The company's 2QFY2023 revenue increased by 3% over the same period last year, realizing a net loss of 20.561 billion yuan to ordinary shareholders. On November 17, the company announced its semi-annual report for fiscal year 2023: 1HFY2023 realized operating income of 412.731 billion yuan, an increase of 1.55% over the same period last year, a net profit of 2.178 billion yuan for ordinary shareholders, a corresponding basic EPS of 0.10 yuan, a decrease of 95.69% over the same period last year, and a net profit of 64.072 billion yuan for non-GAAP. It decreased by 10.97% compared with the same period last year.
In a single quarter, 2QFY2023 achieved an operating income of 207.176 billion yuan, an increase of 3.23% over the same period last year, and a net loss of 20.561 billion yuan belonging to common shareholders, mainly due to the decline in the market price of equity investment in listed companies and the decline in investment profit and loss calculated by equity method, corresponding to a basic EPS of-0.97 yuan, achieving a non-GAAP net profit of 33.82 billion yuan, an increase of 18.57% over the same period last year.
The company's 2QFY2023 comprehensive gross profit margin rose 1.32 pct from the same period last year, while the expense rate decreased 3.17% year-on-year. Pct1HFY2023's comprehensive gross profit margin was 36.79%, down 0.75% from the same period last year. In a single quarter, 2QFY2023's comprehensive gross profit margin was 36.67%, up 1.32% from a year earlier.
The expense rate of 1HFY2023 during the period was 23.97%, down 1.44% from the same period last year. Among them, the sales / management / finance / R & D expense rate was 11.61%, 0.64%, 7.11%, respectively, and the year-on-year change was-2.14 / + 0.66, 0.02%. The expense rate of 2QFY2023 during the period was 23.89%, down 3.17% from the same period last year. Among them, the sales / management / finance / R & D expense rate was 10.79%, 5.11%, 0.67%, 7.31%, respectively, and the year-on-year change was-3.59 / + 0.69 / + 0.04, respectively. 0.31%.
Continuous share buybacks and postponement of major listing plans
2QFY2023 repurchased approximately $2.1 billion of shares and approximately $18 billion as of November 16, 2022. In addition, the company has been authorized by the board of directors to increase its existing share repurchase program by an additional $15 billion and to extend the validity period until the end of March 2025. At the same time, the company announced on November 17 that it would not complete its major listing by the end of 2022 as planned.
Downgrade profit forecast and maintain "overweight" rating
The company's 2QFY2023 revenue was slightly lower than the Bloomberg market consensus forecast of 208.85 billion yuan, mainly due to some logistics disruptions under the impact of the epidemic. In view of the uncertainty of the controlled process of the epidemic and the macro environment, we lowered the company's FY2023/FY2024/FY2025 non-GAAP net profit forecast of 7%, 12%, 15% to 1376.39, 1508.08 / 164.421 billion yuan. The company's leading position in e-commerce is solid, constantly improving the consumer shopping experience, enhancing user stickiness, and maintaining the "overweight" rating.
Risk hint: the development of new business is not as expected, the competition in the industry is intensified, and the process of epidemic control is not as expected.