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永顺泰登陆深主板,股价大涨近44%!

Yongshuntai landed on the deep motherboard, and the stock price rose nearly 44%!

Gelonghui Finance ·  Nov 16, 2022 10:30

On November 16th, Guangdong Yongshuntai Group Co., Ltd. (hereinafter referred to as "Yongshuntai") landed on the Shenzhen main board with the sponsor CSC FINANCIAL CO.,LTD. The IPO offering price is 6.82yuan per share, with a price-to-earnings ratio of 22.98 times. As of press time, the latest market capitalization is 4.9 billion yuan.

Since its establishment, Yongshuntai is mainly engaged in the research and development, production and sales of malt. According to the prospectus, Guangdong Holdings holds 258.478227 million shares of the issuer and is the controlling shareholder of the issuer. The Guangdong Provincial people's Government and the Guangdong Provincial Department of Finance hold 90% and 10% of Guangdong Holdings respectively, the Guangdong SASAC performs the duties of investors on behalf of the Guangdong Provincial people's Government, and the actual control of the issuer is the Guangdong SASAC.

The funds to be raised by IPO are mainly used for Guangmai Phase 4 expansion project, annual output of 130000 tons of medium-and high-grade beer malt project.

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The use of fund-raising, photo source: prospectus

During the reporting period, the operating income of Yongshuntai was 2.938 billion yuan, 2.826 billion yuan, 3.025 billion yuan and 1.967 billion yuan respectively, and the net profit attributed to the owner of the parent company was 144 million yuan, 135 million yuan, 149 million yuan and 91.512 million yuan respectively.

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Fundamentals, picture source: prospectus

Specifically, the company's main business income comes from malt sales, and mainly barley malt. During the reporting period, barley malt accounted for more than 90% of the main business income. During the reporting period, the gross profit margin of Yongshuntai's main business was 16.33%, 14.94%, 15.91% and 14.23% respectively, which fluctuated.

During the reporting period, after the freight was unified, the raw material cost of the company's products accounted for more than 80% of the main business cost.The cost of raw materials accounts for a relatively high proportion, and the price of raw materials has a greater impact on the company's operating costs.. The purchasing price of barley raw materials is based on the international market price and fluctuates under the influence of many factors, such as supply and demand, climate, natural disasters, agricultural policy and so on.

In fact, Yongshuntai mainly uses imported barley as raw materials, and the main sources are Canada, France, Argentina, Australia and so on. Australian barley imports are greatly affected by relevant trade policies. the malt produced by the company in the future must use barley from Canada, France and other producing areas as the main raw materials. At the same time, under the influence of China's "double evils" policy, the price of Australian barley has declined greatly, while the price of barley in other producing areas such as Canada and France is generally higher than that of Australian barley. As a result, China's export malt has no obvious advantage in terms of cost in the international market, which has a certain adverse impact on its overseas malt sales.

During the reporting period, the company mainly purchased barley raw materials from abroad, mostly settled in US dollars, while malt sales were mainly domestic sales. therefore, the fluctuation of the exchange rate of RMB against the US dollar will bring certain exchange losses or exchange gains to the company. During the reporting period, the company's exchange profit and loss ("-" is income) is relatively large, which is 23.8327 million yuan,-20.4932 million yuan,-4.8556 million yuan and 27.445 million yuan respectively. Although the company has reduced the impact of foreign exchange fluctuations on the company through forward foreign exchange contracts, if the exchange rate changes sharply against the company, and the company fails to lock in the exchange rate in time, it will still have a negative impact on the company's profits.

In addition, Yongshuntai's inventory is mainly based on raw materials and inventory goods. Because the company's barley raw materials mainly come from imports, the transportation cycle is longer, and the purchase value of each ship is higher, so the company's raw material reserves are relatively large. At the end of each reporting period, the book value of the company's inventory is 769 million yuan, 790 million yuan, 1.09 billion yuan and 1.439 billion yuan respectively. Maintaining a certain amount of inventory can ensure the stability of production and operation, but if the price of raw materials fluctuates or the sales price falls due to trade policy, climate and other reasons, and the company fails to deal with it in a timely and effective manner, or will face the risk of inventory price decline.

The translation is provided by third-party software.


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