Main points of investment
This Thursday (August 25) there is a main board listed company "Jiahua shares" inquiry.
Jiahua shares (603182): the company is a soybean deep processing enterprise with soybean protein as its main product, which is sold all over the country, and has established good cooperative relations with domestic well-known enterprises such as Shuanghui Development, Cofco Group, Golden Dragon Fish, etc. at the same time, it is exported to more than 60 countries and regions, such as the United States, Japan, the European Union and so on. From 2019 to 2021, the company achieved operating income of 870 million yuan / 969 million yuan / 1.234 billion yuan, YOY of 5.01%, 11.34%, 27.43%, 14.21%, respectively, and realized net profit of 74 million yuan / 74 million yuan / 79 million yuan, YOY of 1.11%, 0.19%, 6.83%, and 2.67%, respectively. During the latest reporting period, 2022H1 achieved an operating income of 760 million yuan, an increase of 20.61% over the same period last year, and a net profit of 74 million yuan, an increase of 80.52% over the same period last year. According to the preliminary forecast, the company's net profit deducted from January to September in 2022 is 8914.03 to 108.9492 million yuan, an increase of about 98.67% to 142.81% over the same period last year.
Investment highlights: 1, soybean protein isolate has high protein content and nutritional value, and is one of the core materials in the field of food processing; as a leading manufacturer of domestic soybean protein isolate, the company accounts for more than 10% of the soybean protein isolate market. Soybean protein isolate not only plays an important role in promoting human health, but also has more excellent processing functional properties such as water and oil retention, emulsification and so on. it is widely used in meat products, dairy products, baked products and nutritional products and other fields. As the forerunner of the industry, the company independently designed the domestic soybean protein production line, and then adopted the new industrial model of "soybean-low-temperature soybean meal and oil-soybean protein-soybean dietary fiber". To achieve the transformation of the industry from deep processing to intensive processing, the industry is very forward-looking. During the reporting period, the company accounted for 10.70% of the soybean protein isolate market. 2. Under the background of the shortage of soybean protein industry caused by the rise in the price of raw materials and the reduction of electricity production in the upstream, the company's fundraising project "High-end Soybean protein production Base (Phase I)" has been built ahead of schedule, at the same time, the new oil workshop has also been officially put into production, and the new production capacity is expected to boost the company's performance. In recent years, with relatively stable product quality, the company has successfully established long-term and stable cooperative relations with many large food producers and traders at home and abroad. At the same time, in the industry, the supply of soybean protein industry is tight due to the rising price of upstream raw materials, as well as power cuts and other factors. In this context, the company's fund-raising project "High-end Soybean protein production Base (Phase I)" has been built ahead of schedule, the oil workshop in the new plant has also been officially put into production, and the new production capacity will boost the company's performance. 3. The company extends the industrial chain upstream and downstream with soybean protein as the core, and gradually forms a diversified product layout. Since its establishment, the company has continuously strengthened its R & D strength and formed a product matrix of more than 20 varieties of soybean protein isolate series; subsequently, it continued to plough the soybean deep processing industry chain and gradually established an industrial chain dominated by soybean protein, covering low-temperature edible soybean meal, soybean oil, soybean dietary fiber and other diversified products; effectively improve the added value of products to meet the needs of customers in different fields.
Compared with the listed companies in the same industry: there is no main business in China's A-share market that uses non-GM soybeans as raw materials and produces and sells soybean protein to achieve listing. Therefore, Beidahuang, Suken Nongfa and Denghai seed Industry in the agricultural and non-staple food processing industry are selected as comparable listed companies of Jiahua shares. According to the above-mentioned companies, the average revenue scale is 5.123 billion yuan, the PE-TTM is 40.46X, and the average sales gross profit margin is 31.36%. Relatively speaking, the company's revenue scale and gross profit margin are in the middle and lower range of the above-mentioned companies.
Risk Tip: companies that have started the inquiry process still have the possibility that they will not be listed due to special reasons.
