The company's 1H2023 revenue decreased by 37.60% compared with the same period last year, and the company's net profit increased by 12.06% over the same period last year. On August 30, the company announced that 1H2023 realized operating income of 692 million yuan, a decrease of 37.60% over the same period last year, and realized net profit of 84 million yuan, equivalent to 0.06 yuan of fully diluted EPS, an increase of 12.06% over the same period last year. The net profit of non-parent was deducted from 76 million yuan, an increase of 14.10%.
In a single quarter, 2Q2023 achieved operating income of 325 million yuan, a decrease of 29.74% over the same period last year, and realized a net profit of 45 million yuan, equivalent to 0.03 yuan of fully diluted EPS, an increase of 201.72% over the same period last year, and realized deduction of 41 million yuan of non-return net profit, an increase of 400.89% over the same period last year.
The company's 1H2023 comprehensive gross profit margin rose 17.18 percent, and the expense rate rose 26.14 percent during the period. 1H2023's comprehensive gross profit margin was 63.45 percent, up 17.18 percent from the same period last year. In a single quarter, 2Q2023's comprehensive gross profit margin was 64.37%, up 17.09% from a year earlier.
The expense rate of 1H2023 during the period was 82.27%, an increase of 26.14% over the same period last year, of which the sales / management / finance / R & D expense rate was 19.32%, 38.26%, 24.70%, 0.00%, respectively, and the year-on-year change was + 4.13 / + 13.90, 8.27%, 0.17%, respectively. The expense rate of 2Q2023 during the period was 83.54%, an increase of 17.19% over the same period last year, of which the sales / management / finance / R & D expense rate was 20.21%, 38.82%, 24.52%, 0.00%, respectively, and the year-on-year change was + 2.42% / + 9.67 / + 5.30% respectively. 0.20%.
Convenience store revenue increased by 29.35% over the same period last year. In terms of launching the "hundred Store Competition" brand support program for offline stores, 1H2023 opened nine new convenience stores and closed four convenience stores. By the end of June 2023, the company had a total of 74 stores, including 60 convenience stores. In terms of business format, the business format of the company's convenience store has developed rapidly, and the business income of the convenience store of 1H2023 Company has reached 42.522 million yuan, an increase of 29.35% over the same period last year. Online, 1H2023's self-built online platforms such as "Youa overseas purchase" and "Youa Weidian" have achieved a transaction volume of 38.4612 million yuan and a business income of 15.7887 million yuan. In terms of brand building, 1H2023 launched the brand support program of "contending for the best" and reached strategic cooperation with a number of key brands. The large year-on-year changes in 1H2023's revenue and gross profit margin are mainly due to the fact that after the company transferred part of its equity stake in Opii luxury Exchange in July 2022, this part of the business is no longer included in the consolidated statement, resulting in a year-on-year decrease in operating income / operating cost of 392 million yuan / 345 million respectively.
Maintain profit forecast and maintain "overweight" rating
The company's profit performance for the first half of the year is basically in line with our previous expectations, and we maintain our forecast of 0.05pm / 0.10RMB for 2023max 2024max 2025 EPS. The company's convenience store business has developed rapidly and has a certain competitive advantage in Hunan and other places, maintaining the "overweight" rating.
Risk hint: the fierce competition in Hunan retail market is intensified, and the promotion process of convenience stores is not as expected.