Wen's shares reported "increasing increasing increasing increasing increasing benefits", and the profit in the second half of the year is expected to improve

Pig company leader Wen's (300498) released the semi -annual report on August 19. In the first half of the year, revenue increased by 2.96%year -on -year, and net profit loss was 3.524 billion yuan. In terms of quarterly, the company's losses were concentrated in the first quarter, with a loss of 3.763 billion yuan, and the company's profit was 240 million yuan in the second quarter. The agency believes that with the arrival of the upward trend of the pig cycle, the growth of the column is superimposed, and the company's profitability has improved.

Pig price rebounded in June to make a profit

The interim report shows that the operating income of Wen's shares in the first half of the year was 31.535 billion yuan, an increase of 2.96%year -on -year; net profit loss was 3.524 billion yuan, a year -on -year increase of 41.07%; the net loss of deducting non -recurring profit and loss was 3.864 billion yuan, a year -on -year increase of 22.61 %; Basic loss per share is 0.5547 yuan.

"Pig price has stabilized and recovered from March, but it is still low in general. During the reporting period, the average sales price of the company's hair pigs was 13.59 yuan/kg, a year -on -year decrease of 41.74%. , Continue to optimize the structure of pig breeding, strengthen production management, and continuously promote cost reduction and efficiency and increase efficiency. At present, the results have begun to appear, and the production of pig industry production has gradually improved. While overcoming the pressure of the price of feed raw materials Continue to decline. "Wen's shares said that in June, with the rise of pig prices, the company's pig industry achieved monthly losses after a year of loss.

According to the company's sales briefing, from January to June, the average sales price of the company's hair pigs was 14.09 yuan/kg, 12.55 yuan/kg, 12.17 yuan/kg, 13.33 yuan/kg, 15.74 yuan/kg and 17.10 yuan/kg.

Galaxy Securities analyst Xie Zhiyou believes: "The company takes pigs and chicken breeding as its core two main business. With the upward trend of the pig cycle, the growth of the company's profitability has improved. Good profitability, it is expected that the company's performance will turn a profit in 2022. "

Company: Pork demand in the second half of the year is expected to increase

It should be mentioned that the performance trailers of listed companies in the same industry show that during the reporting period, most of the net profit of listed companies in the same industry decreased or suffered losses year -on -year. At the end of the report, Wen's asset -liability ratio was 65.7%. In addition, the company began to implement the new leasing standards and issued convertible corporate bonds in 2021, increasing the debt of the reporting period by 14.830 billion yuan, and the asset -liability ratio was increased by approximately 4%.

In addition, the number of farmers in the company has not changed significantly, with a total number of 44,200 households. The proportion of the total number of households in each region accounts for 43.09%in the South China region, 19.64%in the East China region, 15.63%in Central China, 16.62%in the southwestern region, 3.55%in North China, 0.91%in the Northwest region, and 0.57%in the northeast region.

"The company has continuously optimized the structure of pig breeding. As of the end of the second quarter, it has reached 1.2 million sows, which is 100,000 compared to the 1.1 million heads at the end of the first quarter. The company plans to reach 1.4 million heads at the end of the year. The number of Zi Zai is 10.8, and the listing rate of meat pigs is close to 90%, all of which have been improved significantly. "In response, Huatai Securities researcher Feng He analyzed that the company is located in Guangdong and enjoys the price of Guangdong high pigs. The company promotes production capacity to high prices. It is expected to continue to improve.

As a leading pig company, how does the company look at the price of pork in the second half of the year?

In this regard, the company's Securities Department stated: "There are many traditional festivals in the second half of the year, the demand for pork consumption has increased, and the price of pork is generally better than the first half of the year, but the analysis of changes in the supply and demand of pork in the comprehensive market, the company cannot accurately judge."

The market showed that after Wen's shares disclosed the first half of the transcript of pig stocks, the pig stocks rebounded on Friday. As of the closing, Wen's shares rose 7.65%, and Tangshen and Dongrui shares rose 6.11%and 6.09%respectively. Gongli, Xinwufeng, etc. have risen.

Reporter Zhang Yan

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