The company's 2022Q1 realized operating income of 3.446 billion yuan, down 1.25% from the same period last year, realized vested net profit of 2.1993 million yuan, down 9.5% from the same period last year, realized attribution deduction of non-net profit-6.33 million yuan, and reduced losses by 16.5913 million yuan over the same period last year.
Event comment
The company's revenue growth in the first quarter is under short-term pressure, but better cost control makes the performance margin improved. Or due to the impact of the epidemic led to a decline in store traffic, 2022Q1 operating revenue fell 1.25% compared with the same period last year. From the gross margin point of view, Q1 gross profit was 850 million yuan, down 2.7% from the same period last year, and the gross profit margin decreased slightly by 0.37%. From the expense point of view, Q1 company's sales expenses are well controlled, the sales expenses are 77.91 million yuan lower than the same period last year, the sales expense rate is 2% lower than the same period last year, the management expenses are 8.42 million yuan higher than the same period last year, the management expense rate is 0.29% higher, the R & D expenses are 5.5532 million yuan higher than the same period last year, and the financial expenses are up 16.58 million yuan. In total, the company's Q1 operating profit (gross profit-sales expenses-management expenses-research and development expenses-financial expenses-tax) is 4.963 million yuan, an increase of 23.2536 million yuan compared with the same period last year. Overall, excluding non-recurrent profit and loss companies Q1 deducting non-net profit is-6.33 million yuan, deducting non-net profit by 16.5913 million yuan compared with the same period last year.
On the basis of the continuous optimization of the efficiency of the commodity supply chain, the company continues to distribute diversified business formats. In 2021, the company continued to consolidate the efficiency of supply chain management and deepen operation quality, in which warehousing strengthened the dynamic management of goods, with a commodity renewal rate of 32.81%, a year-on-year increase of 1.58% of comprehensive gross profit margin, a 22.22% renewal rate of commodities in community supermarkets, a year-on-year increase of 0.94% of comprehensive gross profit margin, and a renewal rate of 83.79% of new products in convenience stores. Zhongbai Kitchen R & D 37 new products on the market. On the basis of the improvement of internal efficiency, the company has maintained a stable speed of opening stores to diversified layout. In 2021, the company has added 242 outlets, including 10 stores, 53 supermarkets and 179 stores. Convenience stores have been distributed in 14 cities in Hubei and Hunan provinces, with a total of 600 stores and 31 new store outlets such as "Z era" in community supermarkets.
Investment suggestion: the supply chain efficiency is strengthened, and the profit efficiency space is expected. 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 operating performance to be improved. The current market capitalization is only 0.26 times revenue PS in 2022, maintaining a "buy" rating.
Risk hint
1. The acceleration of new entrants to the regional market further intensifies the competition. 2. New business type's layout and operation effect of the company is faster.