Under multiple pressures, the three yuan shares may be "bigger and stronger" may not be hopeless

Edit | Yu Bin

Produced | Chaoqi.com "Yu See Column"

Recently, the news of Dairy Giant Sanyuan shares "picking up" 40%of the equity of Hunan Prince Milk at a price of 5.6%off has aroused widespread concern. As Edward Milk became a wholly -owned subsidiary of Sanyuan Co., Ltd., public opinion began to re -mention it again The dream of "getting bigger and stronger" then.

It is worth noting that although the prince milk was successfully acquired at a relatively low price, and the Sanyuan shares have improved the scale, the acquisition does not seem to make people look more optimistic about the future of Sanyuan.

On the one hand, the acquired Prince's milk was originally in a difficult operation status. It is unknown whether the Sanyuan shares can lead the prince's milk back to the top; It has encountered the embarrassment of continuous decline in the stock price in recent years. As of now, its total market value is only about 7.3 billion yuan.

At present, Sanyuan shares are facing multiple operating pressures. Can it reverse the fatigue of development over the years?

The performance is poor, and the three yuan shares continue to be under pressure

If both are at the peak, the news of the acquisition of Prince Milk in Sanyuan will definitely be a "big news". Unfortunately, at this time in the combination of the two, both of them encountered their own dilemma to varying degrees.

As the acquired party, Prince Milk's influence in the domestic market before 2008 was still great, but since then, with the impact of the economic environment and poor operation, the company's operation has deteriorated. In recent years The sense of existence is very weak. Its annual revenue in 2021 is only less than 20 million yuan, and most of the time is still a loss -making operation status.

Although the Sanyuan shares of the acquirer are much better than the prince's milk, its performance is also average.

After 2011, although the performance of Sanyuan Co., Ltd. overall, it has been in a continuous shock. Except for the double -digit revenue growth between 2014 and 2018, its revenue increase in other times is small.

It is worth noting that after 2019, Sanyuan shares have begun to encounter negative growth, and its annual revenue has begun to decline. At the level of net profit, although it has maintained profitability in recent years, its profit growth is getting lower and lower. Such a comprehensive performance makes it difficult to recognize its long -term value.

According to the latest release of the first half of 2022 released by Sanyuan Co., Ltd., the company achieved a total revenue of more than 4.2 billion yuan in the first half of this year, with a limited year -on -year increase, only 6.4%. The net profit was 87.87 million to 99.87 million yuan, a year -on -year decrease of at least 31.54%.

It can be seen that the low revenue growth and the lower profit have become the dilemma that the Sanyuan shares need to face. When the market cannot see the future growth trend of Sanyuan shares, and it cannot feel the company’s ability to make money, it is in It can be understood by the stock price performance.

Therefore, when a difficult three yuan shares "holding hands" are even more difficult, whether they can achieve the effect of "one plus one greater than two", it is doubtful. Whether the future performance of Sanyuan shares will be due to this acquisition. It is yet to be watched to get promotion.

In addition to the performance indicators, the Sanyuan shares have also been criticized in terms of business layout.

After years of development, China's dairy industry has run out of a number of national giants, but among them, the location of Sanyuan shares is a bit embarrassing. At present, its brand influence across the country is average, and it can only be called a regional brand.

Why is this so? In the final analysis, the company has problems at the business layout. Over the years, Sanyuan has long adhered to the dairy business with a common level of profitability, but it has not been able to achieve growth in other businesses such as more money ice cream.

This has formed such a "embarrassing" status quo: revenue mainly depends on the contribution of the dairy industry, but the level of net profit is supported by new business such as ice cream. So, what business does Sanyuan shares want to rely on to boost your performance and find the kinetic energy of long -term growth in the future?

The road to "buy, buy and buy" is difficult to get through

At present, in the case where performance cannot be quickly boosted, Sanyuan shares seem to be more inclined to expand through the "buy, buy, buy" action. Over the years, it has conducted a lot of practice in investment, mergers and acquisitions.

The acquisition of Beijing Ailaifa's 90%equity, the acquisition of 50%equity of Beijing McDonald's, the acquisition of the French health enterprise ST Hubert, the acquisition of the ternary seed industry, the acquisition of 46.37%of the first farmers and animal husbandry ... plus the "leakage" Hunan prince 40 %Equity, Sanyuan Co., Ltd. has invested huge amounts of funds in these years to enrich its business and investment layout.

However, with the inspection of these investment time, it seems that only a few of these investment targets can improve the company's performance, and most of the contributions to revenue growth are very limited.

Judging from the trend of decline in revenue or increase in net revenue in recent years, and the growing growth of net profit growth, the road to "buying and buying" of Sanyuan has been increasingly proved to be difficult to get through.

Even these investment actions have become the "dragging legs" for the decline in Sanyuan's performance.

For example, during the decline in net profit in the first half of this year, Sanyuan shares blamed this on foreign investment. As the first agricultural livestock animal husbandry was influenced by the major environment, the performance declined, and the Sanyuan shares encountered the current performance status.More importantly, market performance is proven that the investment vision of Sanyuan shares seems to have problems. Because many of its investment goals lack long -term performance growth imagination space, investors will inevitably become more pessimistic about the future of Sanyuan shares.

Judging from the current situation, the dream of Sanyuan's "bigger and stronger" may be hopeless in a short period of time. It must spend great efforts to adjust the company's strategy, focus on products and markets, and use good performance to prove to proofYou can do it yourself.

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