Hefeng Animal Husbandry (603609): The profit growth of the poultry industry sector is concerned about the release of the company’s pig production capacity

Hefeng Animal Husbandry (603609): The profit growth of the poultry industry sector is concerned about the release of the company’s pig production capacity
Event: On the 29th, the company released the 2018 annual report and the 2019 first 无锡桑拿网 quarter report.The company achieved operating income of 157 in 2018.51 ‰, a year-on-year growth of 15%; net profit attributable to shareholders of listed companies.52 ppm, an increase of 17 in ten years.18%. Poultry feed, contrary to expectations, the increase in aquatic feed sales of pig feed fell, the profit of the feed sector increased steadily.The feed segment is one of the company’s two core businesses, accounting for 46 of the company’s operating income.36%. In 2018, the company sold a total of 235 feeds.21 for the first time, growing by 6 annually.83%.Affected by “African swine fever”, the company’s total pig feed sales in 2018 were 84.41 Initially, it declines 8 per year.81%, leading to a decline in the company’s feed sector gross margin of 0.77 units.However, due to the rebound of the poultry breeding industry in 2018, the company sold 93 poultry feed.Every year, it grows 15% every year, accounting for 39% of total feed sales.70%.In addition, due to the company’s continuous improvement of capture models in dairy cattle, beef cattle and sheep, and aquaculture, the company’s anti-accumulation sales increased by 27.54%, the sales volume of aquatic materials increased by 12 every year.44%.The increase in sales of poultry feed, ruminant feed and aquatic feed effectively made up for the impact of the company’s decline in pig feed sales. The rising prosperity has driven the profit growth of the meat and poultry sector, the weight of slaughter, and the steady growth in slaughter.In 2018, the company’s holding and equity participation companies raised broiler chickens3.100 million birds, an increase of 12 in ten years.73%; slaughtered broilers 4.5.5 billion birds, an increase of 16 in ten years.07%.The company’s broiler breeding volume and slaughter volume maintained steady growth.The weight of the company’s white feather chickens reached 5.Above 6 pounds, affected by the increase in weight of the pen, the company’s meat output in 2018 reached 113 inches, a longer increase of 18.70%.In 2018, the company’s own broiler breeding accounted for 68% of the total slaughter, and the supporting capacity of the industrial chain continued to increase. Affected by the increase in the prosperity of the white chicken breeding industry in 2018, the company’s gross profit margin of the breeding sector increased by 4%.For 99 units, the gross profit margin of the slaughtering and processing segment increased by 1.38 units.Due to the company’s participation in the company’s capacity expansion and product price increases, the company realized investment income in 20182.86 ‰, an increase of 67 in ten years.15%. The future pig production capacity is expected to be released.In 2019, the first phase of the company’s 500,000 pig pig breeding project in Fushun, Liaoning, was completed and officially opened in April. The Jilin Gongzhuling pig project will also be completed in 2019.In the first quarter of 2019, the company’s productive biological assets increased by 16 million yuan from the beginning of the year, an increase of 53.58%, the company’s target holding and equity participation companies in 2019 will reach 300,000 pigs. Risk reminders: natural disasters, livestock and poultry outbreaks, the bar is not up to expectations, and international trade policy risks