Nowadays, it seems that there are very few people around who drink Dongpeng special drinks, and when asked, everyone's impression of this kind of functional drink seems to be aimed at specific groups, such as courier brothers, truck drivers, and other people.
StillSince Dongpeng Special Drink went public in May 2021, it has not left the impression of A-shares on how good the performance is or how good the prospects of this beverage company are, but the company's shareholders are frequent, huge, and unstoppable!
The performance is expected to increase, and the stock price has risen sharply against the market
On the evening of January 26, Dongpeng Beverage (605499SH) announced its 2023 earnings forecastIt is expected to achieve a net profit attributable to the parent company of 198.9 billion - 206.1 billion, a year-on-year increase of 38%-43%., is expected to achieve a non-net profit of 182.5 billion - 189.3 billion, a year-on-year increase of 35%-40%.
Screenshot of Dongpeng Beverage's performance forecast).
Dongpeng Beverage said in the performance forecast,In 2023, we will continue to promote the national strategy, deeply cultivate and refine channel outlets, continuously strengthen channel operation capabilities, continue to enhance the best rate of products and channel sales, actively carry out multi-category layout, cultivate second growth curve products, and further drive revenue growth.
This performance is indeed very good, and the growth rate has also increased significantly compared with 2020, and the net profit in 2020 is only 81.2 billion, which has grown to 20 by 20236.1 billion,The compound annual growth rate is over 35%.It is no wonder that the capital market has always been willing to give Dongpeng Beverage a higher valuation multiple.
Data**: Straight Flush**).
Stimulated by the news of the performance forecast, today (January 29), the stock price of Dongpeng Beverage in the secondary market strengthened against the market, and continued to rise intraday, once rising by more than 7%.The latest stock price is 17213 yuan shares, corresponding to a static P/E ratio of 4780 times, the latest market capitalization is 688500 million
Screenshot of Dongpeng Beverage's stock price trend).
However, it is important to note thatWith a price-to-earnings ratio of nearly 50 times, this valuation level is actually higher than the current valuation of many A-share technology stocksThe market continues to give such a high valuation to a beverage manufacturing company, and there is obviously a big premium!
On the eve of the earnings forecast, shareholders have just announced their ** plan
Where did the valuation premium given to Dongpeng Beverage by the market go? Don't think about it, it went to the hands of the major shareholders through **!
Just one day before the release of Dongpeng Beverage's performance forecast, the ** announcement issued by Dongpeng Beverage showedDue to its own capital needs, Junzheng Investment, the second largest shareholder, plans to use centralized bidding and block trading**The company does not exceed 1200030,000 shares, accounting for 3% of the company's total share capital, no more than 1% for centralized auctions and no more than 2% for block trades**, *which are planned to take place within 3 months.
Screenshot of Dongpeng Beverage's announcement).
may be because of this ** plan, which once again scared the stock price of Dongpeng BeverageOn January 26, the stock price opened nearly 5% lower, and after a short period, it fell nearly 7%., but in the end there was a miracle v back.
Screenshot of Dongpeng Beverage's time-sharing trend on January 26).
At the ** price of January 26 1629 yuan shares, this ** can be cashed out more than 195.4 billion. At today's ** price of 17213 yuan shares, this ** will be able to cash out more than 206.5 billion。No matter how Junzheng invests in this **, it will cash out about 2 billion!
It is necessary to mention here that at the end of May last year, it was also because of the Dongpeng Beverage shareholder incident that caused the market to rise. At that time, Dongpeng Beverage really opened the eyes of A-share shareholders, and 13 shareholders including Kunpeng Investment, Cai Yunsheng, Li Dawen, and Dongpeng Yuandao planned to "form a group" 3574150,000 shares, accounting for 8 of the total share capital of Dongpeng Beverage9352%，At the time of the stock price 15817 yuan shares can be cashed out more than 565.3 billion
Screenshot of Dongpeng Beverage's announcement).
You must know that the day before this "group **", Dongpeng Beverage just completed the listing for the first time after lifting the ban, lifting the ban 8326090,000 shares, with a market value of 1440.4 billion. Brother Ruiyan in the previous article "Cash out 10 billion, huge **! Another giant's stock price plummeted", because in January 2023, the second largest shareholder, Junzheng Investment Plan**2400060,000 shares, accounting for 6% of the total share capital, but only 48 shares will be implemented by May 20, 2023740,000 shares, so there are 2,351320,000 shares are not **, plus this part of the total proposed ** shares is 5925470,000 sharesAccording to the calculation of ** at that time, the cash amount reached 10 billion!
However, Junzheng invests in this ** plan until August 16, 2023, and there is still 202458.16 million shares were not **.
Screenshot of Dongpeng Beverage's announcement).
In fact, according to the Straight Flush i Ask Fortune data,Up to now, the cumulative number of shareholders of Dongpeng Beverage has exceeded 227.5 billion, of which Junzheng invested in two **total**cashed out more than 8.9.9 billion, Dongpeng Yuandao, Dongpeng Zhiyuan, and Dongpeng Zhicheng related to the members of the Lin Muqin family of the actual controller, totaled more than 10600 million, and the rest of the shareholders cashed out more than 31.5 billion, most of them are shareholders of the "group **".
AbsolutelyThere is something interesting about Dongpeng Beverage**, that is, the stock price starts after every announcement**。On May 30, 2023, the maximum increase of more than 35% in 3 months after the announcement of the "group **", this time Junzheng Investment announced ** and rose by more than 5% against the market 1 day after the announcement!
At the same time, the "cooperation" of the brokerage research report is also "seamless".On January 26, Junzheng Investment planned to **1200030,000 shares, and then on January 26 and January 28, there were Founder **, Huaxin **, and China Merchants ** to give "overweight" or "** ratings。In addition, since the beginning of August last year, Dongpeng Beverage's share price has fallen by more than 23%, during which more than 50 brokerage research reports have given "**" or "overweight" ratings, and the highest target price has reached 240 yuan.
Data**: Tongdaxin).
It's not something outsiders can know.
In the two years of listing, the dividend was 2 billion, half of which fell into the pockets of the actual controller
Therefore, the ** premium is still good for shareholders, but it is not good for small and medium-sized shareholders, but good for large shareholders.
Since Dongpeng Beverage's listing in May 2021, its performance has naturally been goodIn 2021 and 2022, the net profit reached 263.4 billion。At the same time, the company is also very generousThe amount of dividends in two years will reach 2 billionIn 2021, the interim dividend will be 600 million, the annual report will be 600 million, and the 2022 annual report will be 800 million.
It's good, at least it's much better than a lot of "iron roosters". Just,In the end, at least 1 billion of the 2 billion dividends fell into the pockets of the members of the Lin Muqin family, the actual controller, because Lin Muqin's direct shareholding in Dongpeng Beverage reached 4993%, Lin Muqin, Kunpeng Investment, Lin Mugang, Lin Daiqin, Chen Haiming are acting in concert, Lin Muqin, Lin Mugang and Lin Daiqin are uncles and nephews, and Chen Haiming, Chen Huanming and Chen Weiming are the brothers of Chen Huiling, the spouse of Lin Muqin, a shareholder.
Data**: Tongdaxin).
But the problem is, I earned 26 in two years3.4 billion will be divided into 2 billion, what will Dongpeng Beverage do to continue to develop?
The answer to this question may seem obvious, yet it is difficult to understand.
Judging from Dongpeng Beverage's balance sheet, the company has very sufficient cash, with a total cash on the books in 2022 of 419.5 billion, including 215.8 billion in monetary funds and 203.7 billion in transactional financial assets, but oddly enough for the company to have 31 at the same time$8.2 billion in short-term borrowingsThere is an obvious phenomenon of "big deposits and big loans".。This situation is even more acute in the third quarter of 2023, with total cash reaching 682.6 billion, short-term borrowings increased to 433.7 billion.
Data**: Straight Flush**).
Data**: Straight Flush**).
It's puzzlingOn the one hand, Dongpeng Beverage maintains good profitability and growth ability, and on the other hand, generously divides most of the profits, and at the same time makes large loans to banks。If you ignore the intermediate links and look at this process simply, it seems that Dongpeng Beverage distributed the loan to the bank to the shareholders (mainly the family members of the actual controller), and then left the debt to the company, and then used the company's profits to pay the bank loan.
However, in this mode,Once Dongpeng Beverage's profits can't keep up, the entire capital chain may encounter problems!