This is a listed company with the ability to make money in the A-share winemaking sector, that is, the return on equity ranked first.
In the third quarter of 2022, the company's return on equity was as high as 60.01%. This shows that as long as the management uses 100 yuan from shareholders and through production and operation, they can earn a net profit of 60.01 yuan in 9 months.
, while Kweichow Moutai 's net asset return rate was only 21.48%, which shows that the company's current profitability is actually three times that of Moutai.
Relying on its strong competitiveness in the brewing field, the company has also received a strategic investment from the National Social Security Fund, which is currently the eighth largest circulating shareholder.
Since 2016, the company's historical net profit has achieved significant growth for six consecutive years, and hit a record high with a performance of 1.166 billion yuan in 2021.
And by 2022, the company achieved a performance of 1.182 billion yuan in just three quarters. The company's net profit growth this year was not only achieved ahead of schedule, but also set a new record for its performance.
At present, after the company's stock fully recalled by 60%, it has recently experienced a short-term upward trend.
(The last translation officer of the article will tell you the name of the company and the stock code. Please first understand the basic situation of the company objectively and accurately before revealing the final answer)
Main business and core competitiveness
The company's beer revenue accounts for as high as 97.91%, which is its main business.
In the company's financial report, the translator also found that after the CEO of Carlsberg took charge of Chongqing Beer , the main profit has exceeded 10%. In the future, Carlsberg promised to inject assets one after another.
. In the company's shareholder information, the translator also learned that among the company's top 10 circulating shareholders, not only are institutional investors, but even the Macau Financial Administration is in its camp.
and the top ten circulating shareholders hold shares in , accounting for as much as 75.5% of the circulating shares. This not only shows the degree of recognition of the company by many institutions, but also shows that the company's current bargaining chips are relatively concentrated.
or above is an introduction to the basic information of this company. Let’s analyze the company’s performance.
Net profit performance
The following content and financial data are derived from the company's third quarter report of 2022 and have no personal opinion.
In the third quarter of 2021, the company's net profit was 1.044 billion yuan. By the third quarter of 2022, the company's performance reached 1.182 billion yuan, and increased by 13% year-on-year.
. The current net profit of this company ranks 12th among the 38 listed companies in the A-share brewing concept sector. This ranking is not low, which means its scale is relatively large.
Net profit under the accounting accrual system is just a number, because the net profit includes both the cash received and the unpaid payment for goods, that is, accounts receivable.
The following translator will use the net cash flow indicator to analyze the value of the company's net profit.
The net cash flow generated by operating activities is called the touchstone of net profit, and it also measures a company's cash income and expenditure.
In the third quarter of 2022, although the company's net profit was 1.182 billion yuan. However, during the same period, the company actually earned net cash due to its operating activities reached 4.203 billion yuan, an increase of 9% year-on-year.
This means that if you open the company's income statement at this time, you will find that in the first three quarters of 2022, the company did make more than 1 billion net profit.
But when you open the company's bank account, you will find that in 2022, the cash received by this company due to business activities, minus the cash paid for business activities, there is still more than 4 billion yuan in net cash left. This situation occurred in
because management improved its operating capacity in the third quarter of this year and strengthened the collection of accounts receivable, so that all previous payments were returned to the company's account.
This also shows that compared with the same period last year, the company's cash flow has become very abundant, and the money in its account has also increased, which is very beneficial to the company's production and operation.
To sum up, in the third quarter of 2022, this company was quite large and its current cash flow was also very abundant.
Reasons for performance growth
In the most important part of this article, the translator will analyze the main reasons for the performance growth of this beer company, and hope everyone can read it carefully.
Through the analysis of DuPont theory, the translator found that in the third quarter of 2022, the main reason for the company's net profit growth was the shortened sales collection time.
sales reimbursement time is the account period when the company sells beer, and it is also the time when the payment returns to the company's account. It is measured by the account receivable turnover days .
In the third quarter of 2021, after the company sold the beer, it would take 3.12 days to receive the payment. Now it only takes 2.7 days, and the sales collection time has been reduced by 13%.
The shortening of sales payment time has made the payment return to the company's account faster. In this way, the management will invest this money in production and operation, thereby improving the company's capital use efficiency and enhancing its ability to make money.
At the same time, the shortening of sales collection time is also the main reason for the company's performance growth in the third quarter of this year.
The shortcomings of
I have seen so many advantages of this company above. Let’s find faults and analyze the current problems and flaws of the company. The translator will give you a risk warning.
After analyzing the main financial data, the translator found that in the third quarter of 2022, the biggest problem for this company is the decline in beer profit margins.
In the third quarter of 2021, the company sold beer worth 100 yuan and could still make a gross profit of 53.19 yuan, with a gross profit margin of 53.19%.
. In the third quarter of 2022, the company also sold beer worth 100 yuan, but could only make a gross profit of 49.7 yuan, and the gross profit margin of sales fell by 7%.
The current gross sales profit margin of this company, which is the profit margin of beer, ranks 22nd among the 38 listed companies in the A-share brewing sector.
This ranking is at the lower level in the sector, which shows that the profit margin of the company's products is relatively not very large.
, and further analysis of the translation officer found in the company's income statement that in the third quarter of this year, the main reason for the decline in beer profit margin of this company was the high price of raw materials.
In the third quarter of 2022, the company's operating income was 12.183 billion yuan, and only increased by 8.91% year-on-year compared with . The corresponding operating cost was 6.128 billion yuan, a significant increase of 9.73% year-on-year.
We can find that the growth rate of the company's operating costs is significantly higher than that of revenue, which means that the company's costs are rising, and the cost refers to the price of beer raw materials. The decline in gross profit margin of
not only narrows the profit margin of the company's beer, but also reduces the company's revenue, which is very unfavorable to its production and operation and needs to be paid attention to.
If the fundamental of listed companies is divided into five levels: A, B, C, D and E from high to low, the translator personally believes that the company can maintain the level of C.
And this company is Chongqing Beer Co., Ltd. , stock code :600132.
Please note: companies with good fundamentals may not necessarily rise. However, the fundamentals of those stocks that can continue to rise must be very outstanding.
This article neither recommends Chongqing Beer this stock nor says how good Chongqing Beer Company is, but instead refines and translates the company's financial report.
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