After the new high rise and stop today, the market value of Haitian Flavor Industry reached 330 billion, which has surpassed core assets such as Gree, Vanke and Xingye, ranking 15th in a share, very bullish x.
Figure: Ten times the share of Haitian flavor industry
From the k-line chart, Haitian is almost also the trend of ten times stocks.
The question now is, is Haitian soy sauce with a market capitalization of 330 billion yuan and a price-earnings ratio of 63 times expensive?
First of all, Haitian's performance is very good.
In 2019, the company achieved revenue of 19.797 billion yuan, an increase of 16.22% year-on-year; net profit was 5.353 billion yuan, an increase of 22.64% year-on-year, and the performance was generally stable with Hengrui. Haitian's recent surge was prompted by the annual report released on March 25. The company mentioned in its annual report that the company's planned total operating income target for 2020 is 22.78 billion yuan (+15%) and the profit target is 6.32 billion yuan (18%).
Haitian's revenue mainly comes from the catering side, and the catering industry in the first quarter was greatly affected by the epidemic, and on this basis, Shanghai Tiandang proposed this performance guidance, which is the main reason for the market to be hilarious.
But no matter how good the performance, the stock price cannot rise indefinitely, which is where many people criticize Haitian.
Haitian's domestic seasoning market is basically invincible, so comparing the world's two largest seasoning companies may have certain reference value.
McCormick, the world's largest seasoning company. The size of the revenue is about twice that of Haitian, and it has risen a lot in recent years with the bull market in the US stock market, but the company's current market value is still only $19 billion (equivalent to 133 billion yuan), pe27 times.
Pictured: McCormick is also a ten-fold stock
Kamekoman, a famous Japanese food company, is also engaged in soy sauce. These two years have also risen a lot, but the market value is only 58.4 billion, PE32 times.
In this comparison, Haitian looks expensive. But if you compare the growth of the three companies, Haitian is a complete victory.
Chart: Revenue and growth rate comparison of the three companies
It can be seen that although Haitian's revenue is only half of Thatcheda and Guijiawan, the revenue growth rate has remained between 10% and 20% in the past ten years, while Mihaomei and Guijiawan have a revenue growth rate of basically 10% or less, and it is unstable.
Chart: Comparison of net profits and growth rates of the three companies
The net profit indicator can not only see the growth of Haitian, but also the excellent profitability of Haitian. Although the company's revenue is only half of McCormick and Guijiawan, the net profit in 2019 has been equal to McCormick, more than twice that of Guijiawan (The low gross profit margin of Guijiawan is because it has a commodity trading business).
Therefore, there is still a reason to be expensive.
Compared with tortoise shell man and mikoto, which has long passed the growth stage, Haitian is still in a stage of steady growth. The soaring of the sea and sky in these two days naturally has the effect of market sentiment, but even if the company's stock price is adjusted, its valuation is difficult to fall below 50 times.
Tokaijiawan and McCormick have embarked on the road of mergers and acquisitions in the later stage, and Haitian may also take this road in the future, but it should also be noted that Haitian, which opened mergers and acquisitions, may be the time when the company has completed the endogenous growth stage.