Event: the company announced that in the first three quarters, the main income was 8.743 billion yuan, up 27.39% from the same period last year; the net profit was 133 million yuan, up 14.55% from the same period last year; the non-net profit was 135 million yuan, up 17.50% from the same period last year; the gross profit margin was 11.55%, down 0.34 pcts from the same period last year; and the net profit rate was 1.48%, slightly lower 0.14pcts than the same period last year. The net cash flow of operating activities was 53 million yuan, an increase of 113.59% over the same period last year. Customer rebates increased and the cash flow situation improved.
Q3 business is progressing steadily and its performance is in line with expectations. The company's Q3 achieved main income of 3.239 billion yuan in a single quarter, up 55.72% from the same period last year; net profit from its mother was 54 million yuan, up 6.11% from the same period last year; and 54 million yuan was deducted from non-net profit, up 11.71% from the same period last year.
The company actively promotes marketing and agent operation business, and the online duty-free business has been delayed by the epidemic. Q4 is expected to accelerate the landing and open a new performance growth curve.
Increased R & D investment, technology enabling digital marketing: the company's R & D expenditure in the first three quarters was 188 million yuan, an increase of 23.68% over the same period last year. The company continuously invests manpower and material resources in technology research and product development, and conducts in-depth research on hot cutting-edge digital technology and industry development trends through the R & D Center, Huayang Asia Interactive Creative Lab and Digital Marketing Research Institute. develop corresponding technology products, and closely track global marketing hotspots and development trends.
Fixed increase is completed and resource allocation is optimized: the net fund raised by the company's recent non-public offering is RMB 377 million, which will be used for brand new retail network operation and construction projects, smart marketing cloud platform construction projects, innovative technology research center projects and supplementary liquidity, so as to improve the efficiency of capital use and promote the company's long-term development.
Profit forecast and investment rating: as the exclusive provider of official communication agency service for Beijing 2022 Winter Olympic Games and Paralympic Games, the company has strong marketing strength and is a global marketing company with driving growth as the core and integrating omni-channel marketing. it integrates information technology marketing services, new retail and comprehensive content to create three superior business sectors. It has formed a closed loop of efficient linkage and enabling omni-channel marketing with commercial data. It is estimated that the company's return net profit for 21-23 years is respectively
2.81 Plus 5.19 / 677 million Yuan, corresponding to EPS 1.11 Plus 2.05 Placement 2.67 Yuan, PE is 15-8-6 times, maintaining the "Buy" rating.
Risk hints: macroeconomic downturn, repeated effects of domestic epidemics, intensified competition in the industry, and less-than-expected new business.
