The company's 1-3Q2022 revenue increased by 0.66% over the same period last year, and its net profit increased by 76.60% over the same period last year. On October 27, 1-3Q2022 realized operating income of 4.459 billion yuan, an increase of 0.66% over the same period last year, and realized a net profit of 100 million yuan, equivalent to 0.19 yuan of fully diluted EPS, an increase of 76.60% over the same period last year.
In a single quarter, 3Q2022 achieved operating income of 1.478 billion yuan, an increase of 3.54% over the same period last year, and realized a net profit of 12 million yuan, equivalent to 0.02 yuan of fully diluted EPS, and 10 million yuan of non-return net profit.
The company's 1-3Q2022 comprehensive gross profit margin decreased by 0.48%, and the expense rate decreased by 1.64% during the period. 1-3Q2022's comprehensive gross profit margin was 38.50%, down 0.48% from the same period last year. In a single quarter, 3Q2022's comprehensive gross profit margin was 37.97%, up 2.12% from a year earlier.
The period expense rate of 1-3Q2022 company was 32.59%, down 1.64% from the same period last year. Among them, the sales / management / financial expense rate was 23.94%, 2.92% and 5.72%, respectively, and the year-on-year change was-0.31% /-1.02%. The expense rate of 3Q2022 during the period was 33.48%, an increase of 0.55% over the same period last year, of which the sales / management / financial expense rate was 25.02%, 3.12% and 5.34%, respectively, and the year-on-year change was + 2.10 max 1.18 /-0.37%, respectively.
Upgrade the offline business format and accelerate the construction of online business
1-3Q2022 has closed four stores, and by the end of the third quarter of 2022, the company had 116 stores. On October 1, 2022, the company opened a new store, located in Tai'an City, Shandong Province, with a construction area of 27000 square meters. 4Q2022 has no plans to open a new store. In terms of supermarkets, the company continues to strengthen the construction of commodity power and increase the promotion of fresh self-management projects. In terms of department stores, we will speed up the upgrading of offline stores, focus on brand upgrading, and expand the introduction of catering, leisure and other supporting projects. Online, relying on cloud shopping and "Meituan"
And other tripartite platforms to enrich online service scenarios and enhance online operation and marketing capabilities. At the same time, focus on promoting the construction of live broadcast business, set up live broadcast team, build a three-level live broadcast system of headquarters, stores and counters, and launch its own marketing node "H!" Hi visit Festival ", to create a series of theme activities to achieve online and offline linkage.
Raise profit forecast and maintain "overweight" rating
The company's performance exceeded expectations, mainly due to the improvement of the company's management efficiency, thereby increasing its profitability. We raised our forecast for the company's 2022 EPS 2023 / 2024 by 101%, 101%, 102%, to 0.18, 0.19, 0.21 yuan. The company actively responds to the challenges of the epidemic, constantly adjusts and optimizes the offline format, accelerates the development of online business, and maintains the "overweight" rating.
Risk hint: some stores can not renew their leases when their leases expire, and new business type and the new store are not expanding as fast as expected.