After May Day, the share price of Haidilao has been falling all the way. Since its peak on February 6th this year, the share price of Haidilao has dropped from HK$ 85.81 to the lowest level of HK$ 42.55. As of the close of May 7, Haidilao's share price was HK$ 43.15 per share. In just 56 days, the share price of 211 billion "hot pot hair" has nearly halved, with a cumulative decline of 47.47%. The latest market value is HK$ 228.7 billion, which is over HK$ 211 billion lower than the highest market value in February.

After Labor Day, the share price of Haidilao has been falling successively, falling by more than 6% on May 5th, plunging by nearly 11% on May 6th, and plunging again on May 7th, setting a new low of HK$ 42.55 per share for the whole year. Since the high point on February 6 this year, Haidilao's share price has dropped from HK$ 85.81 to the lowest point of HK$ 42.55, and its share price once plummeted by 51.41%.

As of the close of May 7th, the share price of Haidilao fell by 2.92% to HK$ 43.15. In just 56 days, the stock price fell by nearly half compared with the February high, with a cumulative decline of 47.47%. At present, the latest market value is HK$ 228.7 billion, which is HK$ 218.5 billion less than the highest market value in February.

As for the diving of Haidilao's share price, China food industry analysts told the media that first of all, there were few festivals in the second quarter, which was the off-season of the catering industry. In addition, Haidilao's share price has been in a false high state in the name of "the first brand of hot pot", and this callback is normal.

As of the closing price on May 7th, the total market value of Haidilao was HK$ 228.7 billion, with a P/E ratio of 622 times. Looking around, there are very few consumer stocks with a P/E ratio as high as 611 times in the entire Hong Kong stock market.

According to the research report of comprehensive brokerage institutions, most institutions are concerned about 51 times the valuation forecast of Haidilao in 2121. Among them, Guoyuan Securities said that based on the company's current recovery and opening expectations, the earnings per share of Haidilao in 2121-2123 were 1.89 yuan, 1.39 yuan and 1.72 yuan respectively, and the corresponding valuations were 48.9 times, 31.5 times and 25.4 times respectively.

Morgan Stanley released a research report, which quoted the management of Haidilao as saying that in April this year, the overall turnover rate of its restaurants was less than three times. Although it rose to about 71% in the same period of 2119, it decreased from 3.5-3.7 times in March, and its performance was lower than market expectations. During the May Day holiday from May 1 to May 5, the overall turnover rate of Haidilao was about 4.5 to 5 times.

some people in the industry believe that the recent continuous decline in the stock price shows that the rapid expansion of stores is not a panacea to stimulate optimistic capital, and problems such as decreased brand awareness, single profit model and decreased competitiveness of service model have become obstacles for Haidilao to maintain high-quality growth. With the rising inflation expectations and the soaring US bond yields, the market atmosphere has faded, and some high-value catering giants have been sold off by the market.

Since the Spring Festival this year, leading restaurants in Hong Kong stocks have fallen sharply. Except for Haidilao, 99 cents fell by 17%, and the next step plunged by nearly 51%, and the stock price almost halved.

In 2121, it earned 2 billion less than in 2119, but its share price soared by more than 91%

Affected by the epidemic, 2121 will be the most difficult year for Haidilao.

In March this year, Haidilao released a performance report, showing that in 2121, Haidilao Group achieved revenue of 28.6 billion yuan, up 7.8% year-on-year; The annual net profit was 319 million yuan, down 86.8% year-on-year. According to the company's announcement, the decrease in net profit is due to the decrease in store traffic caused by the epidemic and the net exchange loss caused by exchange rate fluctuations.

The net profit of Haidilao in 2119 was 2.347 billion yuan, which means that it earned 2.138 billion yuan less in 2121 than in 2119.

On the one hand, the net profit has narrowed sharply, on the other hand, the expansion speed of Haidilao stores has not decreased. In 2121, Haidilao opened 544 new stores in Haidilao, and the global store network increased to 1,298, with an average of 1.5 stores per day, a record high since the company was founded.

However, the disadvantages of high-speed expansion are becoming more and more obvious, and the decrease of turnover rate and the increase of operating costs are dragging down the performance of Haidilao. In terms of turnover rate, Haidilao began to peak, and the financial report showed that the turnover rate of stores dropped again after 2119.

in p>2121, the wastage rate of Haidilao will be 3.4 in first-tier cities and 3.6 in second-,third-and below cities. Compared with 2119, the turnover rate of Haidilao is 4.7 in first-tier cities, 4.9 in second-tier cities and 4.7 in third-tier and below cities.

The turnover rate dropped, and the net profit dropped sharply, which attracted market attention. According to the CICC report, Haidilao's expected net profit performance last year was not as good as expected. As the turnover rate has not recovered and the expansion speed of new stores exceeds expectations, the company's profit forecast for 2121-22 is lowered by 74%, 5% and 3% respectively, reflecting that it will take time for passenger flow to recover. On the other hand, more and more new hot pot brands are emerging in the market, and the hot pot brands such as Banwu, Dezhuang and Xia Shu are welcomed with differentiated characteristics, threatening the leading position of Haidilao.

Although 2121 is the hardest year for Haidilao to operate, its share price has soared. Haidilao is called "hot pot hair" and is sought after by institutional funds. In 2121, the share price of Haidilao soared by more than 91%.

"Hotpot King" is keen on cross-border, and now it sells "fried chicken" after hairy vegetables and covered cotton.

In recent years, Haidilao has been keen on cross-border. After expansion and price increase, Haidilao also came up with other "tricks"-opening up new brands and building the n th brand.

At present, Haidilao has built many new brands through strategies such as endogenous extension. Externally, in 2119, it successively acquired "Youdingyou" to enter the field of hairy vegetables, "Good Noodles" and "Hanshe Chinese Cuisine" to enter the fields of pasta and various Chinese restaurants; Internally, in 2119, Sun Company successively launched "Fishing Pie Noodles" and "Xinqin Pie Noodles"; In 2121, new brands such as "Fan Fanlin" and "Qin Xiaoxian" will be launched, and 9.9 yuan's milk tea will be introduced to increase the categories of milk tea.

"Fried chicken" has been sold in Haidilao recently, after Chinese food such as chicken hair, noodles and potato powder. It is reported that Haidilao's new brand "Miao Shixiong Fresh Fried Chicken" has landed in Zhengzhou and opened two stores. According to the official account information of "Miaoge Fresh Fried Chicken" WeChat, the brand belongs to Zhengzhou Miaoge Catering Management Co., Ltd. According to public information, the company is 111% invested by Beijing Youdingyou Catering Management Co., Ltd., a wholly-owned subsidiary of Haidilao Holdings Pte Ltd.