The company's 1H2021 revenue decreased by 10.40% compared with the same period last year, achieving a net profit of 8 million yuan. On August 28, the company released its semi-annual report of 2021: 1H2021 realized operating income of 6.334 billion yuan, a decrease of 10.40% over the same period last year; realized net profit of 8 million yuan, equivalent to 0.01 yuan of fully diluted EPS; and realized deduction of non-parent net profit of-32 million yuan.
From the perspective of single-quarter split, 2Q2021 achieved operating income of 2.845 billion yuan, down 8.67% from the same period last year; realized net profit of 5 million yuan, equivalent to fully diluted EPS of 0.01 yuan; and realized deduction of non-return net profit of-9 million yuan.
The company's 1H2021 comprehensive gross profit margin increased by 1.56%, and the expense rate decreased by 0.54% during the period. 1H2021's comprehensive gross profit margin was 25.05%, up 1.56% from the same period last year. According to the split in a single quarter, 2Q2021's comprehensive gross profit margin was 25.07%, down 0.10% from the same period last year.
The expense rate of 1H2021 during the period was 24.49%, down 0.54% from the same period last year. Among them, the sales / management / finance / R & D expense rate was 19.97%, 3.64%, 0.79%, 0.09%, respectively, and the year-on-year change was-1.41%, 0.26%, 0.53%, 0.08%, respectively. The expense rate of 2Q2021 during the period was 23.94%, an increase of 0.34% over the same period last year. Among them, the sales / management / finance / R & D expense rates were 19.27%, 3.49%, 1.08%, 0.11%, respectively, and the year-on-year change was-0.61 /-0.07 / + 0.92 percentile, respectively.
The performance is in line with the forecast and speed up the reform and transformation of enterprises.
The company's performance is in line with the performance forecast announced by the company on July 12, 2021 (the expected return net profit is 7 million yuan-9 million yuan). In terms of offline channel expansion, the number of chain outlets increased by 58 during the reporting period, creating the first "Zhongbaiyun store", 2 new hypermarkets and 78 new convenience stores. In terms of the improvement of commodity structure, during the reporting period, 2323 new products were introduced in Zhongbai warehousing; 1041 new products were introduced and 1136 eliminated in Zhongbai supermarkets; the renewal rate of new products in Zhongbai convenience store was 57.55%; Zhongbai fresh R & D and listed 13 new products, improved 11 products; Zhongbai Xinchen developed 6 new products and completed 6 product process upgrades. In terms of online business, the company's online sales during the reporting period increased by 108.12% compared with the same period last year, accounting for 8.73% of the total sales.
Maintain the profit forecast and maintain the "overweight" rating
The company's results are in line with the forecast, and we maintain our forecast for the company's 2021 / 2022 / 2023 EPS to 0.01max 0.01max 0.02 yuan. The active adjustment of the company's business model will help to improve the company's profitability and maintain the "increase of holdings".
Rating.
Risk Tips:
The effect of cooperation with Yonghui is not as expected, the effect of store upgrading is not as expected, and the format of community group purchase is impacted.