In 2021, the aquaculture sector is under pressure, and the profitability of the seed sector continues to improve
In terms of the pig breeding industry, we choose from the industry of the pig breeding industry, where we choose from the industry of the industry of the industry of the pig breeding industry, where we choose ‘ Wens Foodstuff Group Co.Ltd(300498) \ nine companies as representatives. In 2021, the income of pig raising enterprises reached 386.8 billion yuan, a year-on-year increase of 12.3%, and the net profit attributable to mothers was – 39.74 billion yuan, a year-on-year decrease of 111.5%. Among them, Leshan Giantstar Farming&Husbandry Corporation Limited(603477) , Fujian Aonong Biological Technology Group Incorporation Limited(603363) , Muyuan Foods Co.Ltd(002714) revenue had the highest year-on-year growth, 107.26%, 56.6% and 40.2% respectively; In terms of net profit cashing, affected by the downward trend of pig price, except Muyuan Foods Co.Ltd(002714) and Leshan Giantstar Farming&Husbandry Corporation Limited(603477) other pig enterprises suffered losses in 2021.
In terms of seed industry, we select Yuan Longping High-Tech Agriculture Co.Ltd(000998) , Shandong Denghai Seeds Co.Ltd(002041) , Winall Hi-Tech Seed Co.Ltd(300087) , Hefei Fengle Seed Co.Ltd(000713) four companies as representatives for analysis. In 2021, the above four seed enterprises achieved a revenue of 9.74 billion yuan, a year-on-year increase of 18.1%, and the net profit attributable to the parent company was 650 million yuan, a year-on-year increase of 61.0%. Grain prices rose, the planting industry rebounded, and the profitability of upstream seed enterprises improved significantly.
Zhou’s view: the reversal of the pig cycle is imminent, and food prices continue to rise due to multidimensional catalysis
In 2022, the pig cycle is about to reverse, and the layout of production capacity is in the period of de industrialization. Recommend Muyuan Foods Co.Ltd(002714) , which has the leading breeding cost; Wens Foodstuff Group Co.Ltd(300498) , New Hope Liuhe Co.Ltd(000876) , with accelerated recovery of production indicators and reduced costs; Cycle reversal drives Fujian Aonong Biological Technology Group Incorporation Limited(603363) , with excellent performance flexibility; Leshan Giantstar Farming&Husbandry Corporation Limited(603477) , which has the advantages of breeding cost and capital; Relevant beneficial object Tecon Biology Co.Ltd(002100) .
Grain prices continued to rise due to multi-dimensional catalysis, and the landscape of the planting chain continued. It is suggested to pay attention to the target of grain price increase Jiangsu Provincial Agricultural Reclamation And Development Co.Ltd(601952) . Highlight the advantages of transgenic technology Beijing Dabeinong Technology Group Co.Ltd(002385) ; And Yuan Longping High-Tech Agriculture Co.Ltd(000998) , whose fundamentals will be improved; Relevant beneficial objects Shandong Denghai Seeds Co.Ltd(002041) , Winall Hi-Tech Seed Co.Ltd(300087) , Syngenta (to be listed).
The safety margin of the dynamic insurance sector appears, and the industry space may usher in accelerated capacity expansion. It is recommended that China’s leading enterprise of animal subunit vaccine Pulike Biological Engineering Inc(603566) .
The price of raw materials in the upper reaches rises, the demand in the lower reaches is booming, and the concentration of feed market in the middle reaches continues to increase. It is suggested to pay attention to the leading feed enterprise Guangdong Haid Group Co.Limited(002311) .
Market performance this week (4.25-4.29): Agriculture underperformed the market by 5.79 percentage points
The agricultural index lost 29.08% in the previous session, down 1.5 percentage points. The feed sector rose by 62.4%. In terms of individual stocks, jiawo shares (+ 20.90%), Shandong Xiantan Co.Ltd(002746) (+ 13.14%) and Hefei Fengle Seed Co.Ltd(000713) (+ 11.47%) led the gains.
Price tracking this week (4.25-4.29): the futures prices of pigs, chicken, bass, shrimp and corn rose month on month this week
Pig breeding: according to the monitoring of Boya Hexun, on April 29, 2022, the average price of three yuan pigs abroad was 14.91 yuan / kg, up 0.64 yuan / kg from last week; The average price of piglets was 29.61 yuan / kg, up 1.94 yuan / kg from last week; The average price of white striped meat was 19.75 yuan / kg, up 0.97 yuan / kg from last week. On April 29, the price ratio of pig feed was 3.83:1. According to wind data, on April 29, the average profit of self breeding head was -279.19 yuan / head, with a month on month increase of + 97.42 yuan / head; The average profit of purchased piglets is -58.49 yuan / head, with a month on month increase of + 99.12 yuan / head.
White feather broiler: according to wind data, the average chicken fry this week was 2.68 yuan / feather, with a month on month ratio of – 15.72%; The average price of wool chicken was 9.26 yuan / kg, a month on month increase of + 0.22%; The breeding profit of hairy chicken was 3.34 yuan / feather, a month on month increase of + 0.39 yuan / feather.
Risk tip: the macro economy is down and the consumption remains depressed; Uncertainty of animal diseases in winter, etc.
