\u3000\u30 Shaanxi Zhongtian Rocket Technology Co.Ltd(003009) 67 Ningxia Xiaoming Agriculture & Animal Husbandry Co.Ltd(300967) )
The sales volume of commercial generation chicks increased steadily, the ancestral introduction realized population strengthening, and maintained the "buy" rating
Ningxia Xiaoming Agriculture & Animal Husbandry Co.Ltd(300967) released the annual report of 2021 and the first quarterly report of 2022: the company achieved a revenue of 714 million yuan (+ 32.29%) in 2021 and a net profit attributable to the parent company of 818456 million yuan (+ 62.88%). In 2022q1, the company achieved a revenue of 188 million yuan (+ 27.41%), and a net profit attributable to the parent company of 136439 million yuan (- 21.23%). In 2021, the sales volume of the company's main commodity generation chickens increased steadily, with an annual sales of 173 million feathers (+ 21.0%), accounting for 12.52% of the national market, with a year-on-year increase of 2.48 PCT; The average selling price of commodity generation chicks was 3.42 yuan / feather, an increase of 0.47 yuan / feather compared with 2021; The gross profit margin of main business was 22.46%, an increase of 1.15pct compared with 2021. Based on the steady growth of the company's sales volume of commercial egg laying hens, maintain the profit forecast from 2022 to 2023 and add the forecast for 2024, it is expected that the company will realize the net profit attributable to the parent company of RMB 115 / 127 / 161 million from 2022 to 2024, corresponding to EPS of RMB 0.61/0.67/0.84 respectively, and the current share price corresponding to PE of 27.5/24.9/19.7 times, maintaining the "buy" rating.
In 2021, a large number of egg laying hens were introduced and the production capacity of the company was strengthened
In June 2021, the company introduced 50000 Hailan brown, Hailan white and Hailan grey ancestral egg breeders from the United States, which is the first time that the company directly introduced Hailan series egg breeders from the United States after China lifted restrictions on poultry and poultry products in the United States, accounting for 31.83% of the number of ancestral egg breeders introduced abroad in 2021. In 2022, there was a high incidence of avian influenza in the United States, and it is expected that the import restrictions on poultry and poultry products in the United States will continue to strengthen. In 2021, the company introduced large-scale ancestral laying hens, which effectively strengthened the population stability and production capacity of the company's parent laying hens in the next two years.
The company actively promoted the expansion of production capacity, and the breeding capacity maintained a steady growth momentum
During the reporting period of 2021, the company expanded minning business department, built 16 chicken houses, and could store 240000 sets of egg breeders a year. It is estimated that the production capacity of commercial generation chicks will be increased by 19.2 million feather / year; The southern Seed Industry Center (phase I) project of the company is located in Changde. It is planned to invest 150 million yuan and is expected to cover an area of 100 mu. It will mainly build two supporting automatic incubation production lines to help the company realize the capacity layout of the company based in central and southern China and radiating the whole country; The parent generation seed industry base project of Hongsibao Jiangsu Nonghua Intelligent Agriculture Technology Co.Ltd(000816) industrial demonstration park of the company is located in Wuzhong City, Ningxia, with an investment of 300 million yuan. It is expected that 1 million sets of parent generation egg breeders will be added after completion. With the continuous release of new production capacity and the full implementation of the company's standardized production management mode, it is expected that the company's main business will continue to maintain a good growth momentum in the next few years.
Risk tip: the decline range of feed raw material price, the length of loss cycle of pig breeding industry, etc.
