Peak profit decline in the first three quarters of

2022-09-21
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In the first three quarters of 2019, the profit fell, and Shanying paper's financial situation was worrying

in the first three quarters of 2019, Shanying paper achieved a sales revenue of 17.134 billion yuan, a year-on-year decrease of 4.48%, of which the main business revenue was 16.889 billion yuan and other business revenue was 245 million yuan; The net profit attributable to the owners of the parent company was 1.325 billion yuan, a year-on-year decrease of 42.83%. The company achieved a base paper output of 3.5219 million tons and a sales volume of 3.4843 million tons, with a production and sales rate of 98.93%; Corrugated box board ink "> the output of cartons is 918million square meters, the sales volume is 942million square meters, and the production and sales rate is 102.61%.

the rise in raw material costs has led to a decline in profits.

quarterly, the revenue in the first three quarters of this year has gradually increased, with varying degrees of decline compared with the same period last year, but the decline is gradually narrowing, and the revenue in the third quarter is basically the same as that in the same period last year. The net profit in the three quarters of this year fluctuated greatly, and the net profit in 2019q3 was the lowest, at 399million, A year-on-year decrease of 34.70%. In the third quarter of this year, the revenue was basically the same as that of last year, but the net profit of installing in new locations fell more strictly. The test accuracy of the experimental machine will be higher and higher, mainly due to the rise in raw material costs, with the operating cost of 2019q3 being 4.93 billion yuan, Compared with 4.73 billion yuan in 2018q3 "We plan to increase by 200million yuan through this project. In addition, the sales expenses and management expenses have also increased significantly, with an increase of 36.79% and 21.01% respectively.

the net profit margin has gradually declined, but it is still higher than the industry average.

in the first three quarters of this year, the company's gross profit margin was 19.33%, and the net profit margin was 7.58%, down 2.86/5.32 percentage points from 22.19% and 12.90% in the same period last year. Compared with the gross profit margin, the net profit margin has decreased more, which is mainly due to It is caused by the increase of sales expense rate and management expense rate. In the first three quarters of this year, the sales expense rate and management expense rate were 4.21% and 4.64% respectively, with a year-on-year increase of 0.65/1.43 percentage points respectively. In terms of quarters, the gross profit margin was the highest in the second quarter, which was 20.87%, and decreased slightly in the third quarter, while the net profit margin showed a gradual downward trend, falling to 6.47% in the third quarter, still higher than the industry average net profit margin of 5.85%

during the period, the cost remained stable, and the financial cost decreased.

in the first three quarters of 2019, the period cost of Shanying paper (excluding R & D costs) was 1.899 billion yuan, an increase of 0.20% year-on-year, and the period cost rate was 11.08%, an increase of 0.52pct year-on-year. Among them, the sales expenses/administrative expenses/financial expenses were 722million/795million/382million respectively, and the corresponding expense rates were 4.21%/4.64%/2.23%, with a year-on-year change of 0.65pct/1.18pct/-1.32pct respectively. The decrease in financial expenses was mainly due to the decrease in exchange losses in the current period compared with the same period last year and the increase in interest income. During the period, the interest expense in financial expenses was 667million, a slight increase compared with 663million last year, while the interest income was 303million yuan, an increase of 63.90% compared with the same period last year

the operating cycle was slightly extended, and the total asset turnover rate decreased

according to the company's third quarterly report, as of the end of September this year, the inventory balance of Shanying paper was about 2.447 billion yuan, basically in balance with the beginning of the year, with a year-on-year decrease of 27.96%. The inventory turnover rate increased from 4.88 last year to 5.62 this year, an increase of 0.74 times. In the same period, the balance of accounts receivable of the company was about 2.926 billion yuan. Compared with the beginning of the wear test of alloy materials with mineral sand, sandstone, sediment and other abrasives mixed with water driven by the rotating metal wheel, it decreased slightly, with a year-on-year increase of 4.99%. The corresponding turnover rate of accounts receivable decreased compared with last year, from 7.18 times last year to 5.84 times this year. The business cycle was slightly longer than that of the same period last year, from 92.96 days to 94.33 days. In addition, as the average current assets and average fixed assets of the company increased during the period compared with the previous year, the turnover rate of current assets/fixed assets decreased from 1.75/1.58 times to 1.36/1.31 times respectively, and the turnover rate of total assets also decreased from 0.59 times to 0.45 times

the asset liability ratio is high, and the liquidity needs to be vigilant

at the end of the third quarter of this year, Shanying paper's asset liability ratio was 63.42%, a slight increase over the beginning of the year, a year-on-year decrease of 0.21 percentage points, at a high level in the same industry. At the same time, the total current assets of the company were about 13.098 billion yuan, an increase of 8.84% over the beginning of the year, an increase of 15.54% year-on-year, and the total current liabilities reached 18.405 billion yuan, an increase of 12.17% year-on-year, resulting in an increase of 0.02 to 0.71 compared with 0.69 in the same period last year. Due to the decline of inventory scale, the quick ratio of the company increased significantly, from 0.48 last year to 0.58 this year. However, if the prepayments, non current assets due within one year and other current assets are deducted from the current assets, according to the conservative quick ratio, the quick ratio of the company is only 0.39, which is almost the same as last year's 0.38, and is only slightly higher than Yibin Paper in the same industry, which is in the reciprocal position

the cash flow from operating activities decreased, and the sales cash content decreased

as of the end of September 2019, the monetary capital balance of Shanying paper was about 3.434 billion yuan, slightly lower than the beginning of the year, with a year-on-year increase of 33.47%. During the period, the cash received from the sale of goods and the provision of labor services was 15.368 billion yuan, a decrease of 1.180 billion yuan over the same period last year. In addition, the tax refund received was reduced by 272 million yuan, resulting in a net cash flow from operating activities of 2.371 billion yuan, a decrease of about 900 million yuan over the same period last year. The cash sales ratio also fell from 18.24% last year to 13.84% this year. During the same period, the cash received from the company's borrowings was about 15.009 billion, an increase of 3.938 billion yuan from 11.071 billion last year, which is estimated to be the main reason for the growth of the company's monetary capital

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