Text/Leju Finance Fu Kui
A few days ago, Mona Lisa, Diou Home, Yuexin Health, Sitong shares listed ceramic enterprises have disclosed the third quarterly report. From the perspective of net profit, Mona Lisa is in the first place, the net profit of Sitong shares of 0.14 billion yuan is at the bottom, and the net profit of Diou Home has fallen the most.
From the perspective of debt ratio, Mona Lisa has the highest debt ratio of 60.98%, and Sitong shares have the lowest debt ratio of 10.55%. From the perspective of gross profit margin, the gross profit margin of Diou Home Furnishing fell the most, with a year-on-year decline of 22.46% in the first three quarters of this year, mona Lisa had the highest gross profit margin, and the gross profit margin of Sitong shares and Yuexin Health was lower than the average.
Theo net profit fell the fastest, and the four-way bottom
In the third quarter of this year, the revenue of the ceramic industry rose and fell, but the net profit was almost all lower. Mona Lisa revenue of 1.847 billion yuan, an increase of 19.25% year-on-year, net profit of 135 million yuan, down 16.87% year-on-year; in the first three quarters of this year, Mona Lisa revenue was 4.927 billion yuan, an increase of 47.69% year-on-year, and net profit was 417 million yuan, an increase of 10.07% year-on-year.
In the third quarter of this year, the revenue of Diou Home was 1.474 billion yuan, an increase of 16.78% year-on-year, and the net profit was 0.77 billion yuan, down 49.90% year-on-year; in the first three quarters of this year, the revenue of Diou Home was 4.604 billion yuan, an increase of 16.05% year-on-year, and the net profit was 349 million yuan, down 13.78% year-on-year.
The decline in the net profit of Yuexin Health is second only to Diou Home, and the net profit and revenue both declined. In the third quarter of this year, the revenue of Yuexin Health was 338 million yuan, down 12.47% year-on-year, and the net profit was 0.19 billion yuan, down 37.38% year-on-year; in the first three quarters of this year, the revenue of Yuexin Health was 901 million yuan, an increase of 7.73% year-on-year, and the net profit was 0.43 billion yuan, down 18.49% year-on-year.
The decline in net profit of the three companies was not explained too much in the third quarter report, but Leju Finance found that the operating cost growth rate of the three companies was higher than the revenue growth rate.
In the first three quarters of this year, the operating cost of Yuexin Health was 654 million yuan, an increase of 141.33% year-on-year. Mona Lisa and Diou Home not only have higher operating cost growth than revenue, but also inventory growth rate is higher than revenue. In the first three quarters of this year, mona Lisa operating costs were 3.360 billion yuan, an increase of 55.59% year-on-year, inventory was 2.135 billion yuan, an increase of 56.87% year-on-year; the operating cost of Diou Home Furnishing was 3.299 billion yuan, an increase of 31.05% year-on-year, and the inventory was 1.116 billion yuan, an increase of 44.19% year-on-year.
Among the four enterprises, Sitong Shares is the only one with a net profit growth. In the third quarter of this year, the revenue of Sitong shares was 118 million yuan, an increase of 103.37% year-on-year, and the net profit was 0.14 billion yuan, compared with -0.39 billion yuan in the same period last year, achieving a turnaround; in the first three quarters of this year, the revenue of Sitong shares was 313 million yuan, an increase of 87.40% year-on-year, and the net profit was 0.45 billion yuan, compared with -4.4101 million yuan in the same period last year.
The turnaround of Sitong shares is related to the profit from the sale of its subsidiaries. Sitong shares said in the third quarter report that the net profit turnaround was mainly due to the increase in product sales revenue, sales gross profit and the transfer of the equity of Guangdong Dongwei New Materials Co., Ltd., and the difference between the disposal price and the consolidated financial statements corresponding to the disposal investment was 27.3232 million yuan, and the net profit of the subsidiary was increased accordingly by 27.3232 million yuan.
Mona Lisa's debt ratio rose three times in a row
In the first three quarters of this year, the debt ratio of Mona Lisa was 60.98%, compared with 51.45% in the same period last year, which is the third consecutive year that the debt ratio of Mona Lisa has increased year-on-year, and in the first three quarters of 2018-2019, the debt ratio of Yuexin Health is 40.86% and 45.86%.
The debt ratio of Diou Home has increased for four consecutive years, and in the first three quarters of 2017-2021, the debt ratio of Diou Home is 13.45%, 42.57%, 45.91%, 53.71% and 53.98% respectively.
In contrast, the debt ratio of Sitong shares is the lowest and declining. In the first three quarters of this year, the debt ratio of Sitong shares was 10.55%, compared with 25.08% in the same period last year.
Similar to Sitong shares, the debt ratio of Yuexin Health is also declining. In the first three quarters of this year, the debt ratio of Yuexin Health was 52.27%, compared with 58.85% in the same period last year.
However, at the same time as the debt ratio of Yuexin Health has declined, operating cash flow is also declining. In the first three quarters of this year, the operating cash flow of Yuexin Health was -17.993 million yuan, down 136.16% year-on-year.
In addition to the pressure on cash flow, Yuexin Health also has a funding gap of more than 100 million yuan. In the first three quarters of this year, the monetary funds of Yuexin Health were 271 million yuan, short-term borrowings were 422 million yuan, and short-term debt far exceeded the amount of cash in hand.
Mona Lisa, like Yuexin Health, has negative cash flow. Mona Lisa's operating cash flow was -132 million yuan in the first three quarters of this year, compared with -142 million yuan in the same period last year.
Diou Home's gross profit margin declined the most
Net profit fell, debt ratios increased, and the gross profit margin of the four companies also declined. From the perspective of decline, Diou Home Furnishing has the highest decline, sitong shares have the lowest gross profit margin, and the gross profit margin of Yuexin Health and Sitong shares is lower than the average.
In the first three quarters of this year, the gross profit margin of Mona Lisa was 31.80%, down 9.82% year-on-year, which is the second consecutive year of decline in Mona Lisa gross margin, and the gross profit margin in the first three quarters of 2020 decreased by 3.99% year-on-year.
Yuexin Health and Sitong shares are similar to Mona Lisa, and the gross profit margin has declined for the same period for two consecutive years. In the first three quarters of this year, the gross profit margin of Yuexin Health was 27.42%, down 13.75% year-on-year, and the first three quarters of 2020 fell by 7.87% year-on-year; the gross profit margin of Sitong shares was 22.25%, down 10.12% year-on-year, and the first three quarters of 2020 fell by 22.54% year-on-year.
The Highest decline was seen at Theo Home. In the first three quarters of this year, the gross profit margin of Diou Home was 28.32%, down 22.46% year-on-year.
Gross profit margin is not unrelated to operating costs. As mentioned above, the operating costs of Diou Home, Mona Lisa and Yuexin Health are all increasing. From the perspective of subdivision, in the composition of operating costs, management expenses, sales expenses, and financial expenses are also increasing, while the management expenses of listed companies generally include legal litigation costs.
In the first three quarters of this year, mona Lisa's management expenses were 325 million yuan, an increase of 60.18% year-on-year; the management expenses of Diou Home Were 137 million yuan, an increase of 15.70% year-on-year; and the management expenses of Yuexin Health were 0.47 billion yuan. An increase of 147.37% year-on-year.
The investigation shows that mona Lisa has a total of 378 judicial cases, the proportion of plaintiffs is 78.57%, the cause of the case is mostly other administration, from the information involved in the past five years, there are 89 cases this year alone. In addition, Mona Lisa also has 435 judgment documents, the total amount of cases is 33.8459 million yuan, the documents of the enterprise as the defendant account for 10.59%, and the cases involving other administrative reasons are the most.
Diou Home furnishing was involved in a total of 123 cases, as the proportion of plaintiffs is 83.74%, the cause of the case is mostly trademark infringement disputes, from the information involved in the past five years, this year has 47 cases, the most years. Mona Lisa also has 98 judgment documents, with a total amount of 1.471 million yuan, and the documents of the enterprise as the defendant account for 11.54%, and the most cases involved in the case are trademark infringement disputes.
Yuexin Health involved a total of 32 judicial cases, the proportion of which was reported as 75%, and the cause of the case was mostly labor contract disputes. In addition, Yuexin Health has 33 judgment documents, with a total amount of 2.7717 million yuan, and the documents of the enterprise as the defendant account for 96.30%, and the cases involving the most cases are labor contract disputes.