Report summary:
On Friday (0415), the average selling price of Sanyuan pigs across the country was 12.61 yuan / kg, up 1.04% from last Friday; The average selling price of Sanyuan piglets outside 15kg nationwide was 26.36 yuan / kg, up 1.15% from last Friday. Pig prices fell first and then rose this week. Due to the overall surplus of pork supply, coupled with the covid-19 epidemic affecting food and beverage consumption and residents’ income, and the decline of living expenditure ability, the price of live pigs fell mainly in the first half of the week. On Tuesday, Huashang reserve issued a notice on the purchase and storage of 40000 tons of central frozen pork, which was auctioned on Thursday. In addition, Sichuan, Gansu, Jiangxi and other places have also successively launched the second round of provincial and municipal pork reserve collection and storage, which has a certain boost to the confidence of farmers, and some have anti price psychology. In addition, the epidemic caused great difficulties in transportation, and the rise in freight still affected the market. In the second half of the week, the pig price rose again, and the increase was increasing.
But generally speaking, in the first half of the year, the pig market is still oversupplied, and there is still pressure for the continuous rise of pig prices. Under the continuous loss of the industry, the capacity removal will continue, not step by step or even thousands of miles. The accumulation potential of capacity removal will eventually lead to the arrival of the inflection point of the cycle. At the current time point, we continue to focus on the pig breeding sector. We believe that there are differences in the industry about the inflection point recently, and we still maintain the judgment that the q2-q3 inflection point is coming. It is suggested to grasp the investment window period of the pig breeding sector, and the companies are at the bottom range from the average market value dimension, while the performance is low, and the market has been fully expected, so there is no need to worry too much. At this stage, we continue to recommend breeding head enterprises that have obvious advantages in cost control, followed by second-line and small American Standard enterprises that focus on Dilemma reversal, large cost improvement expectation and certainty of listing growth. Highlight Muyuan Foods Co.Ltd(002714) , Wens Foodstuff Group Co.Ltd(300498) , Tecon Biology Co.Ltd(002100) , Beijing Dabeinong Technology Group Co.Ltd(002385) , etc.
Market review:
In the sub industries of agriculture, forestry, animal husbandry and fishery this week (04110415), the weekly increases and decreases are as follows: feed 5.03%, planting 3.54%, fishery 3.27%, Shenzhen Agricultural Products Group Co.Ltd(000061) processing 2.94%, livestock and poultry breeding – 0.33%, animal health care – 5.92%. Among the companies in agriculture, forestry, animal husbandry and fishery industry this week (04110415), the top five companies are: Zhongnongfa Seed Industry Group Co.Ltd(600313) 15.50%, Xinjiang Talimu Agriculture Development Co.Ltd(600359) 15.06%, jiawo shares 13.12%, Hainan Shennong Technology Co.Ltd(300189) 12.22%, Hainan Jingliang Holdings Co.Ltd(000505) 11.90%; The top five companies are: Xinjiang Tianshan Animal Husbandry Bio-Engineering Co.Ltd(300313) -8.52%, China Animal Husbandry Industry Co.Ltd(600195) -8.83%, Shandong Oriental Ocean Sci-Tech Co.Ltd(002086) -9.27%, Pulike Biological Engineering Inc(603566) -10.23%, Hubei Wuchangyu Co.Ltd(600275) -12.43%.
Key tracking:
1. Guangdong Haid Group Co.Limited(002311) released the annual report of 2021 and the first quarterly report of 2022
Event: on April 12, Guangdong Haid Group Co.Limited(002311) released the annual report of 2021 and the first quarterly report of 2022. The company achieved a revenue of 85.999 billion yuan, yoy + 42.56%, and a net profit attributable to the parent company of 1.596 billion yuan, yoy-36.73%; In Q1 of 22 years, the company achieved revenue of 19.953 billion yuan, yoy + 26.98%, and net profit attributable to parent company of 201 million yuan, yoy-71.62%.
Key recommendations:
[key recommendations] Wens Foodstuff Group Co.Ltd(300498) , Beijing Dabeinong Technology Group Co.Ltd(002385) , Yuan Longping High-Tech Agriculture Co.Ltd(000998) , Guangdong Haid Group Co.Limited(002311) , Jinyu Bio-Technology Co.Ltd(600201)
[suggestions for attention] Tecon Biology Co.Ltd(002100) , Jiangxi Zhengbang Technology Co.Ltd(002157) , Yantai China Pet Foods Co.Ltd(002891) , Petpal Pet Nutrition Technology Co.Ltd(300673) , Wuhan Keqian Biology Co.Ltd(688526)
Risk tips: the risk of livestock and poultry price fluctuation, the impact of extreme weather, the impact of animal diseases, etc.
