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Stock Analysis & ValuationShandong Oriental Ocean Sci-Tech Co., Ltd. (002086.SZ)

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Previous Close
$2.28
Sector Valuation Confidence Level
Low
Valuation methodValue, $Upside, %
Artificial intelligence (AI)27.371100
Intrinsic value (DCF)1.02-55
Graham-Dodd Method0.25-89
Graham Formula1.31-43

Strategic Investment Analysis

Company Overview

Shandong Oriental Ocean Sci-Tech Co., Ltd. is a diversified Chinese enterprise with core operations in marine aquaculture and food processing, headquartered in the coastal city of Yantai, Shandong Province. Founded in 2001 and listed on the Shenzhen Stock Exchange, the company has established a vertically integrated business model spanning the entire seafood value chain. Its primary activities include the breeding and cultivation of high-value marine products like sea cucumbers, shellfish, and kelp seedlings, supported by advanced species improvement and fish raising technologies. Beyond its core marine business, the company has expanded into complementary sectors including aquatic product processing, bonded logistics, refrigeration, and real estate development, creating a unique hybrid operational structure. Operating in the Consumer Defensive sector's Packaged Foods industry, Shandong Oriental Ocean Sci-Tech leverages China's growing demand for premium protein sources and health-conscious food products. The company's strategic location in a major seafood production region provides natural advantages for sourcing and distribution, while its scientific approach to aquaculture positions it at the forefront of sustainable marine resource development in China's rapidly evolving food industry.

Investment Summary

Shandong Oriental Ocean Sci-Tech presents a high-risk investment profile characterized by significant operational challenges. The company reported a substantial net loss of -CNY 190.4 million for the period, with negative EPS of -0.1 and concerning negative operating cash flow of -CNY 193.1 million. While the company maintains a moderate debt level of CNY 52.97 million against cash reserves of CNY 404.6 million, the persistent cash burn and operational losses raise serious sustainability concerns. The beta of 0.68 suggests lower volatility than the broader market, which may appeal to risk-averse investors, but the fundamental business performance indicates structural issues. The lack of dividend payments reflects the company's focus on preserving capital amid financial stress. Investment attractiveness is heavily dependent on the company's ability to turnaround its core marine operations and achieve profitability in its diversified business segments, making this suitable only for speculative investors with high risk tolerance.

Competitive Analysis

Shandong Oriental Ocean Sci-Tech operates in a highly competitive landscape within China's marine aquaculture and packaged foods sector. The company's competitive positioning is defined by its vertical integration from sea-farming to processing, which provides supply chain control but also exposes it to operational complexities across diverse business units. Its specialization in premium products like sea cucumbers represents a niche advantage, targeting higher-margin segments of the market. However, the company faces intense competition from both specialized aquaculture firms and larger diversified food conglomerates with greater financial resources and distribution networks. The negative financial metrics suggest competitive disadvantages in operational efficiency and cost management compared to industry leaders. The company's expansion into real estate and tourism represents a diversification strategy that may dilute focus from core competencies while introducing additional competitive pressures from specialized players in those sectors. Geographic concentration in Shandong province provides regional advantages but limits national market penetration compared to competitors with broader distribution. The company's scientific approach to marine technology development could potentially create long-term competitive advantages through product quality and sustainability credentials, but current financial performance indicates these advantages have not yet translated into market success. The competitive landscape requires significant operational improvements and strategic focus to achieve sustainable positioning against better-capitalized rivals.

Major Competitors

  • Zhonglu Co., Ltd. (002447.SZ): Zhonglu is a significant competitor in aquatic product processing and trading with stronger financial stability. The company benefits from established export channels and processing capabilities that give it scale advantages in international markets. However, Zhonglu has less vertical integration in sea-farming compared to Shandong Oriental Ocean, making it more dependent on external suppliers. Its focus on processed aquatic products rather than live cultivation creates different market positioning and risk profiles.
  • Dahu Aquaculture Co., Ltd. (600257.SS): Dahu Aquaculture specializes in freshwater aquaculture with particular strength in crayfish and other premium species. The company has developed strong brand recognition in domestic markets and operates with better operational metrics. Dahu's focus on freshwater species creates differentiation from Shandong Oriental Ocean's marine focus, but both compete for similar consumer segments seeking premium aquatic products. Dahu demonstrates stronger financial performance and market execution capabilities.
  • Zhanjiang Guolian Aquatic Products Co., Ltd. (300094.SZ): Zhanjiang Guolian is one of China's largest integrated aquaculture companies with comprehensive operations spanning breeding, farming, processing, and distribution. The company possesses significant scale advantages and export capabilities that Shandong Oriental Ocean lacks. Guolian's stronger financial position and international market presence create competitive pressure, though Shandong Oriental Ocean's focus on specific premium species like sea cucumbers provides some niche differentiation. Guolian's operational efficiency and market reach represent significant competitive challenges.
  • Zoneco Group Co., Ltd. (002069.SZ): Zoneco Group specializes in scallop farming and processing with dominant market position in certain shellfish categories. The company has experienced its own financial challenges but maintains stronger brand recognition in specific product segments. Zoneco's focus on scallops creates different competitive dynamics compared to Shandong Oriental Ocean's broader marine product portfolio. Both companies face similar industry challenges including environmental factors and market volatility, creating parallel competitive pressures.
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