The performance declines, and the market value has evaporated more than 500 billion!When will "oil" bottom?

The stock price recovered the stock price but still "falling down", and the golden fish was still exploring the bottom.

On the afternoon of August 4, the golden tullets disclosed the financial report in the first half of the year. According to the financial report, the revenue of Golden Fish in the first half of this year was 119.5 billion yuan, an increase of 15.74%year -on -year, and net profit achieved 1.976 billion, a year -on -year decrease of 33.47%.

Although it is still familiar "increasing increasing income", in the single quarter, the golden fish revenue in the second quarter was 62.95 billion, an increase of 20.17%year -on -year, and net profit was 1.862 billion, a year -on -year increase of 32.97%. It is obviously better.

On the second trading day after disclosure of the interim, the stock price of Golden Aurea also ushered in a long -lost rise -the closing of the market rose 5.99%.

However, after a brief rise, the stock price of golden lums fell again. As of the closing of August 31, the stock price of Golden Aurea was only 45.68 yuan, which has completely wiped out the increase in the disclosure of the performance at that time. If the highest point of 2021 is 145.43 yuan, the stock price of Golden Aurea has fallen sharply by nearly 70 %, and the market value has shrunk by more than 500 billion yuan.

As the largest edible oil company in A shares, at the beginning of the listing in 2020, the stock price of the golden fish that stepped on the large consumer ventilation ushered in a sharp rise. When the market value was the highest, it was close to 800 billion yuan. The name of "Mao"; however, with the past of the large consumption wind, the golden fish that had been sought after by investors also quickly fell back to its original shape.

From the current point of view, although it has undergone a sharp decline, the stock price of Golden Aurea is still falling down. Where is the bottom of the "oily"?

800 billion "oily" short glory

If it wasn't for listing, maybe not many people would know that Golden Aurea was originally a foreign company.

Regarding the "life" of Golden Aurea, its parent company Yijiali is actually a wholly -owned subsidiary invested in Fengyi International, Singapore, and Fengyi International is standing behind Malaysia for more than 20 years. Guo Henian of Asian Sugar King ".

The history of Golden Aurea can be traced back to 1986 36 years ago.

At that time, the domestic edible oil market had not been opened to the outside world. The production and sales of edible oil were mainly managed and regulated by the state. At that time, the golden tullets had not yet entered China.

However, although the edible oil market has not yet opened to the outside world, in the context of vigorously promoting the market economy, the opening of the edible oil market is only a problem in time. At that time So Guo Henian sent his nephew Guo Kongfeng to come to the Mainland to find the opportunity to carry out a consumption oil business.

In 1998, Guo Kongfeng began to cooperate with the domestic giant COFCO to invest in Shenzhen, the first large -scale modern oil refinery factory in Shenzhen, the Nanhai Oil Group. However, the cooperation between Guo Kongfeng and COFCO did not last a long time. After just 3 years, due to various reasons, COFCO Group sold the shares of the Nanhai Oil Group, and the cooperation between the two parties ruptured.

After the collaboration was broken, COFCO Group began to push its own brand "Fulinmen", while Guo Kongfeng merged Kerry Grain and Oil and Yhai Group to become another domestic food giant. Compared with the "Fulinmen", the golden fish market has a higher share of the golden fish market earlier. According to data statistics, the share of the golden tullet in the edible oil market in the past three years is still ranked first.

In 2020, Golden Arrowa, which has been deeply cultivated in China for more than 20 years, finally chose to list on the GEM, and its raised funds nearly 14 billion also set a record for the largest IPO of GEM.

After listing, because the big consumption was on the wind at that time, the golden tullets stepped on the wind was "stir -fired" by funds. The stock price soared from the lowest 39.32 yuan at the beginning of the listing to 14.543 billion, with a total market value of 788.5 billion yuan up to 788.5 billion The market value was ranked 11th in the entire A -share market value at that time, and a group of giants surpassed the Midea Group and Haitian Weiye.

However, when everyone thinks that the stock price of golden tullets can continue to rise and the market value goes to 1. trillion, now I look back. I did not expect that this was the peak moment of golden tullets.

"Oil Mao" halo faded, and the stock price fell back to the original shape

Golden telletin, is Moutai or PetroChina in the edible oil industry?

The above problem was controversially controversial when the golden tulberry was just listed. However, from the current point of view, this question has a clear answer -although wearing the name of "oil", it is actually more like oil.

From the perspective of data, the biggest difference between Golden Dragon and Moutai in Guizhou is that it does not have the characteristics of the stable profit of Guizhou Maotai.

The consumption oil of the core products of Golden Aurea, the main raw materials soybeans, brown oil, etc. are seriously dependent on imports. Therefore, the profit of golden tullets will also be affected by the price of soybeans. When the price of soybeans rises sharply, the profitability of golden lums will be profitable. Squeezed.

From the perspective of financial report data, in the past two years, due to the continuous rise in soybean prices, the net profit of golden tulberry has continued to decline.

Judging from the latest data, as of the first half of this year, the price of soybeans was 5369 yuan per ton, an increase of 821 yuan over the same period last year. From the data point of view, in the first half of this year, the revenue of Golden Aurea achieved revenue of 119.5 billion, an increase of 15.74% year -on -year increased by 15.74% year -on -year The net profit was achieved by 1.976 billion, a year -on -year decrease of 33.47%. Under the influence of the rise in raw material prices, the situation of "increasing income and not increasing profit" occurred again. In addition, unlike Guizhou Maotai "lying down and making money", the golden tullets as the leader of the industry are actually making hard money.

From the perspective of financial report data, although the revenue of Golden Aurea achieved revenue in the first half of this year, although it was as high as 119.5 billion, which was twice that of the 59.47 billion revenue of Moutai in Guizhou, the net profit of Moutai in Guizhou reached 29.79 billion in the first half of the year. 6.6%of Moutai in Guizhou.

From the perspective of gross profit margin, the gross profit margin of Moutai in Guizhou is 92.11%, and the net interest rate is 53.99%. The interest rate of the golden tullets as a comparison is only 7.53%. The net interest rate is only 1.81%. It is likely to lose money.

Judging from various data, it is difficult to compare with Moutai, Guizhou.

After fading the halo of "Oil Mao", more than a year in the past year, the stock price of Golden Aurea has continued to decline. As of the closing of August 31, the stock price of Golden Aurea was only 45.68 yuan. Compared with the highest point in 2021, the stock price of Golden Trowse has fallen sharply by 70 %, and the market value has shrunk by more than 500 billion.

How far is the golden arowana "bottoming" from the bet?

In recent years, there are not many methods that have continued to "increase income and do not increase their profit".

Generally speaking, in the face of the rise in raw material prices, there are only two tricks that companies can use: futures preservation of value preservation and price increase of products, and these two operations have actually done golden fish.

In terms of futures hedging, due to the huge volatility of the futures market, although golden tulberry can be pressured by the price of some raw materials through futures, there is not no risk behind it. For example, in 2021, Golden Aurea is lost due to derivative financial instruments. In the case of a 16%increase in revenue, net profit fell by 31.15%.

In terms of product price lifting, because the edible oil industry belongs to the people's livelihood industry, it does not increase the price. In addition, the competition in the edible oil industry is extremely fierce, and the homogeneity of edible oil is serious. Once the price is too high, it is easy The market has been eaten by the opponent, so although golden fish has also carried out products, it is not enough to offset the impact of raw material prices.

In the face of this situation, the golden tulberry has made the final magic weapon -diversified, hoping to increase profits through more categories.

According to the data, the current industrial chain of Golden Aragona has extended to many fields such as oil technology and feed raw materials, condiments, prefabricated dishes, etc., and established a comprehensive brand matrix covering high -end, mid -end, and public. Hu Jihua "," Olivi "," Fragrant Garden "," Neptune "," Fengyuan "and other well -known brands.

However, although there are many categories of expansion, from now on, the diversified effect of golden lums is not obvious.

According to the financial report data, it is classified as a product. In the first half of this year, the kitchen food revenue of Golden Aurea in the first half of this year was 76.14 billion, accounting for 63.72%of the revenue, the revenue of feed raw materials and oil technology was 42.47 billion, and the proportion of income was the proportion of revenue was 35.54%, while other revenue was only 878.3 million, accounting for only 0.74%.

In addition, although the diversification of the product has not achieved much effect, due to the continuous promotion and opening of the product, the marketing costs of golden fish have continued to stay high. According to the newspaper data, in the first half of this year, the sales expenses of Golden Aurea were 3 billion. Although it was decreased year -on -year, sales costs were still a huge expense compared to other expenses.

From the current point of view, in the face of the unstable raw material market and the diversified transformation that is not expected, it is obviously difficult for golden tulberry to change the situation in the short term. If from this perspective, although the current market value has evaporated more than 500 billion yuan, it is for the Golden Dragon, but for the Golden Dragon, for the Golden Dragon In terms of fish, it may be too early to "bottom".

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