Haida Group (002311): Feed sales continue to rise and market share continues to increase

Haida Group (002311): Feed sales continue to rise and market share continues to increase

Event 1: On April 15, the company announced its 2018 annual report: the report actually realized operating income of 421.

570,000 yuan, an increase 武汉夜网论坛 of 29 in ten years.

49%; realized net profit attributable to mother 14.

37 ppm, an increase of 19 in ten years.

06%, corresponding EPS is 0.

9 yuan / share.

Event 2: On April 15th, the company announced the third phase of the employee shareholding plan of the core team. The plan is to implement the employee shareholding plan to no more than 30 core personnel of the company, including directors, supervisors, and no more than four senior managers.The number of other core personnel does not exceed 26; the source of funds is the special fund of the company’s shareholding plan of 30.18 million yuan, and the 2018 expenses have been accrued.

Our analysis and judgement: 1. Sales of feed business increased against the trend and the competitive advantage was obvious.

The report reports that the main aquatic feed, 杭州桑拿 pig feed and poultry feed of the main companies are facing downturn in the downstream industry: the price of aquatic products has risen, the swine fever outbreak in Africa has led to the decline of live pig stocks, and the pressure on the environmental protection of poultry and livestock has moved to low levels;pressure.

The company’s annual feed sales volume reached 1,070 inches, an increase of 26% throughout the year; feed revenue was 349.

65 ppm, an increase of 31 in ten years.

77%, affected by the downturn in the pig breeding industry, with a gross profit margin of 11.

04%, a decrease of 0 per year.

52 points.

Among them: 1) aquatic feed: sales of 311 tons, an annual increase of 23%; according to the company’s announcement, a series of special aquatic product fish feed continued to grow at a rapid growth rate of about 40%; crayfish feed increased more than 100%,Aquatic feed structure continued to optimize; 2) Pig feed: sales of 232 tons, an increase of 53%; among them, Guangdong and Hubei, the core region, saw sales growth of more than 30%, and new development areas grew rapidly; 3) Poultry feed: 527 sales, with an annual increase of 19%, According to the annual report, the traditional dominant breeds of poultry eggs, meat and duck feed increased steadily, broiler feed increased by about 40%, and goose feed increased significantly.

  The company’s feed sales increased against the trend, grabbing market share, and outstanding growth!

  2. Steady layout of the pig breeding industry and long-term and long-term development foundation.

The company has laid out a pig breeding industry, which has rapidly expanded in the scale of “self-propagation and self-support” and “company + farmers”.The head is the “company + farmer” model; according to the company announcement, the maturity of the company’s breeding team is changed, the establishment of the breeding technology research system and the implementation of the farming information system effectively improve the breeding efficiency.Controlled within 12 yuan / kg in the second half of the year. At the same time, a mature breeding system is trying to promote the rapid development of the company’s breeding business. It is expected that the number of pigs that can be slaughtered from 2019 to 2020 will reach 1.2 / 1.8 million.increase.

  3. Promote employee stock ownership plan and improve incentive mechanism.

The company announced the draft of the third phase of the employee shareholding plan of the core team: it is planned to implement the employee shareholding plan to no more than 30 core personnel of the company, including directors, supervisors, senior management personnel of no more than 4, and other core personnel of no more than 26;The source of funds was 30.18 million yuan from the special fund of the company’s shareholding plan.

Continued promotion of employee stock ownership will help bind employees’ interests and establish a long-term benefit-sharing mechanism.

Investment suggestion: Estimated company net profit for 2019-2021.

33/26.

82/33.

23 trillion, corresponding to EPS 1.

1/1.

7/2.

1 yuan, 6-month target price of 35 yuan.

Risk reminder: the price of aquatic products rises less than expected; the price of pigs rises less than expected; the risk of outbreaks on pig farms; the sales of feed are less than expected; the risk of natural disasters