Event: Jinfeng Wine Industry released its semi-annual report.
Revenue continues to grow steadily and profits recover slowly. In the first half of the year, the operating income was 480 million yuan, up 8.72% from the same period last year; the operating profit was 45 million yuan, down 6.94% from the same period last year; the total profit was 48 million yuan, down 1.20% from the same period last year; the net profit belonging to shareholders of listed companies was 35 million yuan, down 5.96% from the same period last year; basic earnings per share were 0.07 yuan, the same as last year.
Profitability has declined. The gross profit margin in the first half of the year was 47.85%, down 1.78% from the same period last year, and the sales expense rate was 19.76%, up 1.37% from the same period last year. The rate of administrative expenses was 15.81%, down 2.88% from the same period last year, and the net profit margin was 6.71%, down 0.77% from the same period last year.
The operation in the second quarter is basically in line with expectations. The second quarter is the traditional off-season, single-quarter loss has become the norm. In the second quarter of this year, revenue fell 8.04% compared with the same period last year, a sharp decrease compared with the same period last year. The cost rate in a single quarter is significantly higher than that in the same period last year, but the level of expenses has decreased, and the level of profit has decreased compared with the same period last year.
Progress has been made in the promotion of e-commerce platform and steady progress in business integration and technological transformation. Yellow rice wine and wine products have made some progress in the promotion of e-commerce platform. Internal business integration with procurement as the starting point is progressing steadily, and process transformation and new capacity construction are also carried out as planned.
Maintain the "overweight" rating of Jinfeng Wine Industry.
Risk hint: at present, the yellow rice wine industry is still scattered, and there are many uncertain factors in the industry, so full attention should be paid to its risk.
