青松股份(300132) - 2022 Q3 - 季度财报

Goodwill and Impairment - The goodwill from the acquisition of 90% of Nosber Cosmetics Co., Ltd. amounted to CNY 1.366 billion, with an impairment provision of CNY 913 million recorded in 2021, and an additional impairment of CNY 453 million in 2022 due to underperformance[1] - A goodwill impairment provision of 452.70 million yuan was required for Norsebel as of September 2022, reflecting the need for adjustments based on the revised earnings outlook[51] - The discount rate for Norsebel's goodwill asset group increased due to significant losses in 2022, raising the specific risk parameter from 1% to 3%[50] - The company has conducted timely goodwill impairment tests, with the latest assessment indicating clear signs of impairment as of Q3 2022[60] Revenue and Sales Performance - The total revenue for Nosber in the first three quarters of 2022 was CNY 965.94 million, a decline from CNY 1.612 billion in 2021, reflecting a decrease of approximately 40%[7] - The sales revenue from the facial mask series in the first three quarters of 2022 was CNY 383.97 million, accounting for 39.76% of total revenue, down from 49.88% in 2019[7] - The wet wipes series saw a revenue drop from CNY 574.12 million in 2020 to CNY 225.10 million in the first three quarters of 2022, reflecting a significant decline in export orders[7] - In the first three quarters of 2022, the company's revenue was CNY 145,469.72 million, a decrease of 18.33% compared to CNY 178,115.07 million in the same period last year[13] - The company's revenue for 2023 is projected to be RMB 249,438 million, representing a growth of 17.5% from 2022[56] Profitability and Margins - The operating profit for the same period was CNY -15,284.51 million, down from CNY 1,678.08 million, representing a decline of CNY 16,962.59 million[13] - The gross profit margin fell to 3.90%, down 8.74% from 12.64% in the previous year[13] - The net profit for the first three quarters was CNY -13,201.69 million, a decrease of CNY 14,335.96 million compared to a net profit of CNY 1,134.27 million in the same period last year[13] - The gross margin for the skincare series dropped from 24.14% in 2019 to 1.98% in 2022, indicating rising costs and changing product mix[9] - The gross profit margin is expected to increase to 12.65% in 2023, up from 10.01% in 2022[56] Cost and Expense Management - The company faced increased costs due to capacity expansion, rising labor costs, and material price hikes, contributing to the overall decline in gross margins across product lines[10] - The company reported a significant increase in material costs due to rising prices of raw materials, impacting profit margins[14] - Interest expenses increased to CNY 2,085.40 million, up CNY 1,202.61 million year-on-year, primarily due to increased borrowing for expansion[15] - Total expenses for 2023 are projected at RMB 4,660.47 million, representing 2.20% of the operating revenue[30] Market Conditions and Industry Trends - The overall market conditions, including commodity price fluctuations and ongoing pandemic effects, have hindered the expected performance from newly added capacities since the second half of 2020[8] - The company is facing challenges due to industry pressures, including regulatory changes and macroeconomic factors, leading to a decline in order volume[14] - Competitors in the industry, such as Jiahen Jiahua and Anter Co., have also reported significant declines in operating and net profits, indicating a broader industry trend[19] - In the first nine months of 2022, the cosmetics industry faced a decline in revenue due to strict pandemic control measures, resulting in a significant drop in demand[46] Future Projections and Financial Outlook - The projected operating revenue for Q4 2022 is RMB 46,466.69 million, with a growth rate of 10.57% for 2023[27] - The estimated operating profit before tax for 2023 is RMB -4,657.65 million, improving to RMB 3,156.10 million in 2024[27] - The forecasted free cash flow for 2026 is RMB 30,931.29 million, with a perpetual growth rate of 0%[27] - The company's operating revenue is expected to recover steadily, reaching RMB 315,532.10 million by 2026, with a projected EBIT margin improving from -5.80% in Q4 2022 to 6.94% in 2026[32] - The company anticipates continued losses in the short term, with expectations of profitability only after significant declines from historical levels[42] Research and Development - Research and development expenses are projected to total RMB 9,465.96 million by 2026, with a steady decrease in the percentage of revenue from 7.03% in Q4 2022 to 4.32% in 2026[31] - The company plans to maintain a stable R&D expense ratio, ensuring compliance with high-tech enterprise certification standards[32] Financial Metrics and Ratios - The average debt-to-equity ratio of comparable companies is 22.17%, which will inform the company's target capital structure moving forward[37] - The market risk premium is calculated at 7.19%, with the market return at 9.95% and the risk-free rate at 2.76%[38] - The weighted average cost of capital (WACC) is determined to be 10.54% (after tax) and 12.23% (before tax)[39]