Text|Produced by Chu Yan|The world's wealth.
Huifa Foods was pushed by the industry boom, and its stock price reached a three-year high.
A few days ago, due to the establishment of Hangzhou Majia Kitchen Food Company (registered capital of 10 million yuan), the news of Ma Yun's entry into prefabricated dishes quickly became the focus of market attention.
Although Jack Ma's former assistant clarified, it still set off a new round of pre-made food speculation in the capital market.
According to the Oriental Wealth Network, starting from the first price limit on November 24, as of December 6, Huifa Food (603536SH) stock price rose sharply. Although the trend has fluctuated in recent days, even according to the calculation of midday trading on December 15**, the stock price has nearly doubled in less than a month.
In the long term, the last time Huifa Food's stock price soared was in November 2020. Then there was a sharp drop in stock prices, and the deep trap of chasing high for three years.
This kind of hot spot comes and goes quickly, and the phenomenon of "chicken feathers in one place" after the stock price rises sharply, will it be repeated?
Compared with the great enthusiasm of the chasers, the regulatory authorities, including Huifa Foods itself, are more cautious about stock price fluctuations.
In the process of this round of stock price, Huifa Food has issued many announcements on abnormal stock price fluctuations, and the regulatory authorities have also issued a number of fluctuation inquiry letters to the company.
The chasers were extremely excited, but the company's executives were exceptionally calm.
According to the announcement of Huifa Food on the evening of November 29, Zang Fangyun and Xie Peijin, the two deputy general managers, respectively won 8,100 shares and 13,100 shares on this day, and then issued the announcement of the "Centralized Bidding of Executives" showed that the ** at that time was 1255 yuan shares.
Some market commentators believe that the cash-out of Huifa Food's senior management reflects to a certain extent that these people have insufficient confidence in the company's future development and leave in time while the stock price is rising.
Of course, this phenomenon is not unique to Huifa Food. In this wave of pre-made dish hype, who is the winner and who is the loser, time will give the answer.
In addition, Huifa Food also said in the change announcement that the 37.34 million shares held by the actual controller Hui Zengyu have been pledged, accounting for 73% of its shares38%, accounting for 15% of the company's total share capital26%, the actual controller pledges at greater risk.
Founded in February 2005 and listed in June 2017, Huifa Food is an enterprise integrating R&D, production, sales and provision of healthy food chain services for prefabricated dishes.
Huifa Food was previously a quick-frozen food company, mainly engaged in the research and development, production and sales of quick-frozen foods such as pill products, sausage products, fried products, string products, and dish products.
According to the company's official website, the company has independently developed more than 2,000 prefabricated dishes. In the financial report, Huifa Food called 2021 "an important year for the gradual implementation of strategic transformation", and the company increased its investment in the research, production and sales of prefabricated dishes and the first-chain service of healthy ingredients, and the sales scale has achieved steady growth.
The reality behind the company's statement is that although there are many types of pre-made dishes, they have not been able to support the performance of Huifa Food.
The financial report shows that in the first three quarters of this year, the net profit loss of Huifa Food attributable to the parent company was about 29.95 million yuan, and it is worth noting that although the loss was serious, it still improved by more than 60% year-on-year. On the one hand, this shows that this year's performance has improved, and on the other hand, it can also be seen that the company's previous performance is "miserable".
The good news is that in the third quarter of this year, Huifa Food finally made a profit, with a net profit of about 600,000 yuan. However, this amount has little effect on offsetting the amount of losses in the first three quarters.
It is said that when looking at the enterprise, we must look at the long-term performance. Let's take a long-term view, before the third quarter of this year, Huifa Food's net profit attributable to the parent company has been losing money for 10 consecutive quarters, with a total amount of about 300 million yuan.
Judging from the annual performance, 2021 is the first time that Huifa Food has turned from profit to loss. It is hoped that the company can achieve an annual turnaround as soon as possible, but from the current situation, the company still needs to work hard to achieve this goal.
Pre-made dishes, as the name suggests, refer to the use of standardized streamlining operations to pre-process raw materials, consumers only need to simply heat, steam and other operations to eat, including ready to cook, ready to heat, ready to eat (ready to eat), often known as 3R food, that is, you commonly see a variety of fast dishes on the fresh platform.
No matter what the name is, no matter what the industry is, you need to make a lot of money in the end to support the stock price to rise repeatedly.
The pains in the strategic transformation of Huifa Foods are more concentrated in the gross profit.
Huifa Food's net profit in 2021 decreased by about 1 compared with 2020600 million yuan, a year-on-year decline of 697%, the company said, "mainly due to the increase in costs and period expenses caused by changes in some raw materials."
This year, Huifa Food's operating costs did increase significantly, with a year-on-year increase of 24%.
In terms of products, it is mainly the increase in the cost of the first chain, which increased by 102 year-on-year98%, but at the same time, the operating income of this item also increased by 102 year-on-year57%, the gap between cost and revenue growth is not large, that is to say, the revenue growth of Huifa Food has not effectively promoted the growth of net profit.
In addition to the first-chain cost, in 2021, the growth rate of operating costs of most of Huifa Food's other products exceeded the growth rate of operating income, which ultimately led to a decline in the gross profit margin of all categories.
On the other hand, Huifa Food does not seem to be soft on spending.
In 2021, Huifa Food's sales expenses increased by about 63.57 million yuan year-on-year, an increase of 73%, and employee salaries, consulting services, travel expenses, advertising expenses, and service fees all increasedManagement expenses such as share-based payments, employee compensation, depreciation expenses, and lease expenses also increased by about 73.1 million yuan year-on-year, an increase of 60%.
In total, Huifa Food's increased sales and administrative expenses in 2021 will reach about 1400 million yuan, which is not much different from the loss of the year.
In 2022, Huifa Food's expenses will decrease and other income will increase, but it will still lose about 1200 million yuan, which is only slightly narrower than in 2021.
Looking at it more closely, in addition to string products, the gross profit margin of other products of Huifa Food in 2022 will still decline to varying degrees.
Huifa Food said, "Affected by changes in the market environment, changes in consumption patterns and other factors, the revenue and efficiency of the company's first-chain business and terminal direct sales business have declined."
Among them, the revenue of the ** chain business was about 300 million yuan, a year-on-year decrease of about 72.43 million yuan, a year-on-year decrease of 18%, and the gross profit of the * chain business was about 17.51 million yuan, a year-on-year decrease of about 13.38 million yuan, a year-on-year decrease of 43%.
In 2022, the revenue of Huifa Food's terminal direct sales business will be about 1800 million yuan, a year-on-year decrease of about 14.71 million yuan, a year-on-year decrease of 7%, and the gross profit of terminal direct sales business was about 30.01 million yuan, a year-on-year decrease of about 6.01 million yuan, a year-on-year decrease of 16%.
It is worth noting that Huifa Foods classified the finished prepared food business as Chinese dishes, but the performance of this item was not good.
In 2021 and 2022, the revenue of Huifa Food's Chinese dishes will be about 1500 million yuan, 1800 million yuan, a year-on-year increase. 61%, but compared to revenue, the cost growth rate is faster, respectively.
At the same time, in 2021 and 2022, the gross profit margin of Huifa Food's Chinese dishes will be respectively. 83%, down 3. year-on-year3 percentage points, 083 percentage points.
The decline in the gross profit margin of the company's products on a large scale means that the company's profitability and cost control ability are being tested. The problems faced by Huifa Food are also of great significance for the prefabricated food industry.
Will Huifa Food be able to turn a profit this year?What will be the real situation when the tide of funds recedes?Time will tell.
end - Disclaimer: The information in this article does not constitute investment advice.