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基本面早已回升股价还在坑底?东方雨虹董秘朋友圈直呼“看不懂” 同行:于我心有戚戚焉

The fundamentals have already rebounded, and the stock price is still bottoming out? Director Dongfang Yuhong's circle of friends called “I can't understand” his peers: I have close ties in my heart

cls.cn ·  Oct 17, 2023 20:22

Zhang Bei, Dong Secretary of ① Dongfang Yuhong, said in moments: "the stock has completely exceeded my expectations and refreshed my cognitive bottom line over and over again." ② on Zhang Bei's "hair circle" move, Ayre ophthalmology secretary Wu Shijun said, "I have a sense of solidarity in my heart."

Financial Associated Press, October 17 (Reporter Wang Bin and Wu Weiling)In the past two days, a screenshot of Zhang Bei, vice president and secretary of Oriental Yuhong (002271.SZ), has been circulated on the Internet, causing heated discussion and attention in the market.

image

(the picture comes from the Internet)

"such a decline in stocks has completely exceeded my expectations and refreshed my cognitive bottom line over and over again." This is what the WeChat moments said in the post. In addition, in hundreds of words of exclamation, even said three "do not understand", seven "why", it can be seen that it is not happy to spit it out. There are also 12 questions in succession, which shows Zhang Bei's confusion about the continuous decline of the company's share price.

For the above news, the Financial Associated Press reporter immediately verified to Oriental Yuhong and Zhang Bei herself, but there was no response as of press time.

So, what does Secretary Dong think of Zhang Bei's "hair circle" move? A reporter from the Financial Associated Press interviewed Wu Shijun, the secretary of 300015.SZ. Wu Shijun, who has been awarded the secretary of the board for many gold medals, said that he saw this article and felt Zhang Bei's boxing heart to the company and her anxiety about the stock price. He also wanted to add Zhang Bei's Wechat comfort, discussion and communication. "I feel sad in my heart."

In response to Zhang Bei's complaint that "the company is working very hard, but the stock price is not strong," Wu Shijun said, "Dear comrade-in-arms, don't worry!"

Wu Shijun also quoted Graham as saying, "the stock market is a voting machine in the short term and a weighing machine in the long run" to comfort Zhang Bei. As Dong Mi said, the fundamentals of Oriental Yuhong have completely reversed the stock price, but in the opposite direction. Wu Shijun said that he believes that "the pearl will not always be dusty." it is in the process of error correction that the market has shown the nature of weighing machines in the long run.

Dongfang Yuhong is a leader in the building waterproof materials industry, and its performance has maintained continuous growth for many years, until last year, revenue and net profit fell for the first time since listing. Of this total, revenue fell slightly by 2.26%, while net profit nearly halved, down 49.57% from a year earlier.

Since the beginning of this year, Dongfang Yuhong's performance level has returned to the growth channel. In the first half of the year, Dongfang Yuhong realized revenue of 16.852 billion yuan, an increase of 10.1% over the same period last year, and net profit of 1.334 billion yuan, an increase of 38.07% over the same period last year.

The company's performance has reversed, but the capital markets do not seem to buy it. In terms of stock price performance, Dongfang Yuhong's share price reached an all-time high of 63.48 yuan in 2021, with a market capitalization of more than 100 billion yuan. However, starting from 2022, Dongfang Yuhong began to pull back, and its share price once fell to 22.53 yuan. On October 16 this year, the company's share price fell again to 24.05 yuan, a new low for the year. The company's share price has fallen 26% since the start of the year.

This probably explains why Zhang Bei said in the article: "the fundamentals of the company have already hit bottom and rebounded, but the stock price is still in the pit!"

Changjiang Securities Research News analysis that the real estate industry is still under pressure, the demand of the waterproof industry is under pressure. Infrastructure and non-housing demand in the waterproofing industry accounts for about 50%, real estate new construction demand accounts for about 35%, and retail demand accounts for about 15%. Assuming that infrastructure demand in 2023 is stable, non-housing and retail demand is down by 10%, and real estate construction demand is down by 55% compared with 2021, waterproofing industry demand has dropped by about 24%, making it the most pressured building materials category in 2023.

Oriental Yuhong waterproofing business as the core, while operating civil building materials, mortar powder, architectural coatings and other multi-business. As of the first half of 2023, the business of waterproof materials, mortar powder and engineering construction accounted for 73.40%, 11.30% and 8.11% of the company's revenue respectively.

At present, Dongfang Yuhong, relying on the synergy of the main waterproofing industry, has expanded its product range to architectural coatings, thermal insulation, building repair, special mortar and so on, and plans to create a second growth curve. According to the financial report, the retail channel achieved business income of 5.051 billion yuan in the first half of the year, an increase of 32.21% over the same period last year, and its share in income further increased to 29.98%. In addition, the operating income of mortar powder in non-waterproof business reached 1.905 billion yuan, an increase of 42.99% over the same period last year.

Some market participants believe that, as real estate chain stocks, Oriental Yuhong's current valuation of about 25 times is not low, Dong Mi's mood is understandable, but individual stocks also have to obey the logic of the market.

Since the beginning of this year, many high-quality companies in the A-share market have shown a significant deviation between stock prices and performance. Why does this pricing problem occur in the current A-share market? Analysts believe that due to the lack of capital inflows into the current A-share market, the overall market is in a state of blood loss. As a result, even a good company will fall for lack of capital to buy.

The Financial Associated Press reporter was concerned that last night, more than a dozen companies, including Baosteel (600010.SH), Haikangwei (002415.SZ), and China Coal Energy (601898.SH), issued announcements related to their holdings or buyback plans.

Referring to the Oriental Yuhong announcement, a reporter from the Financial Associated Press learned that the company's last repurchase began on November 10, 2021 and ended on November 7, 2022, with a total of 27.8668 million shares, accounting for 1.11% of the company's total share capital. the highest transaction price and the lowest transaction price were 49.76 yuan and 24.45 yuan per share, respectively, with a total transaction amount of 1.001 billion yuan (excluding transaction fees).

According to the relevant data of Oriental Wealth Network, on December 12 this year, Oriental Yuhong will usher in two shareholders with a total of 9.2229 million shares of equity incentive shares to lift the ban. Among them, the number of middle managers and core business (technical) backbones of the company is 9.176 million shares, and that of Zhang Bei is 46900 shares.

It is worth mentioning that in August last year, Zhang Bei increased her holdings of 10,000 shares in the company through competitive trading, with an average transaction price of 31.19 yuan per share and an increase of 311900 yuan. Since its shareholding, the stock price has fallen by 20%, resulting in a floating loss of more than 60,000 yuan.

The translation is provided by third-party software.


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