Among the listed companies, there is a category of companies that has the least bottom line. Every time a performance is announced or there are other major news, the news will be leaked to institutions or stakeholders in advance, leading to large fluctuations in stock prices in advance.
There is also a category of companies that at least have basic respect for investors, and there will never be any news leaked before the results are announced. For example Yili .
Yili's interim performance significantly exceeded expectations, with operating income of 56.506 billion yuan, a year-on-year increase of 18.89%, and revenue exceeding 50 billion yuan for the first half of the year. There is no suspense in breaking the 100 billion mark this year.
's net profit attributable to the parent company was 5.322 billion yuan, a year-on-year increase of 42.48%, and net profit deducted from non-profits increased by 33.06% year-on-year. The growth rate of was the highest in the past five years.
Data source: IFind
p0span1 The total amount is 9.3 billion yuan.
In the second half of the year,The company has to achieve a net profit of 4 billion before it can be considered in line with expectations. Usually the company’s fourth quarter performance is the worst quarter of the year, so it’s mainly the third quarter.
Assuming 20% growth in the third quarter, the corresponding net profit is 2.747 billion yuan, and 1.253 billion will be completed in the fourth quarter, and the growth rate is about 18%. The key depends on the third quarter. .
second quarter (single quarter) revenue increased by 8.43%, non-net profit fell by 0.62%, and operating costs increased by 11.15%.
This year, many consumer companies have seen a phenomenon of increasing revenue but not profit. The main reason is that global commodity prices have driven up upstream material prices, leading to higher costs.
The main materials of milk are fresh milk and packaging boxes. These two costs account for 89% of the total cost. The increase in packaging prices is no longer a big news, and the milk source is also increasing in price.
Mengniu disclosed in the interim report that fell by 0.87% in the company’s profit margin due to the increase in raw milk prices. This is a problem for the entire consumer industry.
business aspects
5span
424 million yuan in milk revenue, liquid milk businessA year-on-year increase of 19.65% and a market share increase of 0.7%, ranking first in the industry.
Liquid milk business contributed 75% of its revenue and is the core business of Yili, with a gross profit margin increased by 0.02% compared to the same period last year.
2) The revenue of milk powder and dairy products business was 7.627 billion yuan, a year-on-year increase of 14.83%, of which the market share of infant formula milk powder increased by 0.9%.
Milk powder and dairy products contributed 13.55% of revenue. Milk powder is the company's business with a large future growth space, with a gross profit margin of 43.25% and 45.91% in the same period last year.
In fact, Yili's milk powder revenue is not small, but the gross profit margin is still too low. The most expensive one sold in China is Feihe (gross margin 73.26%).
Expensive does not mean that the terminal retail price is expensive, but relative to the manufacturing cost, the selling price is more expensive. gross profit margin = (income-cost) ÷ income, the lower the cost, the higher the gross profit margin.
such as Moutai,Operating income is 49.08 billion yuan (total income is 50.722 billion yuan), and the cost is only 4.232 billion yuan, so Maotai's gross profit margin exceeds 90%.
Data source: Tonghuashun IFind . The data of span3span showed an increase of 12.11%. I don't know who was wrong. The gross profit margin was 49.05%, compared with 50.87% in the same period last year.
On the whole, the core business is still relatively stable despite high costs, and the growth rate of milk powder revenue is average. Other cheeses that do not account for a high proportion of income will not be mentioned.
The milk industry is more sensitive. To control safety and quality issues, it is necessary to build factories and raise dairy cows, so this is an asset-heavy industry.
Yili Interim Report, total fixed assets are 26.33 billion yuan, 10.72 billion liquid milk projects are under construction, and 2.837 billion milk powder projects are under construction. These are the keys to future revenue generation. .
However,Fixed assets have to be depreciated every year, which is not a small expense. Yili Interim Report: Depreciation of fixed assets, depreciation of oil and gas assets, and biological assets totaled 1.521 billion, compared with 1.130 billion in the same period last year.
Many snack industries have frequent food safety problems because they do not have factories and the quality of the foundry model is basically impossible to control.
R&D aspects
2020 Hikvision R&D personnel salary is 5.155 billion yuan, R&D personnel are 20,597, and the per capita salary is about 250,000.
Haikang is a leading camera technology company named by the special teacher. It can be seen that Yili's research and development efforts are still possible.
high-span meat cutting
data show that the top ten shareholders of Hillhouse's investment company's new positions in the first quarter have been cut.
high 瓴 cut the meat for two reasons: one is that the overall consumption this year is relatively stretched; the second is that the price investment system is also very difficult.
In the first half of the year, a number of consumer companies' interim reports indicated that upstream costs have risen and downstream prices are difficult to increase, and many consumers have fallen into the dilemma of increasing revenue but not profit. Yili's transcript is already considered NB.
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