Text/Ruicheng
The head enterprise of the liquor sector is known as "Mao Wuyang". Recently, Yanghe shares released three quarterly reports, compared with the net profit growth rate of 26.11% in the same period in 2018, Yanghe shares have declined for three consecutive years, and the net profit growth rate in the current period is only 0.37%. Although the net profit growth rate is less than 1%, there are still many operating highlights in the third quarter report of Yanghe Shares.
<h1 class="pgc-h-arrow-right" data-track="24" > net profit has declined year after year since 2018, and the growth rate of Zhongyanghe, a wine company, has lagged behind in the third quarter</h1>
On the evening of October 26, Yanghe co., Ltd. announced its three quarterly reports. The company achieved a total net profit of 7.213 billion yuan in the first nine months of this year, an increase of 0.37% year-on-year. In the third quarter, the net profit was 1.551 billion yuan, compared with 1.785 billion yuan in the third quarter of last year, a year-on-year decline of 13.11%.
Compared with the data in the same period, Yanghe shares have reported a decline in net profit for three consecutive years. In 2018, the company's net profit growth rate was 26.11%, the highest net profit growth rate since 2013. Since then, the company's performance growth rate has slowed down significantly, and the net profit growth rate in the three years since 2019 has been 1.53%, 0.55% and 0.37% respectively. It can be seen that the company's net profit (three quarterly report caliber) has almost stagnated in the past three years.
Figure: Yanghe shares in the third quarter of the calendar year net profit growth rate
Source: Understand the wine truth, Choice
Yanghe shares not only fell to less than 1% in the third quarter of net profit growth, but also lagged behind in the liquor companies that have disclosed their financial reports. According to the net profit value, the three companies of Shede Liquor, Drunkard Liquor, and Yingchao Tribute Liquor have the lowest net profit growth rate of more than 80%. Compared with Yanghe shares, which has a growth rate of only 0.37%, the listed companies that are lower than its growth rate are only Shunxin Agriculture (-14.23%) and Huangtai Liquor (-512.12%).
Figure: The net profit growth rate of liquor companies has been disclosed in the three quarters
<h1 class="pgc-h-arrow-right" data-track="23" > revenue and non-net profit growth rate reached expectations, and the two indicators exceeded Moutai</h1>
Yanghe shares' three quarterly net profit and net profit growth rate, whether compared with the same period, or compared with the liquor companies that have announced their financial reports, are not very eye-catching, and the growth rate of less than 1% is somewhat low. However, after subdividing the financial report, the growth rate of Yanghe's operating income and non-net profit was still up to expectations. Moreover, after the announcement of the third quarterly report of Yanghe shares, the stock price did not fall sharply, indicating that the market also recognized the performance of Yanghe shares at this time.
First look at the growth rate of operating income, Yanghe shares in the third quarter achieved revenue of 6.399 billion yuan, compared with 5.023 billion yuan in the second quarter, and 5.485 billion yuan in the third quarter of last year, which was positive growth month-on-month and year-on-year, with an increase of 27.39% and 16.66% respectively.
Combined with channel feedback, Huachuang Securities analysis believes that the main single product of Yanghe shares, Dream 6+, has entered the volume stage, while the price remains firm, with a growth rate of about 30%; the M3 crystal version upgrade is basically completed, the new products of Sky Blue are still in the market import stage, and the old version of the inventory is still expected to need to be digested.
In addition, looking at the net profit after deducting non-recurring gains and losses, this refers more to the company's performance under the main business of liquor. Yanghe co., Ltd. deducted non-net profit of 6.85 billion yuan in the first nine months of this year, an increase of 21.57% year-on-year. Compared with the 10.19% non-net profit growth rate of Guizhou Moutai, Yanghe shares are doubled.
Figure: Comparison of non-net profit deduction between Yanghe shares and Guizhou Moutai in the third quarter
The data understands that the deduction of non-net profit of Moutai in Guizhou is basically equal to the net profit attributable to the mother. The non-recurring profit and loss of Yanghe shares this time affects the company's performance, but the non-net profit is deducted. As a liquor head enterprise, the growth rate of non-net profit of Yanghe shares is twice that of Guizhou Moutai, and the growth rate of operating income has reached 16.01%, which is slightly higher than the 10.75% of Guizhou Moutai, which can be seen that the two indicators of Yanghe shares are still better.
<h1 class="pgc-h-arrow-right" data-track="19" > non-recurring profit or loss of $131 million, cash flow improved significantly</h1>
Yanghe's net profit in the third quarter was 1.551 billion yuan, deducting non-net profit of 1.682 billion yuan, of which the difference between the two items of 131 million yuan was the amount of non-recurring profit and loss. The financial report interprets this as follows: The amount of fair value change income from the beginning of the year to the end of the reporting period decreased by 122.32% compared with the same period of the previous year, which was caused by the decrease in fair value change income generated by trading financial assets.
For the loss of non-recurring gains and losses, Yanghe shares did not disclose in more detail in the third quarterly report, whether it is a loss caused by cash management or equity investment, it is still unclear. However, Yanghe Co., Ltd. has a good cash flow status, and has previously purchased trusts, financial plans, etc., or there may be problems with some trust and other income products.
These trusts and other cash management have lost money, but after the redemption of funds, the cash flow of Yanghe shares in this period is better! Huachuang Securities pointed out that the net operating cash flow of Yanghe shares due to the redemption of wealth management products increased significantly, the collection of payment in the third quarter achieved 8.03 billion yuan, an increase of 40.6%, profit improvement and sales support under the confidence of dealers, channel payment performance is positive, the end of the third quarter contract liabilities of 6.51 billion yuan, an increase of 18%, the statement end still has spare strength.