Since January 12, the stock prices of many pre-made food concept companies have risen continuously, and this sector has also become the first outlet in 2022. Among them, the leading stocks Delis and Guolian Aquatic Products led the gains, and the share prices of the two companies rose by more than 70% in the past 6 trading days.
However, after Guolian Aquatic Products, on January 19, Delis (002330), which has achieved 6 consecutive daily limits, also received a letter of concern from the Shenzhen Stock Exchange.
Set a revenue target of over 1.2 billion yuan for pre-made dishes
On the evening of January 11, Delis disclosed the record of investor relations activities. On January 10, Everbright Securities food and beverage industry analysts surveyed the company. Since January 12, Delis has opened the daily limit mode. The stock rose about 77% to 11.8 yuan per share during the period, and the current market value is about 6 billion yuan.
During the investigation, Delis focused on interpreting the development of the prefabricated vegetable sector. The company said that in 2020, the volume of pre-made dishes in the narrow sense (excluding low-temperature meat products) will exceed 400 million, and revenue will grow rapidly in 2021.
Delis also made a forecast for the follow-up revenue of the sector: the company expects that the revenue of pre-made vegetables will be about 1.2 billion yuan in 2022.
In the subsequent stock price change announcement on the evening of January 13, Delis made a split disclosure of the above-mentioned 1.2 billion pre-made vegetable revenue target. In terms of categories, the 2022 revenue targets for quick-frozen conditioning, beef series, ready-to-eat leisure, and quick-frozen rice and noodles are 650 million yuan, 300 million yuan, 220 million yuan, and 80 million yuan respectively, with a total of 1.25 billion yuan.
In terms of production capacity, Delis said in the reception that the production capacity of the company’s prefabricated vegetables has not been fully released at present.
Specifically, the production capacity of prefabricated vegetables in 2021 is about 30,000 tons, and the company’s prefabricated vegetable production capacity under construction is 150,000 tons, of which the Shandong headquarters has a production capacity of 100,000 tons, and some trial production has begun; in addition, the Shaanxi base has 50,000 tons of prefabricated vegetables. The vegetable production capacity is expected to be put into production in July 2022. By the end of 2022, the production capacity of pre-prepared vegetables will reach 150,000 tons, and it is expected to achieve full production in 2024.
In terms of profit margins, the average gross profit margin of B-end and C-end of Delis’s expected output value in 2022 is about 25%, and the net profit rate is about 3%. According to the announcement, the gross profit margin and net profit margin of the company’s pre-made vegetables-related products in the first three quarters of 2021 will be approximately 20% and 2.78%, respectively.
However, in the stock price change announcement disclosed on the evening of January 18, Delis emphasized that the relevant target data listed before does not represent the company’s actual performance in 2022, nor does it constitute the company’s performance forecast and performance commitment, and the product gross Indicators such as interest rate and net interest rate are affected by internal and external environmental factors such as raw material cost fluctuations and changes in market conditions. The specific operating results are subject to the regular reports disclosed by the company. Investors are advised to pay attention to investment risks.
Leading companies receive regulatory attention one after another
On January 16, Guolian Aquatic Products took the lead in receiving the letter of concern. The company’s share price nearly doubled between Jan. 4 and Jan. 14.
In particular, on the evening of January 11, Guolian Aquatic Products disclosed the “Announcement on Signing a Cooperation Framework Agreement with Shanghai Hema Network Technology Co., Ltd.”, and the two parties reached cooperation intentions such as the development and marketing of aquatic prefabricated dishes. The daily limit of 20% was achieved on the trading day. The current price of the stock is 8.9 yuan per share, with a market value of about 8.1 billion yuan.
According to the letter of concern, Guolian Aquatic Products was asked to verify whether the company’s fundamentals have undergone major changes, and whether the presentation of the data on the market size of prepared vegetables is objective and accurate.
According to the reply letter from Guolian Aquatic Products, the company’s prefabricated vegetable revenue in the first three quarters of 2021 was 577 million yuan, the prefabricated vegetable revenue accounted for 17.49% of the operating income, and the prefabricated vegetable gross profit margin was 26.16%. In terms of customers, the company has established long-term cooperative relationships with world-renowned Western-style fast food chains, Bantian Yao Catering, Yonghui Supermarket, and Hema Fresh.
Guolian Aquatic said that in 2021, the company will adjust the product structure and increase the proportion of pre-made vegetables. At present, the fundamentals have not changed significantly, and the proportion of pre-made vegetables operating income in the overall operating income is still small.
In the secondary market, after the leading stocks were noticed by the exchange, the overall popularity of the pre-made vegetables sector has cooled down.
In the letter of concern received by Delis on January 19, the exchange also focused on whether the prepared vegetable business has brought major changes to the company’s fundamentals.
The Shenzhen Stock Exchange required Delis to explain the company’s prefabrication business in 2022 based on factors such as the company’s actual operation, market position, industry development, revenue and gross profit margin in the last two years and the first period, major customers and suppliers, etc. The basis for formulating the planning objectives of the food, and on this basis, it is explained whether the fundamentals of the company have undergone major changes.
In addition, Delis also needs to explain whether there is any violation of the principle of fairness in information disclosure based on the company and its directors, supervisors and senior management personnel in the past 3 months for media interviews, institutional and investor research, etc.; check whether the company has other disclosures that should be Undisclosed information, whether there are major events in the planning stage.