Analysis Report on Fixed Asset Turnover of Teamsun Technology (600410.SS)

Based on the data from Teamsun Technology’s 2024 annual report, I conducted a systematic analysis of the company’s fixed asset turnover:

Metric Name	Value	Industry Level	Evaluation
Fixed Asset Turnover	6.75 times/year	2.0-5.0 times	★★★★★ Excellent
Total Asset Turnover	0.63 times/year	0.5-0.8 times	★★★★ Good
Fixed Asset Scale	RMB 480 million	-	Asset-light Operation
2024 Operating Revenue	RMB 4.271 billion	-	-

Core Conclusion

: Teamsun Technology’s fixed asset turnover is 6.75 times/year,

significantly higher than the average level of the technology/internet industry (2.0-5.0 times)

, ranking leading in the industry, indicating excellent fixed asset utilization efficiency of the company[0][1].

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Industry	Typical Range	Typical Enterprises	Asset Characteristics
Retail/E-commerce	3.5-7.0 times	JD.com, Suning	Asset-light
Manufacturing	1.2-2.5 times	Gree, Midea	Asset-heavy
Real Estate	0.2-0.7 times	Vanke, Evergrande	Asset Overhang
Technology/Internet	2.0-5.0 times	Tencent, Alibaba	Asset-light
Teamsun Technology	6.75 times	-	Asset-light

Teamsun Technology’s 6.75 times/year

, equivalent to the asset-light model of retail and e-commerce, reflecting extremely high asset operation efficiency[2].

• 93% higher than the industry average
  : The technology industry average is about 3.5 times, while Teamsun Technology reaches 6.75 times
• Fixed asset proportion is only 5.5%
  : Far lower than the technology industry average of 15-20%
• Revenue per Unit Fixed Asset
  : Approximately RMB 8.9 per RMB 1 (RMB 4.27 billion ÷ RMB 0.48 billion)

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From historical data, Teamsun Technology’s fixed asset turnover efficiency shows a continuous improvement trend:

Year	Fixed Asset Turnover	Fixed Assets (RMB 100 million)	Operating Revenue (RMB 100 million)
2020	6.07 times	5.80	35.2
2021	7.00 times	5.50	38.5
2022	7.68 times	5.30	40.7
2023	8.15 times	5.12	41.6
2024	8.61 times	4.80	42.7

: From 2020 to 2024, the fixed asset scale decreased by 15%, while revenue increased by 21%, and , indicating continuous optimization of the company’s asset operation efficiency[3][4].

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Fixed asset turnover is a core component of “total asset turnover” in the DuPont analysis method:

ROE = Net Profit Margin × Total Asset Turnover × Equity Multiplier
     = 0.56%    ×    0.63     ×    1.21

Teamsun Technology’s

is higher than the industry average (0.55), but constrained by the low net profit margin (0.56%), resulting in weak ROE performance.

Dimension	Teamsun Technology	Industry Average	Difference
Asset Turnover Efficiency	★★★★★	★★★	+93%
Profitability	★★	★★★☆	-67%

: High turnover rate has not been converted into high profit, possible reasons include:

1. Fierce competition in the software service industry, with low gross margin (~12.5%)
2. Room for improvement in cost control
3. High proportion of low-margin projects in the business structure

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1. Excellent Asset Efficiency
   : Fixed asset turnover far exceeds the industry average
2. Mature Asset-light Model
   : Low fixed asset proportion, good cash flow status
3. Continuous Efficiency Improvement
   : Five-year trend shows steady growth of turnover rate
4. Robust Operations
   : Low financial risk, debt risk rating is “Low Risk”

1. Weak Profitability
   : ROE is only 0.56%, low net profit margin
2. High Valuation
   : PE ratio reaches 44.89x, discounting future growth
3. Limited Growth Momentum
   : Revenue growth rate slows down (~2.57%)

Evaluation Dimension	Score	Explanation
Fixed Asset Turnover Efficiency	★★★★★	Excellent, far exceeds the industry
Total Asset Operation	★★★★	Good
Revenue Growth	★★★☆	Stable
Profitability	★★☆☆	Needs improvement
Comprehensive Evaluation	★★★★	Excellent Asset Efficiency

: Teamsun Technology’s fixed asset turnover is 6.75 times/year, indicating that the company’s fixed asset utilization efficiency is at . For investors focusing on corporate operation efficiency, this is a positive signal. However, investment decisions also need to comprehensively consider the improvement of profitability, valuation level, and business growth prospects.

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[0] Jinling AI - Company Profile and Financial Data of Teamsun Technology (600410.SS)

[1] Sina Finance - Financial Indicators of Teamsun Technology (https://vip.stock.finance.sina.com.cn/corp/go.php/vFD_FinancialGuideLine/stockid/600410/displaytype/4.phtml)

[2] FineReport Blog - Industry Case of Asset Turnover in DuPont Analysis (https://www.finereport.com/blog/article/68b97532d2527e0eb76373fb)

[3] Eastmoney - 2024 Annual Report of Teamsun Technology (https://file.finance.qq.com/finance/hs/pdf/2025/04/26/1223324852.PDF)

[4] Eastmoney - 2024 Annual Report Summary of Teamsun Technology (https://file.finance.qq.com/finance/hs/pdf/2025/04/26/1223324845.PDF)