Performance review – BWI INT’L (02339), Shanshan (01749), YUEYUN TRANS (03399)

I can only share in simply because of time.

Let me talk about BWI INT’L (02339).

1. The performance is not bad, the income has increased, but the gross profit margin has fallen, so the gross profit is about flat;

2. Benefiting from the capitalization of R&D expenditure of approximately RMB 40 million, the net profit of RMB 32.65 million was recorded in the first half of the year.

3. Income tax expenses increased significantly to 32 million yuan in the first half of the year, for unknown reasons.

4. The 51% equity held by the company, Beijing West Heavy Industry (Shanghai), will soon be divested, and it will bring about a loss of about 17 million yuan to the company in the first half of the year, which means that if the loss of Beijing West Heavy Industry (Shanghai) is not included, the company The net profit of the remaining business in the first half of the year was approximately RMB 50 million.

Shanshan (01749) did not start the performance in the first half of the year, it is OK. Due to the stock price crash, I was worried that the performance would be frightened. Fortunately, it was just a worry.

1. In the first half of the year, revenue increased by 44% to RMB 500 million, mainly due to the significant increase in revenue from the cooperation of brand franchisees from SHANSHAN;

2. The gross profit margin increased slightly, excluding the listing expenses, the core net profit was about 21 million yuan;

3. It is estimated that the profit in the second half will be higher than the first half;

4. The disappointment is that the average turnover days of inventory increased from 284 days to 307 days.

YUEYUN TRANS (03399) The previous day has mentioned poor performance.

1. As modern logistics completed the divestiture in the first half of the year, it fell slightly, while net profit also fell 8% to 208 million yuan;

2. In the first half of the year, there was a credit impairment of 48 million yuan, which is estimated to belong to the modern logistics business;

3. The modern logistics business has been divested in the first half of the year, and its operating profit in the first half of the year was RMB 74 million. However, it is difficult to assess the core profit in the first half of the year. If you simply deduct 74 million yuan from the income tax of about 25%, the net profit after tax is about 55 million yuan, which is the net profit of the remaining business in the first half of the year is about 150 million yuan;

4. This year, a new energy vehicle operating subsidy of 57 million yuan was added, and this subsidy will continue in the next few years. Don’t be a one-time gain. These subsidies are already stipulated in government documents and will be continuous;

5. The number of self-operated gas stations that have been highly anticipated has increased to 31, but the performance is very poor. It is completely impossible to achieve the expected profit of several million yuan per year. I don’t know whether it is a management problem or a business environment. The problem, my own bias is the former. The 31-seat self-operated gas station is a precious resource, but unfortunately it cannot be turned into a profit. If it is not self-operated, these gas stations can provide good contracting income every year.