The company's 2020 revenue decreased by 20.47% compared with the same period last year, and the company's net profit decreased by 35.35% compared with the same period last year. The company announced its 2020 annual report: operating income of 15.638 billion yuan in 2020; net profit of 112 million yuan, equivalent to 0.13 yuan of fully diluted EPS, a decrease of 35.35% over the same period last year; and net profit of 85 million yuan was deducted from the same period last year, a decrease of 27.85% over the same period last year.
From the point of view of single-quarter split, 4Q2020 realized net profit of-58 million yuan, equivalent to fully diluted EPS of-0.07 yuan, and realized deduction of non-return net profit of-52 million yuan.
Affected by the new revenue standards in 2020, the company's gross profit margin and expense rate are not comparable for the same period. In 2020, the company's comprehensive gross profit margin was 30.14%, and the period expense rate was 29.03%, of which, the sales / management / finance / R & D expense rates were 24.15%, 2.29%, 2.41%, 0.18%, respectively.
4Q2020 achieved an operating income of 559 million yuan in a single quarter, and the expense rate during the single quarter was 216.07%. Among them, the sales / management / finance / R & D expense rate was 180.90%, 15.72%, 18.35%, 1.10%, respectively.
In accordance with the relevant provisions of the "guidelines for the Application of Regulatory rules-Accounting Class No. 1" issued by the China Securities Regulatory Commission on November 13, 2020, the company changed the joint venture income from the total method to the net method to recognize income, and did not adjust the information during the comparable period of the statements. as a result, the operating income has decreased significantly and the expense rate has increased significantly, which is not comparable for the same period. If the net method was also used in the same period last year, the annual operating income in 2020 would have increased by 3.66% compared with the same period last year.
The epidemic promotes the digitization process, and the group purchase business is progressing smoothly.
During the reporting period, by the end of December 2020, the company had achieved 24.7 million digital members. In 2020, there were 7.36 million new customers, with a mobile sales rate of 78%, of which the number of digital members of mobile sales in supermarkets increased by 19.7% over the same period last year, and the sales of digital members increased by 16.7%. At the same time, the company makes great efforts to develop group buying business. The gridding and dynamic management of customers, the establishment of business system database, the expansion of all channels, the diversion of food business, government-enterprise platform and small supermarket business, the company's group purchase business income in 2020 increased by 42.5% compared with the same period in 2019.
Downgrade profit forecast and maintain "overweight" rating
The company's performance is slightly lower than expected, which is mainly affected by the new revenue standards. in view of the fact that the new retail leasing criteria will also have a certain impact, we have lowered our forecast for the company's 2021 Greater 2022 EPS by 21% to 0.16 won 0.18 yuan, and added a forecast of 0.20 yuan for 2023. The improvement of the company's group-buying business is expected to become a growth point of the company's performance and maintain the "overweight" rating.
Risk hint
The risk of cross-district operation, and the cost of cultivating new stores is higher than expected.
