Haida Group (002311): Performance growth is deterministic and optimistic about long-term development
Company status Haida Group has performed well since the third quarterly report. The third quarterly report has the highest increase of about 12%.
And the recent company announcement stated that the third phase of the employee shareholding plan of the core team plans to complete the purchase.
We continue to be optimistic about the company’s performance growth opportunities in 2020 and maintain our Outperform rating.
Comment on next 杭州夜网论坛 year’s performance growth is deterministic: We are optimistic about the company’s performance growth opportunities in 2020. Poultry materials and high-end aquatic materials continue to grow at a high rate. General water and pig farming will help provide performance elasticity: 1) Due to the reduction in pig supplements, chicken alternative demandUp, we judge the expected continuation of the prosperity of the poultry industry chain next year, which will support the company’s net profit of poultry material tons; 2) We continue to be optimistic about the company’s high-end aquatic material development opportunities, and its growth reflects the upgrading of aquatic consumption and logistics development.We believe that the company has a long-term room for improvement in this field; 3) Taking into account the low profits of aquaculture in the past two years and the high pig prices to stimulate demand for aquatic products replacement, we judge that there is an opportunity for aquatic product prices to increase next year, which will provide the company’s general water supplyBetter environment; 4) Hog breeding is in a rising economic cycle, and the company pointed out that the number of slaughter animals will increase from 500,000 to 1.2 million in 2020. We believe that if the epidemic prevention and cost control can be done well, the company’s pig breeding business willHave the opportunity to contribute a significant performance increase.
Employee shareholding plan highlights the company’s development confidence: In May this year, the company announced the third phase of its core employee shareholding plan, which includes company directors, supervisors, senior and core personnel. Recently, the company completed stock purchases through the secondary market, with an average purchase price of 33.
70 yuan / share, purchased 888,500 shares.
In the past three years, the company has continuously launched three phases of employee shareholding plans. We believe that this aspect has been combined with the interests of the company’s core employees, allowing employees to share the company’s growth dividend, which also reflects the company’s full confidence in its long-term development.
In the long-term development, breakthrough opportunities in high-end aquatic materials and pig breeding: The company is currently promoting the issuance of convertible bonds, and it is still in the revision stage of the plan.
Funds raised from convertible bonds are mainly used for puffing materials, which is in line with the company’s development direction.
At present, the company’s high-end extruded material production capacity is approaching full production, and we believe that the use of convertible bonds to raise funds to expand production capacity will help open up the development trend and promote the company’s performance to accelerate growth.
In addition, in recent years, the company has also increased its investment in hog breeding business. The current model has not yet purchased pigs. In the future, we judge that the company has the opportunity to increase the breeding of its own breeding pigs, and consolidate the advantages of actual breeding costs in order to achieve long-term volume.
Estimates and budgets correspond to 31/23 times P / E ratios for 19/20.
We maintain our forecast of net profit attributable to mothers for 19/2017.
100,000 yuan and target price of 37.
0 yuan 南宁桑拿 unchanged, target price corresponding to 19/20 34/25 times price-earnings ratio, + 11% space.
Maintain Outperform rating.
Risks The downturn of the downstream aquaculture industry continues to be sluggish; the prices of raw materials fluctuate sharply; the effects of extreme weather.