Event description
The company disclosed the mid-2022 report: 2022H1 achieved operating income of 6.24 billion yuan, down 1.49% from the same period last year, realized a net loss of 39.66 million yuan, a decrease of 47.38 million yuan, deducted a non-net loss of 54.02 million yuan, and expanded its loss by 22.33 million yuan.
Event comment
In the second quarter, the company's operating income decreased slightly compared with the same period last year, and the efficiency of commodity management was stable, but the expenditure on sales expenses expanded and operating profits were under pressure. 2022H1 achieved a 1.49% year-on-year decline in operating revenue, of which Q1/Q2 revenue growth was-1.25% and-1.79% respectively, and the revenue decline further expanded in the second quarter alone. From the gross margin point of view, Q2 gross profit margin fell slightly by 0.17 percentage points, we believe that the company's gross margin level in the supply chain disturbance in the second quarter to maintain a relatively stable is not easy, but also shows the effectiveness of its commodity efficiency optimization strategy. On the expense side, Q2 company's sales expense rate increased by 1.63 percent, or due to the increase in advertising and publicity expenses, the management expense rate increased by 0.1 percent, R & D expenses increased by 5.55 million yuan compared with the same period last year, and financial expenses decreased by 2.95 million yuan compared with the same period last year. In total, the company's Q2 operating loss (gross profit-sales expenses-management expenses-R & D expenses-financial expenses-tax) was 45.26 million yuan, down 60.2 million yuan from the same period last year. Overall, the net loss of 2022H1 is 39.66 million yuan, a decrease of 47.38 million yuan compared with the same period last year. Excluding the income from government subsidies and other non-recurrent items in the current period, the non-net loss is 54.02 million yuan, the year-on-year loss is increased by 22.33 million yuan, and the Q2 non-net loss is 47.68 million yuan. The year-on-year loss increased by 3892 yuan.
In the first half of the year, the company continued to maintain the efficiency optimization rhythm of the commodity supply chain, on this basis, actively layout the O2O format and achieved initial results. 2022H1 continues to strengthen commodity competitiveness and supply chain efficiency, and promotes the optimization of commodity structure in warehousing supermarkets. The commodity replacement rate is 14.12%, and the mobile sales rate is more than 70%. The proportion of sales of directly purchased goods and self-branded goods increased to 56.15%, and both sales and gross profit increased. The direct collection of fresh goods was further intensified, with the purchase amount of the base accounting for 71.09% in the first half of the year. Convenience stores continue to maintain their own efforts in the development of new products, with a renewal rate of more than 65%. On the basis of internal efficiency improvement, the company continued to explore the transformation of new retail formats and the initial results of the transformation, and the online strategy advanced smoothly. During the reporting period, the company continued to deepen business cooperation with tripartite platforms such as Duodian, Meituan, ele.me, Taoxianda and JD.com, and orders increased by 16% compared with the same period last year. Optimize the functions of its own platform, widen the width of operation, and improve the quality of implementation. Sales of "Zhongbai Neighbourhood purchase" increased by 771.38% compared with the same period last year, community group purchase business improved, and 2022H1's online business sales increased by 23.28%.
Investment suggestion: supply chain efficiency is continuously optimized, and the increment of online layout can be expected. However, as the company continues to optimize the dynamic management of goods and actively explore new retail formats, the future growth space is expected to be gradually opened, and the company's current market capitalization is 0.29 times the PS valuation of 2022 revenue, maintaining the "buy" rating.
Risk hint
1, the acceleration of new entrants to the regional market further intensifies the competition; 2, the company new business type layout management effect cash speed is slow.