Financial Associated Press, October 7 (Reporter Yan Jun) “It’s all about technology and hard work”, which made two self-media bloggers who called additive synthetic food “Hextech” food and exposed fake and shoddy food quickly become popular recently. , One of the videos of making soy sauce blending, although no name was given, with the help of various short videos, Haitian Flavor Industry with a market value of 100 billion was pushed to the forefront of public opinion.
Food safety risk has always been one of the biggest risks in the development of food companies. Although Haitian Flavor has issued two statements in response to related questions, investors are still worried that its stock price will be under pressure after the holiday. Haitian Flavor Industry closed at 82.82 yuan on September 30, down 12.6% this year.
Interestingly, the fund’s position in “soy sauce grass”. Compared with consumer white horse stocks and leading companies on popular tracks, fund holdings are also like “seasonings”. At the end of the second quarter, the fund’s shareholding accounted for only 2.32% of the outstanding shares, and the stock market value accounted for 0.037% of the fund’s net value.
The overall position is only 2.32%, which is the “seasoning” of the fund
The fund’s position in Haitian Flavor is not as heavy as other “mao”, but more like “seasoning”.
Wind data shows that in the second quarter of this year, a total of 469 funds held Haitian Flavor Industry, with a shareholding ratio of 2.32% of the outstanding shares, and a total market value of only 9.727 billion, accounting for 2.5% of the total market value.
At the same time, from the perspective of heavy holding stocks, 73 funds hold a market value of 4.104 billion yuan, and the shareholding ratio is only less than 1% of the outstanding shares. Judging from the types of holding funds, there are too many SSE 50 and food and beverage index funds, and only 31 equity funds have Haitian flavors among the top ten stocks with heavy holdings.
Judging from the shareholding of a single fund, the largest shareholding is the China AMC SSE 50ETF, which holds 9.5295 million shares, a reduction of 1.3597 million shares from the beginning of the year, and a stock market value of 860 million yuan. The weight is not high, accounting for the fund’s stock investment market value. of 1.65%. Invesco Great Wall Emerging Growth managed by Liu Yanchun is the equity fund with the largest shareholding, with a market value of 795 million yuan.
Compared with the holdings of ETFs, there is only one fund with a mixed holding period of Sino-Canada Julong, which takes Haitian Flavor Industry as the largest holding stock. The total is only 11.22%. Therefore, the stock market value is not high, only 1.01 million yuan.
The absolute faucet in condiments
Although there is no “leading role” in the fund’s holdings, Haitian Flavor’s position in the condiment industry is an absolute leader and unshakable.
Judging from the condiment index (CITIC), there are 13 constituent stocks, and the market value of Haitian Flavor Industry is 383.8 billion yuan. 100 million yuan, 24.1 billion yuan.
In terms of sales ability, Haitian Flavor has also performed relatively strongly. Taking the data from the Wanlian Securities Research Report in July this year as an example, the online sales of the entire condiment decreased slightly year-on-year, but the sales of Haitian Flavor continued to rise. The total online sales of the three major e-commerce condiment industries of Tmall, Jingdong and Pinduoduo in the month was 7.148 billion yuan, a year-on-year decrease of -0.12%. However, the total online sales of the three major e-commerce companies of Haitian Flavor was 67 million yuan, a year-on-year increase of 28.45%. The online sales of Taoxie platform, JD.com and Pinduoduo accounted for 56.14%, 38.07% and 5.79% respectively.
Despite the impact of the epidemic, in the first half of 2022, Haitian Flavor achieved revenue of 13.532 billion yuan, a year-on-year increase of 9.73%; net profit attributable to shareholders of listed companies was 3.393 billion yuan, a year-on-year increase of 1.21%.
The market has always given Haitian Flavor a high valuation. As of the end of the third quarter of this year, its PE (TTM) was 57, much higher than the average valuation level of 20-35 times for food and beverage.
The Industrial Securities Research Report pointed out that from the perspective of valuation and cost-effectiveness, as of July 29, 2022, the rolling valuation quantile of the condiment sector in the past three years was about 20%. Compared with overseas listed leaders, A shares The performance growth rate and profitability of the condiment leader are at a high level, and the valuation-earnings matching degree is relatively reasonable. With the subsequent improvement of profitability, the room for upward valuation will also be opened.
The above research report pointed out that from the perspective of prosperity, according to the model forecast, the performance growth rate of condiments in the second quarter was 8.4%, an increase of 0.8 percentage points from the forecast growth rate of 7.6% in May 2022. The disturbance of the epidemic still exists, but benefiting from the improvement of the overall situation and the relaxation of marginal control, consumption scenarios such as catering are expected to continue to be repaired, or to boost the condiment boom. And the low base effect superimposed on leading price increases to transmit cost pressure, the condiment industry profit is expected to further increase.
Review of the “Hex Technology” turmoil
“Hex Technology” became popular on the Internet, and self-media bloggers used short videos of additives blending soy sauce to cause speculation. Some short videos used this as a “traffic password” to concoct rumors such as “soy sauce carcinogens”, and directly pointed to Haitian soy sauce.
In response, on September 30, Haitian Flavor issued a statement on its official Weibo account, stating that the use and labeling of food additives in all Haitian products comply with relevant national standards and regulations. It also said that the investigation and evidence collection of some rumor-mongering accounts will investigate the legal responsibility of rumor-mongers and disseminators.
However, the statement did not completely quell the doubts, and some netizens broke the news that Haitian soy sauce products sold in China contained additives, and soy sauce sold overseas had zero additives. Through the comparison chart, Haitian flavor industry was accused of “double standards”.
On October 4, Haitian Flavor again issued a statement to refute the “double standard” theory, saying that it is “misleading” to use food additives to think that Chinese food is inferior to foreign food. Food additives are widely used in food manufacturing in various countries, and enterprises use food additives legally and compliantly in accordance with national standards and product characteristics. “It is a misunderstanding to simply think that foreign products have few food additives, or that products with additives are not good.”
In addition, Haitian Flavor Industry emphasized that domestic and international internal control standards are the same for products of the same quality. “Using ‘double standards’ to provoke contradictions between consumers and Chinese brand enterprises will not only damage the consumer confidence of Chinese people, but also seriously Affect the world reputation of ‘Made in China’.”
As early as in the statement on September 30, Haitian Flavor also pointed out that its products “not only include classic products such as golden standard soy sauce and straw mushroom dark soy that have been selling well for many years, but also delicious and inexpensive 0 additive series, organic soy sauce series, etc. Innovative products that meet different consumer preferences”.
According to the above statement, in fact, in various domestic sales channels, consumers can also buy 0 additive series and organic soy sauce series products. Many netizens commented on Haitian Flavor’s Weibo, pointing out that it is biased to use different types of products to illustrate that enterprises implement different standards at home and abroad. Haitian Flavor’s response to this turmoil is fairly timely, but it remains to be seen whether the market will buy into these two statements.