The stock price fell heavy, and the market value evaporated exceeded 30 billion!The light of domestic goods is in the "middle -aged crisis"?

Established in Supor, which was established for nearly 30 years, began to face the "middle -aged crisis".

On July 20, Supor disclosed its performance in the first half of the year. According to the express data, Supor achieved revenue of 10.324 billion in the first half of this year, a decrease of 1.05%year -on -year; net profit was 933 million, an increase of 7.77%year -on -year, and the performance was "increasing profit -making".

In fact, this is not the first time in Supor's performance decline. Looking back at the past two years, its performance bottleneck has already appeared.

According to the financial report data, since the third quarter of last year, Supor's single -quarter revenue growth rate has been close to single digits. In the third and fourth quarters of last year and the first quarter of this year, revenue growth rates were only 2.22%, 11.87%, and 9.25, respectively. %; In contrast, Supor's net profit growth rate was even worse. The net profit growth rates in the third and fourth quarters of last year and the first quarter of this year were only -9.4%, -8.4%, and 6.61%, respectively.

After the announcement of the performance Express on July 20, Supor's stock price also fell sharply without suspense.

As of the closing of August 12, Supor's stock price closed at 45.36 yuan/share, compared with the closing price before the disclosure of the performance on July 20, less than a month, Supor's stock price fell 14.72% in less than a month. ; If the highest point of 85.58 yuan/share in July 2020, Supor's stock price is close to cutting, and the market value has evaporated more than 30 billion.

As the leader of cooking utensils and the "light of domestic goods", why is Supor's performance so sluggish in the context of the continued fiery home appliances in recent years? Does Supor under the "middle -aged crisis" still have the opportunity to return to the former position?

4 billion is "low -selling" foreign capital

I believe everyone will not be unfamiliar to the Supor company.

However, although as the "light of domestic goods", Supor was actually "sold" foreign investment at a price of 4 billion yuan in 2006. From the perspective of shareholders' data, Supor's largest shareholder and actual controller in France are currently in France. The SEB Group holds 82.63%of the shareholding.

Regarding Supor's family history, the earliest time to start with the 1980s. At that time, Supor was not yet established, and its predecessor was just a high -pressure cooker parts factory, and Su Zengfu, the founder of Supor, was still busy with the Old Dong family's "double happy" high -pressure cooker OEM. Later It was awarded Su Zengfu's factory, which was the birth of the leader of the cooking utensils "Supor" today.

In 1995, in the case of only two years in Supor, it became popular with the help of a new high -pressure cooker, and the market share soared to more than 40%, which directly replaced the "double joy" as the leader in the domestic high -pressure cooker; then, Su Zengfu began to hit the iron while hot, and began to take Supor's business in the business of Supor's business again. It has extended to the fields of rice cookers and non -stick pots. With the continuous increase of products, Supor's reputation is becoming more and more famous.

In 2004, Supor successfully listed on the small and medium -sized board in only 11 years, becoming the first domestic kitchenware company; however, after the listing, Supor began to encounter bottlenecks -not only the revenue and net profit appeared obviously The decline in overseas markets is not smooth. Supor, who is facing difficulties, finally chose to accept the olive branches thrown from the French SEB Group after three years.

In 2007, Su Zengfu sold the equity of Supor to the French SEB Group in batches at a price of 4 billion yuan. After three years of listing, "selling" foreign capital has also caused a lot of controversy for Su Zengfu. Surgery who sells national assets. " However, from now on, at least for shareholders, it is correct to sell Supor to SEB. After foreign companies took over Supor, Supor began to develop rapidly. At the highest market value, it once exceeded 60 billion yuan, which has appreciated more than 10 times compared to 2007.

However, after more than ten years of high -speed development, Supor, which was established for nearly 30 years, began to face the "middle -aged crisis."

Supor under the "Middle -aged Crisis"

For Supor, it is an indisputable reality to encounter a "middle -aged crisis".

The most obvious point is reflected in performance. From the data point of view, in the past two years, Supor's performance has fallen significantly. Especially in the first half of this year, according to its performance exposed on July 20, Supor achieved revenue of 10.324 billion in the first half of this year, a decrease of 1.05%year -on -year; net profit was 933 million, a year -on -year increase of 7.77%. Do not increase the income. "

From the perspective of single quarter data, in the second quarter of this year, Supor achieved revenue of 4.712 billion, a decrease of 11.06%year -on -year; net profit was 394.8 million, a year -on -year increase of 9.4%, and the decline in revenue increased significantly.

In fact, in the past few quarters, Supor's performance growth has already shown a significant slowing trend.

In terms of specific data, in the third and fourth quarters of last year, and in the first quarter of this year, Supor's revenue growth rates were only 2.22%, 11.87%, and 9.25%. In contrast, Supor's net profit growth rate was even worse. Last year In the third and fourth quarters, the net profit growth rates in the first quarter of this year were only -9.4%, -8.4%, and 6.61%, respectively.

In addition to the growth rate of revenue and net profit, Supor's data on operating capabilities also declined significantly.

According to the data of the first quarter report, in the first quarter of this year, Supor's inventory week has reached 61.28 days. Compared with the 53.62 days of the same period last year, it is nearly 8 days. Supor's gross profit margin and net interest rates were 25.36%and 9.62%, which declined slightly compared with the same period last year. In addition, in terms of the most important R & D in enterprises, Supor has shown a clear trend of "heavy marketing and light research and development".

According to data, the total operating cost of Supor in the first quarter of this year was 4.942 billion, of which R & D costs were only 89.85 million, accounting for only 1.8%of the poor; while sales costs were as high as 534.5 million, accounting for 10.82%. One fifth of the sales fee is not enough.

Affected by the decline in data, Supor's stock price has also significantly recovered in the past two years.

As of the close of August 12, Supor's stock price closed at 45.36 yuan/share. Compared with the highest point of 85.58 yuan/share in July 2020, Supor's stock price is close to the cut, and the market value has evaporated more than 30 billion.

The competition has intensified, and the challenge of Supor has just begun

In addition to his own dilemma, Supor also needs to face external powerful challenges.

As the former small appliance leader, Supor has long lost its status that day. According to data, in the field of small home appliances, Midea Group occupies the largest proportion. In the first half of 2021, Midea Group occupied a market share of the small household electric line on the market. A clear trend of "one family".

In addition to Midea Group, a lot of ups and downs in the small home appliance market has also pose a lot of threats to Supor.

For example, the Bear Electric, which has only risen in recent years, was established in 2007. Compared with Supor, which was established in 1994, it was more than 10 years later. 3.06 billion, although there is still a small gap compared with the total revenue of Sedium 21.59 billion, the threat of the rising show cannot be ignored.

In addition, for Supor, the size of the small home appliance market is close to saturation. According to the statistics of Ovi Cloud Network, in the first half of 2021, the retail sales of small appliances were 25.08 billion yuan, a year -on -year decrease of 8.6%; the retail volume was 119 million units, a year -on -year decrease of 8.2%.

On the one hand, it is increasingly fierce competition, and on the other hand, there is a market that has gradually saturated. Under the stock game, Supor, which lacks R & D expenditure, is obviously difficult to stand out. Looking at the position of the institution, it is obviously not optimistic about the future of Supor. The number of funds in the first half of the year is only 26, which is 90 % compared to the 277 funds in the same period last year.

From the perspective of various signs, in the increasingly fierce environment, it is not easy for Supor, which is facing the "middle -aged crisis". Although the stock price has fallen a lot and the performance has declined, for Supor, challenges may be challenging. just began.

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