Overview of the first quarter report and annual report of 2022: the growth rate of all a performance continued to decline in 2022q1. The cumulative year-on-year growth rate of all a revenue in 2021 was 18.56%, the cumulative year-on-year growth rate of all a revenue in 2022q1 was 11.05%, and the cumulative year-on-year growth rate of all a revenue continued to decline. The year-on-year growth rate of all a revenue in 2021q4 was 10.08%, and the year-on-year growth rate of all a revenue in 2022q1 was 11.05%. The rebound of single quarter revenue is a noteworthy signal. The year-on-year growth rate of all a non-financial revenue in 2021 was 21.05%, and the year-on-year growth rate of all a non-financial revenue in 2022q1 was 13.71%.
In the first quarter of 2022, the profit attributable to the parent company rebounded in a single quarter, and the cumulative year-on-year growth rate of profit attributable to the parent company continued to decline. In 2021, the cumulative year-on-year growth rate of all a attributable profits was 18.07%, and in 2022q1, the cumulative year-on-year growth rate of all a attributable profits was 3.6%. The impact of the cumulative year-on-year growth rate of attributable profits on the 2022q1 base declined rapidly. Compared with the change of attributable profits in a single quarter, the year-on-year growth rate of attributable profits in 2021q4 and 2022q1 was - 26.51%, and the year-on-year growth rate of attributable profits in 2022q1 and 2022q1 was 0.48%. It is noteworthy that the revenue or attributable profits rebounded in a single quarter, In essence, all a's profits had the conditions to see the bottom in the first quarter. However, due to the multi-point spread of the epidemic in the country, especially the impact of the epidemic in Shanghai on major industrial chains in the country, the profitability of the whole a in the second quarter cannot be stabilized, but the probability will appear at the bottom of this round of profitability.
The gross profit margin of all a sales rebounded slightly, and the pressure on midstream manufacturing costs remained. Gross profit margin of all a sales 2021q4 / 2022q1: 17.99% / 18.13%. Gross profit margin of all a non-financial sales 2021q4 / 2022q1: 17.97% / 18.11%. Gross profit margin of all a non-financial petroleum and petrochemical sales 2021q4 / 2022q1: 17.76% / 17.91%. In terms of sub sectors, the gross profit margin of upstream resources in 2021q4 / 2022q1 continues to rise. In addition, the gross profit margin of mandatory consumption in 2022q1 is higher than that in 2021q4, while the gross profit margin of 2022q1 sales of midstream materials / midstream manufacturing / optional consumption / TMT shows a downward trend as a whole. Among them, the gross profit of midstream manufacturing sales is the most obvious decline, mainly due to the crowding effect of the rapid rise of raw material prices on midstream profits.
Roe ended six consecutive quarters of gains. In 2021q4 / 2022q1, the levels of all a / all a non-financial / all a non-financial petroleum and petrochemical ROE (TTM / overall method) were 9.5%, 8.8%, 8.8% / 9.0%, 8.5% and 8.5% respectively. 2022q1 decreased by 0.5%, 0.3% and 0.3% month on month compared with 2021q4. The continuous decline of net profit margin on sales (TTM / overall method) reflects the pressure of operation. In 2022q1, the net profit margin on sales of all a / all a non-financial / all a non-financial petroleum and Petrochemical (TTM / overall method) was 8.1% / 5.4% / 5.5% respectively, a month on month change of - 0.1% / 0.2% / 0.1% compared with 2021q4. All a non-financial / all a non-financial petroleum and petrochemical ended the downward trend for two consecutive quarters. The total asset turnover rate continued to increase compared with the same period last year. The total asset turnover rates of all a / all a non-financial / all a non-financial petroleum and petrochemical in 2021q4 / 2022q1 were 0.1958, 0.6702, 0.6383/0.0464, 0.1533 and 0.1431 respectively, an increase of 0.0177, 0.0646, 0.0535/0.0021, 0.0061 and 0.0028 compared with the same period last year. The asset liability ratio continued to decline, reflecting the decline in the willingness of enterprises to borrow leverage. 2021q4 / 2022q1 all a / all a non-financial / all a non-financial petroleum and petrochemical equity multipliers were 5.89%, 2.49%, 2.53% / 5.87%, 2.45% and 2.49% respectively. 2022q1 decreased by 0.02% / 0.04% / 0.04% compared with 2021q4.
Risk tip: the uncertainty of the conflict between Russia and Ukraine and the failure to effectively control the epidemic
