Pig price rebounded by the listed company Xixi Half of Zhengbang Technology Employees' shareholding plan to float nearly 70 %

21st Century Economic Herald reporter Dong Peng Cheng Peng Chengdu report

This week, the National Development and Reform Commission stated that it is expected that the state and localities will put a total of about 200,000 tons of pork reserves in September, and the number of launch in a single month will reach the highest level of history.

The above placement stems from the continuous rebound of pig prices in the near future. Baichuan Yingfu data shows that by September 21, the average price of pigs in the country has reached 23.85 yuan/kg, exceeding the high point in early July this year.

But even so, due to the huge differences in their respective costs, breeding companies have different profit restorations.

The cost data given by Muyuan in early September is that "the company's full cost in the past two months is about 15.5 yuan/kg." By July this year, its average sales price exceeded 21 yuan/kg. The profit was obviously repaired.

In contrast, Zhengbang's science and technology cost is higher. The company's feedback on the 21st said, "The production capacity was obvious in the first half of the year, and the capacity utilization rate was not up, but the idle production capacity would generate depreciation and amortization expenses, resulting in the cost of not returning to the profit and loss balance line."

Compared with the same company company, it can also be seen that since the price of pig prices rebounded in April this year, Zhengbang's science and technology range has fallen significantly greater than the industry average.

And on the evening of September 20, the company issued an announcement that the company's first phase of employees' shareholding plan will expire on September 23. According to the arrangement of the employee shareholding plan and market conditions Essence

The shareholding plan is 16.05 yuan/share, and as of the close of September 21, Zhengbang Technology has closed at 4.99 yuan.

There are obvious differences in costs and profitability

As far as listed companies are concerned, Muyuan shares are the most obvious breeding companies with cost advantages, and their business conditions are very representative.

In terms of the company's cost and product sales, the profitability in the third quarter has been significantly improved.

In June of this year, the company's average sales price of pigs was 16.53 yuan/kg, which was in a small profit state. However, with the upward of the national pig prices, it had reached 21.33 yuan/kg in July this year.

Even if the number of outlets in a single month has declined slightly, the scale of income and the profit of unit breeding obviously increased significantly.

At the same time, considering the high level of pig prices in September, when the third quarterly report was released, the company was also expected to end the losses in the first and second quarters and turned to profit.

In fact, the current price of pigs with more than 23 yuan, most of the breeding companies can achieve profitability.

For example, the complete cost of the new hope in August was 17.4 yuan/kg, and the average cost of Dongrui shares in the first half of the year was about 18 yuan/kg. At the same time, the complete cost target was 16 yuan/kg.

Compared with each company, it can also be seen that since the price of pigs has greatly exceeded the industry profit and loss balance line in September, institutional investors have recently increased their research on related listed companies.

In contrast, the situation of Zhengbang Technology is more special. After the debt crisis broke out, the company had not released a research review of institutions for about 1 year. The only one is the online performance briefing held by the company in May this year.

At that time, the company pointed out that "the company's full cost in the first quarter was about 20 yuan/kg, and the cost of breeding was 16.45 yuan/kg after excluding four costs."

However, from the perspective of sales, since the price of pig price rebound in April, Zhengbang Technology is very anxious to ship.

Related data show that the company's outlet volume reached 918,600 heads in April this year, and it was slightly repeated in July this year, but by August, it had fallen to 613,500 heads. At the same time, starting in April, the company's pig columns have dropped rapidly from 103 kg to 86 kg, and in the past three months, it has maintained about 71-75 kg.

The standard column in the industry weighs 110 kg, and some can be raised to a horizontal column of more than 120 kg. Obviously, the piglet columns of Zhengbang Technology are not normal.

The company's announcement was explained as an explanation, "The decline in the company's pig sales and sales revenue is large mainly due to the adjustment of the company's operating strategy to optimize production capacity.

According to the feedback of Zhengbang Science and Technology on the 21st, "on the one hand, it is to recover the funds, and on the other hand, it is also because the company's operating strategy is adjusted. Compared with the first quarter, the company's cost in the second quarter increased, mainly because of the depreciation and amortization of idle production capacity. The cost, which raises the overall cost of the company, has not yet reached a profit and loss balance. "

It is also in the context of the above, Zhengbang Technology signed a framework agreement with Hubei Food Co., Ltd. last week, and plans to transfer some of the pig breeding industries under the listed company to the latter.

"The agreement stipulates that the company has the right to lease the relevant capacity of the relevant capacity to continue to use."

This is also helpless. On the one hand, the sale of assets can return funds, and on the other hand, disposal of idle production capacity can also reduce the amortization costs, thereby reducing the overall breeding cost of listed companies.

Pig Enterprise Employees Stock Plan Evaluation

"In late September, the pig market will enter the stock preparation stage before the National Day, and at this stage, the number of raw pigs in the country is generally low." Liu Sikui, an analyst at Central Plains Futures Agricultural Products, pointed out that at the same time, the consumption demand of residents has increased by the temperature. The supply of big pigs in the first month is still tense.

However, in terms of the cost of the industry, Yu Zhengbang Technology is far higher than that of the industry, even if the price of pigs continues to rise, its profitability is far from comparable to the same company.

The secondary market also reflects the above status and expectations. According to statistics, since early April, the number of pig breeding companies divided by Shenwan fell 6.76%, which was the top of Zhengbang Technology in the same period, reaching 35.28%. This is also related to the debt issue of the company and the major shareholders, and has formed a negative cycle.

For a simple example, Wind has only 3 pages of statistics on the trading of important shareholders of Zhengbang Science and Technology. Among them, the data after this year will account for 2.5 pages. Jiangxi Yonglian Agriculture is the main force to reduce its holdings.

Coincidentally, Zhengbang Technology has only launched an employee holding plan for 15 years, and the plan will expire on September 23.

In March 2021, the employee's shareholding plan bought a total of 12.027 million shares. At that time, the company's stock price was relatively high at that time, and its average transaction price reached 16.05 yuan/share.

As a result, pig prices declined in 2021, and the company's stock price continued to fall. By March this year, the holder's meeting was approved to extend the first phase of the employee holding plan for 6 months, that is, the lock -up period was extended to September 23, 2022.

As of September 21 this year, Zhengbang Technology's latest price has fallen to 4.99 yuan. According to this calculation, the "book" of the employee's shareholding plan has floated 68.9%.

"Do not continue to extend, the company also considers many comprehensive factors. It also involves asset management institutions, which also have relevant requirements for the total assets and total liabilities of the entire shareholding plan."

It should be pointed out that from 2006, the upper limit of the domestic pig price fluctuation range was around 21 yuan. When it fell from a high level to 25 yuan in the first quarter of 2021, industrial capital had a certain willingness to copy.

Taking new hope as an example, the two companies also started with feed, and they also belonged to the "rising show" of pig farming.

The difference is that although New Hope has planned to have a shareholding plan in 2021, even if he stepped on the brakes.

At the end of April this year, the new hope announced the termination of the employee holding plan for 2021.

At that time, the reasons given by the company were: "In view of the current market environment and the actual situation of the company, the new employee holding plan is planned ... After careful consideration, the company decided to terminate the employee shareholding plan."

Interestingly, after the first "bottoming" of the new hope employee's shareholding is not achieved, another draft of the 2022 employee holding plan was thrown at the end of April this year. Relevant proposal of election members. As of now, the new hope has not yet disclosed the purchase of substantive stocks.

This is at least a year and a half compared to Zhengbang Technology, and it has successfully escaped the stock price continued to continue to decline to the present. As far as the judgment and grasp of the timing are concerned, the new hope is indeed better than Zhengbang Technology.

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