The company's 1H2021 revenue increased by 19.04% over the same period last year, achieving a net profit of 63 million yuan. On August 24, the company released its semi-annual report of 2021: 1H2021 realized operating income of 3.003 billion yuan, an increase of 19.04% over the same period last year; realized net profit of 63 million yuan, equivalent to 0.12 yuan of fully diluted EPS; and realized deduction of 38 million yuan of non-return net profit.
In a single quarter, 2Q2021 realized operating income of 1.337 billion yuan, an increase of 10.14% over the same period last year; realized net profit of 30 million yuan, equivalent to 0.06 yuan of fully diluted EPS; and realized deduction of 15 million yuan of non-return net profit.
The company's 1H2021 comprehensive gross profit margin rose 7.74 percent, and the expense rate fell 3.18 percent during the period. 1H2021's comprehensive gross profit margin was 40.45 percent, up 7.74 percent from the same period last year. In a single quarter, 2Q2021's comprehensive gross profit margin was 45.07%, up 9.69% from a year earlier.
The expense rate of 1H2021 during the period was 34.85%, down 3.18% from the same period last year, of which the sales / management / financial expense rate was 24.88%, 3.78% and 6.19%, respectively, and the year-on-year change was-3.45% /-1.28%. 1.55%. The expense rate of 2Q2021 during the period was 38.46%, an increase of 0.38% over the same period last year, of which the sales / management / financial expense rate was 27.50%, 4.46% and 6.50%, respectively, and the year-on-year change was-0.34 /-0.79 / + 1.51%.
Performance in line with the forecast, multi-dimensional promotion of marketing work
The company's performance is in line with the performance forecast issued on July 19, 2021 (the net profit of 1H2021 is expected to be about 62 million yuan). By the end of the reporting period, the company has 123 stores in 11 prefectures and cities in Shandong Province and Hebei Province, with a construction area of 3.2175 million square meters. In terms of marketing innovation, the company promotes new marketing means in different formats and multiple dimensions: 1) department stores carry out important node activities with the help of department stores Yun Shopping Mini Program, joint stores to promote online and offline sales performance; 2) supermarkets expand online sales, with the help of "Ginza Cloud Life" and "Ginza to Home" has its own Mini Program and Meituan, ele.me and other tripartite platforms to promote sales income. 3) try BOSS live broadcast and buyer live broadcast for the first time during the reporting period to increase the attention and exposure of Ginza.
Maintain profit forecast and maintain "overweight" rating
The company's results are in line with the forecast. In view of the fact that the company mainly focuses on the settlement of expenses in the second half of the year, and the company's performance in the second half of the year is still uncertain, we maintain the forecast for the company's 2021 / 2022 / 2023 EPS of 0.08 won 0.10 / 0.12 yuan. During the reporting period, the company will actively promote marketing innovation and comprehensively promote salary reform, which will help to inject vitality into the development of the company and maintain its "overweight" rating.
Risk hint: some stores can not renew their leases when their leases expire, and new business type and the new store are not expanding as fast as expected.