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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