Who will "abandon" a good product store?

The intrinsic value of BESTORE has broken through the competition level of the snack track itself, and is moving towards the leader in the subdivision field.

A paper announcement brought a lot of stock price fluctuations for the first anniversary of the listing of Best Shop.

The well-known reason is that the major shareholder's shareholding reduction announcement issued last Friday directly affected the market's long sentiment.

On February 26, Liangpin Shop issued a shareholder reduction plan announcement, pre-disclosing the company's third largest shareholder Hillhouse Capital's plan to reduce its holdings of no more than 6% of the shares of Liangpin Shop.
This behavior was quickly interpreted by some investors as cashing out after the lock-up period expired, causing stock prices to fluctuate.

Investors are panicking, will Best Shop be "abandoned" by the capital market?

The answer is obviously no, not to mention that selling high and buying low is a normal operating method for the secondary market.
It is nothing more than maximizing the value of investment.
There is no need to panic.

Looking at the intrinsic value of the investment target again, the fundamentals of BESTORE have not undergone any major changes, and have even improved steadily.
As of the first three quarters of 2020, the data show that the operating income of Liangpin Store continued to grow to 5.
529 billion yuan, an increase of 1.
29% year-on-year; the net profit attributable to shareholders of listed companies was 264 million yuan.

From these two perspectives, the stock price of Best Stores fluctuates or only periodically, which will not have a major impact on the basic market.

The core cipher of long-termism

In a word, excessive panic is unnecessary.

After the lock-up period expires, major shareholders reduce their holdings.
This action is indeed relatively sensitive to investors.
But the latter must be sober-minded that it is a very one-sided and irrational idea to completely equate this behavior with "no confidence".

Capital is profit-seeking, and the purpose of investment is to make profits.
Sell high and buy low.
Shareholders enter the primary market and reduce their holdings in the secondary market to obtain capital gains after the IPO.
This is a normal market behavior for investors.

Moreover, as the high-quality target of the snack track, Best Shop has indeed made considerable gains for investors after being listed for one year.

Even after experiencing a large stock price volatility, as of press time, the stock price of Liangpin Shop was reported at 59.
11 yuan per share, with a total market value of 23.
7 billion yuan, which has quadrupled since its listing.
It is understood that just taking Hillhouse Capital as an example, excluding the primary market investment, its book floating profit is as high as 2.
223 billion yuan.

It can be seen that the profitability of BESTORE in the secondary market cannot be underestimated.

From this point of view, the reduction at this time does not mean to a large extent that it is not optimistic about the good shop.
On the contrary, from the perspective of Hillhouse Capital’s consistent operating style, it will adopt a strategy for optimistic and profitable targets.
The method of selling high and buying low is to adjust positions according to the investment strategy of the current period.
At this time, the release of pre-disclosure reduction is also for the convenience of having more room for operation in the later period.

A fact lies in the fact that the three popular new car sectors of Weilai, Ideal and Xiaopeng, which were also intervened by Hillhouse Capital this year, were all cleared by Hillhouse in Q4.
The reason is that the stock price rose too much during the period and the strategy of selling high and buying low was adopted.
Lock in revenue.

Take Weilai as an example.
Within one year of today’s close, Weilai’s stock price has climbed nearly ten times, and its peak period is approaching $100 billion in market value.
Ideal and Xiaopeng's share price also doubled within a year, reaching the peak of its listing value.

Adjusting positions when the stock price reaches a high point and selling high to maximize profits is a choice most investors will make, and it is also one of the core operations of securities investment.
Unless investors continue to intensively and maliciously reduce their holdings after the lock-up period, it is obviously irrational investment behavior to show panic in response to such normal behavior and not to follow the trend.

In Buffett's investment, after choosing a good industry and a good company, it is not buying right away.
The reason is that no matter how good the target is, the price will be high, so the first lesson that investors learn is to choose a good price to intervene.

As of today's close, the PB value of BESTORE has dropped to 11.
85, which is lower than the historical value.
No one can deny that, for investors, the Best Shop at this stage will be a good opportunity to intervene.

The fact is also true.
As of now, large investment institutions, including Guotai Junan, China Merchants Securities, Tianfeng Securities, etc.
, still have a Hold rating on Best Store.

According to statistics disclosed on the Shanghai Stock Exchange E interactive platform, the company has accepted nearly 1,000 institutional investors surveys from hundreds of institutions in 2020.
Even with the impact of the epidemic, more than 30 securities firms still published more than 60 company research reports throughout the year, optimistic about the company's development prospects.

On the one hand, this includes the affirmation of the intrinsic value of the store itself, on the other hand, it is also optimistic about the snack food track where it is located.

The relative change in the unchanging state is the core code of long-termism.

The Intrinsic Value of Best Shop

Since the investees are generally optimistic, it means that the intrinsic value of BESTORE has a certain degree of excellence.
Looking back on the performance since its listing for a year, the intuitive point is that the Best Store, which is at the center of the epidemic, has demonstrated its decent "resistance" ability in terms of performance.

Data speaks.

In the first three quarters of 2020, the operating income of BESTORE continued to grow by RMB 5.
529 billion, a year-on-year increase of 1.
29%; the net profit attributable to shareholders of listed companies was RMB 264 million.
Due to the general environmental impact of the epidemic, the year-on-year decline has declined.
The trend slows down.

Looking at the results of the third quarter alone can be considered dazzling.

The report shows that in the third quarter of 2020, the company's operating income was 1.
9 billion yuan, the same as the same period last year, and the net profit was 102 million yuan, a year-on-year decline, but the downward trend was significantly slower than the previous two quarters.

The most noteworthy point of this is the net profit of 102 million yuan.
This number is in an absolute advantage in an industry that is generally cold, with a single number leading players of the same type by 1.
3 times.

The core of this is the timely adjustment of its business strategy-the omni-channel layout is balanced, and the online and offline development is balanced.

Looking back at the prospectus in February last year, the outside world can clearly see that since 2016, Liangpin Store has achieved a balanced development of online and offline channels.
Up to now, the proportion of the two in the overall revenue has basically reached 5: 5 minutes.

This relatively balanced distribution of channels has undoubtedly improved the anti-risk ability of Best Stores, enabling it to achieve a good record even when all stores are closed during the epidemic, and show rapid response capabilities in the recovery after the epidemic.

The financial report shows that by the third quarter of 2020, the offline sales of BESTORE have gradually recovered to the level of the same period last year.
According to calculations, the company's overall offline revenue in the third quarter dropped slightly year-on-year.
With the exception of Central China, revenue increased by 18% year-on-year.
As the Central China market resumes work and production in the post-epidemic phase, Central China has also shrunk from the 25.
13% decline in the first quarter.
For a decline of 14.
80%.

This is why BESTORE has always been favored by the industry and large investment institutions.

A related research report issued by the gold analyst team of Tianfeng Securities' food and beverage/commerce industry stated that Liangpin Shop is a leading enterprise in high-end leisure snacks, and its profitability has steadily improved, and there is still room for channel expansion.

Guotai Junan believes that with the gradual recovery of offline Q3 in 2020, the company's multi-regional expansion and continued promotion of segmented high-end new products will promote continuous growth and increase profitability.

The leading stock in the snack food track?

In fact, the intrinsic value of BESTORE is more than that.
Institutions are generally optimistic about the value of BESTORE.
A more important reason lies in the vast imagination space of the snack food track where it is located.

At the beginning of this year, at the “2021 Reshaping Growth · China Enterprise Value Discovery and Communication Summit Forum” held by the new financial media, Caijing Wuji, in Nanjing, Jiangsu Province, Lian Ping, chairman of the China Chief Economist Forum, believes that the “tenths in the post-epidemic era” During the "Fourth Five-Year Plan" period, the five main lines of industrial development will certainly not be avoided, including the large consumer sector that expands domestic demand.

Among them, snack food, as one of the important tracks in the big consumer sector, is considered to have obvious room for growth.
Whether it is the upgrading of the large food industry or the continuous stacking of the new generation of demographic dividends, it is good for snack food.

According to China’s food industry analyst Zhu Danpeng in the “2021 China Food Industry Development Trend” report, with the upgrading of China’s consumption structure and the expansion of the new generation of consumer groups, snack foods have shown an explosive momentum from 2018, and leisure in 2021 Food is expected to exceed 1,000 billion, with a growth rate of over 15%, and is the champion of category growth in China's food industry.
High-end, functional, and niche race tracks are becoming more and more crowded; trends such as category segmentation, taste segmentation, and age segmentation are becoming increasingly obvious.

According to the statistics of China Merchants Securities, my country's snack food market has a market size of 100 billion yuan, with an average annual compound growth rate of 12.
49% (2010-2018).
The overall market characteristics are low concentration and low e-commerce penetration (14.
3%).
As casual snacks enter the second half, products> brands> traffic, outstanding omni-channel capabilities, stable operations, and high-end snacks are expected to achieve breakthroughs.

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