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What is the level of Huang Liming Bright Dairy?
Gao and Li Ming have been printing for a year. What is the result of Bright Dairy's third quarterly report?

Maye finance

Wild Horse Finance —— Penetrating the Fog of Capital

From mustang finance column

Bright Dairy will not be a big brother for 20 years.

Author | Yu Ge

Editor Wu Lijuan

Source | Ma Ye Finance

2002110/On October 27th, Bright Dairy announced that Pu, the former chairman, had resigned and was nominated to take over.

After taking over the baton of Bright Dairy, Huang Liming said that as a 29-year-old dairy "veteran", he will never forget his initial heart and lead the dairy industry to a brighter future in the new era and new development.

Now Huang Liming has just taken over Guangming for about a year. On1October 29th, 2022, 10, Bright Dairy released its third quarterly report. What changes have been made in its performance?

The net profit of revenue decreased, and overseas income increased by 5.48%.

To be fair, Huang Liming was a bit unlucky. In the nearly one year after it took over Bright Dairy, the epidemic situation in China was frequent, and the control was even stronger than last year. Most of the spring in Shanghai is spent at home, and now it is an eventful autumn. Huang Liming not only has to deal with the internal management of enterprises, but also has a headache for external production and sales.

This double pressure is intuitive and appropriate in the performance data.

In the first three quarters of this year, the operating income of Bright Dairy was about 2138.5 million yuan, down 3.05% year-on-year; The net profit attributable to shareholders of listed companies was about 369 million yuan, a year-on-year decrease of 65,438+06.98%.

In the third quarter of this year alone, the operating income of Bright Dairy was about 6.975 billion yuan, down10.5% year-on-year; The net profit attributable to shareholders of listed companies was about 88.0257 million yuan, down 52 18% year-on-year.

If the non-recurring gains and losses such as government subsidies are deducted, the operating data of Bright Dairy in the third quarter will be even worse: the net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses is 4,065,438,000 yuan+0,957,000 yuan, down 765,438+0.08% year-on-year.

Source: Bright Dairy Third Quarterly Report

From the main business products, in the first three quarters of this year, the income of liquid milk was 65.438+0.2098 billion yuan, down 5.79% year-on-year; The income from other dairy products was 6.003 billion yuan, down 3.23% year-on-year.

However, while the income of dairy products has been declining, livestock products have maintained a good growth: the income in the first three quarters was 2.047 billion yuan, up 65,438+03,438+0% year-on-year.

Zhu, vice president of Guangdong Food Safety Promotion Association, believes that this year's Shanghai market has been affected by the epidemic. As a Shanghai enterprise, Guangming's sales in Shanghai are relatively high, so the decline of liquid milk is inevitable. As for animal husbandry, the epidemic situation is relatively low, so it is not involved much.

Source: Bright Dairy Management Data

In terms of sales areas, domestic income generally declined in the first three quarters of this year, of which Shanghai's income was 58 1.8 billion yuan, down 5,654.38+0% year-on-year; Foreign income was 654.38+00.262 billion yuan, down 4.89% year-on-year.

However, unlike in China, in the first three quarters of this year, Bright Dairy earned 5.009 billion yuan overseas, up 5.48% year-on-year.

It can be seen that overseas business has provided a lot of support for the performance of Bright Dairy, especially in the first half of this year, the overseas revenue of Bright Dairy increased by 20.4 1% year-on-year. It also stated in the semi-annual report that the company's overseas assets are equivalent to RMB 6.857 billion, accounting for 29% of the total assets. The main asset is New Zealand Wright, an investment stock.

Source: Bright Dairy Management Data

On the whole, Zhu believes that the nationalization of Guangming should be accelerated, and the layout of upstream milk sources should also be accelerated, otherwise the third position in the country will be lost sooner or later.