Haida Group (002311) quarterly report comments: feed sales growth overlap management optimization company performance steadily improved

Haida Group (002311) quarterly report comments: feed sales growth overlap management optimization company performance steadily improved

Key points of the report describe the company’s operating income for the first quarter of 201988.

75 ppm, an increase of 22 in ten years.

3%, realizing net profit attributable to shareholders of the parent company.

22 ppm, an increase of 21 in ten years.

8%.

Incident Comment The continuous increase in the scale of feed sales is an achievement of the company’s performance growth.

The company’s first quarter feed sales increased by about 20%, of which poultry feed sales increased by about 30%, aquatic feed sales increased by about 20%, and pig feed was basically flat.

As the company’s poultry feed has been boosted, the profit per ton has increased, and the performance of the feed sector in the first quarter is expected to increase by about 30% -40%.

In the first quarter of the year, the company raised about 200,000 pigs, and the plate is expected to replace about 30 million heads. In total, the company’s hedge in the first quarter is expected to 上海夜网论坛 replace about 30 million heads.

Management optimization, the company’s expense ratio continued to decline.

In the first quarter of 2019, the company’s three expense ratios reached 6.

5%, a decrease of 1 compared with the same period last year.

4%.

The main reason is the decline in the management expense ratio and the sales expense ratio. The sales expense ratio decreased by 0 compared with the same period last year.

5 averages to 3.

2%, the management expense ratio decreased by 1 compared with the same period last year.

1 up to 2.

8%.

Financial expenses increased due to the increase in annual long-term borrowings and short-term borrowings in the first quarter, which was an increase of 0 from last year.

2 up to 0.

5%.

Optimistic about the company’s future development.

In the long run, the company’s excellent management team is a guarantee for future growth. Professional management and high product cost-effectiveness may continue to increase the company’s feed market share. The company is expected to become a 2000-year feed production enterprise.

In addition, after the inflection point of the pig cycle arrives, the company’s breeding business is also expected to further increase the performance increase. In 2019, the company’s feed sales are expected to reach 1,300 cases, and the number of live pigs will be 1 million.
.

18 and 1.

69 yuan, given a “buy” rating.

Risk Warning: 1.

Extreme weather factors affect the company’s feed sales are not up to expectations; 2.

Affected by African swine fever, the company suffered serious losses in its pig breeding business.