Hefeng Animal Husbandry (603609)： Broiler Chickens, Feed Volume and Profit Increase, Performance Increases
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Hefeng Animal Husbandry (603609): Broiler Chickens, Feed Volume and Profit Increase, Performance Increases
The event company announced an announcement of the 2019 results increase. In 2019, the company realized a net profit attributable to shareholders of listed companies of 11.2-11.5 ten percent, an annual increase of 102.92% -108.36%.In the fourth quarter of 2019, the company realized a net profit attributable to shareholders of listed companies of 4.07-4.370,000 yuan, an increase of 176 in ten years.87% -197.28%. Our analysis and judgment of broiler chickens, feed business volume, profit growth, company performance growth and growth. In terms of broiler chickens, the boom of the poultry chain in 2019 is high.Total farming volume has increased by 36% to about 4 per year.2.2 billion birds, slaughter 上海夜网论坛 volume increased by 15% to about 5 in ten years.2.3 billion birds.At the same time, the company strengthened refined management and further improved its operating capabilities and comprehensive profitability. In terms of feed, the company strengthened the research and development of feed products, market development and services, further improved product performance and market competition, and the total sales of feed increased.With a target of 3% to 262%, the sales of poultry, anti-poultry, ruminant, aquatic products, and special feeds have all increased, and the sales of pig feed have increased against the trend in the context of domestic pig inventory replacement.7%. Steady growth in broiler business performance is expected in 2020, feed sales will continue to improve According to Boya and Hexun data, the monthly range of monthly growth of parental breeding broilers from January to November 2019 will range from 10% to 21%. We expect2020年 年商品代白羽肉鸡供给增加10-15％左右。On the demand side, as the pork fills the remaining gap, it is expected that the alternative consumption of chicken will still be maintained at a high level, and the average average price of chicken in 2020 is expected to be the same or slightly lower than in 2019.The company’s broiler breeding volume and industry supporting capabilities continue to improve, and its performance will continue to grow steadily. Against the background of insufficient animal protein supply and the increase of other livestock and poultry production, the company’s poultry will gradually increase in 2020, and aquatic feed is expected to maintain a high growth.In terms of pig feed, hog production capacity continued to recover under the support of high pig prices and policies. In December 2019, the national breeding sow inventory increased by 2 compared with the previous month.2%, 3 consecutive months of sequential growth. At the same time, the company’s Northeast region is more enthusiastic about rehabilitation, and the company’s pig feed sales growth is expected to accelerate further. The pig industrialization project is planned to be built, and the new driving of the pig business will be strengthened. On December 28, 2019, the company and the Aohan Banner People’s Government signed the “Framework Agreement on Pig Industrialization Project”. The two parties will start in 2020 and use 3-5 years.Time to build 2 breeding pig breeding bases, build 500 breeding farms (communities) with an annual slaughter of 1,000 heads, and achieve the goal of producing 500,000 pigs per year. At the same time, build a slaughtering and deep processing unit with an annual slaughter capacity of about 1 million heads.Processing plant.The initial estimated project investment is 100,000 yuan. Since 2016, the company has successively deployed pig breeding projects in Liaoning, Henan, Hebei, Heilongjiang, and Anhui, and began to build pig breeding bases. The implementation of this project will further improve the company’s pig industrialization layout, expand pig production capacity, and enhance pig production.Business drivers. Investment advice: We expect the company’s operating income to be 178 in 2019-2020.27, 202.54 ppm, an increase of 13 each year.18%, 13.62%; net profit attributable to mothers is 11.34, 12.8.4 billion, an increase of 105 each year.43%, 13.23%, corresponding to PE of 10.0x, 8.8x, maintain the company’s “Buy” rating. Risk warning: the price of raw materials fluctuates sharply; the price of livestock and poultry drops sharply; a major epidemic occurs.