Since its listing, Haitian Ye Wei's share price has been rising steadily. Up to now, its share price has reached 160 yuan, with a total market value of over 500 billion yuan. Many investors think that the stock price and market value of Haitian Ye Wei are seriously overvalued, because they think that Haitian Ye Wei only sells soy sauce, and the stock price should not be so high. This is a serious mistake, because Haitian soy sauce is not just soy sauce.
Haitian Yewei achieved an operating income of11600 million yuan and a net profit of 3.25 billion yuan in 2020. It increased by 14. 12% and 18.27% respectively. It can be seen that the performance growth of Haitian Ye Wei is as stable as ever. At the same time, Haitian Ye Wei's share price is 16 1 yuan per share, with a dynamic price-earnings ratio of 80 times and a market value of 500 billion yuan. It is an enterprise with high market value and high stock price in the A-share market.
Main business contribution analysis: Haitian Ye Wei's main business is to produce and sell condiments containing fresh seafood. According to the mid-year report in 2020, the main business income of Haitian Ye Wei is 654.38+08.762 billion yuan, accounting for 94.77% of the total business income. It can be seen that the income of Haitian Ye Wei is mainly driven by the main business.
Product sales ratio: From the product sales composition of Haitian Ye Wei, soy sauce is the main product of the enterprise, accounting for 58.74% of the sales; Followed by oil consumption, accounting for17.63% of sales; The third is sauces, accounting for 1 1.57%.
Regional distribution of products sold: According to the regional distribution of Haitian Ye Wei products, Haitian Ye Wei's products are sold in all regions of China, with a high domestic market share.
Growth analysis: Haitian Yewei went public in 20 14 with a total market value of 3.84 billion yuan. At present, the market value is 522.2 billion yuan, with a six-year growth rate of 136 times and a five-year compound growth rate of 167%. The issue price-earnings ratio is 3 1 times, the current price-earnings ratio is 80 times, the price-earnings ratio is less than 3 times, and the five-year compound growth rate is 20.87%; The annual operating income of 20 14 is 9.82 billion, 201980 million, and the five-year compound growth rate is 15. 10%.
It can be seen that the compound growth rate of market value and P/E ratio of Haitian Ye Wei since its listing is much higher than that of operating income. Since Haitian Ye Wei hasn't issued shares and additional shares since its listing, it is obvious that the current market value of enterprises is growing a little too fast, at least the current operating income is a little slow compared with the current market value.
Gross profit margin analysis: Haitian Ye Wei's gross profit margin has been rising by more than 40% since its listing for six years, which is very stable. This shows that the competitiveness of enterprises in the domestic market is very stable, and no competitors put pressure on the competition of enterprises. On the other hand, it also shows that the cost and R&D of enterprises have not improved since they went public.
Quality of profit: Judging from the cash guarantee multiple of Haitian Ye Wei's profit, the gold content of enterprise's net profit is very good. Since listing, the cash guarantee multiple of corporate profits has been in a steady rising state, staying above 1 multiple all the year round, and the lowest year 20 15 is 0.87 times.
Return on investment: Judging from the return on net assets of Haitian Ye Wei, Haitian Ye Wei has an ultra-high and ultra-stable growth rate of return on net assets. Since its listing, Haitian Ye Wei's return on equity has been above 30% and will increase steadily by several percentage points every year.
The reason for the high return on net assets of enterprises is that the growth rate of shareholders' equity has been lower than the growth rate of operating income since listing. In other words, on the one hand, enterprises can do a good job in the steady growth of revenue, on the other hand, they can also do a good job in maintaining their own body shape.
In short, from the perspective of the basic market of the enterprise, Haitian Ye Wei is excellent in other aspects except growth performance. Of course, I am dissatisfied with this growth performance not because of enterprises, but because the secondary market overestimates the valuation of Haitian Ye Wei.
Asset composition: From the perspective of asset composition, Haitian Ye Wei is a typical light asset enterprise. And since the listing, the proportion of non-current assets has been decreasing. So far, the proportion of non-current assets of enterprises is only 65,438+08,438+02%. As Haitian Ye Wei is a typical non-current assets enterprise, the core and focus of management enterprise is to manage current assets.
Composition of current assets: judging from the proportion of current assets of enterprises, the largest proportion of current assets of enterprises is monetary funds, accounting for 66.40% of current assets, followed by inventory, accounting for 8.89%, and other current assets are very few and almost negligible. Then the analysis of the management of current assets of enterprises should analyze the management of monetary funds and inventory, with the focus on inventory management.
Inventory turnover rate: From the inventory turnover rate of Haitian Ye Wei, the inventory turnover days of enterprises have decreased year by year since listing, and the inventory turnover rate has increased year by year, indicating that the products of enterprises are rarely unsalable and the management of enterprises is very good.
Debt ratio analysis: The debt ratio has been stable at around 30% since Haitian Ye Wei went public. Although the debt ratio of enterprises has improved this year, its proportion in total assets is still very low. Haitian Ye Wei is a low-debt enterprise.
And among all liabilities of the enterprise, current liabilities account for the largest proportion, accounting for 97.24%, while accounts receivable in advance and accounts payable account for the largest proportion in current liabilities, indicating that the enterprise has a very strong ability to occupy industrial chain funds and has a prominent position in the industry.
Through a comprehensive analysis of the fundamentals of Haitian Ye Wei, I think Haitian Ye Wei is such an enterprise.
First of all: in fact, the product is single-minded, the market share is extremely high, and the leading position in the industry cannot be shaken.
Followed by light asset enterprises, the largest proportion of current assets is monetary funds and inventory. However, due to the excellent management of inventory by the management, there will be no inventory backlog.
Third, enterprises with extremely low debt ratio. Among the liabilities of enterprises, current liabilities account for more than 97%, and advance receipts and prepayments account for the largest proportion of current liabilities.
Then, from the perspective of enterprise's fundamental cognition, it is no exaggeration to say that Haitian Ye Wei is Kweichow Moutai in the seasoning industry. Although the growth rate of operating income since the listing of enterprises is obviously lower than the growth rate of market value and price-earnings ratio, the rise of industry status and value investment concept can completely offset this shortcoming.