Zhejiang Yiming Food (605179) 证券时报网·2024-12-11 04:24Core Viewpoint - Yiming Food (605179.SH), known as the "first stock of milk bars," has experienced a remarkable surge, achieving a 12-day consecutive limit-up streak, marking the longest consecutive rise in the market without any apparent positive news [1] Company Overview - Yiming Food was listed at the end of 2020 and is headquartered in Pingyang, Wenzhou. The company primarily engages in the research, production, sales, and chain operation of fresh dairy products and baked goods, with "Yiming True Fresh Milk Bar" as its main sales channel [1] - As of December 11, the stock price reached 31.72 yuan, setting a new high since its listing, with a market capitalization of 12.7 billion yuan [1] Stock Performance and Market Activity - The stock has seen a price increase of over 200% in the last 60 days, with significant trading activity noted, including 7 instances of appearing on the daily trading leaderboard in 11 trading days, indicating active speculation by various funds [2] - The stock's trading volume during the 11-day limit-up period reached a turnover rate of 66.90%, suggesting a potential risk of a sharp decline [3] Financial Metrics - As of December 10, the company's price-to-earnings (P/E) ratio was 487.98, and the price-to-book (P/B) ratio was 10.43, both significantly higher than the industry averages of 27.45 and 3.46, respectively [3] - Yiming Food's revenue has shown consistent growth from 1.947 billion yuan in 2020 to 2.643 billion yuan in 2023, while net profit has fluctuated, with a decline from 1.32 billion yuan in 2020 to a loss of 129 million yuan in 2022, and a slight recovery to 2.237 million yuan in 2023 [6][7] Shareholder Activity - Recently, three investment management partnerships associated with Yiming Food's employee stock ownership plan reduced their holdings by a total of 138,200 shares, amounting to approximately 3.9857 million yuan [3][4] - The major shareholders include members of the controlling family, with the largest shareholder holding 70% of the company [4] Market Context - The recent surge in food sector stocks, including Yiming Food, is attributed to government policies aimed at supporting the real economy and boosting consumption, leading to heightened market expectations [5][6] - Analysts suggest that while there is potential for continued growth in the food and beverage sector, the rapid price increases may indicate a bubble, particularly for companies with declining performance [6]