Original title: Three questions for pre-made dishes: How will the hype or the new consumption-heavy asset model continue?Source: Securities Daily Network
Our reporter Jia Li
As the Spring Festival is approaching, the phenomenon of pre-made dishes is hot, leading to the deployment of listed companies, and the concept stocks of A-share pre-made dishes have also frequently set off a rising tide.
However, on January 18, the prefabricated vegetable sector fell, and 33 of the 40 concept stocks fell.
What is the status quo of the industrial chain under the capital boom? Is pre-made food a short-term boom or a long-term phenomenon? How to really stimulate the long-term consumption promotion function of this economic phenomenon?
Are prepared dishes a hype or a new consumption?
“Pre-made dishes” are convenient dishes that can be eaten directly using modern standardized assembly operations. Under the combined effect of various factors such as consumption upgrades, the housing economy, and the epidemic, market demand is gradually being tapped.
As the Double Festival is approaching, pre-made dishes have ushered in explosive growth, and the number of orders on the platform has generally increased by more than 80%. Some institutions predict that in 2021, the scale of my country’s prefabricated vegetable market will reach 345.9 billion yuan, and the scale will exceed one trillion yuan in the next 6-7 years.
The broad market prospects have triggered the layout of many listed companies, and related concept stocks have been active in the secondary market.Among them, onlyGuolian Aquatic Products, with a maximum increase of 110% in just 13 days. However, the performance of the prefabricated vegetable sector has declined in recent days.straight flushThe data shows that on January 18, the sector fell 4.31%, with a net outflow of 1.452 billion yuan, of which 33 sector concept stocks fell.Gasgoodown 20.95%,Great Lakes、Spring Snow FoodThe limit fell, and only 7 were in a rising state.
It is understood that although there are many companies entering the prefabricated vegetable industry, most of the business is still in the early stage of market cultivation, and even accounts for a very small proportion of the total business, and the relevant layout is not perfect. At the same time, there are still many problems in the industrial chain, such as hidden dangers of food safety, opaque links, chaotic management, and inconsistent standards.
According to Guolian Aquatic Products, the company’s revenue from pre-made dishes is still small, and the company will increase product development and investment in the future.Jinling HotelIt also announced that the company’s revenue in the first three quarters of last year accounted for less than 5% of its total revenue, and it is still in its infancy.Also inTung Hing Building、QuanjudeIn the statements of many companies, the proportion of business related to prepared dishes is still less than 1%.
The analysis of East Asia Qianhai Securities believes that at present, all prefabricated vegetable companies basically choose large items to locate in the prefabricated vegetable market, but it is difficult for a single company to form a scale advantage in various fields.
Wu Daiqi, CEO of Shenzhen Siqisheng Company, said in an interview with the “Securities Daily” reporter: “Pre-made dishes are one of the emerging trends in consumption upgrades and changes in living habits.new industry. At present, many listed companies are in the layout, but the industry is not a real outlet, and it is still far from large-scale. This economic phenomenon should be avoided as a tool for short-term speculation. “
Can the asset-heavy model continue?
Although the industry is in its infancy, Guolian Aquatic Products,Sannong Development、BackgammonMany other companies regard pre-made dishes as a key business segment in the future, and adopt a vertical and horizontal approach to bundle and compete with e-commerce companies such as Hema and Dingdong Maicai, and more companies are entering cross-border. A number of investment institutions such as Sequoia Capital, IDG Capital, and Tiantu Capital are also secretly deploying.
A relevant person from Gome revealed to reporters: “Gome, which is expanding in food and other fields, does not rule out entering the prefabricated vegetable market.”
“Prepared vegetables are one of the fastest-growing sub-sectors in the food processing industry in the past five years. However, the industry has just started, and the competition pattern is relatively scattered. At the same time, the production mode of prepared vegetables is an asset-heavy model, which requires continuous capital injection. In the future, there will be more More capital is involved. With the continuous integration of the industrial chain, the industry is expected to appear large-scale giants.” Zhu Danpeng, a senior researcher at the China Brand Research Institute, told the “Securities Daily” reporter.
However, the high natural barriers to the asset-heavy model of prefabricated vegetables put companies entering this field at risk. “The model of prefabricated dishes requires enterprises to make large-scale investment in the early stage and form a certain brand scale effect before they can open the market, otherwise it is easy to fall short, and enterprises need to gradually seek lightweight exports after establishing a competitive advantage. In addition, relevant standards and norms It also needs to be established as soon as possible, which is the basis for the scale of the industry and enterprises.” Wu Daiqi believes.
How to establish a long-term promotion fee mechanism?
Recently, the National Development and Reform Commission issued the “Notice on Doing a Good Job in Promoting Consumption in the Near Future” on January 16, encouraging the production and sale of semi-finished products and the “marketing of clean vegetables”. At the policy level, the development of prepared dishes is being guided and regulated.
How to form a long-term mechanism to truly promote consumption under the capital heat of the prefabricated vegetable industry is also a problem that all parties in the industry chain need to think about.
Bai Wenxi, chief economist of IPG China, said in an interview with a reporter from Securities Daily: “The pre-made dish craze is a result of the trend of consumption facilitation and the changes in social interaction and consumption patterns caused by the epidemic. It may decline, but it will not change the fundamentals of the continuous development and expansion of the prefabricated vegetable market under the trend of consumption facilitation. Therefore, the establishment of industry standards, the improvement of food safety, and the improvement of the supporting cold chain and thermal insulation logistics system to Improving the experience and willingness to consume pre-made dishes should be the focus and focus of forming a long-term consumption promotion mechanism and truly promoting consumption upgrades.”
Wu Dailin believes that prefabricated dishes should form a long-term consumption promotion mechanism, and ensure the freshness, taste, fast logistics, and more distinctive dishes of the food. Innovation and upgrading under the differentiated competition of enterprises is the focus of promoting consumption.
(edited by Bai Baoyu)
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