On the evening of October 22, Guyue Longshan released the third quarter report of 2021, with operating income of 1.098 billion yuan, an increase of 27.75% year-on-year, net profit attributable to shareholders of listed companies of 128 million yuan, an increase of 48.53% year-on-year, and deduction of non-net profit of 123 million yuan, an increase of 84.82% year-on-year.
From a single quarter point of view, the operating income in the third quarter was 334 million yuan, an increase of 19.16% year-on-year; the net profit attributable to the mother was 0.39 billion yuan, down 110.39% year-on-year; and the non-net profit was 0.39 billion yuan, an increase of 187.59% year-on-year.
The company's operating income and net profit have been positive year-on-year growth for three consecutive quarters, and the net profit in the third quarter has set a record for the best year-on-year comparison in history.
Both net profit margin and gross margin hit new highs in four consecutive quarters, and the company's profitability increased significantly.
1. Business status.
From the company's operating data, it can be seen that the sales of high-end wine account for more than 71%, as the leader of rice wine, the company takes the sub-high-end route; the sales channels are mainly wholesale, supplemented by direct sales; the sales area is mainly in Jiangsu, Zhejiang and Shanghai, and other regions are expanding at an annual growth rate of 30%, and the future can be expected.
2. Performance.
Excluding the special year of 2020, the company's revenue and net profit in the first half of the year were lower than the performance in 2019, and the third quarter began to exert force, and the net profit in the first three quarters has been equal to 2019, and slightly more than a little, but the revenue has not improved, and the increase in net profit has benefited from the effective control of fees.
The hot weather in the third quarter, which is the off-season for rice wine sales in the past years, has indeed exceeded expectations for the company to have such a performance in the third quarter this year.
The fourth quarter and the first quarter are the peak sales seasons of the year, the performance will be very good, the fourth quarter will generally be slightly higher than the first quarter of the performance, if the fourth quarter and the first quarter net profit of 0.61 billion yuan is the same, the annual net profit is expected to reach 189 million yuan, more than the agency expected 155 million yuan 22%.
189 million for the whole year, an annual growth of 26%, according to the current market value PE is 51.75 times, or quite expensive.
Third, the lifting of the ban is coming.
Three days before October 27, there will be 11.3% of the private placement of institutional placement shares to be lifted, involving about 1.1 billion yuan of funds, a total of 22 shareholders, in addition to Franklin who often throws high and sucks low is an old face, the others are new entrants, there will be no firm faith, the pressure to lift the ban is still quite large.
Next, if the stock price can be played down a little, the annual report market can still be expected.
Fourth, the future outlook.
The new chairman has been in office for more than a year, and when he first came in 2020, he also burned the three fires of the new official (launched a new product of "not on the head", solved the problem of rice wine drinking scenes, and solved the problem of young people not drinking yellow wine), but the performance fell to the lowest level in the past five years.
Last year, we could shift the responsibility to our predecessors and the epidemic, and this year there is no excuse, we must break through the boat and do something for everyone to see, so as to be worthy of the positive treatment of the party and the state. The annual salary given by the company last year was only 150,000, which is indeed a bit of a cold point, and the chairman of Haizheng Pharmaceutical is only a deputy department, and the annual salary is 1.5 million, which is a bit humiliating in comparison. The annual salary of state-owned enterprises should be linked to performance is the right way to promote people's progress.
Under the operation of the chairman, this year also carried out the first additional issuance in ten years, raising more than 1 billion yuan for the construction of the rice wine industrial park project (phase I). After the project is completed and put into operation, it can produce 100,000 kiloliters of mechanized rice wine per year, and form an annual filling capacity of 120,000 kiloliters of rice wine in small packages. It seems that the company's big chess game is slowly unfolding.
Things are dynamically developing, the views of this article will not be set in stone, any student's point of view, not trading recommendations, are with the masters to discuss the method of studying the market, the stock market is risky, enter the market need to be cautious!