Haitian Taste Industry, soy sauce industry in Guizhou Maotai, the reason for a little bit of three points, and the stock price does not matter
Haitian Taste Industry since the listing of the stock price is rising, so far the stock price reached the 160 yuan mark, the total market value of more than 500 billion yuan. Many investors believe that Haitian Taste's share price and market capitalization is seriously overestimated, because they believe that Haitian Taste is just a soy sauce seller, the stock price should not be so high, a serious mistake, because Haitian's soy sauce is not just soy sauce so simple.
Haitian Taste Industry 2020 mid-year report achieved operating income of 11.6 billion yuan, attributable net profit of 3.25 billion yuan. Both year-on-year growth of 14.12% and 18.27%. It can be seen that Haitian Taste Industry's performance growth is as stable as ever. At the same time the Haitian Taste Industry's share price of 161 yuan per share, the dynamic price-earnings ratio of 80 times, market capitalization of 500 billion yuan, is a high market value of the A-share market, high share price enterprises.
Main business contribution analysis: Haitian Taste Industry's main business is mainly the production and sale of seafood Aji Fresh and other condiments, according to the 2020 interim report, Haitian Taste Industry's main business income of 18.762 billion yuan, accounting for 94.77% of the proportion of the total operating income, which shows that the Haitian Taste Industry's income is mainly driven by the main business. .
Sales Product Proportion: From the point of view of Haitian Taste's product sales composition, soy sauce is the main product of the enterprise, with a sales proportion of 58.74%; followed by consumable oil, with a sales proportion of 17.63%; and the third is seasoning sauce, with a sales proportion of 11.57%.
Sales of products regional distribution: From the Haitian Taste products sales regional distribution, Haitian Taste products sales throughout every region of the country, the domestic market share is very high.
Growth Analysis: Haitian Taste Industry is listed on the IPO in 2014, the total market value of 3.84 billion yuan, the current market value of 522.2 billion yuan, the market value of the six-year period rose 136 times left, the five-year compound growth rate of 167%; the issue of the P/E ratio of 31 times, the current P/E ratio of 80 times, the P/E ratio of less than 3 times, the 5-year compound growth rate of 20.87 times. 5-year compound growth rate of 20.87%; 2014 operating income of 9.82 billion, 2019 operating income of 19.8 billion, 5-year compound growth rate of 15.10%.
As you can see, Haitian Taste since the listing of the compound growth rate of market capitalization and price-earnings ratio is much higher than the compound growth rate of operating income, since Haitian Taste since the listing of the situation has not appeared since the allocation and issuance of shares, then it is clear that the market value of the enterprise's market value of the growth rate is a little bit too fast, at least at present, this operating income is a little bit slower relative to the current market value of the growth rate.
Gross profit margin analysis: Haitian Taste Industry gross profit margin since the listing of six years in the 40% above the rising state, gross profit margin is very stable, which on the one hand explains the competitiveness of the enterprise in the domestic market is very stable, there is no competitor to the enterprise's competition to pressure, on the other hand, also explains since the listing of the enterprise in the cost and research and development has not improved. On the other hand, it also shows that the company has not improved its cost and R&D since it went public.
Earnings quality:
From the point of view of Haitian Taste's profit cash security multiples, the enterprise's net profit is very good, since the listing, the enterprise's profit cash security multiples are in the state of steady increase, and perennial to maintain at more than 1 times, of which the lowest year in 2015 for 0.87 times.
Return on investment: From the point of view of Haitian Taste's return on net assets, Haitian Taste has a super high, and super stable growth in return on net assets. Haitian Taste has a return on net assets of more than 30% since its listing, and it has been growing steadily by a few percentage points every year.
The reason for the very high return on equity is that the growth rate of shareholders' equity has been lower than the growth rate of operating income since the company went public. That is to say, the enterprise can do a good job of steady growth in revenue on the one hand, and on the other hand, can also do a good job of maintaining the enterprise's own size.
In short, from the perspective of the enterprise's basic disk analysis, Haitian Taste Industry, in addition to the performance of growth is a little unsatisfactory, other aspects are very good, of course, this growth performance makes me unsatisfied is not the cause of the enterprise, but the secondary market is too much overestimation of Haitian Taste Industry valuation caused.
Asset composition: From the point of view of the asset composition of the enterprise, Haitian Taste Industry is a very typical asset-light enterprise. And from the listing after the enterprise constantly reduce the proportion of non-current assets, so far the proportion of non-current assets is only 18.12%. Since Haitian Taste is a very typical non-current assets enterprise, the core and focus of the management of the enterprise is to manage the current assets.
Current Asset Composition: From the point of view of the composition of the current assets of the enterprise's current assets, the enterprise's current assets accounted for the largest proportion of monetary funds, accounting for 66.40% of the proportion of current assets, followed by inventory, accounting for 8.89%, the other current assets accounted for a very small proportion, almost negligible. Then analyze the management of the enterprise's current assets should analyze the management of monetary funds and inventory, focusing on the management of inventory.
Inventory turnover ratio: From the Haitian Taste's inventory turnover ratio, the enterprise since the listing of inventory turnover days decreased year by year, inventory turnover rate increased year by year, which indicates that the enterprise's products rarely appear in the case of slow-moving, the management of the enterprise's inventory management is very good.
Liability Analysis: Haitian Taste's liability ratio has remained stable at about 30% since its listing, although this year's liability ratio has increased, but the proportion of total assets is still very low, Haitian Taste is a low-liability enterprise.
And in all the liabilities of the enterprise, the largest proportion of current liabilities, accounting for 97.24%, and the largest proportion of current liabilities is the accounts receivable and accounts payable, which shows that the enterprise occupies the industry chain of funds is very strong, the industry position is outstanding.
Through a comprehensive analysis of Haitian Taste's fundamentals, I think Haitian Taste is such a company.
First of all: in fact, the product specialization, market market share is very high, the industry leading position can not be shaken.
Secondly: it is an asset-light enterprise, and the largest proportion of current assets is money funds and inventory, however, due to the management of inventory management is very good, the enterprise's inventory will not appear in the case of backlog.
Thirdly, it is a very low debt company, with current liabilities accounting for more than 97% of its liabilities, and the largest proportion of current liabilities being accounts receivable and prepayments.
Then by looking at the fundamentals from the perception of the enterprise, it is not too much to say that Haitian Taste is the Guizhou Moutai of the seasoning industry, although the growth rate of the enterprise's operating income since its listing is significantly lower than the growth rate of the market capitalization and the P/E ratio, but the industry position coupled with the boom in the concept of value investing can completely offset the shortcomings of this being highly.