第一财经·2025-08-29 04:48Core Viewpoint - The competition for the title of "stock king" between Hanwha and Kweichow Moutai has intensified, with Hanwha briefly surpassing Kweichow Moutai's stock price, raising questions about the sustainability of this position given historical trends of other companies that have attempted to dethrone Kweichow Moutai [2][11][15]. Group 1: Stock Performance - On August 28, Hanwha's stock price rose by 15.73%, closing at 1587.91 yuan, while Kweichow Moutai's stock price fell by 0.13% to 1446.10 yuan, resulting in Hanwha being 141.81 yuan higher than Kweichow Moutai at the close [2][5]. - The stock price of Hanwha fluctuated significantly on August 29, initially dropping below Kweichow Moutai before recovering and surpassing it again [4][5]. - Hanwha's stock has seen a dramatic increase of 133.86% from July 28 to August 28, significantly outpacing most of its industry peers [5][6]. Group 2: Financial Projections - Hanwha has projected its total revenue for 2025 to be between 5 billion to 7 billion yuan [5][15]. - The company reported a staggering year-on-year revenue growth of 4347.82% for the first half of the year, with revenues reaching 2.881 billion yuan and a net profit of 1.038 billion yuan, marking a return to profitability [14][15]. Group 3: Historical Context - Historically, companies that have surpassed Kweichow Moutai in stock price have not maintained this position for long, with the shortest duration being less than a day and the longest around a year [7][10]. - Kweichow Moutai has maintained its position as the highest-priced stock in A-shares due to its strong brand, deep competitive moat, and consistent long-term performance [11][12]. Group 4: Market Sentiment and Risks - Hanwha's current high valuation is reflected in its price-to-earnings ratio of 5117.75 and price-to-book ratio of 113.98, both significantly higher than industry averages [5][6]. - The company has acknowledged potential risks to its supply chain stability due to being listed on the "entity list," which could adversely affect its operational performance [6].