Another white horse has collapsed! What happened to Fuling pickle opening drop limit?

category:Finance
 Another white horse has collapsed! What happened to Fuling pickle opening drop limit?


Fuling pickled mustard on October 22 disclosed the third quarter financial report. In the first three quarters, the income was 1.798 billion yuan, with a year-on-year increase of 12.09%; the net profit attributable to the parent was 614 million yuan, 18.47%.

In a single quarter, the revenue in the third quarter was 601 million yuan, an increase of 15.88% year-on-year; the net profit attributable to the parent company was 209 million yuan, with a year-on-year increase of 3.01%. The income in the third quarter was basically in line with the expectation, and the profit was lower than the expectation.

Anson Securities believes that the high base is the main reason for the lower than expected performance in the third quarter.

In terms of income, it is relatively stable. After channel replenishment in the second quarter, sales returned to normal in the third quarter, reflecting the real demand and the increment brought by channel expansion. The net interest rate in the third quarter was 34.83%, a year-on-year decrease of 4.35%, which was mainly due to the decrease of investment income and high base. 1) The investment income of 2019q3 is 17 million yuan (mainly financial income), while that of 2020q3 is only 240000 yuan. If excluding the influence of investment income, the net profit will increase by 10.9%; 2) the sales expense rate of 2020q3 will increase by 2.07pct, and the gross profit rate will decrease by 1.04pct. The net interest rate of 2019q3 will be higher due to the large fluctuation of expenses in the quarter of 2019; from the comparison of this years quarters, the sales expense rate / net interest rate will change The movement is relatively stable, and the cost investment tends to be normalized. Source: Wall Street news editor: Yang Bin_ NF4368

In terms of income, it is relatively stable. After channel replenishment in the second quarter, sales returned to normal in the third quarter, reflecting the real demand and the increment brought by channel expansion. The net interest rate in the third quarter was 34.83%, a year-on-year decrease of 4.35%, which was mainly due to the decrease of investment income and high base.

2) In 2020q3, the sales expense rate increased by 2.07 PCT year-on-year, and the gross profit rate decreased by 1.04 PCT on a year-on-year basis. The relatively high net interest rate of 2019q3 was caused by the large fluctuation of expenses in the quarter of 2019; compared with the quarter of this year, the change of sales expense rate / net interest rate is relatively stable, and the expense investment tends to be normalized.