2024H1 公司共计出栏生猪197.13 万头，同比增长54%； Q2 共计出栏生猪104.8万头，同比+58%，其中，以活猪销售103.5 万头，同比+62%，以肉品销售1.3 万头，同比-40%。生猪内销、冻肉业务营收同比增长53%、19%。在Q2 猪价回暖及出栏增长的情况下，公司业绩明显改善，Q2 实现营业收入18.03 亿元，实现归母净利润0.073 亿元，自2023 年以来单季度首次实现盈利。Incidents:
The company disclosed its 2024 semi-annual report. The company's semi-annual revenue was 3.233 billion yuan, an increase of 28.55% over the previous year, and net profit attributable to shareholders of listed companies - 0.247 billion yuan.
There was a high increase in pig sales, and pig prices rose in Q2, and the company turned a loss into a profit
2024H1 listed a total of 1.9713 million pigs, up 54% year on year; Q2 listed a total of 1.048 million pigs, +58% year over year. Among them, live pigs sold 1.035 million heads, +62% year over year, and 0.013 million heads were sold as meat products, or -40% year over year. Domestic pig sales and frozen meat business revenue increased 53% and 19% year over year. With pig prices recovering and sales growth in Q2, the company's performance improved markedly. Q2 achieved operating income of 1.803 billion yuan and net profit to mother of 0.0073 billion yuan, achieving profit for the first time in a single quarter since 2023.
Abundant sow production capacity, steady development of the entire breeding industry chain
In terms of breeding, the company's pig production capacity has been expanding in an orderly manner. As of the end of June 2024, the number of sows that can be raised was 0.198 million. In the first half of the year, the company delivered a total of 1 sow farm, added 4,800 sows, delivered 1 fat pig farm, and added 0.0952 million heads of fat pig production capacity per year. In terms of slaughter, the company has completed the annual production capacity layout for slaughtering 2.05 million pigs. In terms of feed, the company's feed self-sufficiency has been significantly increased. It has a total of 8 feed mills, with a feed production capacity of nearly 1.2 million tons.
Backed by the Hunan State-owned Assets Administration Commission, the capital reserves are relatively sufficient
The actual controller of the company is the Hunan Provincial State-owned Assets Administration Commission. It is a state-owned listed enterprise and has a strong financial advantage. In June 2023, in addition to raising 1.55 billion yuan in targeted capital, the company also obtained funds needed for development through indirect financing methods, and received credit support from many banks. As of the first half of 2024, the company's credit limit was about 6 billion yuan, and the book currency balance was 1.205 billion yuan. The capital reserves were relatively sufficient.
Profit Forecasts, Valuations, and Ratings
We expect the company's 2024-2026 revenue to be 8.037/10.404/11.952 billion yuan, respectively, with year-on-year growth rates of 42.71%/29.45%/14.88%, respectively, and net profit to mother 0.146/0.608/0.513 billion yuan, respectively. The year-on-year growth rates will reverse to profit/ 315.50%/-15.65%, and EPS 0.12/0.48/0.41 yuan/share, respectively. We believe that pig prices will continue to pick up, and the company is expected to achieve performance growth. We recommend that you keep an eye on it.
Risk warning: The company's release falls short of expectations; the risk of pig prices being low for a long time; the risk of fluctuating raw material prices.
