Image source @Visual China.
Text |Kanjian Finance.Haidilao is just one step away from last year's low.
The sharp rise in performance failed to stimulate the strength of the stock price, which is not a good phenomenon or a good signal for Haidilao.
In March 2022, Daniel Zhang in the storm handed over Haidilao's "scepter" to Yang Lijuan. After taking the helm of Haidilao, Yang Lijuan began a drastic change.
Haidilao also changed its aggressive expansion style and began to shrink across the board.
Only half a year later, under the leadership of Yang Lijuan, the "Woodpecker" project was a complete success. Not only that, Haidilao's share price has also increased slightly.
Leading Haidilao's performance back to the track of the best is the wisdom and consciousness of a catering veteran.
A year after Yang Lijuan took the helm, Haidilao successfully turned losses into profits.
The continuous improvement of business conditions has given the market hope for improvement. By the beginning of 2023, Haidilao's share price has risen by more than 140% compared to the lowest point in 2022 when Yang Lijuan took over.
This is Yang Lijuan's answer to Daniel Zhang, and it is also Haidilao's answer to the market.
After entering 2023, Haidilao's store opening speed has slowed down significantly, and there is less and less negative news. Haidilao, which took the lead in getting out of the valley, has given great incentives to the catering industry and demonstrated the resilience of leading catering enterprises.
Looking back, the catering industry has always been a thriving industry in China, and it is also one of the industries with the most participants, as long as the taste, ingredients are not bad and slightly famous, then it is impossible to lack customers, and Haidilao has also proved this to the outside world. Before Haidilao went public, the humanized service made customers feel respected and valuedAfter listing, with the pace of continuous expansion, some shortcomings are easily magnified and can easily become "targets".
After embracing the capital market, when humanization meets process, service should change.
If calculated from the highest level this year, Haidilao has fallen by more than 35% during the year;If you count from the beginning of the year, it has also fallen by nearly 35%;But if calculated from the peak of the stock price, Haidilao's market value has fallen by more than 80%, and the market value has evaporated by more than 396 billion Hong Kong dollars, equivalent to 363.5 billion yuan. And it's not too much space from last year's low.
So should Haidilao reflect on what the problem is?
Haidilao has never lacked hot searches, nor does it lack market attention.
This is the consensus of the market.
Some time ago, the "subject three" that was out of the circle sparked heated discussions, and Haidilao was also sent to the hot search. For a long time in the past, Haidilao was not a few hot searches because of similar incidents.
Behind the explosion is the service awareness of Haidilao, a catering company, that is superior to other catering companies.
In fact, before "subject three", dough stretching, face changing, and birthday songs are all extensions of Haidilao's service culture. As a leading enterprise in the catering industry, Haidilao adheres to the concept of "people-oriented" and has built a set of talent training, talent selection and talent incentive mechanisms to provide effective protection for employees' physical and mental health and personal growth from all aspects.
Under the encouragement of this system, the enthusiasm and innovation of employees are often easily ignited.
Take the hotly discussed "subject three" as an example, this is actually derived from Guangxi folk customs, as early as last year, "subject three" caused a wave of small climaxes on the Internet.
It's just that when Haidilao moved the dance to Haidilao for reference, the topic and hot search were formed. Behind the popularity of "subject three" is the best embodiment of the release characteristics of young people, and it is also a proof that Haidilao has attracted a lot of attention.
It grabbed the customer's "eyeball" and captured the customer's "stomach".
This is a manifestation of Haidilao's success. According to the financial report for the first half of this year, Haidilao has received more than 1 customers7.1 billion times. The most core data, the turnover rate, also increased from 2 in the same period last year9 times a day, ** to 33 days, the same store ** rate even reached 35 times a day.
The recovery of the consumer market and the significant increase in consumers' willingness to dine in stores have significantly improved Haidilao's business conditions. With the blessing of various benefits, Haidilao's net profit in the first half of the year reached 22600 million yuan, a year-on-year increase of more than 3025%, which is close to the net profit of the whole year of 2019.
However, despite the steady growth of operating data and the obvious repair of net profit, Haidilao still has not been "recognized" by the capital market, and the continuous stock price shows the attitude of the market, proving that Haidilao is still not enough.
In the past few years, due to the impact of consumption upgrades, the valuation of consumer companies has generally been high.
Driven by this trend, the boss of LV once surpassed Musk in value to become the richest man in the world.
However, this "advantage" did not last long, and the market began to undergo some clear changes, and some consumer brands that did not conform to the market were impacted, including the previously well-known tea companies and ice cream companies.
Some time ago, Pinduoduo's market value once surpassed Alibaba to become China's largest e-commerce company by market capitalization, which is actually a feedback of this situation.
In fact, the core word around e-commerce this year is "low price", and most other consumer companies are in a similar situation.
According to Haidilao's financial report for the first half of the year,In the first half of the year, the average in-store consumption was 1029 yuan, compared with 105 yuan in the same period last year, for the sake of performance, Haidilao has been on the hot search several times because the dishes have become "expensive".
Recently, some consumers posted that some stores in Haidilao Xi'an and Beijing no longer provide "half" and "whole" options when ordering, but uniformly become "one".
On November 15, Haidilao publicly responded that in individual stores, the original half of the dish size and ** were used to unify the specifications of the store's dishes**, and then Haidilao responded to the pilot to adjust the amount and ** rushed to the hot search.
Three days later, the relevant person in charge of Haidilao said that the half dish has not been canceled, and the pilot store will optimize the ordering page to provide two options: "whole" and "half".
It is becoming more and more "expensive", which has become the most intuitive feeling of many consumers, and the news that is on the hot search because of small materials is also commonplace for Haidilao.
But in general, Haidilao's performance is obvious to all, and its strong profitability is also its deepest moat.
Kanjian Finance believes that as a leader in the industry, Haidilao has completely gotten rid of the impact of the epidemic and has embarked on the right track of performance growth. However, the hesitant stock price also reflects the market's "concern" about Haidilao. Although the market environment has a certain restrictive effect on enterprises, compared with consumer companies such as Nongfu Spring, Haidilao's decline is still relatively large.
Therefore, we believe that while taking into account quality, we should also pay attention to the feedback of the capital market, so as to reach a higher level and move towards the international market.