The company's 1-3Q2023 revenue increased by 13.64% over the same period last year, and the company's net profit increased by 66.53% over the same period last year. On October 22, the company announced that 1-3Q2023 realized operating income of 615 million yuan, an increase of 13.64% over the same period last year, and realized net profit of 80 million yuan, equivalent to 0.19 yuan of fully diluted EPS, an increase of 66.53% over the same period last year.
In a single quarter, 3Q2023 achieved an operating income of 195 million yuan, an increase of 7.23% over the same period last year, and a net profit of 28 million yuan, equivalent to a fully diluted EPS of 0.067 yuan, an increase of 15.65% over the same period last year. The net profit of non-return was deducted from 28 million yuan, an increase of 15.99%.
The company's 1-3Q2023 comprehensive gross profit margin increased by 0.91%, and the expense rate decreased by 4.30% during the period. 1-3Q2023's comprehensive gross profit margin was 55.29%, up 0.91% from the same period last year. In a single quarter, 3Q2023's comprehensive gross profit margin was 56.58%, up 0.28% from a year earlier.
The period expense rate of 1-3Q2023 company was 34.54%, down 4.30% from the same period last year, of which the sales / management / financial expense rate was 4.82%, 32.90% and 3.18%, respectively, and the year-on-year change was-0.93 /-4.12 pm 0.75%, respectively. The expense rate of 3Q2023 during the period was 33.88%, a decrease of 0.77% over the same period last year. Among them, the sales / management / financial expense rate was 5.17%, 31.02% and 2.31%, respectively, and the year-on-year change was-0.19 /-2.46 / + 1.89%.
The recovery of performance in the third quarter is progressing smoothly. The employee stock ownership plan helps the development company to continue to establish a market-oriented personnel selection and incentive mechanism. The 14th meeting of the eighth board of directors was held on September 6, 2023. It is considered and agreed that the company will use its own funds to buy back the company's shares in the form of centralized bidding transactions for employee stock ownership plans or equity incentives. The total capital of the repurchased shares shall not be less than 50 million yuan (inclusive) and shall not exceed 100 million yuan (inclusive), and the price of the repurchased shares shall not exceed 11.85 yuan per share. As of September 30, 2023, the company has not implemented the share repurchase for the time being. On September 28, 2023, the company held the 17th meeting of the eighth board of directors and proposed to implement the employee stock ownership plan in 2023, which will help to retain excellent management talents and business backbones and encourage employees to create value. The company's business recovery in the third quarter is good, and the employee stock ownership plan is conducive to the further development of the company's business in the future.
Maintain profit forecast and maintain "overweight" rating
The company's performance is basically in line with our previous expectations, and we maintain the forecast of the company's 2023 / 2024max 2025 EPS of 0.27max 0.29max 0.32 yuan. The company has a certain regional competitive advantage in Shenyang and other places, and the employee stock ownership plan helps to stimulate employee initiative, improve the efficiency of the company's operation and management, and maintain the "overweight" rating.
Risk hint: the operation of the main store is not up to expectations, and the business improvement after the mixed reform is not up to expectations.