year.

Further statistics show that the free cash flow of the company in 2023 is 227 million yuan, a decrease of 19.11% compared with the same period last year.

In 2023, the cash ratio of the company's operating income is 111.41%, and the net present ratio is 176.72%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 1.47 times, compared with 1.38 times in the same period last year (the industry average in 2022 was 0.78 times, and the company ranked 2x10 in the same industry); fixed assets turnover rate was 73.47 times, compared with 128.72 times in the same period last year (the industry average in 2022 was 39.28 times, and the company ranked in the same industry). The turnover rate of accounts receivable and inventory is 5.61times and 450.03 times respectively.

In terms of major changes in assets, by the end of 2023, the company's transactional financial assets decreased by 86.82% compared with the end of last year, accounting for 15.33% of the company's total assets; other current assets increased by 209.88% compared with the end of the previous year, accounting for 12.05% of the company's total assets; accounts receivable decreased by 8.41% compared with the end of last year, accounting for 6.34% of the company's total assets Monetary funds increased by 34.27% over the end of last year, accounting for 5.48 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 had increased by 29.74% over the end of the previous year, accounting for 1.32% of the company's total assets; other payables (including interest and dividends) had increased by 17.21% over the end of the previous year, accounting for 0.03% of the company's total assets; and the salary payable for employees had increased by 7.22% over the end of the previous year, accounting for 0.98% of the company's total assets. Lease liabilities increased by 47.54% over the end of last year, accounting for 0.25 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 4.8016 million yuan, accounting for 0.47% 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 5.1187 million yuan, down 5.19% from the same period last year; R & D investment accounted for 0.21% of operating income, down 0.06% from 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 37.08%, up 0.01 percentage points from the end of the previous year; and the interest-bearing asset-liability ratio was 0.76%, up 0.11 percentage points from the end of the previous year.

In 2023, the current ratio of the company is 2.53 and the quick ratio is 2.53.

According to the annual report, among the top 10 circulating shareholders of the company at the end of 2023, the new shareholders are Shenzhen Special Development Group Co., Ltd., Shenzhen Special Development Investment Co., Ltd., Southern Financial theme flexible allocation mixed Securities Investment Fund and Universal, replacing CITIC Securities Co., Ltd., Sun Chengyuan, Guotai Junan Securities Co., Ltd., and Bosch Innovation economy mixed Securities Investment Fund at the end of the third quarter. In the specific shareholding ratio, the South China Securities all refers to the real estate trading open-index securities investment fund, Huatai Securities Co., Ltd. shareholding has declined.

In terms of chip concentration, by the end of 2023, the total number of shareholders of the company was 15900, down 738 from the end of the third quarter, a decrease of 4.43%; the value of stock market holdings per household dropped to 268900 yuan from 284600 yuan at the end of the third quarter, a decrease of 5.52%.

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. 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)