The company disclosed its third quarterly report: operating income in the first three quarters was 9.338 billion yuan, down 8.7% from the same period last year, net profit attributable was-24.7185 million yuan, a decrease of 91.9365 million yuan over the same period last year, and non-net profit was deducted from 76.6073 million yuan, a decrease of 2896.74 yuan over the same period last year. In the third quarter alone, the company achieved operating income of 3.003 billion yuan, down 4.89% from the same period last year, realized vested net profit of-32.4399 million yuan, decreased by 172 million yuan, and realized attribution deduction of non-net profit of-44.9177 million yuan, a decrease of 153 million yuan over the same period last year.
Event comment
Quarterly revenue decline narrowed month-on-month, leasing criteria change superimposed epidemic repeatedly, such as quarterly operating profit loss.
The company's revenue fell 8.7% in the first three quarters from a year earlier, corresponding to a year-on-year drop in Q1/Q2/Q3 of 11.76%, 8.67% and 4.89%, respectively. The quarter-on-quarter decline in revenue narrowed in the third quarter of last year, or mainly due to a relatively low base in the third quarter of last year. At the same time, the company's gross profit margin in the third quarter decreased by 0.72% compared with the same period last year, or due to the relatively weak terminal demand and intensified competition in the regional market, the sales expense rate increased by 1.05% year-on-year, and the management expense rate increased by 0.64% year-on-year. Financial expenses increased by 29.9832 million yuan compared with the same period last year, or mainly due to the influence of new rental standards and repeated epidemic situations. Combined to make the company's quarterly operating profit (gross profit-business tax-sales-management-R & D-financial expenses) loss of 14.7534 million yuan, compared with the same period, a relative decrease of 123 million yuan, a month-on-month reduction of 29.69 million yuan.
The company actively promotes the optimization of digital layout and internal management mechanism, or is expected to improve business efficiency. The company actively promotes internal reform and optimization: 1) start digital construction, invest 100 million yuan to set up Wuhan Digital Zhiyun Technology Co., Ltd.; 2) promote format integration and supply chain optimization, through absorption and merger, promote the integration of warehousing and supermarkets, and complete the joint office of the headquarters of the two major supermarkets. 3) optimize the management system and organizational structure, complete the optimization of the organizational structure and management functions of the company's headquarters, and carry out the competitive recruitment, fixed post and salary grade adjustment of all the staff in the headquarters. 4) promote the market-oriented selection mechanism, sign tenure contracts with the middle managers of the headquarters, restore the corporate management of the department store, implement the market-oriented selection and recruitment of professional managers, and draw up a market-oriented selection plan for the managers of science and technology companies. Open recruitment of chief technical officers; 5) clean up inefficient assets to increase revenue and reduce expenditure, operational efficiency is expected to be improved.
Investment suggestion: the company has outstanding regional advantages, the supply chain system is constantly improving, and the performance may be improved. The company has been ploughing the local market in Hubei for many years, actively arranging all channels, exploring new retail formats, and continuously promoting the construction of cold chain logistics and central warehouse to enhance the company's regional competitiveness. At the same time, the company actively strengthens its internal management and works with excellent supermarket enterprises to promote the efficiency optimization of supply chain and store management. We expect the company's performance to be improved. The current market capitalization is only 0.25 times 2021 revenue PS, maintaining a "buy" rating.
Risk hint
1. The acceleration of new entrants to the regional market further intensifies the competition.
two。 The company new business type layout management effect cash speed is slow.