New Hope (000876): As the territory accelerates its expansion

New Hope (000876): As the territory accelerates its expansion

The clear layout of the diversified sectors and fair incentives promote long-term growth.

In 11 years, the company opened up the poultry industry chain through asset reorganization, replacing non-main business size optimization.

Since then, the strategic layout has gradually become clear, and the integrated chain of agriculture, animal husbandry and food industry has been implemented, “strengthening feed, growing pigs, fine meat and poultry, making excellent food, and going overseas”.

Launched equity incentive plan in May 19, and set a 4 year performance evaluation target (combined annual revenue and profit growth rate of not less than 15%), to promote the company to complete 22 years of sales of 2500 feed and 杭州桑拿网 25 million pigsaims.

Pig breeding: model innovation accumulates capital advantages and expands rapidly.

With breakthroughs, the company adopts a clustered “company + farmer” model to realize the production unit, which matches the triple focus of industrial resources and professional talents, and builds an industrial closed-loop from the breeding end to the consumer end. The advantages of cost, efficiency, and prevention are obvious.

At the same time, the company has financial strength, abundant book cash, low asset-liability ratio, high credit line, low financing cost, and has effectively promoted rapid expansion of scale.

In addition, the company has also fully equipped the corresponding talent reserve, which can support more than 12 million heads of production scale.

From the perspective of the slaughter plan, 3.5 million pigs will be slaughtered in 19 years, 8-10 million heads in 20 years, 15-18 million heads in 21 years, and 25 million heads in 22 years. The proportion of outsourced piglets will be further reduced.Accounting for half.

Feed: The cornerstone business is stable, and the leader is additionally strengthened.

The company has maintained the number one market share in the feed industry for many years. In 18 years, feed sales reached 1,704 pounds. Poultry feed / pig feed / aquatic feed accounted for 64% / 26% / 6%. It ranked first in the country for poultry feed, pig feed, aqua feed and ruminant.It is also expected to be ranked among the top three nationals, with a target of sales exceeding 2500 tons in 22 years.

In terms of categories: 1) poultry feed, benefiting from the boom of poultry and livestock brought by pork supply, while optimizing internal organizational structure, accurate product positioning, improved efficiency, and maintaining rapid growth; 2) pig feed, the rate of increase in 19 years affected by the epidemicThe 20-year marginal improvement has led to the recovery of pig feed, which has long been synergistic with the expansion of the breeding business; 3) Aquatic materials, supplemented with special water materials short boards, and the product structure has continued to be upgraded to further optimize feed production.

The poultry meat industry chain is integrated to open up food extension terminals.

In the poultry meat industry chain: the company is the largest parent-generation duckling in China, the second-largest supplier of commercial chicken-fried chicken, and duck-fed supplier; 18 years of commercial-generation breeding accounted for about 2.

With 600 million birds, the white feather meat and poultry industry ranks first. White feather broilers account for about 6% of the market share, and white feather meat ducks have about 15% market share. Poultry meat slaughtering is about 800 million pieces per year, and the sales volume of about 200 poultry ranks first.

In the past, due to the long-term dependence on the traditional model of the wholesale market to digest the slaughtering capacity, the added value of the products was low. From 14 years ago, it has vigorously promoted the strategic transformation of “frost-freshness, freshness, ripeness, and trade-to-terminal.”M & A and other methods continue to extend the high value-added food sector.

Profit forecast and investment grade: We expect the company to achieve revenue of 852 in 19-21.

7/1184.

0/1291.

500 million, an increase of 23.

5% / 38.

9% / 9.

1%, net profit attributable to mother 62.

4/136.

7/104.

300 million, an increase of 266.

0% / 119.

2% /-23.

7%, the current sustainable corresponding PE is 14.

2/6.

5/8.

5X, considering the rapid development of the company’s pig breeding as a competitive advantage, the steady development of the main feed industry, overlapping poultry industry chain and the multiple layout of the food sector, covering for the first time, give a “buy” rating!

Risk warning: pig price fluctuations, less than expected, the risk of natural disasters and epidemics, raw material price fluctuations