The company released the third quarterly report of 2023, the company achieved operating income of 1.3 billion yuan in the first three quarters of 2023,-0.5% of the same period last year, and net profit of 120 million yuan, 9.6% of the same period last year. Among them, the operating income in the third quarter was 400 million yuan,-1.6% of the same period last year, and the net profit of returning to the mother was 20 million yuan,-30.1% of the same period last year. Consumption recovery is slow and performance is under short-term pressure.
Short-term fluctuations in profit margins and expense rates. In terms of profit margin, Q3's gross profit margin was 67.72%, down 2.57pct from the same period last year; net profit margin was 5.29%, down 2.15pct from the same period last year. In terms of expenses, the year-on-year changes in sales / management / R & D / financial expenses of Q3 company in 2023 are-5.3%, 2.9%, 2.3% and 11.9%, respectively. Due to reasons such as the lower-than-expected consumption of high-end women's clothing, the company's revenue is under short-term pressure, so the expense rate has increased. The Q3 sales / management / R & D / financial expense rate is 46.0%, 6.7%, 4.7%, 1.1%, respectively, and the year-on-year change is-1.8pct/0.3pct/0.2pct/0.1pct.
The company is a leading domestic high-end women's wear brand, relying on JORYA to form a multi-brand matrix with diversified styles and different prices.
The actual controller issued a voluntary commitment not to reduce the holdings announcement to enhance market confidence. On October 24, 2023, the company issued an announcement on the voluntary commitment of the controlling shareholders and their concerted actors not to reduce their holdings of the company's shares in the next six months. The controlling shareholder of the company congratulated International and its concerted actors on the combined shareholding ratio of 65.36% of the shares held by Investment and Super Fortune Development, expressing a voluntary commitment not to reduce their holdings of shares in the company in any way within six months from the date of lifting the ban on pre-IPO restricted shares held by them (that is, October 27, 2023 to April 27, 2024). We believe that on the one hand, the announcement is based on continued optimism about the company's prospects, and on the other hand, it helps to safeguard the rights and interests of all shareholders and enhance investor confidence.
[investment advice]
We believe that with the gradual recovery of consumption, the company has entered the volume and price stage of store expansion and the rebound of individual store income. in addition, the gradual landing of new technologies such as artificial intelligence and design in the industry is also expected to lead to the return of industry valuation. Maintain a "buy" rating.