#雪ball star plan# In the first half of 2022, Yunnan Baiyao achieved revenue of 18.017 billion yuan, a year-on-year decrease of 5.59%, and a net profit attributable to the parent of 1.5 billion yuan, a year-on-year decrease of 16.72%. Many people think that Yunnan Baiyao’s performance has exploded, but I don’t think so. Within our expectations, there are no surprises or too many disappointments. Let’s talk about our views:
1. The revenue of the industrial sector achieved a growth of 1.96%, especially in the fields of medicines and Chinese herbal medicines, which maintained a stable growth trend. It’s okay, under the influence of the epidemic, it is also hard to grow.
2. The gross profit margin of Yunnan Baiyao has increased. In the first half of 2022, the gross profit margin of domestic main business sales increased by 0.07% year-on-year to 29.08%. The raw materials of Chinese herbal medicines are obtained under the condition that the raw materials are rising, which is also relatively good.
I regard Yunnan Baiyao as a pharmaceutical stock and a daily consumption stock. In terms of toothpaste products, as of the end of the first half of 2022, the market share of Yunnan Baiyao toothpaste products reached 24.8%, an increase of 0.9% from 23.9% at the end of 2021, and continues to be in No. 1 in the industry, we do not have high expectations for Yunnan Baiyao’s current performance growth, as long as it makes steady money. As for the losses in investment, there are strategic mistakes and the current market is too bad. Anyway, it is temporary. In terms of investment, I don’t pay much attention to the factors, we value the main business income and the sales of the main products.
In short, although Yunnan Baiyao mid-term report is average, it does not affect our long-term holding strategy, and it will remain unchanged!
$Yunnan Baiyao(SZ000538)$ $Pien Tze Huang(SH600436)$ $Kweichow Moutai(SH600519)$ #stock# #TodayTopic# @ TodayTopic @ Snowball Creator Center
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