The valuation of Haitian Flavor Industry has been maintained at a relatively high level this year: 50-60pe, but corresponding to the current single-digit growth in revenue and negative profit growth, even if the price of raw materials such as soybeans has increased this year, restaurant channels are limited. So according to the small double-digit growth in previous years, I am still a little puzzled at 50-60pe.
You can say that he is the Moutai of soy sauce. As the best food and beverage business model, Moutai, with its current revenue growth rate and the market’s expectation of its future at about 20%
Its valuation is also around 35-45pe.
At the same time, analogous to Rumao Yili shares, the agency expects a small double-digit growth.
However, Yili’s valuation has mostly fluctuated between 20-30pe in the past two years.
Even compared with the high-growth peer Qianhe Flavor Industry, although Qianhe has a high P/E ratio, it has high growth expectations, and the space is still in the opening stage. Coupled with optimistic incentive policies, there is still plenty of room for imagination.
But Haitian, if you look at the expectations for 2023 and 2024, it is not as cheap as Qianhe. I’m actually a bit puzzled by this
There is a view that the current abnormal profit growth rate of Haitian Flavor Industry is affected by the epidemic. But fast-moving consumer goods such as condiments will not be greatly affected. I understand that it is still a stimulus because of the reason of living at home, because cooking is needed at home, and the demand for condiments will be greater.
Moreover, from the perspective of the industry, although the condiment industry seems to have a large capacity, the overall demand growth rate is not high, and at the same time the involution is very strong. Almost every place has its own regional products, such as Taoda in East China, There are many regional fast-moving condiment brands such as Qianhe and Zhongba in Sichuan and Chongqing, and the market competition is very fierce.
Regarding the doubt raised by Haitian, I hope Haitian’s shareholders will take it lightly. Everyone can say, why can Haitian be valued so high?
$Haitian Flavor Industry(SH603288)$ $Qianhe Flavor Industry(SH603027)$ $Hengshun Vinegar Industry(SH600305)$
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