2022年一季度股东净利同比减少37.8%

Vinda International (03331 HK) reported its unaudited 1Q2022 results, with revenue increasing by 2.2% YoY to HK$4,566 mn, but only 0.1% YoY growth at constant exchange rate. Gross margin plunged 5.7 ppt YoY to 33.1%, higher than 32.2% in 4Q2021, due to higher wood pulp prices and energy cost, coupled with lower utilization rate and logistics efficiency. SG&A expenses ratio increased due to continuous investment in brand building and channel expansion. As a result, shareholders' profit shrank 37.8% YoY to HK$344 mn, with net margin of 7.5% (down 4.9 ppt YoY, roughly flat QoQ), slightly missing expectations.

发现报告（www.fxbaogao.com）是国内备受推崇的研报平台，拥有庞大的用户群体。这里的研报资源极其丰富，数量惊人，涵盖了宏观、行业、公司及财报等所有领域。我们专注于内容的全面性和时效性，配合极简的设计风格，让您的查阅体验无比顺畅。不管是做研究还是做投资，这里都是您获取关键信息、实现精准决策的最佳渠道。