The company's 1H2023 revenue increased by 2.52% over the same period last year, with a net profit of 12 million yuan.
On August 22, the company released its semi-annual report for 2023: 1H2023 realized operating income of 3.637 billion yuan, an increase of 2.52% over the same period last year, and realized a net profit of 12 million yuan (adjusted to-81 million yuan in the same period last year), converted into a fully diluted EPS of 0.08 yuan, and realized a deduction of 6 million yuan in non-return net profit, compared with-93 million yuan in the same period last year.
In a single quarter, 2Q2023 achieved an operating income of 1.697 billion yuan, an increase of 4.19% over the same period last year, and realized a net profit of 3 million yuan (adjusted to-88 million yuan in the same period last year), equivalent to a fully diluted EPS of 0.02 yuan, and realized a deduction of-2 million yuan in non-return net profit, compared with-97 million yuan in the same period last year.
The company's 1H2023 comprehensive gross profit margin increased by 5.39%, and the expense rate decreased by 0.13% during the period. 1H2023's comprehensive gross profit margin was 43.56%, up 5.39% from the same period last year. In a single quarter, 2Q2023's comprehensive gross profit margin was 46.10%, up 12.03% from a year earlier.
The expense rate of 1H2023 during the period was 36.68%, down 0.13% from the same period last year. Among them, the sales / management / financial expense rate was 8.22%, 22.22%, 6.23%, respectively, and the year-on-year change was + 0.53 /-0.16 pm, 0.50%. The expense rate of 2Q2023 during the period was 38.83%, an increase of 0.93% over the same period last year, of which the sales / management / financial expense rate was 9.05%, 23.74% and 6.04%, respectively, and the year-on-year change was + 1.86 percentile 0.87% /-1.80% respectively.
To create a regional "first store in the first city" and further enhance the degree of digitization in the first half of 2023, the company opened a new supermarket chain and closed three. Offline, the company forms a differentiated competitive advantage by creating a regional "first store in Shoucheng", and builds gathering areas for online celebrities to sign in, tide play night markets, children's entertainment, education and training, so as to create new consumption experience scenes and attract customers to shop for consumption. promote brand adjustment and upgrading and format category optimization The online company continues to promote the development and use of management tools such as "Eurasian Butler" and "Eurasian Assistant" to further improve the efficiency of operation and management.
Adjust profit forecast and maintain "overweight" rating
The company's profit performance was higher than we had expected, mainly due to a large increase in the company's gross profit margin, which strengthened the company's profitability, and we raised our forecast for the company's 2023 return net profit by 45% to 15 million yuan. However, the company's revenue performance is not as good as we had expected, considering that the company's main stores are located in the northeast, and there is still great uncertainty in the process of economic recovery in the northeast, we have lowered our forecast for the company's net profit of 2024 to 2025 by 34% to 0.16 billion. The company's offline format is actively adjusted, the degree of digitization continues to improve, and the "overweight" rating is maintained.
Risk hint: regional economic growth is not up to expectations, and the operation of the main stores in Europe and Asia is not up to expectations.