Securities code: 002567 securities abbreviation: Tangrenshen Group Co.Ltd(002567) Tangrenshen Group Co.Ltd(002567)
Record of investor relations activities
□ specific object research □ analyst meeting
Investor relations □ media interview □ performance briefing
Activity category □ press conference □ Roadshow
□ site visit ■ others: teleconference
Tianfeng Securities Co.Ltd(601162) : Chen Xiao, Chen Lian Huaxia Fund: Wang Shijia, Liu Ruicong Wanjia Fund: Qiu Geng, Tao Ruiyuan Fund: Li Zhenglong
China Post Fund: Qi Zheng China Securities Co.Ltd(601066) Fund: Sun Yongtai
Ping An Fund: Huang weipeng Hua Fund: Xie Tianyuan, Huang Yi songjingshun Great Wall Fund: Tang Yi Huatai Insurance: Zhang Yan
Huatai Bairui: LV Huijian everyone’s assets: Zhang Jing, Hu Xiao
CCB Trust: Wu Xiaopeng CCB Fund: Yao Jin
Oriental Fund: LV Yanchen, Jinfeng Xinhua Fund: Cai Chunhong
BAOYING Fund: Zhang ruolun Guangfa Fund: Wang Boming
ABC financial management: Gong Xiaohui Harvest Fund: Xu Yingting
Dacheng Fund: Li Yanning, BOCOM Schroeder Fund: Yang Shuai
Huaxia Finance: Liu Yuxi Huaxia Wealth: Zhang Ting
ICBC financial management: Zhao Wei Jinying Fund: Pan Lijian
Zhongrong Fund: Zhang Pei Zhongjia Fund: Li ningning
Name of participant: Sino Italian assets: Zang Yi Cathay Pacific Fund: Zhijian
And personnel name: Guoshou security: Xiong Liang Wanfang assets: Huang Jun
Zhongtai Securities Co.Ltd(600918) self operated: Han Liping CNOOC Fund: he Wenyi
Zhejiang Jing’an Investment: Tong Chengjing Changjiang pension: Li Ze
Great Wall Fund: Su Junyan Yingfeng capital: Liu Dongjian
Yingda insurance assets: Xu Wenhao Xuanbu Investment: Xia Yi
Xingtai Investment: Chen Tingting Xincheng Fund: Ge Shuai
Western Lide Fund: Wen Zhenyu Taoguan Investment: Li Peike
TEDA Manulife: Zhuang Tengfei The Pacific Securities Co.Ltd(601099) insurance: Zhu Xiaohu
Shenwanlingxin Fund: Pan Yu Shangyin Fund: Li Jiqi
Shanghai snowball Investment: Wu Yuanchao Shanghai Qingcong Investment: Cao Chen
Shanghai guishuo assets: tianqianhai open source Fund: Tian Wei
Nord Fund: Luo Shifeng Minsheng Jiayin: sun ChangLei
Ruisi capital: Zhang luojinjian investment management: Gong Jiabin
HSBC Jinxin: Fei Xinhan Huian fund management: Ren Wangyu
Hua’an Fund: Wang xuran Hongyi Yuanyuan Fund: Wang Xingwei
Hangzhou Micang capital: Liu Changge Ru asset management: Hao Mingzhe
Dongxing Fund: Kangkai Dongwu Fund: Zheng Weiyu
Donghai Fund: Yang hengchengquan capital: Wang Wenjun, Zhang Mengyuan
Chengdu Jinyue Hengrui: he Chaofei CAITONG Fund: Shen Li
Beijing Runhui assets: Li Yong Anxin securities assets: Zhu Wenjie
3W Fund Management Limited: Wang Yinuo
Wells Fargo Fund: Xiao Weibing, Xu Zheqi, Peng Chenchen, Yu Chi
SDIC UBS: Feng Xinyue, sang Jun, Zhou Hongcheng, Wu Mocun
Time: 14:00-15:00, January 29, 2022
Location: conference room on the third floor of the company headquarters
Secretary of the board of directors of listed companies: Sun Shuangsheng
Name of receptionist: investment securities department: Tan Yongbo
First: introduction stage
Introduce the basic information and development strategy of the company (see the publicly disclosed information).
Second: question and answer stage
Q: The company’s losses in 2021 and the main reasons?
A: The company expects a loss of 980 million yuan to 1150 million yuan in 2021, mainly due to: (1) pig overcapacity, a sharp decline in pig prices, and the company’s fat pig sales price decreased by about 20% compared with the same period last year
At the same time, the rising price of feed raw materials and the increase of personnel reserves have led to the rise of breeding costs of the company; In addition, in the first half of the year, the company purchased some high priced pig seedlings for fattening in the “company + farmer” mode, resulting in high fattening cost of “company + farmer”; (2) The company has accrued the inventory falling price of consumptive biological assets and productive biological assets; Losses due to the expansion of pig farm; In order to optimize the sow structure, improve production efficiency and eliminate the losses caused by low-performance sow investor relationship activities, the total amount of the above preliminary calculation is about 370 million yuan; (3) The company conducted a preliminary impairment test on the acquired enterprises and made provision for goodwill impairment; Due to the expansion of breeding scale, the new main content introduces financing loans, resulting in large financial expenses. The total amount of the above preliminary calculation is about 300 million yuan.
Q: What is the pig marketing structure of the company in 2021?
A: In 2021, the company sold 1.5423 million pigs, including 627600 piglets and 914700 fat pigs. Since the third quarter of 2021, the company has significantly reduced the number of piglets. Structurally, there are more piglets in the first half of the year and more fat pigs in the second half of the year.
Q: Changes in the average weight of pigs released by the company in 2021?
A: The average weight of the company in the first quarter of 2021 was about 113 kg, showing an overall upward trend in the later period, and the average weight of the company in the fourth quarter was about 122 kg.
Q: What is the proportion of Longhua agriculture and animal husbandry among the pigs released by the company in 2021?
A: Affected by the adjustment of pig production capacity structure and marketing structure, Longhua agriculture and animal husbandry did not increase significantly in 2021, accounting for about 20% of the company’s total pig marketing.
Q: What is the company’s plan for pig slaughter from 2022 to 2023?
A: According to the existing production capacity and capital situation, combined with the business objectives of the pig business department, the company reasonably arranges the marketing plan, and plans to sell 2 million and 3.5 million pigs respectively from 2022 to 2023, of which the proportion of Longhua agriculture and animal husbandry is expected to be about 30% and 40%.
Q: What is the company’s feed sales plan for the next three years?
A: According to the compound annual growth rate of feed sales not less than 12%, it is estimated that the feed sales from 2022 to 2024 will be about 5.6 million tons, 6.2 million tons and 7 million tons respectively. In terms of structure, the proportion of pig feed and aquatic feed is expected to show an overall upward trend.
Q: The company’s capital and financing sources?
A: The company’s capital situation is generally good, and the future financing mainly comes from the following aspects: introducing social capital in the form of establishing industrial fund; Complete the financing by means of project loans with a term of 5-7 years; Under the control of financing cost, the capital demand is solved by issuing medium and long-term US dollar bonds and liquidity loans.
Q: Epidemic diarrhea and African swine fever in the pig industry in winter?
A: Epidemic diarrhea occurs every winter, and the impact degree will be different every year. African swine fever will exist in China for a long time. At present, there is no large-scale outbreak in the south, and some areas in the north are relatively serious. The occurrence of African classical swine fever is related to stock density, ambient temperature, rain and other factors. According to historical experience, African classical swine fever is easy to occur in winter in the north and in summer in the south.
Q: Changes in the company’s sow feed sales?
A: In May and June 2021, the sales volume reached a high point, and then showed a downward trend as a whole. Among them, there was a large decline in September and October, picked up in November and relatively stable in December. In January 2022, due to the influence of pre year stock and other factors, the month on month growth rate of sow material increased, but the month on month growth rate was basically the same as that in historical normal years.
Q: The company’s pig industry development plan?
A: On the one hand, the company will add pig production capacity at the bottom of the cycle. For example, Longhua agriculture and animal husbandry will add 1 million pigs in 2021, and the company plans to sell 5 million pigs in 2024; On the other hand, the company will improve the low-cost management and control system of the pig industry, such as improving the production efficiency of sows, improving feed nutrition formula, realizing precise nutrition and reducing feed consumption cost; Improve the efficiency of personnel and funds, formulate and monitor the environmental indicators of pig farms, do a good job in epidemic prevention, consultation and treatment in time, ensure the health of pigs, reduce the production cost of piglets and the weight gain cost per kilogram of fat pigs, and improve the profitability of each pig, so as to enhance the overall profitability of the company’s pig industry.
Annex list none (if any)
Date: January 29, 2022
