Golden Dragon Fish has not increased its income in the first half of the year. What is the mystery of 1526%of the net profit in the second quarter?

Production/company research room big consumer group

Wen/Chushan

"Oil Mao" Golden Aurea (300999.SZ) was released in the first half of 2022.

The semi -annual report showed that during the reporting period, the company achieved operating income of 119.5 billion yuan, an increase of 15.7%year -on -year; the total profit was 3.07 billion yuan, a year -on -year decrease of 33.6%; the net profit attributable to shareholders of listed companies was 1.98 billion yuan, a year -on -year decrease of 33.5%; The net profit attributable to shareholders of listed companies was 2.42 billion yuan, a year -on -year decrease of 38.1%.

To put it simply, it is to increase the income and not profit. The reason for this status quo, the company said that it was mainly because the price of the product was not fully covered with the cost of raw material. This situation is actually expected by the market. Therefore, after the announcement of the financial report, the performance of the golden fish stock price is not surprising.

In the first half of the year, increasing income did not increase, and the mysteries increased by 1526%of the net profit in the second quarter?

The company's research room noticed that the increasing increasing income increasing increasing income from Golden Tellets has actually begun since mid -2021.

The main raw materials of Golden Dragon Fish are the main raw materials including soybean, rice, wheat, other oil seeds and processing products, palm and laurel acid oil. These products are not purchased in mainland China, and many need to be imported from overseas.

Golden Dragon Fish said that in the first half of the year, it was affected by factors such as the expected soybean production expectations of South America and the Russian -Ukraine conflict. However, compared with the same period last year, product costs still increased sharply. Although the company raised the price of some products, it did not fully cover the rise in raw material costs, and the gross profit margin of the company's main products decreased significantly year -on -year.

In fact, since the first quarter of this year, golden fish has been dragged down by high costs. The first quarter report showed that during the reporting period, the net profit attributable to shareholders of listed companies was 110 million yuan, a year -on -year decrease of more than 90 %. Therefore, the decline in profit on semi -annual reports is actually expected by the market.

However, the company's research office noticed that the company's net profit in the second quarter was 1.86 billion yuan, an increase of 1526%month -on -month. This data looks a little abnormal. In this regard, the company's explanation is that in order to reduce the risks brought by the price fluctuations of raw materials, the company uses financial derivatives such as commodity futures for hedging. In the first quarter Sales are gradually realized.

From this point of view, for the grain and oil processing giants such as Golden Fish, a huge amount of agricultural and sideline products must be purchased each year as raw materials, and the hedging preservation has a relatively great impact on the company's performance.

CITIC Construction Investment Securities believes that the profit of the golden fish business model is damaged in the context of the cost price increase. Considering that the price of the community is shocking at a high level. Performance dividends period. Even though the cost is still high, the probability of further rising prices is relatively small, and the expected most pessimistic time is basically passing.

02 Hangzhou Central Kitchen to the ground and layout prefabricated dishes. Why not sought after the market?

After the new crown epidemic was outbreak, the food was suppressed, and the prefabricated dishes gradually became popular. Institutional research data shows that the size of my country's prefabricated vegetable market in 2021 reached 345.9 billion yuan, which will then increase year by year with a 20%growth rate. It is expected that the market size will reach 516.5 billion yuan in 2023.

In the past two years, many companies in the A -share market have begun to make prefabricated dishes, and some stock prices have been drained sharply. Many people do not know that, as a grain and oil processing giant, Golden Aurea is actually an authentic prefabricated concept stock. It is relying on the existing production base resources to actively deploy the central kitchen business, and strive to create a full -chain closed loop from the source to the dining table. Food category.

During the reporting period, the Golden Dragon Fish Hangzhou Kitchen Kitchen has officially landed. This is the company's first Central Kitchen Park, and has become the fruit and vegetable processing center of the Hangzhou Asian Games and the Asian Paralympic Games. The first batch of prefabricated vegetable products in Hangzhou Kitchen — Mapo Tofu sauce, fish fragrant shredded pork sauce, etc., have been produced offline on April 28. Feng Kitchen Braised Lion Head Master Cuisine has recently been sold at the Sam Member Store across the country.

It is reported that the planning capacity of Hangzhou Feng Kitchen is 40 tons/day in prefabricated dishes, 120,000 copies/day of meals, and 4.8 tons/day of sauce. In addition to Hangzhou Central Kitchen, Golden Dragon Fish is expected to be put into production during the year in Chongqing, Langfang, and Xi'an. More than 20 cities including Guangzhou, Tianjin, Zhengzhou, Taiyuan, Wenzhou, Haikou, Guiyang, Huai'an, etc. Central Kitchen Project.

Insiders believe that after the overall development of the downstream business of Golden Aragona Kitchen Kitchen, it is expected to further reduce the impact of the price fluctuations of raw materials on the overall performance, thereby enhancing the company's ability to resist risk. Founder Securities Research Report also pointed out that Golden Aurea has continued to cultivate the central kitchen business and expand the production line, which is expected to inject new vitality into the company's performance.

Different from the general hotspot listed companies, Golden Aurea relies on the existing resource layout prefabricated dishes. However, after the interim report was announced, the market did not seem to buy it very much. The stock price jumped up and rushed up at about 6%on the same day. The next two trading days fell continuously.

A marketing person told the company's research room that this may not be the air outlet with big consumption, and the company's price -earnings ratio is high, and there are too many princes above.

03 Public funding funds are scattered and scattered. Who is the mysterious "5 shareholders"? When it was just listed in October 2020, the big consumption was still the wind. As a result, the golden tulberry was sought after by the well -known private equity forest garden and a public fund. The stock price reached a maximum of 145.43 yuan (previous repetition) in January 2021. Since then, as the hot spots of consumption become cold, the company's stock price has also begun to go out of the mountains and rivers, and the monthly K line has been down the steps.

The stock price went to the bear, and the song ended.

When the public offering fund, which was just on the market, was almost scattered, and once again revealed the original retail of domestic institutional investors. The semi -annual report shows that as of the end of June, there were 15 funds left among Golden Dragon Fish, while the 2021 semi -annual report was 295. Among these 15 funds, the China Post Department is exclusively monitored, which shows that it has a soft spot for golden tulberry.

In addition to the fund holding of the fund, among the top ten shareholders of the company, a large household named Lin Xiang also appeared, holding up to 11 million shares, ranking fifth; if it did not reduce its holdings, the current market value exceeded 500 million yuan. The big household was newly entered in the first quarter of 2022. At the end of the first quarter, 11.8 million shares were held. In the second quarter, 800,000 shares were reduced, or it was "improving life", but it did not affect its top ten shareholders.

On the Internet, it was said that Lin Xiang was the relatives and friends of Lin Yuan, a private place in tens of billions of net worth, but there was no evidence to prove that the only "connection" of the two on the bright side was the surname Lin. So who is this mysterious "5 shareholders"? Someone searched online, and finally found that Lin Xiang was suspected of a Zhanjiang "Niu San".

On November 15, 2021, the Zhejiang Securities Regulatory Bureau issued the "Decision on Taking a During the Division of Lin Xiang". The warning letter pointed out: From September 22nd to October 14th, 2021, Lin Xiang continued to buy Wanshi (301066.SZ) shares through the securities trading system to buy a total of 7.11 million shares of listed companies, accounting for the listed company issued shares 5.28%. As an obligation of information disclosure, Lin Xiang did not perform the information disclosure obligations in time when the proportion of the listed company's shares reached 5%, nor did he stop buying the stock of the listed company in accordance with regulations. Relevant regulators issued a warning letter to Lin Xiang.

Comprehensive information, Masterpiece's shareholder Lin Xiang, his residence is in Xiashan District, Zhanjiang City, Guangdong Province, and has the right to reside in other countries or regions.

In addition, this Lin Xiang (or his same name) has entered and exit Straits (002320.SZ), Luo Niushan (000735.SZ), and willing to wine (600702.SZ). Judging from the time to get involved in golden fish, the cost of holding the position is similar to the company's current stock price. In such a heavy note on a stock, whether it is Lin Yuan's relatives and friends or "vests", Lin Xiang undoubtedly prefers big consumption like Lin Yuan.

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