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In recent days, Anjing Food, a leading domestic prefabricated vegetable manufacturer, has become the object of "everyone shouting and beating" in the hearts of shareholders.
The reason came from an announcement that the company planned to go public in Hong Kong for financing. On January 20, Yasui Food said in the announcement that in order to accelerate the company's internationalization strategy and overseas business layout, and enhance the company's overseas financing capabilities, according to the company's overall development strategy and operational needs, the company plans to issue H shares overseas and list on the Hong Kong Stock Exchange.
As soon as this announcement came out, the market opened on Monday, and the market immediately gave Yasui Food a fall limit, and let the company continue to fall sharply in the next three days, with a cumulative decline of 16 in four days91%, and the total market value fell by more than 4 billion yuan. This undoubtedly gave Yasui food shareholders a blow to the head.
After careful study, the financial report for the third quarter of 2023 shows that Anjing Foods still has about 52 on its books3.1 billion yuan in cash, the company is about to expire 1The 200 million idle funds are also not intended to be redeemed. Since the company's listing, Yasui's shareholders have cashed out more than 633.6 billion yuan. Anjing Food is short of money and cannot cover the coffin, anyway, the psychological defense line of shareholders has completely collapsed.
01 Is financing ** or expansion?
Founded in 2001, Yasui Foods was initially mainly engaged in the research and development, production and sales of quick-frozen rice and flour products, and later expanded its business to quick-frozen hot pot ingredients, and in recent years, it has opened up the prefabricated food track.
Because of the continuous expansion of its business, since its A-share listing in 2017, Yasui Foods has carried out several large and small financings. Among them, it was listed in February 2017 and raised 60.1 billion yuan, 500 million yuan of convertible bonds were issued in July 2018, 900 million yuan of convertible bonds were issued in July 2020, and 56 million yuan of non-public private placement was issued in March 20227.5 billion yuan, and the total scale of the four financings reached 767.6 billion yuan.
In contrast, after the IPO, Yasui Food's cumulative dividends of eight times totaled only 12500 million yuan, and nearly half of it went into the wallets of the original shareholders.
Not only that, Yasui Foods also frequently appears the phenomenon of major shareholders and executives. According to the data, the company's controlling shareholder, Fujian Guoli Minsheng Science and Technology Development, has cashed out more than 307.4 billion, Chairman Liu Mingming cashed out more than 145.6 billion, general manager and director Zhang Qingmiao cashed out more than 93.4 billion, deputy general manager Huang Jianlian cashed out more than 40.9 billion, deputy general manager Huang Qingsong cashed out more than 42.7 billion, with a total cash out of more than 633.6 billion yuan.
According to the announcement, the financing purpose of Yasui Foods is basically capacity expansion. From 2017 to 2022, the production capacity of Yasui Foods increased from 3280,000 tons expanded to 9440,000 tons, more than tripled. The funds raised in previous years were still used for capacity expansion, but in 2022 it was 56The fixed increase of 7.5 billion actually only used more than 2 billion.
From 2017 to Q3 2023, the company's cash to total assets ratio is % and 31., respectively3%, the proportion of cash to total assets has increased significantly in the past two years.
In the case of abundant cash flow, Yasui Foods still has plans to continue to list on the Hong Kong stock market for financing, which makes many shareholders feel too greedy. Especially when asked what the company's overseas business layout plan is, the company's vague attitude has deepened the idea that major shareholders are just trying to raise money to cash out.
A brokerage researcher told "Electricity and Shop"."At present, there is still a lot of market growth space in the domestic prefabricated food track, although this industry is relatively volume, there is a certain feasibility of going to sea, such as Southeast Asia and other Chinese markets are closer to domestic eating habits, but in the case of a lot of funds on the books to go to Hong Kong for financing, even if the special funds are dedicated, it is still too anxious. ”
"Last year, the new domestic regulations were introduced, and there were stricter regulations on the behavior of shares. A-share listed companies may face greater regulatory pressure and pressure if they want to be the most popular. If it is listed on the Hong Kong stock market, if the company's shareholders apply for full circulation of H shares, then they can be listed in the Hong Kong stock market **, reducing some pressure from the regulator. ”The above-mentioned brokerage researcher added.
02 The market style is not popular?
In fact, since its listing, Anjing Food has indeed been a good growth white horse standard. From the perspective of performance, from 2018 to 2022, the company's revenue increased from 425.9 billion yuan increased to 121800 million yuan, with an average annual compound growth rate of 30%; Net profit was reduced from 2700 million yuan increased to 110.1 billion yuan, with an average annual compound growth rate of 42%. The company's stock price has also risen about 20 times from its listing in 2017 to its highest point in 2021.
In particular, the prefabricated food business, which has been laid out since 2018, has become the most eye-catching new growth point of Anjing Food. Through self-production + mergers and acquisitions + OEM, Yasui Foods has formed a "B-end-based, BC-based" model, and launched a large-scale single product strategy, such as crayfish products. From 2019 to 2022, the revenue growth rate of Yasui Food's dish products business was41% and 11161%。
The popularity of the prefabricated food track, coupled with the operating ability of Yasui Food, has also won the favor of many institutions. According to the data, as of Q3 2023, the number of institutional positions of Yasui Food has reached 161, and the total holdings account for 52 of the outstanding shares81%。
But it is such a growing white horse, and the stock price has fallen by 70% from its peak in 2021 to the present. However, judging from the performance in recent years, Yasui is still in a state of growth.
"It's also about the style of the market. From 2020 to mid-2021, the market will favor this kind of consumption growth white horse. In the cycle of global monetary easing, the consumer white horses represented by Yasui Foods carried an excessive influx of funds, causing the stock price and valuation to fly together in a short period of time, and over-consuming the valuation that needs to develop slowly thereafter. In the process of the Federal Reserve's interest rate hike and water collection, consumer white horses like Yasui have to go through the process of killing valuations. ”The above-mentioned brokerage researchers analyzed "Electricity and Shop".
At present, the share price of Yasui Foods has fallen to more than 15 times, but the controversy and disagreement in the market are still huge. "From the perspective of valuation, Yasui's valuation has indeed dropped a lot. However, now that most industries have entered the era of stock economy, there will be less and less substantial growth in stock prices driven by high growth. Since they can't make money from stock price growth, it is natural that those companies with high dividends will become the mainstream of the market in the future. ”The above-mentioned brokerage researcher added.
Under this market style preference, many companies have begun to increase dividend yields. However, Anjing Foods does not seem to have any intention of increasing dividends, and still continues the previous idea of high growth, hoping to use profits to continuously expand the market. In a track that is still in the growth stage, this may be understandable, but it seems out of place in the current overall secondary market environment.
On Friday, after a four-day plunge and frantically complained by shareholders, Anjing Food issued an announcement saying that the controlling shareholder Guoli Minsheng voluntarily promised not to ** the company's shares held by it in any way for 5 years from the date of issuance of the notification letter.
In the face of this belated "reassurance", shareholders also have different views. ** Some people in the community think that "it's very sincere, don't be too picky, no one is perfect", and some people still express distrust that "this promise is a blank check if it doesn't have legal effect".
Trust is not built in a day, and there is still a long way to go for Yasui Food's self-certification.