The new year is approaching, and the A-share prefabricated vegetable plate broke out in an all-round way. On January 14, Zhanjiang Guolian Aquatic Products Co.Ltd(300094) (300094. SZ), Fortune Ng Fung Food (Hebei) Co.Ltd(600965) (600965. SH), Shandong Delisi Food Co.Ltd(002330) (002330. SZ), Haixin Foods Co.Ltd(002702) (002702. SZ), Xi’An Catering Co.Ltd(000721) (000721. SZ) opened the trading limit. As of 10:00 am, Springsnow Food Group Co.Ltd(605567) , Shandong Huifa Foodstuff Co.Ltd(603536) rose by more than 7%, and Tongqinglou Catering Co.Ltd(605108) rose by more than 4%.
In the previous two trading days (January 12-13), China stock market news prefabricated vegetable concept index has soared 13.4%. Eight prefabricated vegetable component stocks closed the limit for two consecutive trading days and issued announcements of abnormal stock price trading fluctuations, including Zhanjiang Guolian Aquatic Products Co.Ltd(300094) , Fortune Ng Fung Food (Hebei) Co.Ltd(600965) , Shandong Delisi Food Co.Ltd(002330) , Haixin Foods Co.Ltd(002702) , Xi’An Catering Co.Ltd(000721) , Springsnow Food Group Co.Ltd(605567) , Shandong Huifa Foodstuff Co.Ltd(603536) , Tongqinglou Catering Co.Ltd(605108) .
several listed companies responded to stock price changes
Zhanjiang Guolian Aquatic Products Co.Ltd(300094) : in 2020, the proportion of the operating revenue of the company’s Prefabricated vegetables in the overall operating revenue is still small
After the 20cm limit for two consecutive days, Zhanjiang Guolian Aquatic Products Co.Ltd(300094) issued an announcement of abnormal fluctuations in stock trading, saying that the cooperation framework agreement signed between the company and Shanghai HEMA Network Technology Co., Ltd. (hereinafter referred to as “HEMA”) does not involve a specific amount, does not constitute a related party transaction, and there is still uncertainty about the impact on the performance and operating results of the company in this year and subsequent years.
At the same time, the announcement said that in 2020, the proportion of the company’s Prefabricated vegetable operating revenue in the overall operating revenue is still small. The company will continue to adjust the product structure, increase the R & D and investment of prefabricated vegetable products, and improve the added value of the company’s products.
On the news, on January 11, Zhanjiang Guolian Aquatic Products Co.Ltd(300094) signed the cooperation framework agreement with Shanghai HEMA Network Technology Co., Ltd. The two sides decided to carry out cooperation in the fields of aquatic prefabricated dishes development and market promotion, Co Construction of Rural Revitalization Industrial Park, joint brand cooperation and consumption dynamic sharing. The cooperation period is one year from January 1, 2022.
Once the news was announced, Zhanjiang Guolian Aquatic Products Co.Ltd(300094) won two trading boards on January 12 and January 13, realizing the third trading since the beginning of the year. In the eight trading days since 2022, the stock has increased by 64.7%.
Zhanjiang Guolian Aquatic Products Co.Ltd(300094) mainly engaged in aquaculture, processing and sales of aquatic products. As the only enterprise approved to “supply live shrimp to Hong Kong” in China, the company’s profit situation in recent years is not optimistic. Affected by the epidemic situation and other factors, the company incurred large losses in 2019 and 2020. The net profit attributable to the shareholders of the parent company in the current period was RMB 464 million and RMB 269 million respectively.
In the first three quarters of 2021, Zhanjiang Guolian Aquatic Products Co.Ltd(300094) achieved an operating revenue of 3.299 billion yuan, a year-on-year decrease of 4.83%; The net profit attributable to the shareholders of the parent company was RMB 11 million. Although it turned loss into profit year-on-year, there was still a large gap compared with the same period in 2018 (net profit of RMB 270 million).
Tongqinglou Catering Co.Ltd(605108) : in the first three quarters of 2021, the subsidiaries involved in the prefabricated vegetable business accounted for less than 1% of the company’s operating revenue
After two consecutive days of trading, Tongqinglou Catering Co.Ltd(605108) share price reached an all-time high of 26.91 yuan. Since the beginning of the year, the stock has gained three trading limits, during which the share price rose 34.6%. After trading on the 13th, Tongqinglou Catering Co.Ltd(605108) issued a stock change announcement, which said that through the company’s self-examination, Anhui Tongqinglou Catering Co.Ltd(605108) Food Co., Ltd., a wholly-owned subsidiary of the company, was involved in the prefabricated vegetable business, which was the key business segment of the company. At present, this business is still in its infancy. As of September 30, 2021, the business revenue accounts for less than 1% of the company’s operating revenue.
Tongqinglou Catering Co.Ltd(605108) landed in A-Shares in July 2020. The company is mainly engaged in mass dinner and banquet services. In recent years, the company’s performance has been unstable. From 2018 to 2020, the changes in net profit attributable to the parent company were 28.66%, 25.95% and – 1.35% respectively.
After listing, Tongqinglou Catering Co.Ltd(605108) performance accelerated its decline. In 2020, the company achieved a net profit of 185 million yuan, a year-on-year decrease of 6.32%. In the first three quarters of 2021, while the company achieved an operating revenue of 1.121 billion yuan; The net profit attributable to the parent company in the current period was only 80 million yuan, a year-on-year decrease of 25.29%.
Jinling Hotel Corporation Ltd(601007) : in the first three quarters of 2021, the operating revenue of the subsidiary involved in the prefabricated vegetable business accounted for less than 5%
After the two panels were connected, an announcement was issued on the evening of Jinling Hotel Corporation Ltd(601007) 13 that Jiangsu Jinling Food Technology Co., Ltd. (hereinafter referred to as “Jiangsu Jinling”), a holding subsidiary of the company, carried out R & D and transformation based on Jinling catering special pastries and dishes, and adopted the production mode of prefabricated dishes to create special pastries and prefabricated dish products . the operating revenue of the holding subsidiary in the first three quarters of 2021 accounted for less than 5% of the company’s operating revenue, which is still in its infancy.
In addition, Jinling Hotel Corporation Ltd(601007) suggests that the market potential of prefabricated vegetables is large, but the overall concentration of the industry is low and the industry competition is fierce. Affected by covid-19 epidemic prevention and control, regional market conditions, the company’s industrial chain integration ability and other factors, there are still some uncertainties in the R & D and sales of the company’s Prefabricated vegetable products.
Jinling Hotel Corporation Ltd(601007) performance continues to decline. From 2017 to 2020, the company’s net profit decreased from 103 million yuan to 43 million yuan. In the first three quarters of 2021, while the company achieved an operating revenue of 945 million yuan, the current net profit was only 12 million yuan, a year-on-year decrease of 20.3%.
Shandong Delisi Food Co.Ltd(002330) : the proportion of prefabricated vegetable products in the company’s overall operating revenue in the first three quarters of 2021 was 9.79%
After two connected boards, Shandong Delisi Food Co.Ltd(002330) announced that in 2020 and the first three quarters of 2021, the operating revenue of the company’s Prefabricated food related products accounted for about 11.22% and 9.79% of the company’s overall operating revenue respectively. In the first three quarters of 2021, the gross profit margin and net profit margin of prefabricated vegetable related products were about 20% and 2.78% respectively.
Shandong Delisi Food Co.Ltd(002330) its main business is the production and sales of raw pork products, ham and other low-temperature deep-processing cooked meat products with ” Shandong Delisi Food Co.Ltd(002330) ” as the trademark. From 2017 to 2019, the company’s net profit was less than 10 million yuan, and its performance declined twice.
However, the performance of Shandong Delisi Food Co.Ltd(002330) has improved in the past two years. In 2020, the company’s net profit increased by 264% year-on-year to 29 million yuan.
In the first three quarters of 2021, Shandong Delisi Food Co.Ltd(002330) achieved operating revenue and net profit of 2.761 billion yuan and 41 million yuan respectively, with a year-on-year increase of 6.94% and 53.47% respectively.
opportunities and risks coexist in the prefabricated vegetable industry
In recent years, with the development of the takeout industry and the increase of consumers’ dining at home under the normalization of the epidemic, the market demand for prefabricated vegetables has been heating up.
For the reasons for the recent popularity of the prefabricated vegetable industry, Zhu danpeng, an analyst of China’s food industry, told the interface news reporter, “consumption upgrading, home culture and lazy effect have a good support for the prefabricated vegetable market. Under the background of epidemic prevention and control, with the improvement of standardization and industrialization of catering enterprises, the demand for prefabricated vegetables is expanding.”
According to iResearch consulting data, the scale of China’s Prefabricated vegetable market will be 345.9 billion yuan in 2021, and will increase year by year at a growth rate of about 20%. It is estimated that the scale of China’s Prefabricated vegetable market will be 516.5 billion yuan in 2023. The future scale of the industry is considerable.
Sealand Securities Co.Ltd(000750) also believes that driven by the cost reduction and efficiency increase at the b-end and the change of consumption habits at the C-end, the prefabricated vegetable industry is expected to usher in rapid development, and the industry scale is expected to exceed 3 trillion yuan in 2026.
According to the latest research report on Sealand Securities Co.Ltd(000750) January 13, the pattern of the prefabricated vegetable industry is still extremely scattered. The main participants can be divided into five types: professional prefabricated vegetable enterprises, agricultural, animal husbandry and aquatic products enterprises, traditional quick-frozen food enterprises, catering enterprises and retail enterprises. Different types of participants have their own advantages and disadvantages, as well as different product models and channel models.
Although the market space is large, the prefabricated vegetable industry also faces some risks.
Zhu danpeng said, “the production mode of prefabricated dishes belongs to the asset heavy mode. If we want to be bigger and stronger and form a brand scale effect, we will invest a lot in the early stage”. At present, there are no relevant national standards in the industry, and the unclear standards are not conducive to the standardized development of the industry. In addition, consumers\’ recognition of prefabricated dishes needs to be improved. They may think that the ingredients are not fresh, which is easy to cause potential food safety hazards.
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