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One shot, a loss of 180,000! Big cattle stock Huifa Foods, which has surged 137%, suddenly collapsed

Time: January 08, 2020 13:41:15 China Finance
"When the bubble burst, I found myself the worst miser."

The "big bull" that soared 137%: Huifa Foods (603536) suddenly staged a "sword breaking soul sword" on January 3, and the stock price crashed and fell.

Today (January 7), Huifa Foods suffered another word of daily limit, and there were very few fugitives, and this was the third consecutive limit, with a cumulative drop of over 27%.

What is even more weird is that on the eve of the plunge, Huifa Food was the best black horse at the end of 2019: 25 trading days rose for 24 consecutive days, and the cumulative increase was as high as 137%, second only to the influencer concept leader Saturday (002291 ), Like a big bull stock at the time.

After the skyrocketing skyrocketing, a "single-broken soul-knife style" plunged suddenly. Some market participants pointed out that "the banker is not impossible to violently hit the market."

Such a weird trend has attracted the attention of regulators.

Yesterday (January 6), the Shanghai Stock Exchange issued a regulatory work letter to Huifa Foods , which clarified the regulatory requirements for the recent abnormal stock transactions. The involved parties include listed companies, directors, supervisors, senior management personnel, controlling shareholders, and actual controllers.

After the close, Huifa Foods responded to the supervisory letter saying:
After careful self-examination, as of now, there are no major events that affect the abnormal fluctuation of stock price transactions;
No major events such as major asset restructuring, share repurchase, equity incentives, bankruptcy reorganization, and introduction of strategic investors have a significant impact on the stock price.

Huifa Food , is it a beef stock? Or a bubble?

"All the surges out of performance will end in a crash."

According to public information, Huifa Foods was established in February 2005. It is a R & D and sales company of frozen frozen meat products. It is mainly engaged in the R & D, production and sales of frozen meat products including frozen meat products, sausage products, and fried products. .

It landed on A shares in 2017, but the company's performance has continued to deteriorate, and it has only had a short period of glory in the year of listing.

In 2017, the company realized operating income of 939 million yuan and net profit attributable to mothers of 60.38 million yuan, an increase of 5.51% and 43.36% year-on-year respectively.

Since then, the company's operating performance has fallen all the way.

In 2015, 2016 and 2018, Huifa Food 's net profit attributable to mothers hovered between 40-45 million.

Since 2019, its performance has staged an avalanche-like decline: in the previous three quarters, the net profit attributable to mothers exceeded 40.34 million yuan, a year-on-year decrease of over 299%, which was the first loss since listing.

Regarding the reasons for the loss in the first half of the year, the company explained that: changes in raw materials such as skinless chicken breasts, chilled breasts, and chicken skins increased the cost by 21.11 million yuan, but the sales price decreased.

Affected by rising raw material prices, the company's gross profit margin dropped from 22.62% at the end of 2018 to 15.2% at the end of the third quarter of this year.

In fact, since 2015, Huifa Food 's gross profit margin has plummeted. The data show that from 2015 to 2017, the gross profit margin was 31.7%, 28.3% and 26.7%, respectively.

A more serious problem is that in the face of rising raw material prices, Huifa Foods has lowered the price of its products, but the products have become increasingly difficult to sell.

According to the third quarterly report of 2019, the inventory of Huifa Foods continued to expand. As of the end of the third quarter, the inventory was as high as 163 million yuan, and its inventory was not based on raw materials. The inventory of commodities accounted for an important share. At the end of 2018, the inventory of goods reached 51 million yuan, accounting for about 34% of the book value of inventory.

At the same time, since 2016, Huifa Food 's inventory days have continued to rise, and the inventory turnover days in the first three quarters of 2019 exceeded 70 days.

Facing fluctuations in raw material prices, Sanquan Food , Haixin Food , and Anjing Food in the same industry have maintained profitability in the first three quarters of 2019. Among them, the net profit of Sanquan Food and Anjing Food increased by over 30% and 21% respectively.

Among them, the raw material of Huifa Food is mainly chicken, and Haixin Food is mainly surimi. The main raw material of Sanquan Food and Anjing Food is pork, which is greatly affected by swine fever.

It is worth noting that Huifa Food still has some short-term debt repayment pressure. As of the end of the third quarter of 2019, the book value of short-term borrowings was 370 million, non-current liabilities due within one year were 55 million, and the balance of monetary funds was only 262 million.

In summary, there are no bright spots in the fundamentals of Huifa Foods , and the business situation is getting worse. In 2019, there is a high probability that it will record losses.

The original shareholders have already reduced their holdings and cashed out. As the performance deteriorates, the original shareholders and promoters of Huifa Food have long retreated.

On July 7, 2018, Huifa Food announced that Beijing Hongfu Growth Investment Management Company, the fifth largest shareholder, would reduce its holdings of 5.04 million shares within six months. Before the reduction, Beijing Hongfu held 8.872 million Huifa Foods , accounting for 4.93% of the total equity.

After multiple batch reductions, as of September 30, 2019, Beijing Hongfu's shareholding ratio had dropped to 2.79%, and the number of shares held was 4,678,700. According to preliminary statistics, Beijing Hongfu cashed in about 45 million yuan through reductions.

From November 25th to December 11th, Beijing Hongfu again reduced its holding of 1.68 million shares, with a cumulative cash amount of 19.25 million yuan, and its shareholding ratio was further reduced to 1.79%.

It is worth mentioning that Beijing Hongfu has held a stake in Huifa Foods for 6 years. As early as April 2012, invested 50 million yuan in Huifa Food , becoming the company's original shareholders and promoters.

In June 2018, the first batch of restricted shares was lifted, and Huang Juan, one of the original shareholders and one of the company's promoters, chose to clear their positions and reduce their holdings.

From July to August 2018, Huang Juan completed a liquidation of 1,697,900 shares in one month, realizing 16.494 million yuan in cash.

At the same time, in the first quarter of 2019, Societe Generale Bank newly-entered 940,600 shares in the company, holding a 0.56% share, which is the top ten tradable shareholders. As of the end of June, Societe Generale was no longer among the top ten circulating shareholders.

It is worth noting that while the institutions have retreated, Huifa Foods has eight individual investors in its list of the top ten outstanding shares, 6 of which are located in the third quarter of 2019.

A "drumming pass" game?

The fundamentals without bright spots have formed a sharp contrast with the "137% surge in 25 days", but after the skyrocketing, the sudden trend of "guillotines" has undoubtedly made investors mistaken.

In this regard, some market analysts have pointed out that Huifa Food has obvious characteristics of stock-making: concentrated chips, few shareholders, and the stock price is prone to skyrocketing and plummeting.

According to Wind data, as of the end of the third quarter of 2019, Huifa Food had only 8,017 shareholders, a 73.5% decrease from 2017.

In addition, the actual market value of Huifa Food is very small, with only 60.25 million shares in circulation and a market value of only 1.088 billion yuan. At the same time, among the top ten tradable shareholders, most are individual investors, and most of them are potential, new tradable shareholders during the third quarter of 2019.

The above characteristics are all obvious characteristics that can be easily manipulated by funds.

Finally, starting from the end of November 2019, the main funds continued to boost Huifa Foods . In just 25 trading days, it soared by over 137%.

It is undeniable that in this sharp surge, a small number of ordinary investors have benefited from this, and may benefit a lot. However, the risk of more windy buying is increasing. Once the main funds are ferociously shipped, small and medium investors are likely to be stuck high.

On January 3rd, Huifa Food suffered a capital hit, and its stock price suddenly crashed and fell. At noon on the same day, some investors cried on the Internet for "stepping on the thunder" and huge losses:

On January 6th and 7th, Huifa Foods suffered a limitless daily limit. If calculated based on today's closing price (18.06 yuan), the above-mentioned "stepping on the mine" investors' floating losses have reached 183,600 yuan.

According to the Dragon Tiger list data released after the market show, in the case of a daily limit, the top 4 big sellers have accumulated 21.116 million yuan in shipping funds, accounting for 99% of the total transaction value, which means that small shareholders have hardly fled opportunity.

The lesson left by Huifa Foods is that in the face of unexplained stocks that are not supported by performance, they should be kept aloof.

After all, it is just regret not to make a profit, and once the high position is taken, or it will face huge investment losses, and it is not ruled out that it may always be at a high position.
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