\u3000\u3 China Vanke Co.Ltd(000002) 311 Guangdong Haid Group Co.Limited(002311) )
Event:
The company released its 2021 annual report, which showed that the company achieved a revenue of 85.999 billion yuan, a year-on-year increase of 42.56%; The net profit attributable to the parent company was 1.596 billion yuan, a year-on-year decrease of 36.73%; The non net profit deducted was RMB 1.519 billion, a year-on-year decrease of 38.22%.
Comments:
The sales volume reached a new high, the production capacity was improved, and the price rise of raw materials led to a slight decline in the gross profit margin
In 2021, the company’s feed sales volume was 19.63 million tons, accounting for about 6.69% of the country’s total feed output, including 860000 tons of domestic sales and 18.77 million tons of external sales, with a year-on-year increase of 28%. The sales of poultry feed, pig feed and aquatic feed were 944 / 460 / 4.67 million tons respectively, with a year-on-year increase of 11% / 100% / 21% respectively. In 2021, the company invested in the construction of a new production capacity of nearly 5 million tons, added more than 30 feed plants, and increased the production capacity by about 3.7 million tons. In 2021, the price of feed raw materials rose rapidly. In the same period, the breeding end was at the low price of the cycle, and the upper and lower ends of the company were under pressure. The gross profit margin of feed business was 9.08%, down 1.24% year-on-year.
Upstream and downstream layout of the industrial chain, increase talent and R & D investment, and build scientific and technological agricultural and animal husbandry enterprises.
The company takes feed as the core, carries out bulk raw material trade business, and reduces the procurement cost of raw materials by virtue of the advantages of large-scale procurement and raw material substitution, so as to cope with the high price trend of raw materials in the future; The downstream expands to the pig breeding, aquaculture and poultry industry chain with the feed end. The company invested 653 million yuan in R & D in 21 years, with a year-on-year increase of 36.24%. The company’s R & D team has exceeded 3000 people, and plans to develop and innovate in feed, breeding and biological products, so as to build the company into a scientific and technological agricultural and animal husbandry enterprise.
Earnings forecast, valuation and rating
It is estimated that the company’s revenue in 22-23 years will be 106162/129511 billion yuan respectively (original value: 97.541120.124 billion yuan), and the net profit attributable to the parent company will be 24.25/48.70 billion yuan respectively (original value: 2.719/40.10 billion yuan). At the same time, it will increase the profit forecast for 24 years. The revenue is 158626 billion yuan, the net profit attributable to the parent company will be 6.419 billion yuan, and the EPS will be 1.46/2.93/3.86 yuan / share respectively, and the corresponding PE will be 40 / 20 / 15 times respectively. Referring to the historical valuation center of the company, the company will be given 27xpe in 2022, with the target price of 79.11 yuan, Upgrade to “buy” rating.
Risk tips
Animal epidemic; Extreme weather; Long term low pig price; Consumption recovered less than expected.
