The fundamental data of Zhenshitong in recent years shows a certain instability. First of all, net profit has shown a downward trend in the past three years, gradually declining from 2020 to 2022, and reaching a negative value in 2023, indicating that the company's profit situation is not optimistic. At the same time, the non-net profit after deduction also showed a similar downward trend, which indicates that even after excluding non-recurring gains and losses, the company's operating conditions are still facing challenges.
Secondly, there was a significant increase in total operating income in 2022, but a decline in 2023. This may indicate that the company's sales performance is volatile and has not been able to achieve consistent growth. Net profit margin and gross profit margin also showed a fluctuating trend, indicating that the company had certain difficulties in marketing and cost control.
In terms of financial structure, the asset-liability ratio of Zhenshitong is relatively high, exceeding 30%, which means that the company bears a high debt risk. In addition, the low current ratio and quick ratio are not enough to cover the company's short-term debt, which also suggests that the company's solvency is at risk.
In terms of operating capacity, the company's business cycle is relatively long, reaching 63405 days, while the inventory turnover days and accounts receivable turnover days are also high, respectively 24617 days and 38788 days. This could mean that the company's inventory management and collection capabilities are not efficient enough and could be improved.
Finally, the values of net assets per share and capital reserve per share of Zhenshitong are relatively stable and do not show major fluctuations, which may reflect the company's stable financial foundation. Undistributed profit per share and operating cash flow per share showed a downward trend, indicating that the company is facing certain challenges in capital allocation and cash flow management.
Based on the above analysis, the fundamental performance of Zhenshitong in the past three years has been relatively weak. The decline in net profit and non-net profit, fluctuations in total operating income, and issues of financial structure and operating ability all need to be paid attention to. Companies need to strengthen sales and cost control to improve profit levels and profitability. At the same time, attention should be paid to improving solvency and optimizing inventory and collection management to improve the quality and stability of the company's earnings. In addition, capital allocation and cash flow management need to be strengthened to improve investors' returns and the company's long-term development ability.