is the most powerful audio and video overall solution provider in China. In the field of metaverse, the company has launched multiple products such as virtual factory. In the future, more customers will use the company's VR products.
With its strong competitiveness in this field, the company has attracted strategic shares from Xiaomi , and the company has also established cooperative relationships with Douyin , Xigua Video, Volcano Video .
The company's performance in 2021 reached 430 million yuan, an increase of 135% over 2020, and a record high.
The company's stock is currently in the adjustment stage. The stock price has retraced significantly by 54% in 65 trading days, and the stock price has just exceeded 5 yuan recently.
(At the end of the article, the translator will tell you the name of the company and the stock code. Please understand the basic situation of the company objectively and impartially before revealing the final answer)
Main business and core competitiveness
The one who answered the phone The secretary-general is a man. He speaks in a loud voice but has an average attitude.
During the conversation, the translator learned that the company takes content copyright operation as the core of its strategy and focuses on new media copyright operation and distribution business.
The company’s revenue from film and television copyright operations and services accounted for 83%, and the revenue from film and television drama content production accounted for 12%.
In the company’s financial report, the translator learned that the company’s business related to the Yuan Universe is handled by its subsidiary Shiyou Technology, and the company is a technology company dedicated to the development and application of rapid animation technology.
In 2021, this company launched a number of high-quality theater movies on new media, including " Bomb Disposal Expert 2", " Gives You a Little Red Flower ", " Assassination of Novelists ", " Crowds" Raging ", " Chinatown Detective 3", etc.
The translator also learned from the Secretary Dong’s mouth that this company has also established a cooperative relationship with Huawei Video. It is one of the important suppliers of film and television copyrights for Huawei video.
In the company’s shareholder information, the translator found that among the top 10 circulating shareholders of the company, there are not only Industrial and Commercial Bank of China Securities Investment Fund but also GF Securities , and GF Securities just opened the company in the first quarter of this year. intervening.
The above is an introduction to the company. Next, let’s analyze the company’s performance.
Net profit performance
The following content and financial data are derived from the company's first quarter financial report of 2022, consolidated balance sheet on page 5, and consolidated income statement on page 8, and do not have any personal views. .
In the first quarter of 2021, the company’s net profit was 97.37 million yuan. By the first quarter of 2022, the company's performance reached 290 million yuan, a significant year-on-year increase of 198%.
This company’s net profit in the first quarter of 2022 ranked 9th among the 111 listed companies in the A-share Yuanverse Concept Sector. This high ranking indicates that its scale is relatively large.
In addition to its large scale, this company also has two obvious advantages. One is its strong earning power and the other is abundant cash flow .
In the first quarter of 2021, the company's return on net assets was 1.54%. This shows that if the management uses 100 yuan of shareholders' money to operate film and television copyrights, it can only earn a net profit of 1.54 yuan after three months.
In the first quarter of 2022, the company’s return on net assets reached 4.14%, a year-on-year increase of 169%.
The company’s current earning power, that is, the rate of return on net assets, ranks 7th among the 111 listed companies in the A-share Metaverse concept sector, which shows that its ability to make money is very strong.
Net cash flow This indicator measures the company's cash receipts and expenditures, and is also known as the touchstone of net profit.
In the first quarter of 2022, although this company’s net profit was 290 million yuan. However, during the same period, the company's actual net cash earned from operating activities was as high as 1.099 billion yuan, a significant year-on-year increase of 214%.
This shows that in the first quarter of this year, although the company's net profit was only 290 million yuan, the company collected more than 1 billion in cash during the same period.
This situation occurred because the management improved its operating capabilities this year and strengthened the collection of accounts receivable, so that all past payments were returned to the company's account.
The net cash flow has more than doubled year-on-year, which shows that the company's current cash flow is very abundant and there is a lot of cash in the account, which is very beneficial to its production and operations.
In summary, in the first quarter of 2022, this company is not small in scale, has greater ability to make money, and its current cash flow is very abundant.
Reasons for performance growth
Let's analyze an important question, what is the reason for the company's performance growth in the first quarter of this year, and whether these factors can be sustained.
found through the use of DuPont Theory Translator that the reason for the company's performance growth is the acceleration of sales and the expansion of product profit margins.
The sales speed of film and television copyright products should be measured using the company's inventory turnover days.
In the first quarter of 2021, the company's sales cycle for film and television copyrights was 87 days, but now it only takes 58 days, and the sales speed has accelerated by 34%. The accelerated sales speed of
shows that the company's products are currently very popular, which can not only increase operating income but also increase net profits. The profit margin of
products should be measured using the company's gross sales profit margin.
In the first quarter of 2021, the company provided film and television copyright services for 100 yuan, but could only earn a gross profit of 18.46 yuan, with a sales gross profit margin of 18.46%.
In the first quarter of 2022, the company also provided film and television copyright services for 100 yuan, but it could earn a gross profit of 45.55 yuan. The gross sales profit margin reached 45.55%, a year-on-year increase of 147%.
The company’s current sales gross profit margin, that is, profit margin, ranks 18th among the 111 listed companies in the A-share Metaverse concept sector. This high ranking shows that its products have very large profit margins.
Through the above analysis, we understand that in 2022, due to the industry trend, the sales speed of the company's film and television copyright services will accelerate.
At the same time, the profit margin of the product has also expanded, which caused the company's net profit to increase in the first quarter.
Shortcomings
Let’s look for the shortcomings and see what problems and shortcomings this company has in the first quarter of this year.
Through analysis, the translator found that the company's biggest shortcoming is that 's short-term solvency is weak.
The current ratio is the most effective indicator to measure the short-term solvency of a listed company. It is the ratio of current assets to short-term liabilities
In the first quarter of 2021, the company's current ratio was 0.76. This means that as long as the company has short-term liabilities of 100 yuan, it only has 76 yuan of current assets as protection.
If an accident occurs, even if the management liquidates all current assets, it will not be able to repay short-term debts.
In the first quarter of 2022, the company's current ratio reached 0.79, a year-on-year increase of 4%.
analyzed the DuPont structure chart translator and found that in the first quarter of 2022, the company's current liabilities were as high as 3.853 billion yuan, while its current assets were only 3.062 billion yuan. Current assets cannot cover current liabilities.
Among current assets, inventory and accounts receivable are difficult to realize, so the reasonable value of the current ratio is 2.
Although the company's current ratio has increased, it is still below the industry average, which shows that its short-term solvency is insufficient and there is room for improvement in the future.
If the fundamentals of listed companies are divided into five levels from high to low: A, B, C, D, and E, the translator personally believes that the company can maintain the B-level level.
And this company is Jebsen Holdings Co., Ltd., stock code: 00182.
Please note: The stocks of companies with good fundamentals may not necessarily rise. But for stocks that can continue to rise sharply, the company's fundamentals must be excellent.
This article neither recommends the stock Jebsen Holdings , nor does it say how good Jebsen Holdings is. Instead, it refines and translates the company's financial report.
