From 312 to 52, in half a year, there are 260 fewer institutions holding Dongpeng Beverage. Dongpeng Beverage, which has just announced that its revenue has exceeded 10 billion, why has it suffered a large-scale liquidation by institutions?
Dongpeng Beverage's latest performance forecast shows that the company's revenue will hit a record high in 2023, exceeding 10 billion yuan for the first time, reaching 1105.7 billion to 1131.2 billion yuan, a year-on-year increase of more than 30%; Net profit attributable to the parent company also broke the historical record, which is expected to be 198.9 billion to 206.1 billion yuan, a year-on-year increase of 38%-43%. After the performance forecast was released, more than a dozen brokerages, including Southwest ** and Guojin **, unanimously gave ** ratings to Dongpeng Beverage, and some brokerages even shouted out the target price of 240 yuan shares.
Among them, Shanghai's first coverage research report on Dongpeng Special Drink - "Rising Sun, Peng Kyushu" pointed out that domestic energy drinks are still in the early stage of development, with huge market potential, and Dongpeng Beverage, as the world's fastest growing energy drink leader in the past two years, has been intensively cultivating the Guangdong base market while striving to open up the national market, actively exploring the development of multiple categories such as Dongpeng coffee, hydrating and sugar-free tea, and moving firmly towards the goal of becoming a leading comprehensive beverage group in China.
However, some careful investors found that the brokerage was singing in full swing, but behind the scenes, they were secretly clearing Dongpeng Beverage. According to the annual reports disclosed by major ** companies, as of the end of 2023, there are only 52 institutions left holding Dongpeng Beverage**. In the 2023 interim report, the number is still 312.
The institution's sense of smell is naturally not dull, although Dongpeng Beverage's performance is booming, but it can't stop the shareholders and executives from clearing out their positions. Since the first lifting of the ban on Dongpeng Beverage's restricted shares, Junzheng Investment, the company's second largest shareholder, has thrown out 4 ** plans in less than two years. On May 29, 2023, 13 directors, senior supervisors and major shareholders of Dongpeng Beverage announced that the total amount of the company's total share capital should not exceed 894%, and the final ** amount is up to 136.9 billion yuan. Not only that, Dongpeng Beverage has also paid large dividends for two consecutive years (2021 and 2022), with an overall dividend rate of 76%, of which Chairman Lin Muqin alone has shared 1 billion yuan.
In May this year, Dongpeng Beverage will have another 24.1 billion restricted shares ushered in the lifting of the ban, accounting for 60 percent of the total share capital18%。Institutions are certainly worried that shareholder executives will repeat their old ways, so it's no surprise that they left early.
Of course, investors' judgment on the value of Dongpeng Beverage depends not only on the "eating appearance" of its profit distribution, but more importantly, whether the stubborn disease in its product structure can be overcome. According to the financial report, from 2018 to 2022, Dongpeng Special Drink accounted for Dongpeng Beverage's total revenue08%。At the 2022 Annual Summary and Commendation Conference of Dongpeng Beverage, Chairman Lin Muqin once proposed, "In the next three years, we must cultivate and develop a second growth curve." We can't have a flat mentality. If you don't learn, your own ability can't keep up with the company's development speed, and you will be eliminated. However, in the first three quarters of 2023, Dongpeng Special Drink's revenue was nearly 8 billion yuan, still accounting for 92% of the company's revenue6%。
Of course, the most critical to the development of the second growth curve is R&D, but in recent years, the proportion of Dongpeng Beverage's investment in R&D has declined. From 2020 to 2022, Dongpeng Beverage's R&D investment accounted for the proportion of total revenue51%, as of the first three quarters of 2023, Dongpeng Beverage's R&D expenses were 43.14 million yuan, accounting for 0 percent of the current operating income50%。
It is worth noting that Lin Muqin mentioned at the company's 2023 annual summary and commendation conference that Dongpeng Special Drink has ranked first in China's energy drink sales list for three consecutive years, and in 2023, the 500ml bottled Dongpeng Special Drink will enter the top three of Nielsen's national beverage single product ranking for the first time. However, the "volume" Dongpeng Special Drink still can't beat Reignwood Red Bull in terms of overall strength. Recently, Dongpeng Beverage ranked 22nd in the 2023 Hurun Top 100 Chinese Food Industry List with a brand value of 74 billion yuan, while Reignwood FMCG ranked 16th with a brand value of 100 billion yuan. Even though there are trademark and copyright lawsuits, Reignwood Red Bull still occupies the top position in the energy drink market. (Contents**|.)Huabo Jingwei).