Yanghe, Yanghe, Yanghe shares three quarters of quotation investment interpretation! Optimistic about the current financial report announcement in the third quarter of the net profit decline reasons follow-up investment analysis

(The author adheres to value investment, buys and sells stocks from the financial report, uses the trend cycle to profit, 45.3% in 2021, and has been invited to trade private equity this year)

<h1 class="pgc-h-arrow-right" > first say the current earnings announcement</h1>

In the third quarter of 2021, the company achieved operating income of 6.4 billion yuan, an increase of 16.7% year-on-year; net profit of 1.55 billion yuan, down 13.1% year-on-year; and deducted non-net profit of 1.68 billion yuan, an increase of 23% year-on-year.

In the first three quarters of 2021, the total revenue was 21.94 billion yuan, an increase of 16% year-on-year; the net profit was 7.21 billion, an increase of 0.4% year-on-year; and the non-net profit was 6.85 billion, an increase of 21.6% year-on-year.

<h1 class="pgc-h-arrow-right" > the reason for the decline in net profit in the third quarter</h1>

The decline in the third quarter was due to the Company's investment in Story Scumbag, BOC Securities, which resulted in a non-recurring loss of (15.02-20.59) ×78.9474≈ -440 million in the Company's third quarter statements. This resulted in a pretax margin of $775 million in the third quarter.

If we exclude the investment losses of BOC Securities, the net profit base in the same period last year was 1.286 × 75% = 960 million, becoming 6.23 billion.

This year's third quarter report became 7.7 billion (pre-tax profit 97.2 + 5.62) ×75% = 7.7 billion, an increase of about 23% year-on-year!

< h1 class="pgc-h-arrow-right" > follow-up investment analysis</h1>

After the third quarterly report kicked out bocass securities, it achieved a positive return of 23%, which is also a leader in the liquor sector, and according to the current valuation, it belongs to the few undervalued companies in the liquor sector!

The revenue side is expected to marginally accelerate in 2022. Through the analysis of the company's development outlook, I expect that the company will achieve a net profit attributable to the mother of 14-16 billion yuan in 2023.

According to buffett's valuation, through China's risk-free rate of return as the valuation center, it is expected that the reasonable valuation market value will be about 450 billion. Xiangjiao currently has a reasonable increase of doubling.