Text|Zebra consumption Shen Tuo.In 2023, it will be friendly to the lo-mei industry. The consumer market is picking up, raw materials such as duck by-products are declining, and the production costs of enterprises are falling, and industry players can naturally make money.
Huang Shanghuang is happy for the first time, and it is expected that the net profit attributable to the parent company will double throughout the year, sweeping away the haze of performance since 2021.
However, in the long run, the company's overall operating situation is still difficult to return to a high position, and it has been completely squeezed out of the "Lo Mei Sanxiong" camp.
Huang Shanghuang is the absolute predecessor of China's lo-mei industry, and it is also the "first stock of lo-mei". Times have changed, and now under the all-round race of new and old forces, the pressure on the company is increasing.
Performance**In 2023, Huang Shanghuang (002695SZ) finally made a beautiful comeback.
On January 27, the company announced that it is expected that the net profit attributable to the parent company in 2023 will be 65 million yuan to 75 million yuan, an increase of 110 over the previous year93% to 14338%；The non-net profit was 43 million yuan to 53 million yuan, a year-on-year increase of 91277% to 114829%。
What drove the company's performance? Mainly from three aspects:
Domestic duck by-products and other major raw materials ** down, production costs gradually declined, the comprehensive gross profit margin of meat products rebounded steadily, and the overall gross profit margin is expected to increase by more than 2 percentage points year-on-year. Huangshanghuang's marinated products are mainly duck goods, and the main raw materials are meat duck, duck feet, duck wings and duck necks, accounting for about 46% of the main business cost.
From 2021 to 2022, the investment of upstream farmers has declined for two consecutive years, resulting in tight market supply, and duck by-products have been directly affected by the company's profitability in these two years.
Since April last year, duck by-products have declined, the pressure on halogen products enterprises has gradually decreased, and the entire industry has ushered in an inflection point.
The company accelerated the transformation of store channels, and the store leasing expenses, market expenses, and expenses during the period all decreased compared with the same period last year, resulting in an increase in operating profit. In addition, the impact of non-recurring gains and losses on the company's net profit is about 22 million yuan.
In the face of such gratifying results, investors do not seem to be buying it. At the opening of trading yesterday, the company's stock price opened high and went low, with the highest intraday decline of 149% to **still**117%, with a total market capitalization of 515.7 billion yuan.
What makes investors indifferent from the lag behind in the industry is not the brilliant performance, but the decline of the company's market position.
In 2020, after the company's revenue and performance reached its peak, it ushered in a sharp decline for two consecutive years. By 2022, the operating income has dropped to less than 2 billion yuan.
When peers accelerated the opening of stores, the scale of Huangshanghuang's stores almost stagnated.
In 2020, the company's "thousands of cities and thousands of stores" expansion plan kicked off. The number of stores reached 4,627 at the end of the year, dropped to 4,281 the following year, and further decreased to 3,925 in 2022. It was not until the end of June last year that the number rose to 4,213.
According to Huangshanghuang's plan, the scale of 10,000 stores will be achieved in 2026. This means that in the next two years, nearly 3,000 new stores will be opened every year. This is an almost impossible task.
Judging from the current data, the big brother of lo-mei has been left behind by direct competitors in terms of main business indicators.
In terms of store size, Juewei Food has 16,162 stores in mainland China (as of the end of June 2023); Ziyan Food has 6,503 stores (as of the end of September 2023).
In terms of the scale of operating income, Huangshanghuang is even lower than the main peers. In 2022, the company's operating income was 195.4 billion yuan, in the same period, Juewei Food, Zhou Heiya, and Ziyan Food were 662.3 billion yuan, 234.3 billion and 360.3 billion yuan. During the same period, the company's net profit attributable to the parent company was almost only a fraction of that of Juewei Food.
Although China's lo-mei market is huge, it is relatively fragmented. According to the "China Catering Development Report 2022", Juewei Food, Zhouheiya, Ziyan Food and Huangshanghuang have market shares of % and 2., respectively8%。
In the early 90s of the last century, Xu Guifen, a laid-off female worker in Nanchang, was desperate and devoted all her money to open a marinated goods store called "Huangshanghuang Roast Poultry Society", which was later changed to Huangshanghuang.
In the nearly 20 years since then, this small shop has won market recognition with sauce plate duck as its main product, and has gradually expanded.
In September 2012, Huang Shanghuang landed in the capital market and became the first stock of lo-mei in China. At its peak, Xu Guifen's family was worth as much as 7 billion yuan.
This glorious moment was vividly interpreted in the book "Xu Guifen: The Burning Fire Phoenix" published at the end of 2018.
However, within a few years, Huang Shanghuang was pulled down from the throne of the lo-mei boss. In the face of the strong expansion of Juewei Food, the attack of Zhou Heiya, and the oblique stabbing of Ziyan Food from the side of the meal, the new forces in the industry, Wang Xiaolu, Sheng Xiangting, etc., have jumped up.
Juewei Food has been expanding vigorously since 2008 and has enjoyed scale dividends; After the setback of Zhou's direct sales model, he had to open the franchise business in order to make a breakthrough in scale.
Only Huang Shanghuang is stable and almost conservative. Unfortunately, the company has been relatively slow to respond to changes in the external consumer market in recent years, and has not made much noise in terms of brand or marketing.
The company's stores are mainly concentrated in Jiangxi, Guangdong and Zhejiang. In the first half of 2023, the three major regions each contributed 49.6 billion yuan, 15.8 billion and 30.9 billion yuan, accounting for the company's total revenue78% and 2694%。
As early as 10 years ago, the company acquired the brand of Zhenzhen Lao Zongzi, hoping to diversify the layout of rice products. However, this kind of regional and seasonal product is difficult to become a new growth point for the company.
In 2019, the company independently cultivated the roast pig's trotter brand "Dujiao Xi", and by April last year, there were less than 30 stores.
Huang Shanghuang is not short of money, but it seems that it is not clear how to invest to make more money. Therefore, the company loves to buy wealth management products, and they are all low-risk principal-guaranteed products.
On January 13, 2024, the company announced that it intends to use idle own funds of no more than 300 million yuan for investment and financial management. At the same time, it was disclosed that the cumulative financial income in 2023 will be 437260,000 yuan.
Xu Guifen's family started from a lo-mei shop, and accumulated a net worth of hundreds of millions from one steel hammer after another, and it seems that they don't approve of playing a big adventure game in business.
In December last year, Huang Shanghuang announced on the interactive platform that its subsidiary Xinhuang Kitchen had laid out the field of prefabricated dishes and cut into the ** chain of well-known chain catering enterprises to build a business growth curve of lo-mei +. However, if you can't keep your position in the lo-mei industry, why is that "+" attached?