The company's 1-3Q2021 revenue decreased by 8.70% compared with the same period last year, realizing net profit of-25 million yuan. On October 28, the company announced that 1-3Q2021 realized operating income of 9.338 billion yuan, a decrease of 8.70% over the same period last year; realized net profit of-25 million yuan, equivalent to-0.04 yuan of fully diluted EPS; and realized deduction of non-home net profit of-77 million yuan.
From the perspective of single-quarter split, 3Q2021 achieved operating income of 3.003 billion yuan, down 4.89% from the same period last year; realized net profit of-32 million yuan, equivalent to fully diluted EPS of-32 million yuan; and realized deduction of non-return net profit of-45 million yuan.
The company's 1-3Q2021 comprehensive gross profit margin increased by 0.85%, and the expense rate increased by 0.47% during the period. 1-3Q2021's comprehensive gross profit margin was 24.99%, an increase of 0.85% over the same period last year. According to the split in a single quarter, 3Q2021's comprehensive gross profit margin was 24.86%, down 0.72% from the same period last year.
The period expense rate of 1-3Q2021 company was 24.53%, an increase of 0.47% over the same period last year. Among them, the sales / management / finance / R & D expense rate was 19.89%, 3.62%, 0.92%, 0.10%, respectively, with a year-on-year change of-0.67 / + 0.38, 0.09%. The expense rate of 3Q2021 during the period was 24.62%, an increase of 2.73% over the same period last year, of which the sales / management / finance / R & D expense rates were 19.73%, 1.58%, 1.19%, 0.11% and 0.10%, respectively, compared with the same period last year.
The performance is in line with the advance notice, improve the incentive policy and enhance the vitality of the enterprise.
The company's performance is in line with the performance forecast issued by the company on October 14, 2021 (the net profit for the first three quarters is expected to be a loss of 21.5 million yuan-27.5 million yuan). On October 28, 2021, the company issued a notice on the management methods of compensation and business performance assessment of enterprise leaders, further establishing and improving an effective incentive mechanism to enhance the vitality of the enterprise. In August, there were repeated outbreaks in many parts of the country, and Hubei was also hit to a certain extent. In accordance with the requirements of epidemic prevention and control, the company closes stores, isolates employees, and undertakes the task of ensuring people's livelihood. While income is reduced, rigid expenses such as epidemic prevention and elimination have increased significantly, resulting in losses in the first three quarters of the company.
Maintain earnings forecasts and maintain "neutral" ratings
We maintain the forecast for the company's 2021 / 2022 / 2023 EPS-0.08MB / 0.01RMB. The format of the company's supermarket is the main source of income of the company, which is greatly impacted by the community group purchase of new business type. The effect of the company's reform remains to be verified and the "neutral" rating is maintained.
Risk Tip: the effect of cooperation with Yonghui is not as expected, and the effect of store upgrading is not as expected.