On the evening of August 16, 2022, the company released its semi-annual report for 2022: 2022H1 revenue of 30.524 billion yuan, with a decrease of 15.52%; net profit of 135 million yuan, with a decrease of 47.53%; and a deduction of 118 million yuan, with a decrease of 53.72%.
Main points of investment
The performance is in line with expectations and is expected to improve in the third quarter.
The 2022Q2 revenue is 16.43 billion yuan (6%), the net profit is 78 million yuan (49%), and the deduction is 80 million yuan (47%), which is caused by the epidemic in the core area. Gross profit margin 2022H1 is 6.59% (same increase 0.5pct), 2022Q2 is 6.35% (same increase 0.5pct). The net interest rate 2022H1 is 0.35% (same as minus 0.2pct) and 2022Q2 is 0.41% (same as minus 0.3pct). The net operating cash flow of 2022H1 is-267 million yuan (same as minus 119%) and rebate is 34.087 billion yuan (same as minus 16%). The final contract liability of 2022H1 was 857 million yuan, a decrease of 2 million yuan.
The OBM mode starts, focusing on the secret creation of Datang.
In terms of different industries, 2022H1 distribution + marketing revenue is 27.475 billion yuan (19%), accounting for 90% (same as minus 4pct), of which IT, communications revenue / home appliances / medical appliances / medical / beverage / mother and infant / daily chemical / food revenue 58.4799.36lash 4.33lash 15.22lash 35.05cit25.54 / 1.434 billion, year-on-year-12% Universe 30% Universe 39% Universe 32% Lexand 58% 24% Universe 20%. The operating revenue of 2022H1 brand is 1.533 billion yuan (6%), accounting for 5% (up 0. 5%).
5pct), of which IT, communications / textile clothing / alcohol / mother and child / revenue 5.19 Universe 2.75 3.86 / 341 million yuan, 0.4%, 22%,-31%, 15% year on year. Liquor plate launched high-end liquor customization OBM services, open up Maotai upstream base liquor supply chain services, Diaoyutai enamel color, Guotai Black Gold decade, such as good performance, Datang Secret made as its own sauce brand, positioning low-and medium-priced high-quality soy sauce, revenue of 27.27 million yuan in the first half, the follow-up company will focus on building.
Profit forecast
We estimate that the EPS for 2022-2024 will be 0.26, 0.33, 0.40 yuan, and the current share price will be 2022 times higher than that of 24-19-16, the first time it will be covered, and will be given a "recommended" investment rating.
Risk hint
Macroeconomic downside risks, epidemic situation drag consumption, new product promotion is not as expected and so on.
