\u3000\u3 China Vanke Co.Ltd(000002) 982 Hunan Xiangjia Animal Husbandry Company Limited(002982) )
Event:
Hunan Xiangjia Animal Husbandry Company Limited(002982) released the annual report for 2021: the total operating revenue was 3.006 billion yuan, an increase of 37.26% year-on-year, and the net profit attributable to the parent company was 256786 million yuan, a decrease of 85.28% year-on-year.
Key investment points:
The annual revenue increased steadily, the downturn of live poultry and the high cost dragged down the performance. During the reporting period, the company realized an operating revenue of 3.006 billion yuan (year-on-year + 37.26%), and the net profit attributable to the parent company was 256786 million yuan (year-on-year - 85.28%).
① the company's annual revenue increased steadily. From the perspective of live birds, the company sold 363702 million live birds (year-on-year + 37.24%), the sales revenue was 767 million yuan (year-on-year + 53.14%), the average sales price was 11.45 yuan / kg (year-on-year + 9.98%), and the sales volume increased significantly; In terms of ice fresh products, the company sold 76100 tons of ice fresh products (year-on-year + 22.22%); The sales revenue was 1.826 billion yuan (year-on-year + 15.04%). In 2021, the company's commercial broiler breeding production continued to maintain a good operation trend, with an annual breeding capacity of 75 million birds.
② the company's annual performance has declined. During the reporting period, the overall performance of yellow feather broilers was relatively low. Affected by the relationship between supply and demand, the unit price of Q2 and Q3 live birds was low in 2021. Although Q4 recovered slightly, the price of feed raw materials such as corn soybean meal increased sharply, and the profit space was further squeezed; At the same time, affected by the epidemic, the recovery of consumer demand is slow, which is far from reaching the consumption level before the epidemic.
The pace of diversified development has accelerated, laying a solid foundation for transformation and upgrading. During the reporting period, Shandong Taimiao 1.5 million feather standardized duck farm, 100000 feather breeding pigeon breeding base, Xiangjia Juyou 100000 ton Shimen citrus intelligent optimization center were successively completed and put into operation; The company's subsidiary Hunan Taimiao Xianfeng Food Co., Ltd. plans to build 10000 breeding pigs breeding projects, 200000 commercial pig farms and 1 million pigs slaughtered annually and deep-processing projects of meat products, which are expected to be put into operation in 2022; The company acquired 70% equity of Hunan Sanjian agriculture and animal husbandry and arranged the egg business. With the listing of pork slaughtering business in the future, it will achieve the diversified layout of chicken pork egg products and fresh products; At the same time, the company has set up a holding subsidiary Hunan Xiangjia gourmet Heart Food Co., Ltd., actively layout the prefabricated dishes, open up the cooked food road of yellow feather broiler, and develop the prefabricated dishes of Chinese catering, bringing new increment to the development of the company.
The prosperity of the yellow chicken industry will improve in 2022, and the profitability of the frozen fresh sector is expected to regain the upward trend. Throughout the year, yellow chicken is expected to show a trend of first low and then high after the continuous elimination of production capacity, and the industry fundamentals are expected to regain an upward trend. With the withdrawal of small and medium-sized production capacity, the industry concentration is further improved. At the same time, the conversion of yellow feather chicken live poultry to ice fresh is the general trend of long-term development. During the reporting period, the company continues to devote itself to the market development of ice fresh poultry products, develop the markets of the three eastern provinces, accelerate the development speed of stores, maintain a stable growth in the sales volume of ice fresh products, and its profitability is expected to be improved in 2022.
The profit forecast and investment rating predict that the net profit attributable to the parent company from 2022 to 2024 will be RMB 213 / 303 / 389 million and EPS will be RMB 2.09/2.97/3.82/share respectively. It is expected that the profitability of the "fresh chicken" sector will continue to increase in 2022, and the "fresh chicken" sector is expected to maintain a high profitability in 2022.
The risk indicates the risk that the company's performance is less than expected; The risk of less than expected penetration of chilled channels; The risk of continuous rise in the cost of feed raw materials; The risk of intensified competition of frozen fresh food; Risks of self-produced products of the company; Other risks that may affect food safety; Risks of the company's purchased products, etc.
