In the first quarter of 2011, the company realized operating income of 183 million yuan, down 0.92% from the same period last year, operating profit of 4.67 million yuan, an increase of 5.95% over the same period last year, and net profit belonging to the parent company of 3.77 million yuan, an increase of 6.5% over the same period last year, and earnings per share of 0.02 yuan.
The operating income is basically the same as the same period last year, and the effect of sales reform has not yet been reflected. From January to March 2011, the company's operating revenue fell slightly by 0.92% from a year earlier. The company reformed and rebuilt the marketing system in 2010 and integrated the product line. from the data of the first quarter, the effect of marketing reform is not obvious. we believe that it is mainly due to the drastic changes in the marketing system that have a negative impact on the company's product sales in the short term. With the gradual deepening of the company's marketing reform, the flattening marketing network is gradually spread out, and the rapid expansion of the marketing team, the achievements of the company's marketing system reform will be reflected in the future.
The marketing team expanded significantly to increase the expense rate during the period. During the reporting period, while the company's revenue declined slightly from the same period last year, the expense rate during the period increased by 3.25 percentage points year-on-year to 17.13%, mainly due to the marketing reform carried out by the company in the past 10 years. the number of marketing teams has been greatly expanded, with only 96 marketing personnel in 2009 and 789 as of December 31, 2010, resulting in a 25.26% increase in marketing expenses compared with the same period last year. At the same time, due to the increase of 18.38% in administrative expenses compared with the same period last year, the cost during the company period has been further raised.
It is more likely to raise the price of products in the future. Due to the reduction of domestic barley acreage and the influence of abnormal climate abroad, the reduction of domestic and international barley production has become a foregone conclusion. The price of malting barley, the company's main raw material, has risen continuously, and barley prices on the Winnipeg Futures Exchange of Canada have risen nearly 50% year on year. In order to absorb the cost pressure brought about by the rising price of barley, the parent company, Yanjing Beer, has taken the lead to complete the price increase in the advantageous market, while publicly saying that it will continue to raise the price in the advantageous market in the future. We think it is more likely for the company to follow up in the future.
Profit forecast and rating. We expect the company's EPS from 2011 to 2013 to be 0.24,0.29,0.35 yuan respectively. Yesterday's closing price was 12.16 yuan, and the corresponding dynamic PE was 50x, 42x and 35x respectively, maintaining the company's "neutral" investment rating.
Risk hint. (1) market systemic risk; (2) food safety risk; (3) raw material price risk.