On November 3, 2021, Tianma Technology (603668) issued an announcement that Huatai Securities Yang Tianming Feng Yuan investigated our company on November 2, 2021.
The main contents of this survey are:
Q: Please introduce the company's current strategic planning and market positioning.
Answer: Tianma Technology put forward the strategic deployment of "taking five years as a strategic plan", and clarified the strategic positioning and strategic objectives of the "first five-year plan (start year, promotion year, innovation year, leapfrog year, decisive victory year)": with special feed (including poultry feed) and food supply chain platform as the dual main business, accelerate the integration and development of the first, second and third industries, unswervingly implement the advantage strategy of the industrial chain, and create a food supply chain platform of the whole industry chain that inherits the value of Chinese culture! Based on the above strategic positioning, the company's vision is to "build the world's leading modern fishing and animal husbandry group enterprise and human health food supplier", the long-term development goal is "to create a food supply chain platform of the whole industry chain inheriting the value of Chinese culture", and the short-term and medium-term development plan is "to build the world's largest supplier of special aquatic feed industry, to build the largest and industry-leading modern animal husbandry group enterprise in Fujian, and to create a globally renowned supplier of healthy, delicious and convenient food". At present, the main business layout of Tianma Technology is basically in place, the integration and development of the first, second and third industries are advancing in an orderly manner, and the enterprise has been sustained, stable, better and faster!
Q: Why is the company vigorously developing the eel industry at this stage? Does the company have any advantages in the eel industry?
Answer: In ancient China, the "Taiping Shenghuifang" and "Compendium of Materia Medica" and other books have recorded the miraculous therapeutic effects of eels: tonic deficiency, warm intestines, dispel wind, detoxification, beauty, healing wind, treatment of wet beriberi, waist and kidney wet rheumatism, warm waist and knees, etc. Modern scientific research results show that eels are rich in vitamin A and vitamin E, their content is 60 times and 9 times that of ordinary fish, of which vitamin A is 100 times that of beef, more than 300 times that of pork, rich in vitamin A and vitamin E, which has great benefits for preventing vision degradation, protecting the liver and restoring energy; in addition, eels are rich in DHA and EPA (deep sea fish oil ingredient, DHA is docosahexaenoic acid, EPA is eicosapentaenoic acid), and its content is higher than other seafood and meat. DHA, commonly known as "brain gold", is a major component of the growth and maintenance of nervous system cells, is an important component of the brain and retina, helps to promote the development of infant intelligence and vision; DHA and EPA have been confirmed to have an important role in preventing cardiovascular disease; in addition, eels also contain a lot of calcium, which also has a certain effect on the prevention of osteoporosis; moreover, the skin and meat of eels are rich in collagen, which can nourish the face and delay aging, so it is called "edible cosmetics". As a result, eels are known as one of the three most valuable and competitive fish in the world. Eel industry has developed into a global industry, facing the global consumer market, at the same time, eel is also China's export advantage aquatic products, industrial construction also belongs to the field of national policy support, in line with the company's future development strategy, with good market development prospects and profitability, in recent years the price of eels has remained stable, the prospects are promising. Tianma Technology has been deeply engaged in the fishing and animal husbandry industry for more than 30 years, in the eel industry chain feed, breeding and circulation of resources and technical advantages, research and development, production of more competitive products, focusing on the whole industry chain supply chain platform and green ecological food supply chain platform construction, in recent years, the eel industry strategic layout, to achieve product upgrading and company strategic transformation, improve the company's core competitiveness and market position, and further enhance the company's image and industry influence. Specifically, the company's advantages in the eel industry are mainly reflected in the following aspects: (1) the company's immersion time in the eel industry is long, from seedling identification, breeding site selection, disease prevention, feed processing, eel processing and sales of the whole industry chain precipitation; (2) the company in the eel industry chain talent reserves are abundant, with talent advantages and management advantages; (3) the company in the eel industry research and development and technical reserves are abundant, glass eel opening material to break the foreign monopoly, to reach the international leading level, With technical and R & D advantages. (4) The company's eel feed production and sales have ranked first in the country for many years, and high-quality eel feed can fully guarantee the demand for feed at the breeding end; (5) the company's eel has been exported to more than 60 countries and regions around the world, and the "Eel Hall" grilled eel series brand has been deeply rooted in the hearts of consumers, and the company has market advantages.
Q: Please introduce the company's current business layout of the eel farming sector.
A: According to the company's whole industry chain development plan and the company's 2020 non-public issuance of shares to raise funds investment plan, the company will build a complete eel industry chain, the company with automation, digitalization, intelligence, intelligent eel ecological breeding base construction project smooth implementation, will effectively promote the regional breeding model innovation, leading the standardized development of the eel breeding industry. At present, the company is orderly and effectively promoting the implementation of relevant project industries in Fujian, Guangdong, Jiangxi and other provinces, demonstrating the green sustainable development model, driving the innovation of regional breeding mode, accelerating the integration and development of the first, second and third industries, and creating a food supply chain platform for the whole industry chain that inherits the value of Chinese culture.
Q: Please introduce the company's eel farming technology and the survival rate of eel farming.
Answer: The company's factory circulating water ecological breeding model (hereinafter referred to as the "Tianma model" adopts innovative ecological internal and external double circulation water purification and treatment system, low-energy consumption auxiliary facilities, clean renewable energy and new environmental protection construction materials, etc., which is an advanced breeding technology, which is embodied in: 1. Ecological recycling water. In terms of internal circulation, it can immediately discharge the residual bait, feces and other dirt in the breeding pond water out of the breeding pond, and at the same time reuse the breeding pond water, ensuring the stability and quality of the breeding pond water, thereby reducing the discharge of the pond water and maintaining the stability of the aquaculture water quality, reducing the stress of eels and reducing the occurrence of diseases. In terms of external circulation, the aquaculture tailwater is separated by solid and liquid, and the resource utilization precipitates large particle manure solids and microparticle liquid tailwater; large particle manure solids are processed into bio-organic fertilizers for local planting and crop use, and the microparticle liquid tailwater is used through the "seed breeding integration" aquaponic system to achieve the resource utilization of nitrogen and phosphorus and other nutrients in the tailwater and biological treatment standards, and return to the breeding workshop to achieve circulating water aquaculture, greatly reducing water consumption, saving water resources, and protecting water ecology. 2. Clean energy utilization。 Abandon the coal boiler heating method, the use of air energy, geothermal heat pumps and other clean energy heating methods, no emission of pollutants, to achieve intelligent temperature control management, improve energy efficiency, maintain the stability of the breeding environment. 3. Intelligent construction. The use of new building and insulation materials, new pond structure, equipped with intelligent monitoring and control equipment, modular design, standardized construction, to achieve breeding, management system intelligent monitoring, automatic control, effectively reduce labor consumption. 4. The whole process is safe and controllable. Using the construction of the whole industrial chain project of the integrated development of modern agriculture, the whole process of product production is standardized, informatized and systematic, and the food safety is effectively guaranteed throughout the process. There is a certain proportion of loss in eel farming from the harvesting of seedlings to the sale of adult eels, and the proportion of remaining eels is called survival rate in the industry, and the survival rate in the general industry is 80-95%.
Q: The company's 2020 annual report discloses that the company's eel farming has partially built a breeding base at the end of 2020 and began to put fry, is it now starting to produce fish?
A: The company's existing ecological breeding base has a good effect on eel farming, and the first batch of fish has begun in the fourth quarter of this year.
Q: What is the price trend of eels?
A: From the perspective of the development of the eel industry, the price trend of eels is mainly affected by the supply of fry and the consumption of eels at home and abroad. Eel is one of the large-scale cultured species in China, which is completely dependent on the capture of natural fry. In recent years, the resources and sources of eel natural fry, stable in a slight decline, resources in a short period of time is difficult to break through, so rely on natural fishing eel fry for eel breeding production, will be balanced and constrain its breeding scale, thereby stabilizing its finished product production; consumer side, the international market, the Japanese market gradually rebounded, while the emerging international market such as the United States, Russia, Southeast Asia, etc. are rising, Chinese eel has been exported to more than 60 countries and regions around the world, the domestic market, with the improvement of people's living standards, The continuous promotion of eel food research and development and the continuous popularization of eel culture, eel sales channels in e-commerce, new retail, supermarkets, central kitchens and catering and other online and offline fully rolled out, more and more Chinese people can enjoy the delicious eel, domestic consumption continues to heat up. Overall, eel prices have generally remained stable in recent years, and the prospects are promising.
The main business of Tianma Technology: The company is a high-tech enterprise specializing in the research and development, production and sales of special aquatic compound feed.
Tianma Technology's 2021 third quarter report shows that the company's main revenue was 4.00 billion yuan, up 44.07% year-on-year; the net profit attributable to the mother was 83.9276 million yuan, up 3.61% year-on-year; the deduction of non-net profit was 76.2127 million yuan, up 1.52% year-on-year; among them, in the third quarter of 2021, the company's single-quarter main revenue was 1.57 billion yuan, up 52.24% year-on-year; the single-quarter net profit attributable to the mother was 23.0525 million yuan, down 5.34% year-on-year. In the single quarter, the non-net profit was 21.1129 million yuan, up 2.66% year-on-year; the debt ratio was 54.41%, the investment income was -15.5706 million yuan, the financial expense was 16.7168 million yuan, and the gross profit margin was 10.47%.
The unit has not had an institutional rating in the last 90 days. The Securities Star Valuation Analysis Tool shows that Tianma Technology (603668) has a good company rating of 2.5 stars, a good price rating of 2.5 stars, and a valuation comprehensive rating of 2.5 stars.