It's most like Maotai, and it's not Maotai either. The scarcity of Maotai lies in the fact that no matter its stock price or its industry status, other consumer stocks can only be infinitely close, but they cannot be equated.

Wuliangye and LU ZHOU LAO JIAO CO.,LTD, both liquor industries, don't talk about Maotai, but rely more on Maotai, and the demand spillover of Maotai is its core logic.

only from ROE disassembly, in fact, the business model is as clear as that of maotai.

representative enterprises from 9 industries, including high-end liquor, condiments, dairy products, pickles, halogen products, bread, meat products, beer and snack foods, are selected for analysis, which basically includes the main food and beverage leaders of A shares.

Maotai has the highest net interest rate, followed by Fuling mustard tuber and Haitian flavor industry. The rest of the enterprises did not exceed 21%.

The lowest turnover rate of total assets is Maotai, followed by Fuling mustard tuber and Tsingtao beer. If we only look at the business model and eliminate the interference factors, the inventory turnover rate is more suitable.

The lowest inventory turnover rate is still Maotai, followed by Fuling mustard tuber and qiaqia food.

high net interest rate+low turnover rate means high unit price and slow turnover, taking the luxury road; Low net interest rate+high turnover rate is small profits but quick turnover, taking the road of mass consumer goods.

just disassembling ROE, you will find that the little mustard tuber, which is often regarded as a cheap product, does not rely on small profits but quick turnover, but has a very high premium rate like maotai.

so I said that Fuling mustard tuber is the company whose A shares are most like Maotai only from the business model dismantled by ROE.

the same industry status. ? Maotai accounts for nearly half of the sales of high-end liquor (42%), and a bottle is hard to find;

Wujiang series in Fuling accounts for 37% of the mustard tuber market, and Yuquan mustard tuber, the second place, is only 11%, with a remarkable oligopoly pattern.

the same talent. Maotai is located on the banks of Chishui River, with soil, climate and microorganism, not to mention Maotai flavor. Since the new millennium, the cognition has been strengthened, and the brand power of high-end liquor and national wine has been deeply rooted in the hearts of the people, with golden signs and every move is full of faces.

Fuling has the advantage of producing area. The raw material of pickled mustard tuber, green vegetables, is delicate, likes low temperature but is not cold-resistant, has short harvesting time and is not resistant to rain, and can only be planted in a few areas in Chongqing and Zhejiang.

The planting area of green cabbage head in Fuling area accounts for more than 41% of the whole country, and the output accounts for about 36% of the whole country. The planting area in Chongqing area accounts for 61% of the whole country.

close to the water tower, the cost advantage lies in the stable supply of raw materials rather than the low price. In 2118 and 2119, the purchase volume of pickled mustard tuber in Fuling accounted for about 31% of the processing green mustard tuber in Fuling District, accounting for 75% of the purchase volume of enterprises.

Zhejiang enterprises have to travel to Chongqing to buy green vegetables, but Fuling does not have to worry about mustard tuber. As the only national mustard tuber enterprise, the stability of supply chain is the core advantage.

the same share price is touching. Starting from the stock price before October 1, 2117, Fuling mustard tuber has increased by 411% from 8 yuan to 41 yuan; Maotai rose from 231 to 1831, an increase of 711%.

However, it has been made clear at the beginning of the article that there are only enterprises infinitely close to Maotai, and there are no enterprises like Maotai.

although the net interest rate and ROE of Fuling are high, and its business model is similar to that of maotai, maotai has no hidden worries, which are nothing more than the pace of capacity release, channel reform and major shareholders' fiddling with shares. Fuling, on the other hand, has growth anxiety and poor color.

In terms of products, pickled mustard tuber is only a seasoning for table, and there is no need for gifts, and there is no health attribute, so the car with consumption upgrade is not easy to ride;

in terms of channels, mustard tuber circulation channels account for 61%, supermarkets account for 31%, and restaurants only account for 2%, so the audience loyalty is poor and the volume is difficult;

summary: the ceiling is low, and large items depend on it. Radish, pickles and meals are all expansion directions. The anxiety of Fuling still needs to sink, and it can be alleviated by expanding the whole market of table condiments.

however, without the advantages of raw materials and brands, horizontal expansion is not easy. In recent years, the investment attribute of Maotai is obvious, which has basically stabilized the fluctuation of demand and crossed the bull and bear; The mustard tuber is still not flat, the price increase rhythm is not suitable, and the performance will still fluctuate greatly when the inventory cycle is unreasonable.

the high net interest rate is not natural, but comes from years of price increases. Maotai enjoys exclusive honor, and its net interest rate in 2119-2119 is basically around 51%, so it is naturally proud. In 2119, the net interest rate of Fuling mustard tuber was only 11%, and that of Haitian was 21%. Now, the net interest rate of Fuling mustard tuber is close to 31%, which comes from the price increase in 2111.

Valuation analysis: Not as good as Maotai, it is still one of the top consumer stocks, and it is not expensive to give 31 times PE reasonably.

As long as the anxiety of growth is not relieved, the stock price will be suppressed by valuation. Fuling's current inventory status, sinking channels, and developing new products have less downside risks, mainly due to the upside of stock prices.

if you can open the growth ceiling, it is still exciting.

The condiment series ends here, covering Qianhewei, Haitian, Zhongju Hi-tech, Hengshun vinegar, Tianwei food and Fuling mustard tuber for more than two weeks. Can search for historical articles to read.

Welcome to click on a concern or a star, and sort out the comparison and investment value analysis of six stocks tomorrow night, defense, attack and balanced allocation. Soy sauce, hot pot ingredients, to stabilize fluctuations.