The company's 2020 revenue decreased by 62.98% compared with the same period last year, and the company's net profit decreased by 56.09% compared with the same period last year. The company announced its 2020 annual report: it achieved operating income of 2.313 billion yuan in 2020, a decrease of 62.98% over the same period last year; realized net profit of 139 million yuan, equivalent to 0.10 yuan of fully diluted EPS, a decrease of 56.09% over the same period last year; and realized deduction of 152 million yuan of non-homed net profit, a decrease of 50.10% over the same period last year.
In a single quarter, 4Q2020 achieved operating income of 827 million yuan, a decrease of 55.00% compared with the same period last year; realized net profit of-27 million yuan, equivalent to fully diluted EPS of-0.02 yuan, and realized deduction of non-return net profit of-29 million yuan.
The company's comprehensive gross profit margin rose 25.44 percentage points in 2020, and the expense rate rose 33.17 percentage points during the period. The company's comprehensive gross profit margin in 2020 was 45.24%, up 25.44 percentage points from the same period last year. According to the split in a single quarter, 4Q2020's comprehensive gross profit margin was 42.71%, up 25.60% from the same period last year.
The expense rate during the company period in 2020 was 51.45%, an increase of 33.17% over the same period last year. Among them, the sales / management / finance / R & D expense rate was 20.16%, 21.26%, 9.50%, 0.53%, respectively, and the year-on-year change was + 12.88 / + 13.44, respectively. 0.38 percentage points. The expense rate of 4Q2020 during the period was 43.30%, an increase of 26.11% over the same period last year. Among them, the sales / management / finance / R & D expense rate was 19.00%, 16.93%, 6.96%, 0.42%, respectively, and the year-on-year change was + 11.36% / + 10.63 / + 4.22%. 0.11%.
Start a new convenience store business and create an online platform for Youa Shopping
The company opened the first 7-ELEVEn store in Hunan on May 30, 2020, breaking the one-day sales record of single stores in the global convenience industry. A total of 17 7-ELEVEn stores were opened in 2020. During the reporting period, the company set up a network operation department, using "you purchase" WeChat Mini Programs to carry out live marketing, provide contactless shopping, increase online layout, and make every effort to create a "friend purchase" platform through regular live broadcast and full distribution.
Maintain the profit forecast and maintain the "overweight" rating
The company's performance is in line with the performance announced on April 14, 2021, KuaiBao. We maintain the company's 2021 / 2022 EPS forecast of 0.21 yuan 0.23 yuan, with an additional forecast of 0.25 yuan for 2023. The company's new convenience store format will help to enhance the company's regional competitive advantage and maintain the "overweight" rating.
Risk hint
The fierce competition in Hunan retail market has intensified, and the training period of new stores is longer than expected.