Event: the company released its three-quarter report on the evening of October 26, 2021. According to the announcement, the company's operating income and return net profit in the first three quarters of 2021 were 924 million yuan and 123 million yuan respectively, an increase of 55.94% and 3.07% respectively over the same period last year. The net profit was deducted from 138 million yuan, an increase of 77.67% over the same period last year.
1. The net profit of homecoming is higher than that of the same period last year, and the actual operating situation is better than that of the statement. The company released three quarterly reports on the evening of October 26, 2021. According to the announcement, the operating income and net profit of the company in the first three quarters of 2021 were 924 million yuan and 123 million yuan respectively, up 55.94% and 3.07% respectively over the same period last year. The net profit of non-homing was deducted from 138 million yuan, an increase of 77.67%. In 2021, the operating income of Q3 was 336 million yuan, an increase of 55.08% over the same period last year and 9.00% month-on-month. The net profit returned to the mother was 50 million yuan, an increase of 198.62% over the same period last year, an increase of 12.11% over the previous year, and a non-return net profit of 49 million yuan, an increase of 72.93% over the same period last year and an increase of 9.12% over the previous year. In the first three quarters of 2021, the company's main business EBITDA was 378 million yuan, an increase of 78.82 percent over the same period last year; after deducting non-recurring profits and losses, the net profit per share attributable to the company's common shareholders was 0.36 yuan per share, an increase of 67.38 percent over the same period last year.
Excluding the influence of non-operating factors such as investment income this year, new leasing criteria and employee compensation under equity incentives, we believe that the actual operating performance of the company is better than the apparent performance of the statement.
2. good cost control and increase investment in research and development.
Since the beginning of this year, the company's gross profit margin has continued to rise, benefiting from the continuous increase in the shelving rate of the stock IDC computer room. The gross profit margin of the company's comprehensive sales in the first three quarters of 2021 was 30.70%, an increase of 1.99pct over the same period last year. In a single quarter, 2021Q1/Q2/Q3 's gross profit margin was 30.12%, 30.43% and 31.44%, respectively. Gross profit in the third quarter increased by 4.88pct compared with the same period last year, and 1.01pct increased compared with the second quarter. 2021Q1/Q2/Q3 's net profit margin on sales was 10.08%, 14.11% and 14.79% respectively, and its gross profit margin in the third quarter rose 6.76% from the same period last year, up 0.68% from the second quarter.
In addition to R & D, the company's three major expenditure rates continue to decline. In terms of expenses, the sales expense rate in the first three quarters of 2021 was 1.10%, down 0.42% from the same period last year; the management expense rate was 2.47%, down 0.24% from the same period last year; due to the increase in R & D investment related to IDC from January to September 2021, the R & D expense rate was 3.88%, up 1.31% from the same period last year; and the financial expense rate was 6.48%, up 1.62% from the same period last year.
Risk hint: IDC computer room delivery and sales progress is lower than expected, 5G development is not as expected