However, since the second quarter of 20021,the profit of Haitian Ye Wei has been under constant pressure. According to the data of the 2022 interim report published by Haitian Ye Wei, in the first half of the year, Haitian Ye Wei inherited the huge pressure of weak demand and soaring costs in the previous year, and the growth rate of sales performance once again maintained a unit, of which revenue increased by 9.73% year-on-year to 65.438+0.353 billion yuan; The net profit attributable to it was 3.393 billion yuan, a slight increase of 65,438+0.265,438+0% year-on-year, and the increase was still significant without increasing profits. In addition, the corporate profit rate was 36.6%, down 2.7 percentage points year-on-year.
In order to improve the situation of "rush", the company said that during the reporting period, the environmental factors were complicated, the national epidemic broke out a little more, the catering, tourism and other industries were hit, and the income demand of residents was weak, which brought a very big test to the condiment wholesale market, and the sales of enterprise product order information slowed down, which was obviously under pressure in the short term.
On the cost side, the prices of various key raw materials such as soybeans and sugar are still running at a high level. This year, the cost of high-tech enterprises has once again exceeded expectations, the cost of Haitian flavor industry has increased, the commodity management ability has decreased, and the company's operating pressure has further increased.
Pang Kang, the boss of Haitian Ye Wei, said frankly that due to the goal of net profit of 28 billion yuan and profit of 7.47 billion yuan this year, he did encounter great work pressure at this stage.
At present, Haitian Ye Wei Company has a very high valuation in the sales market. As of September 30th, its PE(TTM) was 56.55, which was much higher than the average valuation level of the food industry.
Harmful to consumer stocks? In fact, the plight of Haitian flavor industry is not uncommon in the consumer industry. Under the global epidemic oscillation, the share prices of several sub-sectors of consumer track companies fell, such as airport shipping, tourist attractions, food industry, hotel catering and so on. This sensational event in Haitian Ye Wei has, to a certain extent, raised consumers' high concern about edible additives. What harm will it do to the whole industry and the recovery of consumer inventory?
As far as condiment industry is concerned, according to the data of condiment association, in 2020, the CR3 of Japanese soy sauce industry has exceeded 53%, and that of China is about 24%. In contrast, the market concentration of China's soy sauce industry is still greatly improved in indoor space, and the industry leaders will benefit first. In the direction of exploration, some industry entrepreneurs said that the hot topic of blue sea and blue sky will lead to the zero additive period of soy sauce industry in China at least five years ahead of schedule.
Soochow securities believes that there are three logics in the specific investment suggestions of consumer stocks: First, the scale of industry operation and the increase of market share. When new technologies are applied and new consumer markets are discovered, they can often enter a good opportunity to increase market share. Second, the market share has increased. When the concept of consumption has gradually formed, the top management of the industry will launch a round of "hand-to-hand combat" in the market, win the leading position, and the market share will continue to rise. Third, the price band has increased. Some daily necessities have the level of price increase, such as Maotai, and some can do high-end iterative updates to increase the price band.