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-60%, -70%, what are the tricks behind these two falling kings?

-60%, -70%, what are the tricks behind these two falling kings?

-60%, -70%, what are the tricks behind these two falling kings?

  Value Line | produce 

    Hotspot | Column 

Little Gold| author 

   Bian Jiang| edit

Value line guide

On January 1, the value line article predicted a decline in the New Year, but the New Year continued to fall for 4 consecutive years, which was still beyond our imagination.

As of January 5, the total market value of A-shares has dropped from 77.62 trillion at the end of 2023 to 75.82 trillion (A+H shares only count the market value of A-shares). The total market value of A-shares has changed from 6 apples to 3.5 apples (apples rose and A-shares fell).

In the past 2023, A-shares have ranked first in the world, but 313 new A-share listed companies have been added. One of the reasons behind the decline in the total market value is that some so-called star companies in A-shares that have been dazzling in recent years have been sold off in a "dimensional-reduction" manner.

Companies with a market capitalization of more than 50 billion will fall by TPO10 in 2023

-60%, -70%, what are the tricks behind these two falling kings?

Companies with a market capitalization of 100-50 billion will fall by TPO10 in 2023

-60%, -70%, what are the tricks behind these two falling kings?

According to the statistics of the Value Line Research Institute, among the companies with a market value of more than 50 billion yuan in A-shares, the "falling king" China Duty Free will fall by more than 60% in 2023, with the total market value falling from 421.79 billion yuan at the beginning of last year to 163.40 billion yuan at the end of the year, and the "falling king" of companies with a market value of 100-50 billion yuan was won by Yuneng Technology, and the company's market value fell from 45.48 billion yuan at the beginning of the year to 13.71 billion yuan last year, with a share price decline of nearly 70%.

A consumer "falling king", a technology falling king, before and after the crash last year, what kind of tricks are hidden?

After 4 consecutive days of decline, the sentiment of A-shares has fallen to the bottom, how to choose A-shares in the new week? As of tonight, 66 companies have announced their 2023 performance forecasts, and 48 are expected to increase.

-60%, -70%, what are the tricks behind these two falling kings?

Foreign capital fled, institutions fled

Behind the 60% plunge in China Duty Free's share price

In June 2020, China International Travel Service changed its name to China Duty Free, and its stock price soared.

In April 2020, the company's share price started from about 60 yuan, and hit a historical peak in February 2021, with a former compound price of 400.48 yuan, and the highest price-earnings ratio was more than 200 times.

From the lowest of 63.28 yuan/share in March 2020 to the highest of 401.28 yuan/share in February 2021, the stock price has more than 6 times in less than a year.

-60%, -70%, what are the tricks behind these two falling kings?

China Duty Free Week K

Now, the company's stock price is back to 77 yuan, what is happening?

China, which has made a "fortune from the epidemic", has been exempted, and its growth has not moved

In 2020, the issuance of a new round of tax-free licenses made A-shares crazy.

Any industry that requires a license to operate naturally has a deep moat, and China has only issued 10 duty-free licenses so far, and China Duty Free has 3 licenses. "Duty-free Mao" lives up to its name.

The sudden outbreak of the epidemic at the end of 2019 made China Duty Free the biggest beneficiary. Consumers are unable to go abroad to buy and buy, which has driven the crazy sales of duty-free shops in China.

According to media statistics, before the epidemic, Chinese consumers' luxury consumption in overseas regions could reach 80%, but due to the lockdown, consumers' consumption of luxury goods had to be transferred to Hainan, and the revenue of China Duty Free Hainan was 29.96 billion in 2020, but it soared to 47.1 billion in 2021, with a revenue increase of 57.2%. In 2022, the revenue of China Duty Free in Hainan will be 34.71 billion yuan, and the revenue in Shanghai will be 14.14 billion yuan, accounting for 70.43% and 28.7% of the revenue respectively, and the total revenue of the two will exceed 99%.

From the perspective of net profit, from 2021 to 2022, when the epidemic was raging, China Duty Free achieved revenue of 52.6 billion yuan and 67.68 billion yuan, net profit of 6.14 billion yuan and 9.654 billion yuan, and net profit margin of 13.95% and 18.95% respectively.

However, in 2022, China Duty Free suddenly "can't make money". For the whole year of 2022, CDF's operating income decreased by 19.57% year-on-year, and its net profit was RMB5.030 billion, a decrease of RMB4.624 billion from the previous year, nearly halved.

Some industry insiders pointed out that behind the decline in China's China Duty Free net profit is the super contagiousness of Omicron, the domestic epidemic situation is scattered in many places, and the epidemic prevention measures are becoming more and more stringent, but the effect is getting worse and worse. The recurrence of the epidemic has led to a sharp decline in the company's key channel customers, the closure of major stores, the interruption of logistics operations, and the serious impact on offline business.

On January 8, 2023, the epidemic control was officially relaxed, and the performance of China Duty Free rebounded. From January to September 2023, CDFG achieved revenue of 50.837 billion yuan, a year-on-year increase of 29.14%, and net profit attributable to shareholders of listed companies of 5.206 billion yuan, a year-on-year increase of 12.49%.

But last year's 60% annual decline made it clear to investors that the stock price would probably never go back.

Who is selling China in a frenzy

If you re-examine the stock price of China Duty Free at its peak, many people may find it extremely ridiculous, and the company's price-to-earnings ratio once reached 215.36 times, hovering in the high valuation area for a long time.

Like other white horse stocks, the high valuation of China Duty Free is a product of the past fund's huddle for warmth, and the collapse of the huddle will inevitably lead to the collapse of market value.

The Invesco Great Wall Emerging Growth Mixed Securities Investment Fund managed by well-known fund manager Liu Yanchun recorded an investment return of 85.97% in 2020, and its first heavy stock at that time was China Duty Free. Among the well-known value investment fund managers, Zhang Kun, Qu Yang, Yang Hao, Dong Chengfei and others also have fund positions in China Duty Free.

In the first quarter of 2022, Invesco Great Wall Emerging Growth slightly reduced its position in China Duty Free for the first time, ending the previous nearly 7 consecutive quarters of holdings, which can be regarded as the end of an era.

According to the data, the number of shares held by China Duty Free Institutions decreased from 1,391 at the end of 2022 to 635 at the end of June last year, the cumulative holdings also decreased from 1.525 billion shares to 1.414 billion shares, and the cumulative market value of the positions decreased from 329.4 billion yuan to 156.3 billion yuan.

Li Yue, the former head of the consumer industry of Hillhouse Capital and the founder of Hunjin Private Equity, admitted that he shorted a duty-free company, which is very likely to be China Duty Free.

Since the beginning of this year, northbound funds have continued to sell, superimposed on the lifting of the ban on Hong Kong stocks, causing Hong Kong stocks to fall, leading the decline of A-shares. According to incomplete statistics, in 2023, JPMorgan Chase will reduce its holdings of Hong Kong stocks by JPMorgan Chase 12 times, with a total reduction of more than 7 million shares.

The middle class that can't come back is no longer a wide moat

Liu Yanchun, a fund manager with a heavy position in China Duty Free, has unswervingly expressed his optimism, "At present, the consumer sector is negatively affected by the shrinkage of the household sector, but as long as the vitality of the economy is up, the valuation of the duty-free sector will be systematically improved."

What Liu Yanchun did not expect is that China's economy will maintain a weak recovery throughout 2023, and the disappeared middle class will not be able to return.

The rise of domestic products is also impacting the sales of China Duty Free. In 2023, 79.9% of Chinese consumers increased their consumption of domestic brands, and millennials, who were highly expected by China Duty Free, were the most prominent among consumers of all ages to increase their purchases of domestic brands.

In June last year, sales of Japanese department stores showed that sales of duty-free goods reached about 28 billion yen (about 1.4 billion yuan), soaring about 4.2 times that of the same period last year. This figure is the highest in a single month since February 2020. Compared with June 2019, it also decreased by only 0.8%, and it was almost fully recovered. With the return of tourists from Chinese mainland to Japan, sales of cosmetics and high-end brands increased.

Not to mention, as more and more companies begin to target the duty-free industry, the competitive advantage of China Duty Free is also declining......

In 2020, the stock price soared and the market value increased by hundreds of billions of yuan, which was actually overdrawn by the performance growth expectation of China Duty Free in the next many years.

One year on the market and plummeting 70%

Yuneng Technology, whose inventory is higher than revenue, who is cutting leeks?

If you exclude ST shares and delisted stocks, the biggest decline in all A-shares in 2023 is a company called Yuneng Technology, which has fallen by nearly 70% for the year.

The stock price of the new stock was listed at a maximum of 700 yuan (500 yuan after ex-rights), becoming the third highest-priced stock in the market; the company planned to raise 560 million yuan, but actually raised 3.26 billion yuan, and 2.7 billion yuan of funds lay in the bank to sleep......

Unfortunately, today's Yuneng Technology's share price is only 100 yuan, which has fallen 80% from the highest point, and the myth of the past is as disillusioned as a bubble.

The founder doesn't give a penny,

The big guy wants money for money, for a house for a house, and for someone to give it!

The founders of Yuneng Technology are two returnee doctors, one is called Ling Zhimin, and the other is called Luo Yuhao, Ling Zhimin previously served as a senior chief engineer at AMD, and then went to the United States to be a senior director of Xilinx (Selinx), Luo Yuhao is a colleague he met when he worked at Xilinx.

In March 2010, the two returned to China to start a business and established Yuneng, which focuses on module-level power electronic equipment in the photovoltaic industry, and its main products are micro-inverters, intelligent interchangers and energy communicators used in the battery components of photovoltaic distributed power generation.

The best thing is that the two founders founded the company without a penny, with an appraisal value of 13.86 million yuan for "microinverter system technology", and a price of 12.85 million yuan invested in Yuneng Co., Ltd., accounting for 29.99%. The rest of the capital is all invested by the bigwig investors of all parties with real money.

The company's initial investors included Pan Jianqing, then chairman of Tiantong Co., Ltd., Gao Limin, chairman of Hailide, and Chen Xiangdong, chairman of Silan Micro.

The top 10 shareholders of Yuneng Technology

According to media reports, Pan Jian cleared the all-round support in terms of personnel, finance, and materials in addition to investing 9 million cash through Tiantong shares.

Ling Zhimin and Luo Yuhao had no place to work when they were founded, so Pan Jianqing rented the house of Tiantong to Yuneng Technology, and until now Yuneng Technology is still renting a house from Tiantong Shares;

When Ling and Luo were founded, there was no one, and Pan Jianqing sent Qiu Zhihua to them for his love. Qiu Zhihua has a bachelor's degree in economic management, served as a deputy secretary of a state-owned enterprise, and served as an assistant to the director of the president's office in Tiantong Co., Ltd. for two years;

Yuneng Technology is mainly engaged in product research and development, and needs to entrust domestic manufacturers to produce. Tiantong Co., Ltd. personally stepped down, and Tiantong Varitronix, which it holds, helped Yuneng Technology to produce microinverters;

In addition, Pan Jianqing spared no effort to help with the financial issue of Yuneng Technology. From 2016 to 2022, Tiantong High-tech has guaranteed a total of 276 million yuan for the loans of Yuneng Technology Bank......

The stock price once exceeded 700 yuan,

In the second year of listing, the performance plummeted by 96%!

2021 is the hottest year for PV. Yuneng Technology took advantage of the wind.

It was favored by many bigwigs before listing, and Yuneng Technology was also sought after by the capital market after listing. The company plans to raise 556 million yuan, but the actual fundraising is 3.26 billion, which is 486% over-raised, and 2.7 billion funds lie on the account and sleep.

The company's IPO issue price was 163 yuan, which rose 78% to 290 yuan on the first day of listing in June 2022, and hit a record high of 726.50 yuan on August 29, becoming the third highest-priced stock in the market at that time, in just two months.

-60%, -70%, what are the tricks behind these two falling kings?

(Yuneng Technology Weekly K Trend)

Yuneng Technology is a typical example of rapid growth in performance before listing and rapid change in performance after listing. Before the listing, that is, from 2019 to 2021, the net profit of Yuneng Technology was 22 million yuan, 77 million yuan and 103 million yuan, a year-on-year increase of 70.74%, 256.22% and 33.99% respectively, and the non-net profit after deduction was 46 million yuan, 72 million yuan and 96 million yuan, a year-on-year increase of 593.32%, 57.61% and 33.83%.

In the first year of listing, the company's performance is still growing rapidly, with an operating income of 1.338 billion yuan in 2022.

The year-on-year increase was 101.27%, and the net profit and non-net profit were 361 million yuan and 339 million yuan respectively, a year-on-year increase of 250.30% and 251.18%.

In the second quarter of 2023, the company achieved operating income of 222 million yuan, a year-on-year increase of -31.35%. The corresponding net profit was 16.5566 million yuan, a year-on-year increase of -83.12%, and the non-net profit was 3.9556 million yuan, a year-on-year increase of -95.85%.

-60%, -70%, what are the tricks behind these two falling kings?

At the end of the third quarter of last year, there were 81 funds holding Yuneng Technology, and at the end of the third quarter of this year, there were only two left.

Single product, bizarre inventory

According to some analysts, the company's performance is very simple: the company's revenue mainly depends on its core product, microinverter.

In 2022, this product contributed about

80% of operating income,

The first half of 2023 contributed

77.25% of the revenue.

The dilemma of Yuneng Technology is partly due to the weak demand in the industry, but others

A-share photovoltaic inverter companies such as GoodWe and Hoymiles have not seen such a big stock price adjustment, and GoodWe's share price fell last year

43.14%, Hoymiles shares fell

56.66%, which is much less than Yuneng Technology.

Inventory is the biggest problem of Yuneng Technology:

Some media pointed out the bizarre inventory of Yuneng Technology, which was stocked before listing

More than 300 million, the inventory reached in the first annual report after listing

1.3 billion yuan. Last year's first-quarter, interim and third-quarter inventories remained in

1.7 billion or so.

As for the reason for the increase in inventory, Yuneng Technology explained in the annual report that it was due to the company's expectation of rapid market development and increased stocking. As it turned out, the company's stock was smashed in its hands.

Followed last year

In the second quarter, the performance of Yuneng Technology changed significantly, and the answer given by the company was that excessive shipments in the first quarter, coupled with insufficient customer digestion capacity, in the second quarter, the client as a whole was relatively weak, and the pressure to destocking was high, coupled with the company's product switching on the balcony photovoltaic system, resulting in the reversal of inventory shipments.

Some media pointed out that from the data point of view, the inventory of Yuneng Technology is similar to that of another inverter company, GoodWe, but the two companies are not the same volume at all: GoodWe

Total operating income in the first three quarters of 2023

5.650 billion yuan, a year-on-year increase

93.80% net profit attributable to the parent company

893 million yuan, a year-on-year increase

224.49%。

And Yuneng Technology

The operating income in 2022 is:

1.338 billion yuan,

In the first three quarters of 2023, Yuneng Technology achieved operating income

969 million yuan, that is, the company

1.7 billion inventory, even the company

It will be discontinued in 2024 and will not be sold out for a year!

What aroused strong doubts from the outside world is that Yuneng Technology even said that the company's sales model is usually less inventory at dealers and more inventory in the company's own hands. Some media questioned that since Yuneng Technology is a distribution-based sales model, and there are no orders from dealers, will the company continue to produce frantically?

Ironically, there are still sell-side institutions that are sparing no effort to advocate Yuneng Technology, and since the beginning of this year, a total of

24 research reports sang more than Yuneng Technology. Among them, the latest research report is Guojin Securities

October

Released on the 29th, it said that as of

At the end of September, Yuneng Technology's inventory showed a month-on-month decline for the first time this year. With the gradual return of the previous accumulated inventory to reasonable, it is expected to promote the company's subsequent shipments to continue to repair.

In fact

At the end of the first half of 2023, Yuneng Technology will have an inventory of about

1.699 billion yuan, by the end of the third quarter

1.679 billion yuan, what is this reduction?

2024

The workers of Nian Yuneng Technology can really take a holiday.

-60%, -70%, what are the tricks behind these two falling kings?

postscript

The plunge of Yuneng Technology and China Duty Free is only two examples of listed companies whose stock prices of A-shares have suddenly plummeted and suddenly plummeted, allowing us to see the poison of capital.

These two companies belong to start-up or transformation companies, and their growth and performance have been accidental, sudden, but speculative funds are desperately betting, constantly increasing bets, and finally harming others and themselves!

Improving the quality of A-share listed companies, especially their sustainable competitiveness, should not remain a slogan forever.

Cracking down on A-share packaging listings, cracking down on the crazy speculation of institutions and the trumpet blowing of research institutions at a high level should not be a slogan!

A systematic investigation into the actions of these two companies in recent years should be conducted.

Annex:

After falling for 4 consecutive trading days, how will the market decide next week? Pay attention to the expected increase in performance next week

After four consecutive days of decline, A-share sentiment has fallen to the bottom. Defensive sectors such as banks, coal, and natural gas have become safe havens for funds, and the market value of the new energy leader CATL has been overtaken by the old energy leader China Shenhua. Domestic and foreign capital are selling, public funds are not allowed to sell before the year, and the distribution plan is sold in the first week after the year. This most market-oriented place is now trying to run as planned, but the market doesn't seem to sell the planned account.

How to choose A-shares in the new week?

Wind direction: 66 companies announced 2023 performance forecasts, and 48 companies are expected to increase

As of the evening of January 7, 66 A-share listed companies have announced their 2023 annual performance forecasts. Among them, 48 companies achieved positive growth, accounting for more than 70%. There is a performance opportunity for a significant increase in next week's results.

48 companies with semi-annual report forecasts

-60%, -70%, what are the tricks behind these two falling kings?

18 companies with semi-annual report forecasts

-60%, -70%, what are the tricks behind these two falling kings?

Latest Perspectives from Institutions:

China Merchants Securities: Focus on key policy support, industry trend catalyst and annual report performance exceeding expectations

The direction of key policy support, catalysis of industrial trends, and the direction that the annual report performance may exceed expectations will become important clues for the follow-up layout. At the industry level, we will focus on areas where the annual report performance is expected to exceed expectations, mainly in electronics, automobiles and parts, where AI technology innovation and export improvement are superimposed, and investment opportunities in computers, industrial metals, building materials, home appliances and pharmaceuticals brought about by the increase in government spending and the start of the three major projects.

Guotai Junan: The market of the Beijing Stock Exchange is expected to continue until before the Spring Festival

With the optimization of the issuance policy and the implementation of the transfer policy, the market of the Beijing Stock Exchange is expected to continue until the Spring Festival in 2024.

 It is recommended to look for investment opportunities on the Beijing Stock Exchange from two directions, namely, from top to bottom, according to favorable policies to find individual stocks, and recommend the theme of transfer board;

In the near future, the consumer electronics sector, which will be catalyzed by dense news, is worth paying attention to, recommending topics such as storage and automotive Mini-LED. CES 2024 will be held from January 9 to 12, and AI hardware and in-vehicle hardware upgrades are the core content of this CES, and product news will continue to be released to catalyze the market performance of related topics.

-60%, -70%, what are the tricks behind these two falling kings?

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div.autoTypeSetting24psection > p,div.autoTypeSetting24psection > section{margin-bottom: 24px;}

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