综合来看，顺鑫农业去年净利润未达多数券商预期。Wind数据显示，自去年10月底以来，有9家券商对公司2024年业绩作出预测，归母净利润预测均值为3.23亿元。其中，仅方正证券1家券商给出的预测净利润，略低于顺鑫农业去年实际业绩表现。① Despite increasing promotional efforts in Q1 this year, Beijing Shunxin Agriculture's revenue fell by nearly 20%, and net income also dropped by nearly 40%. ② Last year, Beijing Shunxin Agriculture returned to profitability, but the company's net income did not meet most Brokerage expectations. ③ As of the end of March this year, Beijing Shunxin Agriculture's contract liabilities were 0.381 billion yuan, a decline of approximately 54.8% year-on-year, and a decrease of 78.31% compared to the beginning of the year.
According to a report from Financial Associated Press on April 22 (Reporter Zhu Wanping), after divesting from the Real Estate business and focusing on the two main businesses of Baijiu and Pork, Beijing Shunxin Agriculture (000860.SZ) successfully returned to profitability last year. However, in the first quarter of this year, despite the company's increased promotional efforts, revenue fell by nearly 20% in a weak consumer environment, and net income also dropped by nearly 40%.
This evening, Beijing Shunxin Agriculture released its 2024 Earnings Reports, achieving total operating revenue of 9.126 billion yuan, a year-on-year decline of 13.85%, and net income attributable to the parent company of 0.231 billion yuan, returning to profitability; net income attributable to the parent company after deduction was 0.246 billion yuan.
Overall, Beijing Shunxin Agriculture's net income last year did not meet most Brokerage expectations. Wind data shows that since the end of October last year, nine Brokerages have predicted the company's performance in 2024, with an average predicted net income attributable to the parent company of 0.323 billion yuan. Among them, only one Brokerage, Founder Securities, provided a predicted net income slightly below Beijing Shunxin Agriculture's actual performance last year.
(Beijing Shunxin Agriculture's core brand – Niulanshan Liquor, photographed by Financial Associated Press reporter Zhu Wanping)
By business, last year Beijing Shunxin Agriculture's Baijiu and Pork businesses achieved revenues of 7.041 billion yuan and 1.891 billion yuan respectively, with year-on-year growth of 3.19% and a decline of 27.21%. Overall, while the Baijiu business recorded slight growth in revenue, the gross margin decreased by 5.23 percentage points, mainly due to the increased share of low-end liquor. The Pork business, although seeing a decline in revenue, managed to reduce losses year-on-year through cost-cutting and efficiency improvement measures, with the gross margin recovering from negative to 2.42%.
By quarter, in Q4 last year, Beijing Shunxin Agriculture achieved revenue of 1.809 billion yuan, a year-on-year increase of 1.33%, but incurred a net income of -0.151 billion yuan, with losses expanding over 44 times year-on-year. In Q1 this year, Beijing Shunxin Agriculture achieved revenue of 3.258 billion yuan, a year-on-year decline of 19.69%, and net income of 0.282 billion yuan, a year-on-year decrease of 37.34%.
It is worth noting that in Q1 this year, Beijing Shunxin Agriculture's selling expenses increased by over 74 million yuan year-on-year, an increase of 34.10%. In response, the company stated that this was mainly due to increased promotional efforts during the Spring Festival, leading to rising promotional costs. Despite the increased promotional efforts, Beijing Shunxin Agriculture's revenue still saw a significant decline in Q1 this year.
Additionally, it is worth noting that by the end of March this year, Beijing Shunxin Agriculture's contract liabilities amounted to 0.381 billion yuan, a year-on-year decrease of approximately 54.8%, and down 78.31% compared to the beginning of the year. The company stated that this was mainly due to the recognition of income from advance payments in Q1 this year.
Regarding the business plan for 2025, the company stated that the Baijiu business will adhere to the positioning of being a people's liquor, consolidate its base in Peking, and expand into the CNI Yangtze Index, CNI Zhujiang Index markets, and the markets of 12 key cities nationwide; in the Pork business, the company will optimize its business strategy and enhance profitability.
