17 listed pig companies lost nearly 22 billion in half a year!The road to transformation behind "group destruction" is confusing

Wind Financial Reporter Wang Hao

A shares were settled in half a year in 2022.

According to incomplete statistics from reporters, 17 leading companies in the A -share market (Muyuan, Wen's, new hope, Zhengbun, Aoon, Tianbun, Daobong, Tiankang, Tangren, superstar farming and animal husbandry , Jinxinnong, Jingji Zhinong, Shennong Group, Xinwufeng, Dongrui, Luo Niushan, Zhenghong) in the first half of the year (including piglets, pigs, and commercial pigs), the total amount was about 62,482,700 It accounted for 17.08%of the number of raw pigs in the first half of the country.

However, it is difficult to get profitable. In terms of performance, no matter the size of the 17 companies, the net profit of the deduction of non -returning mother is negative, that is, the state of loss, which is rare in recent years.

Where is the road of pig companies under the trend of transformation and upgrading?

17 listed pig companies "group destroyed", Muyuan shares lost the annual profit of last year in half a year

The performance of the launch of pig companies is "destruction", and there are also changes in similarity.

According to public data, 17 listed pig companies lost a total of 21.819 billion yuan in the first half of the year. Among them, the "big pig farmer" Muyuan shares "led losses". During the reporting period, the net profit of the deduction of non-returning mother-6.871 billion yuan, a year-on-year decrease of 172.82%; followed by Zhengbang Technology, with a loss of 4.09 billion yuan, a year-on-year decrease of 348.28%; Once again, Wen's shares, with a loss of 3.864 billion yuan, a year -on -year decrease of 22.61%. Taken together, these three companies alone lost a total of 14.744 billion yuan, accounting for nearly 70 % of the total loss of 17 companies.

How deep is the loss? Muyuan shares are currently the highest market value of listed pig companies. Its non -net profit in 2021 was 6.785 billion yuan. In comparison, the results of last year have been lost in the first half of this year.

In addition to increasing losses, the cash flow of listed pig companies is another hidden worry. From the perspective of accounts receivable, Muyuan, Wen's shares, new hope, and Dabeongnong have increased to varying degrees from the end of the previous year. 623 million yuan. Regarding the significant increase in accounts receivable, the company explained that it was mainly due to the moderate increase in account receivables of excellent customers in this period of feed business.

From the perspective of asset -liability ratio, the problem can be seen. During the reporting period, the asset -liability ratio of Zhengbang Technology, Tianbang Food, Aunian Biological, Jinxinnong, Zhenghong Technology, Muyuan, Wen's shares, and Xinxin all exceeded 60%. Zhengbang Science and Technology's asset -liability ratio exceeds 100%, reaching 102.88%, an increase of 10.28%over the end of the previous year, an increase of 50.04%year -on -year.

In order to save the capital chain, in addition to the "conventional operations" such as improving assets and liabilities through capital operations such as transfer of equity, companies have opened "reverse operations". The reporter noticed that Zhengbang Technology sold 882,500 pigs in July 2022, of which 619,800 piglets and 262,700 commercial pigs. In other words, pigs were sold before "growing up".

This has also attracted a lot of market attention. Some investors have asked questions that the corporate situation is so severe that they are going to sell pigs? Zhengbang Technology stated that the company has adjusted sales strategies based on the industry and its own operations, further accelerating the return of funds by selling the inventory with strong sales capacity, and thickening the company's capital reserves to start development.

"A day when a pig earns thousands of dollars, I will never return"

In fact, the "falling into the entire line" of pig companies in the market is the inertia of continuous decline in pig prices in the early stage. The price of pigs began to fluctuate after Dafeng in January 2021, and the profitability of pig companies has gradually shrinking. In the first half of the same year, half of the A -share market has been losing money.

The current obvious turn is that the profit space of pig prices is returning. According to data from the Price Monitoring Center of the Development and Reform Commission, the national pig appearance price was 22.37/kg on August 24, and the expected profit was 830.96 yuan/head. Compared with the end of the second quarter, the increase was about 17%and 70.72%, respectively.

At the same time, although pig companies listed in the first half of the year were in a loss, if compared with the same period last year, it would be found that the losing curve of pig companies was reversing in V -type, and the data of the pigs in the second quarter was significantly better than the first quarter. For example, compared with a loss of 5.241 billion yuan in the first quarter, Makiyuan's losses in the second quarter of the company had a loss of about 1.6 billion yuan, and the loss was significantly narrowed. Because of this, on the first trading day after the release of the semi -annual report, Muyuan's stock price was relatively stable and did not fluctuate significantly.

As we all know, it is different from the cyclical changes in other industries. The pig farming in my country is often superimposed due to various factors, and severe changes have occurred in the volatility cycle. For example, the African swine fever in 2019 has greatly affected the price of pork. The price of pork rose from 16 yuan per kilogram in mid -2018 to 56 yuan per kilogram at the end of 2019, becoming the largest "pig cycle" increase in the past. Essence

So, for pig companies, whether the new round of pig cycles are opening and the inflike of the pig cycle will be. As the Pig Enterprise Daily Discovery, this will undoubtedly become one of the hot topics in the market.

Pacific Securities Analyst Cheng Xiaodong said that pig prices rose clearly and maintained a "optimistic" rating. Pig prices have recently risen steadily, and it may be repeated in the short term. From the perspective of production capacity, pig prices are in a clear period, and the trend will last until the first quarter of 2023.

"In the future, the pig cycle should not rise and fall." In the interview, a senior farmer said that the severe changes in the pig cycle before have complicated causes. In addition to African swine fever, environmental protection and other factors have also prompted small and medium -sized farmers to accelerate withdrawal. Nowadays, improving the level of large -scale breeding has become a consensus on the industry. In fact, with the announcement of the semi -annual report of pig companies, the movement of the policy is also ready. A few days ago, the National Development and Reform Commission issued news that it will put in batches of government pork reserves in batches in batches, and instructed local linkage to place reserves in batches. At the same time, reminding that farming (field) households should arrange production and operation reasonably, release pork commercial inventory in an orderly manner, increase market supply in a timely manner, maintain a normal outlet rhythm, and ensure the stability of supply. This is also the first time that the National Development and Reform Commission has carried out pork reserves and launching work since this year.

At the press conference of the National Economic Operations in July 2022, for the rise in pork prices in July and the problem of the later trend, the spokesman for the National Bureau of Statistics, Fu Linghui, clearly stated that the recent rise in pork prices was mainly due to the early pigs. The impact of production capacity, the breeding of the breeding households, and the rise of consumer demand. Although the price of pork has risen rapidly, the production of pig production is currently at a reasonable level. In addition, market control guidance is strengthened, which is conducive to stable supply and demand relationships. The possibility is not great.

Reporter's observation: Where is the transformation of pig companies?

Pig breeding has been different from the past. For listed pig companies, the impact of cutting the pig cycle on performance and continuous enhancement of profitability is a more important proposition than the current phased loss. In fact, the transformation has become a must -have for listed pig companies to respond to the change bureau.

Taking Muyuan's shares as an example, since the downstream slaughtering and the extension of the meat food business last year, its 2022 semi -annual report shows that the proportion of slaughter and meat food business has increased from 5.52%to 11.46%, and operating income has reached 50.075 billion yuan, a significant increase of 121.22%year -on -year Essence

Looking at the semi -annual report of the listed pig company, another keyword is intelligent. For example, the intelligent equipment developed by Muyuan covers multiple sections such as pig feed, breeding, slaughter, etc. New Hope established the R & D team of intelligent robots, and developed a series of breeding and such as "Hu Yangjie", "Xiujie and Pu" Breeding software; in June this year, Tianbang shares released the 2022 non -public offering of A -share stock plans. The total amount of fundraising is not more than 2.8 billion yuan, of which 2 billion yuan is used for digital intellectual pig farms upgrade projects.

However, no matter how plump ideals are, we must face the current sensation. Although the listed pig companies are being transformed, the future is still unknown, and the price of pigs is still the "life -saving straw" of most companies. Regarding whether investors are likely to turn losses in the third quarter to fourth quarter, Dabei Nong said that this mainly depends on the price of pig prices in the second half of the year. If the market has maintained a prosperous market, it is expected that the feed sector will rise from the previous month, but it is difficult to judge if the pig price market has changed significantly.

On the other hand, some people in the industry bluntly stated that most pig companies are still in the stage of exploration, and the achievements of the actual effects still face many problems.

"For example, although a large number of investigations will be conducted before the project is established, most companies still have a heavy price and light effect in the actual procurement process. The same price is compared with the payment method. Who is purchasing who is lower? "He admits that this is the" common problem "of many pig companies in the process of intelligence transformation, and this inertia idea of ​​comparison price comparison is undoubtedly hindered to intelligence in the moment when the relevant standards have not been established. Matching the process of industry development.

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