The company publishes its semi-annual report for 2022. In the first half of 2022, the company achieved operating income of 461.12 million yuan, down 29.57% from the same period last year, and the attributable net profit was-59.09 million yuan, down 125.50% from the same period last year. EPSmuri 0.28 yuan, the weighted average ROE was-1.93%, down 13.99% from the same period last year. Among them, the company's Q2 realized operating income of 232.60 million yuan in 2022, down 5.2% from the same period last year, and the attributable net profit was-26.86 million yuan. The loss of Q2 was narrower than that of Q1-32.23 million yuan.
Affected by many factors such as low pig prices and rising prices of feed raw materials such as corn and soybean meal in the first half of the year, the performance of the company's pig farming business declined significantly in the first half of the year compared with the same period last year. Judging from the split of business factors, the company sold 242800 live pigs in the first half of 2022, an increase of 36.50% over the same period last year, including 171300 commercial pigs, 62000 piglets, 2900 breeding pigs and 6500 eliminated breeding pigs. The average selling price of commercial pigs in the first half of the year was 18.82 yuan / kg, down 47.65 percent from 35.95 yuan / kg in the same period last year. Affected by the decline in pig prices and the rise in raw materials, the company's pig farming business achieved sales revenue of 429.49 million yuan in the first half of the year, down 27.54 percent from the same period last year, and gross profit margin 12.9 percent, down 40 percentage points from the same period last year.
As of June 30, the company's asset-liability ratio was 28.40%, which was at a low level compared with its peers, and its capital structure was relatively sound. Looking forward to the third quarter, with the rebound of pig prices and entering the profit area, we expect the company's performance in the third quarter to show a month-on-month improvement trend.
Investment suggestion
It is estimated that the net profit of the company returning to the parent company from 2022 to 2024 is 816 million yuan, and the corresponding EPS is 0.26 Universe 1.23 Universe 3.83 yuan, PE is 157-34-11 times, the current stock price is 2.8 times corresponding to 2022 PB, maintaining the "overweight-B" rating.
Risk hint
The risk of epidemic situation of livestock and poultry, the risk of natural disasters, the risk of rising prices of raw materials, the risk of poor transportation.