Just now, Haitian Flavor Industry released its semi-annual report, and the data shows that the net profit attributable to the owners of the parent company in the first half of the year was 3.353 billion yuan, an increase of 3.07% year-on-year; the operating income was 12.332 billion yuan, an increase of 6.36% year-on-year; and the basic earnings per share were 0.8 yuan, an increase of 3.9% year-on-year.
This means that Haitian Flavor Industry's revenue in the second quarter was -10%, net profit was -17%, operating cash flow was 1.3 billion yuan less, and revenue increased by only 700 million. Whether from the perspective of revenue or net profit, it has hit a new low in the latest semi-annual report performance, and it can be said that the myth of Haitian's rapid growth has broken!
At present, Haitian Flavor Industry still has a price-earnings ratio of 68 times, which is higher than the price-earnings ratio of Moutai, and since the growth rate of performance has now come down, such a high price-earnings ratio is obviously inappropriate. Therefore, it is time for the market to express its position again, how to interpret it specifically, and tomorrow's opening will be known.
From my personal point of view, it is normal to stretch a year to see it, and then cut off my waist. Although Haitian has fallen for so long at a high point, it is still 68PE, think about how crazy everyone was at the end of last year.
In fact, in one of my previous articles, I also said that the soy sauce condiment industry itself is a saturated market, who wants to increase the share must be "grabbed" from others, once to "grab", this is difficult. No one will sit still, and if they want to survive, they will be beaten to the bone. And the soy sauce condiment itself does not have much deep and wide moat, as long as the funds are sufficient, it is actually not difficult. For example, the addition of Arowana, whether it is to Haitian, or Qianhe or others, is an impact, and the threshold of this industry is not high.
Moreover, from the general direction, I have always believed that there is no company that grows forever, let alone a consumer goods company. With China's aging population shrinking, the growth of food and beverage market sales will weaken. The leading consumer goods companies, whether it is Guizhou Moutai or Haitian Flavor Industry, under the expectation of inflation, the funds are grouped with consumer stocks and the stock prices are speculated in the sky, but they will eventually return to dust and soil.
When the track stock is, it is expected to be 30+ forever, but this can only be a beautiful fairy tale. Now the track stocks, especially those seen in 2060, everyone is consuming the tail juice.