乔令财经
2021.08.31 09:32

海天味业中报发布后,股价直接跌停了。这份业绩的问题出在第二季度,二季度营收 51.74 亿元,下滑 9.39%;二季度扣非净利润 13.55 亿元,下滑 15%。

市场对白马股的要求比较高,你可以增速慢,但是绝对不会能下滑。特别是海天这种估值已经炒到 60 倍的调味品。

消费为什么能炒到 60 倍?其实这还是跌下来后的估值,1 月份巅峰时期估值上百倍,比高科技公司还猛。

卖方一直吹海天的两个逻辑:一是稳健刚需;二是行业集中度低。其实卖方忽略了一个问题,行业集中度低,恰恰说明行业准入的门槛不高,竞争激烈。中报毛利率下滑至 39.3%,上年同期为 42.94%。$海天味业(603288.SH)

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