The company's net profit loss of 21.5 million yuan-27.5 million yuan in the first three quarters of 2021 the company issued a forecast of results for the first three quarters of 2021: the company's net profit from January 1, 2021 to September 30, 2021 is a loss of 21.5 million yuan to 27.5 million yuan, corresponding to a loss of 0.033 yuan per share-0.042 yuan per share. In the same period last year, the company's return net profit was 67.218 million yuan, and the company's return net profit changed from profit to loss. From January 1, 2021 to September 30, 2021, the company received a total of 62.435 million yuan in various government subsidy funds. if the government subsidy is not taken into account, the company's net profit deducted from January 1, 2021 to September 30, 2021 is about 83.93 million yuan to 89.93 million yuan.
The company's net profit loss in the third quarter of 2021 is 29.22 million yuan-35.22 million yuan. From July 1, 2021 to September 30, 2021, the company's net profit loss is 29.22 million yuan-35.22 million yuan, corresponding to a loss of 0.045 yuan per share-0.054 yuan per share. In the same period last year, the company's return net profit was 139.791 million yuan, and the company's return net profit changed from profit to loss. From July 1, 2021 to September 30, 2021, the company received a total of 13.1883 million yuan in various government subsidy funds. without considering government subsidies, the company's net profit deducted from July 1, 2021 to September 30, 2021 was about 42.41 million yuan to 48.41 million yuan.
The format of supermarkets continued to be under pressure, and the performance of larger companies was lower than expected by the repeated impact of the epidemic in some areas, mainly due to the impact of new business type, such as community group buying, on the format of supermarkets in 2021. The repeated epidemic situation in some areas in August 2021 has a great impact on the offline retail end. The company closes stores and isolates employees in accordance with the requirements of epidemic prevention and control, resulting in a reduction in income; the company actively undertakes the task of ensuring people's livelihood, and rigid expenses such as epidemic prevention and elimination have increased significantly. In addition, in order to cope with the impact of new retail formats, speed up the pace of digital construction, continue to promote the integration of warehousing and supermarkets, and actively carry out live broadcast, group shopping, community marketing and other new business, resulting in an increase in related capital investment.
Downgrade profit forecast to "neutral" rating
The company's performance was lower than expected, mainly due to the impact of new business type, such as the format of the company's supermarket to community group buying, and the repeated impact of the epidemic in some areas. We downgrade our forecast for the company's 2021 / 2022 / 2023 EPS to-0.08max / 0.02RMB (the original forecast is 0.01max / 0.02RMB), the company's supermarket format continues to be under pressure, and the effect of new business investment remains to be verified, downgraded to "neutral" rating.
Risk hint
The effect of cooperation with Yonghui is not as expected, and the effect of store upgrading is not as expected.