Reporter | Li Hao Edit |
After the market hours on October 19, Haida Group (002311.sz), a leading pig feed company, released its third quarterly report. In the first three quarters of 2021, the company's operating income was 64.314 billion yuan, an increase of 46.82% year-on-year, and the net profit attributable to the mother was 1.746 billion yuan, down 15.77% year-on-year. Among them, the operating income in the third quarter was 26.123 billion yuan, an increase of 45.77% year-on-year, and the net profit attributable to the mother was 214 million yuan, down 77.94% year-on-year.
Haida Group's main products include feed, animal protection, agricultural products, trade, etc., of which feed sales are the most important business, and the semi-annual report shows that the business accounts for about 80% of the company's total revenue.
Affected by the "worst pig cycle in history", Haida Group's feed sales business is under pressure. Domestic catering consumption and meat protein demand have hovered at a low level due to repeated epidemics and macroeconomic reasons, resulting in a downward trend in the terminal price of breeding varieties and making the aquaculture industry difficult.
Haida Group said in the third quarterly report that in terms of pig breeding, due to the sharp increase in cyclical supply after the impact of African swine fever, the price fell to the deep valley, a huge loss, and was in the darkest moment; poultry farming lasted for more than 20 months of long-term downturn, still in the stage of capacity reduction and inventory reduction. In aquaculture, due to the greater dependence on catering consumption channels, the shrinking demand for catering consumption has led to a continuous decline in prices, and the prices of many aquatic products have fallen to the cost line.
The prosperity of the aquaculture industry directly affects the choice of feed product quality, the enthusiasm of feed feeding, and the sensitivity of feed product prices. In the context of the loss of the aquaculture industry and the sharp decline in demand, the price of bulk raw materials for feed has also fallen from the historical high in the first quarter, but it is still consolidating at a high level.
Feed raw materials are mainly corn and soybean (soybean meal). Ifind data shows that corn prices in 22 provinces and cities have rebounded since the beginning of the year, but are still at the highest level in recent years. The sharp rise in raw material prices has put haida group under pressure on the cost side, and it is in the "two-end squeeze" dilemma of breeding losses and declining demand.
However, due to the characteristics of the bottom of the "pig cycle", the increase in the number of pig breeding has driven the sales of Haida Group's feed. In the third quarter of this year, the company achieved feed sales of 5.61 million tons, with revenue of 21.466 billion yuan, an increase of 28% and 42% year-on-year, respectively; from January to September, the cumulative external sales of feed were 14 million tons, and the revenue was 51.569 billion yuan, an increase of 30% and 45% respectively.
The feed business is losing money, and the breeding business is even more unhappy. In the first half of this year, Haida Group's aquaculture industry revenue accounted for only 11% of the total revenue, but it caused a loss of 700 million yuan in the third quarter of this year.
According to the semi-annual report, in the third quarter, Haida Group's pig breeding was about 550,000 heads, and the net profit attributable to listed companies was about 700 million yuan, which had a significant impact on the company's overall performance. The company's pigs are mainly purchased piglets, and the number of purchased piglets is about 370,000, accounting for 67% of the total number of pigs.
The corresponding piglets out of the pen in the third quarter were purchased from January to March this year, and the average cost of purchased piglet seedlings exceeded 1600 yuan / head. However, by September, the price of purchased piglets in the market had fallen to less than 200 yuan / head, and the ultra-high cost of purchased piglets and the cyclical low pig price caused a large amount of operating losses of Haida Group.
Excluding the pig breeding business, Haida Group's other businesses achieved a net profit attributable to about 914 million yuan in the third quarter, an increase of 21% year-on-year in the same caliber; the cumulative net profit attributable to Haida Group from January to September was about 2.446 billion yuan, an increase of 47% year-on-year in the same caliber. The company said that in the third quarter, the company's feed, seedlings, animal protection and other businesses maintained a development trend of volume and profit.
In addition, the top ten shareholders disclosed in the third quarterly report of Haida Group are also worth noting.
In the third quarter of this year, the funds had a divergent view of Haida Group, and some people reduced their holdings and some increased their positions. Among them, the controlling shareholder, Guangzhou Haihao Investment Co., Ltd., reduced its holdings by 7.3907 million shares, Hong Kong Securities Clearing Co., Ltd. (Northbound Capital) reduced its holdings by 1.2434 million shares, and the Norwegian Central Bank-owned funds slightly reduced its holdings by 140,500 shares.
In terms of shareholders who increased their holdings, the two funds managed by well-known fund manager Liu Yanchun once again increased their positions in Haida Group. The two funds have increased their stake in the company for four consecutive quarters.
Specifically, Invesco Great Wall Emerging Growth Hybrid Securities Investment Fund and Invesco Great Wall Dingyi Hybrid Securities Investment Fund (LOF) have added 6 million shares and 2 million shares respectively, and the total number of shares held has reached 59 million shares, accounting for 3.55% of the company's total share capital.
Two new figures have also appeared among the top ten shareholders, both of which are funds under Shanghai Orient Securities Asset Management Co., Ltd. It is worth mentioning that the two funds are managed by Zhang Feng, who is the current general manager of Shanghai Orient Securities Asset Management Co., Ltd. In the third quarter of this year, the two funds held a total of 24.9864 million shares of Haida Group, ranking seventh and eighth largest shareholders respectively.
In addition, the CEIBS Pioneer Equity Initiated Securities Investment Fund increased its position by 21.7892 million shares, the Macao Monetary Authority - own funds increased its position by 20.1177 million shares, and the Abu Dhabi Investment Bureau slightly increased its position by 348,100 shares.
Corresponding to the rush of various institutions, haida group's chips are more dispersed. As of the end of the third quarter, the number of shareholders of the company was 26,100, an increase of 3,792 households from the end of the second quarter, an increase of 17.03%, and the average shareholding ratio of households also decreased from 74,600 shares to 63,700 shares.
Judging from the performance of the secondary market, affected by the good news, the share price of Haida Group rose by 3.58% on October 19, but it still fell about 24% from the high point of the year.