Will the capital myth of Hyaluronic Acid continue?
If Chinese women are allowed to realize the freedom of hyaluronic acid, then the Chinese economy can get rid of dozens of Wall Streets in the US economy!
Don’t talk about it, don’t be black, don’t be joking, thank you Amec (300896.SZ) for not going to the U.S. stock market to harvest “capitalist leeks”, but shining on the A-share GEM, bringing high growth in the hyaluronic acid industry to Chinese stockholders dividend.
Since its listing on September 30, 2020, Amic has left 6 red lines on its monthly K-line chart of stock prices, which is unique among companies listed in the same period.
Along with the A-share market’s hype of big consumption concepts and core asset companies, the stock price of Amec has risen from the opening price of 320 yuan to a maximum of 2 in just 4 and a half months. On the 18th of the high point of 1331.02 yuan.
At this time, the market value of Amec has soared from less than 40 billion yuan at the beginning of its listing to nearly 160 billion yuan, and its stock price has become the third “thousand-yuan share” of A-shares. In other words, in less than half a year, the highest increase of Amic is more than 4 times.
Regardless of the price-earnings ratio and price-to-book ratio, as long as there is money to buy and there is a big boss platform, the stock price is justice. In the last quarter of 2020, Ge Weidong, chairman of Shanghai Chaos Investment Co., Ltd., entered Amic and became its second largest shareholder of outstanding shares.
The average share price of Amico in the fourth quarter of 2020 is 523 yuan. If calculated at this price, private equity tycoon Ge Weidong will have an astonishing 132% floating profit before the Spring Festival in 2021.
I don’t know if Ge Weidong is still in the list of outstanding shares of Amic by the end of the first quarter of 2021, but another incident has become the fuse for the stock price of Amic to return to below 1,000 yuan.
“Cash-in” dividends?
If it’s very peaceful, but happiness can also lead to sorrow.
On the evening of February 8th, the Aimei client released a summary of the beautiful growth of the year and envied others’ high delivery plans. After two trading days, the company’s stock price rose by more than 30%, but after the Lunar New Year, After hitting a staged high of 1331.02, Amic’s stock price has started to plunge and has fallen by more than 30% so far.
This can talk about value investment, and the small fans who bought the Amic in “group” fell so much that they couldn’t find the North. But this is the old routine of the secondary market: on the one hand, it is the pre-hype “holding group stocks”, and the accumulated gains of Amicco in the short term are huge, and the adjustment is logical; on the other hand, the company’s high delivery transfer is “overdrafted” and the stock price is also Need to make “technical” corrections.
According to the 2020 dividend plan announced by the company, Amic based on 120.2 million shares, a cash dividend of 35 yuan (including tax) will be distributed to all shareholders for every 10 shares, and the capital reserve will be transferred to all shareholders by 8 for every 10 shares. share.
That is to say, in this dividend plan, the cash dividend alone is as high as 421 million yuan, accounting for 95.68% of the net profit of Amic in 2020. How arrogant? !
As soon as the generous dividend plan came out, it astounded the secondary market and also attracted inquiries from the Securities Regulatory Commission and some investors’ doubts.
The use of “high-sending dividends” can not only allow major shareholders to “cash out” from listed companies in a “reasonable and compliant” manner, but also take the opportunity to speculate on the company’s stock price in the secondary market, which was once a “featured” routine in the A-share market . Xu Xiang, who is now behind bars, is the most famous speculator who interprets this routine of linking with the core management of listed companies to the extreme.
For this reason, in recent years, the China Securities Regulatory Commission has also made some corresponding regulatory attention measures, and the exchange has also issued inquiries and concerns to many companies with high dividends.
Although Amicco quickly responded to the inquiry letter from the Shenzhen Stock Exchange, the company’s profit distribution plan is based on the company’s industry and the company’s development stage, the sustainability of performance growth, as well as funding arrangements and cash. The plan proposed by the chairman of the board of directors and the resolution of the board of directors, etc.
In fact, at least judging from the book figures, it also fully supports the dividend plan of Amec. As of the end of last year, the company’s audited profit for distribution to shareholders was 809 million yuan, and the capital reserve was as high as 3.545 billion yuan. Therefore, the dividend of 421 million yuan and the conversion of 8 shares from the capital reserve fund is not an exaggeration.
However, there are still investors who believe that the biggest beneficiary of the high dividend transfer of Amicco is its actual controller and the company’s chairman Jian Jun. As the founder of the company, Jian Jun directly and indirectly holds 38.04% of the shares (45.724 million shares) of Amicco, Only this dividend will be able to get about 160 million yuan in cash.
Of course, it is rather hasty to “cash out” company assets by major shareholders such as Jian Jun, but investors do have the power to question the behavior of major shareholders of listed companies.
Only, from the point of view of the consistency of interests, the first dividend plan that has just been listed accounts for such a high proportion of net profit, the company’s new and old shareholders have not diverged their interests due to this. In any case, the small and medium-sized investors of Amicco will indeed be pleased with such generous generous money from major shareholders.
From a medium to long-term perspective, if Amic can continue to achieve rapid growth in performance and maintain stable profitability, with such a high dividend distribution, it can manage and maintain the company’s market value and continue to attract investors. Why not?
The unsustainable market value of hundreds of billions
“Women’s Maotai”, many people like to call Aimeike, this is too much to look down on the god of hyaluronic acid!
You need to know that the overall sales of Moutai Group in 2019 exceeded 100 billion yuan. The listed company Kweichow Moutai (600519.SH) had sales revenue of 88.9 billion yuan in the same year, and net profit was as high as 41.2 billion yuan; according to the past 6 months Within, 45 institutions predict the performance of Kweichow Moutai in 2020, its net profit will reach 46 billion yuan, and the total revenue will also reach the 100 billion mark.
Correspondingly, the current market value of Kweichow Moutai (as of March 1, 2021) is 2.7 trillion yuan, and the rolling price-earnings ratio (TTM) is nearly 61 times. That is to say, nearly 190 billion total assets (184.6 billion at the end of the third quarter of 2020), 100 billion in revenue, and nearly 50 billion in net profit, support the nearly 3 trillion Maotai market value.
Look at “Women’s Moutai” again, according to the summary of the 2020 Amico annual report: the company’s total revenue is only 709 million yuan, a year-on-year increase of 27%; net profit is 440 million yuan, a year-on-year increase of 44%; the company’s total assets reach 46 100 million yuan, an increase of 533% over the pre-IPO period.
The above-mentioned main financial data corresponds to the current total market value of the company (as of March 1, 2021) 10