“酱茅”海天味业年内市值近腰斩，陷阱还是机遇？

闺蜜财经2021-09-17

今年的股市，说是价值投资者的“噩梦”也不为过。不知蜜友们感觉如何，蜜姐身边很多人，现在已经开始躺平了。尤其是年初拿了很多价值股的人，中国平安、万科、伊利、海天味业……惨得一塌糊涂。昨天，蜜妹关注到，海天味业发生6笔大宗交易，合计成交量81.27万股，成交金额6449.95万元。进一步统计，近3个月内该股累计发生129笔大宗交易，合计成交金额为23.92亿元。这是什么情况，抄底的时机到了吗？...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

磐石533
2021-09-18
磐石533
一波還未平息，一波又來侵襲
云里梦里飞
2021-09-18
云里梦里飞
咋回事啊
Youn7276
2021-09-18
Youn7276
閱
- 云里梦里飞:
  加油
- 神话者:
  [微笑]
小虎小虎小小虎
2021-09-18
小虎小虎小小虎
666
- 云里梦里飞:
  屏蔽了？
- Gnehnusee:
  ?
- 小虎小虎小小虎:
  666

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/1121845156?lang=en_US&edition=fundamental","thumbnail":"https://static.tigerbbs.com/c7da52addfd52fb216bcf87283f43750","is_english":false,"pubTime":"2021-09-17 23:23","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1121845156","market":"sh","top_or_hot":-1,"title":"“酱茅”海天味业年内市值近腰斩，陷阱还是机遇？","media":"闺蜜财经","content":"<div>\n<p>今年的股市，说是价值投资者的“噩梦”也不为过。不知蜜友们感觉如何，蜜姐身边很多人，现在已经开始躺平了。\n尤其是年初拿了很多价值股的人，中国平安、万科、伊利、海天味业……惨得一塌糊涂。\n昨天，蜜妹关注到，海天味业发生6笔大宗交易，合计成交量81.27万股，成交金额6449.95万元。\n进一步统计，近3个月内该股累计发生129笔大宗交易，合计成交金额为23.92亿元。\n这是什么情况，抄底的时机到了吗？...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/CjqhUqROX2CXwYImc04kdw\">Source Link</a>\n\n</div>\n","source":"lsy1600999424646","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>“酱茅”海天味业年内市值近腰斩，陷阱还是机遇？</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n“酱茅”海天味业年内市值近腰斩，陷阱还是机遇？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-17 23:23 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/CjqhUqROX2CXwYImc04kdw><strong>闺蜜财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>今年的股市，说是价值投资者的“噩梦”也不为过。不知蜜友们感觉如何，蜜姐身边很多人，现在已经开始躺平了。\n尤其是年初拿了很多价值股的人，中国平安、万科、伊利、海天味业……惨得一塌糊涂。\n昨天，蜜妹关注到，海天味业发生6笔大宗交易，合计成交量81.27万股，成交金额6449.95万元。\n进一步统计，近3个月内该股累计发生129笔大宗交易，合计成交金额为23.92亿元。\n这是什么情况，抄底的时机到了吗？...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/CjqhUqROX2CXwYImc04kdw\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"603288","symbol_name":"海天味业","start_time":0,"source_url":"https://mp.weixin.qq.com/s/CjqhUqROX2CXwYImc04kdw","article_id":"1121845156","we_media_id":null,"thumbnails":["https://static.tigerbbs.com/c7da52addfd52fb216bcf87283f43750"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1121845156","pubTimestamp":1631892220,"sourceInfo":{"source_id":"lsy1600999424646","name":"闺蜜财经"},"weMediaInfo":null,"summary":"今年的股市，说是价值投资者的“噩梦”也不为过。不知蜜友们感觉如何，蜜姐身边很多人，现在已经开始躺平了。\n尤其是年初拿了很多价值股的人，中国平安、万科、伊利、海天味业……惨得一塌糊涂。\n昨天，蜜妹关注到","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"603288":"海天味业"},"translate_title":"The market value of \"Sauce Mao\" Foshan Haitian Flavouring And Food Company Ltd. was nearly halved during the year. Is it a trap or an opportunity?","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/f6ca46a857e7797d51b241cc94b02ef8","symbols_score_info":{"603288":0.9},"content_text":"今年的股市，说是价值投资者的“噩梦”也不为过。不知蜜友们感觉如何，蜜姐身边很多人，现在已经开始躺平了。\n尤其是年初拿了很多价值股的人，中国平安、万科、伊利、海天味业……惨得一塌糊涂。\n昨天，蜜妹关注到，海天味业发生6笔大宗交易，合计成交量81.27万股，成交金额6449.95万元。\n进一步统计，近3个月内该股累计发生129笔大宗交易，合计成交金额为23.92亿元。\n这是什么情况，抄底的时机到了吗？\n\n01\n海天味业，可能不少蜜友并不知道这个名字。其历史要从1955年说起，彼时佛山25家古酱园谋略合并重组，新组建的厂命名为“海天酱油厂”。\n1994年海天转制，从国有企业变身为市属全民所有制企业，1995年成为国有参股的有限责任公司——佛山市海天调味食品有限公司。\n2010年11月，海天调味有限整体变更为股份有限公司。\n2014年2月11日，海天在上交所主板成功挂牌上市，股票名称为海天味业。\n上市这几年里，海天味业“酱茅”的称号名不虚传。根据公开报道，以后复权的股价来计算，这7年海天味业的股价涨幅最高达13倍，市值最高大概7082亿。\n不过今年来看，这只白马似乎有“偃旗息鼓”的态势。\n\n先来看看海天味业最近一年的股价走势。如下图，最高点时是今年1月，彼时海天味业的股价到了每股160多块，随后在震荡中下行，直到8月底前，还维持在百元以上的价格。\n时间进入8月31日，情况似乎又不太妙，当天海天味业直接跌停，此后几个交易日继续维持下跌趋势，陆陆续续阴跌到如今的80多块。\n今天（9月16日），海天味业股价和大盘走势相反，呈大涨状态。这是触底反弹了吗？\n02\n如果说前半年的下跌和价值股普遍的萎靡状态、市值回归等有关，那么8月底的那场大跌，主要还是得从海天味业本身找原因。\n情况要从8月30日，海天味业发布的半年度报告说起。简单说，这是一份不及预期的“成绩单”。\n\n半年报披露，2021上半年，海天味业营收123.32亿元，同比增长6.36%；归母净利润33.53亿元，同比增长3.07%，经营活动产生的现金流量净额大跌83.85%，从2020上半年的15.70亿元，减少到今年上半年的2.54亿元。\n尤其值得注意的是二季度。\n从品类来看，上半年海天味业的酱油、调味酱、蚝油的营收同比还是增长的，但二季度这三大品类的同比增速都不约而同下降了。\n上述三大产品同比增速分别下降了7.2%、8.66%、7.06%。\n\n分区域来看，海天味业二季度也在走“下坡路”。东部、南部、中部、北部、西部营收同比分别下降了7.10%、9.47%、8.10%、14.15%、4.82%。\n此外，因为上半年大豆等原材料价格的上升，导致生产成本变高，压缩了利润空间。2021上半年，海天味业的毛利率和净利率分别为39.31%、27.21%，同比去年下降了3.63和0.87个百分点。\n基于此，华西证券研究所下调了海天味业的评级，从买入下调至增持。\n\n03\n除了成本增长压缩了利润空间，海天味业还有一个“竞争者”是社区团购。\n作为线下渠道的大佬，海天味业的商超等货架铺设位置很好，优势明显。\n但随着社区团购的兴起，线下渠道的销售影响亦明显。公开数据显示，二季度，海天味业的线下渠道收入47.4亿元，同比下降10%。\n另一方面，因为社区团购不需要支付大额的条码费，相当于所有品牌都在同一起跑线，海天味业传统的“护城河”优势没有了，这对其销售增长其实是不利的。\n未来海天味业的增长空间有多大？从渠道方面，主要看社区团购对其的冲击，以及公司自身对此的应对策略。\n目前，海天味业正在推进营销转型，一方面持续强化线下网络，上半年净新增经销商356家，同时加速开拓在线业务，二季度在线收入2.5亿，同比增14.4%，这个速度也还可以。\n\n产品方面，就是是否能在稳住酱油这个基本盘的基础上，再进一步寻找新的业绩增长点。\n这两年，海天味业的动作颇多，几大主营产品外，后面又陆续布局醋、鸡精、味精、料酒等细分领域，后面又陆续推出了火锅底料、食用油、大米等产品。现在的产品系也很广泛。\n但就蜜妹来看，消费者更愿意买单的还是他的主营产品线，副线产品的存在感并不高。这从数据中也可以看到。2021半年报显示，除去酱油、蚝油、酱类，海天味业的“其他”产品营收11.25亿，占收入的比例为9.13%，营收占比是各项中的最低。\n所以，新的增长点是否会有大的突破，目前还不明朗。\n最后，买入一只股票，除了基本盘和趋势，更重要的是价格。\n2020年以后，海天味业的市盈率最高时超过100倍。尽管目前跌到了56倍左右，但仍然高于食品饮料行业的平均数值。市销率目前16倍多，也高于不到15倍的行业平均值。\n\n还值得注意的是，最近1年里海天味业的股东数，从4万多户增加到2021年半年末时的16万多户，增加了3倍。这是什么概念？\n从2014年上市到2020年这6年时间，海天味业的股东数量只是从2.4万左右增加到大概4.8万。也就是说，过去1年里，海天味业增加的股东数远超于过去6年增加的总和。\n这意味着大量散户的进场，也意味着机构持股的减少。这是啥信号？","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":884498556,"gmtCreate":1631924693975,"gmtModify":1676530669561,"author":{"id":"3573863078476577","authorId":"3573863078476577","name":"磐石533","avatar":"https://static.tigerbbs.com/3acfdf718b918510c617d15517144155","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"一波還未平息，一波又來侵襲","listText":"一波還未平息，一波又來侵襲","text":"一波還未平息，一波又來侵襲","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/884498556","repostId":1121845156,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":884567931,"gmtCreate":1631920786123,"gmtModify":1676530667993,"author":{"id":"3568431359478653","authorId":"3568431359478653","name":"云里梦里飞","avatar":"https://static.tigerbbs.com/db96756ff214a0066bf8ab2c997583b0","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"咋回事啊","listText":"咋回事啊","text":"咋回事啊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/884567931","repostId":1121845156,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":884538557,"gmtCreate":1631916450779,"gmtModify":1676530667040,"author":{"id":"3577393549070429","authorId":"3577393549070429","name":"Youn7276","avatar":"https://static.tigerbbs.com/487c5c26a5e210d6b88adaeaba12329b","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"閱","listText":"閱","text":"閱","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/884538557","repostId":1121845156,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5907269,"gmtCreate":1631920795108,"gmtModify":1663234044444,"authorId":3568431359478653,"author":{"id":3568431359478653,"authorId":3568431359478653,"name":"云里梦里飞","avatar":"https://static.tigerbbs.com/db96756ff214a0066bf8ab2c997583b0","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":884538557,"type":1,"supId":0,"prevId":0,"content":"加油","text":"加油","html":"加油"},{"id":5906858,"gmtCreate":1631918112727,"gmtModify":1663234041834,"authorId":4090235052856760,"author":{"id":4090235052856760,"authorId":4090235052856760,"name":"神话者","avatar":"https://static.tigerbbs.com/8b20ae15ae6c2600ed63bffb924fc3d1","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":884538557,"type":1,"supId":0,"prevId":0,"content":"[微笑]","text":"[微笑]","html":"[微笑]"}],"langContent":"CN"},{"id":884222564,"gmtCreate":1631895998858,"gmtModify":1676530665650,"author":{"id":"4087263755014960","authorId":"4087263755014960","name":"小虎小虎小小虎","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/884222564","repostId":1121845156,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5907265,"gmtCreate":1631920772456,"gmtModify":1663234043845,"authorId":3568431359478653,"author":{"id":3568431359478653,"authorId":3568431359478653,"name":"云里梦里飞","avatar":"https://static.tigerbbs.com/db96756ff214a0066bf8ab2c997583b0","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":884222564,"type":1,"supId":0,"prevId":0,"content":"屏蔽了？","text":"屏蔽了？","html":"屏蔽了？"},{"id":5906282,"gmtCreate":1631900916377,"gmtModify":1663234035029,"authorId":3572057606547842,"author":{"id":3572057606547842,"authorId":3572057606547842,"name":"Gnehnusee","avatar":"https://static.tigerbbs.com/2d7451bae30652109027611b94e0a24a","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":884222564,"type":1,"supId":0,"prevId":0,"content":" ?","text":" ?","html":" ?"},{"id":5906006,"gmtCreate":1631896005267,"gmtModify":1634796377450,"authorId":4087263755014960,"author":{"id":4087263755014960,"authorId":4087263755014960,"name":"小虎小虎小小虎","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":884222564,"type":1,"supId":0,"prevId":0,"content":"<u>666</u>","text":"<u>666</u>","html":"<u>666</u>"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":56,"commentSize":4,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1121845156"}