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暗盘情报丨米高集团现涨7.84%,成交额逾38万港元

Undermarket Information丨Migao Group is now up 7.84%, with a turnover of over HK$380,000

Futu News ·  Mar 20 16:18

According to Futu News on March 20,$MIGAO GROUP (09879.HK)$Today's dark market opened higher. It is now up 7.84% to HK$4.40, with a turnover of HK$386,000 and a total market value of HK$3.96 billion.

Market Source: Futu Securities Securities>

Company Overview

Migao Group is a domestic potash fertilizer company in China. It specializes in various potash fertilizer products, covering product lines such as potassium chloride, potassium sulfate, potassium nitrate, and compound fertilizer. In the past performance record period, the main products of the Migao Group were potassium chloride and potassium sulfate. Sales of lithium chloride accounted for 60.1%, 82.8%, 85.2% and 85.3% of the company's total revenue during the first eight months of fiscal year 2021, fiscal year 2022, fiscal year 2023 and fiscal year 2024, respectively. As another main product, sodium sulfate accounted for 25.1%, 13.9%, 10.1% and 11.0% of the company's total revenue, respectively. In addition to the two main products, the company's remaining revenue comes from sales of potassium nitrate, compound fertilizer, and other by-products and additional businesses. The Migao Group currently has five main production bases in Northeast China, North China and South China, equipped with advanced production equipment, and plans to build a new plant in Mianyang, Sichuan Province to resume production of nitrate.

China's potash industry is booming. According to the 2022 potash sales statistics, Migao Group ranked third among Chinese potash companies and second among fertilizer production companies that do not have their own potash reserves (that is, non-reserve potash companies). In 2022, Migao Group's total potash sales accounted for about 7.1% of the total Chinese market share. In the potassium chloride, potassium sulfate and potassium nitrate segments, according to sales revenue, the company occupied the third, fourth and fifth positions in the same industry, respectively. Among them, potassium chloride sales accounted for about 7.0% of China's total sales revenue of potassium chloride in the same year, potassium sulfate accounted for 4.0%, and potassium nitrate accounted for 0.3%.

Financial Overview

In terms of financial conditions, the company's total revenue for the 2021, 2022, and 2023 fiscal years was RMB 2,081.5 billion, RMB 3,841.4 billion, and RMB 4.722.7 billion, respectively. The compound growth rate for the 2021-2023 fiscal year reached 50.63%. In the same period, the company's annual net profit was RMB 206.5 million, RMB 396.5 million, and RMB 421.5 million respectively, with a compound growth rate of 42.86% from 2021 to 2023. For the eight months ended November 30, 2023, the company's revenue was approximately $2,283.7 million and net profit was approximately $162.1 million.

來源:招股書
Source: prospectus

The main source of revenue and profit for the Mico Group comes from integrated agricultural service companies, followed by agricultural reclamation companies. In fiscal year 2022, the gross margin of the MGM Group's business in agricultural integrated services companies reached 21.4%. This achievement is mainly due to the fact that between December 2021 and March 2022, the company sold about 47.0% of lithium chloride at a high average selling price to such customers. At that time, the price of imported ammonium chloride was at a high level in the domestic market.

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