Shuanghui Development is my country’s largest meat processing company (meat products) and my country’s largest meat supplier (fresh pork). Its main business can be divided into pig slaughter and meat products. Two business segments: slaughter drives revenue growth, and meat products contribute the main profit %).
Meat products: Revenue growth is slow, but the gross profit margin is higher (30.54% gross profit margin in 2020), which is the company's main source of profit.
pig slaughter products are fresh pork , which is divided into hot fresh meat, cold fresh meat, and frozen meat. Shuanghui mainly uses cold fresh meat .
Meat products can be divided into high-temperature meat products and low-temperature meat products according to the production process. The high-temperature meat products are mainly ham sausage and canned food. Among them, Shuanghui King Zhongwang is the company's star product.
Low-temperature meat products such as bacon , ham slices, etc., are currently developing slowly in our country.
Growth profitability
_pspan 2010, 2010, 2010 's operating income showed a growth trend in small fluctuations, with an average annual compound growth rate of 5.8%, grew slowly , but 's had stable gross and net profit margins .
Asset-liability structure
The asset-liability ratio is low, the available funds are getting lower, and the efficiency of fixed assets is increasing.
Operating capability
total asset turnover rate 2.33, high turnover mode.
The proportion of expenses has decreased, and cost control has been improved.
industry comparison
Future
1 , competitive landscape dispersed
high temperature Meat products: Shuanghui and Jinluo occupy more than 80% of the market share,Industry concentration is high.
low-temperature meat products: Shuanghui accounted for 15%, Yurun accounted for 6%, the top four in the industry accounted for about 25%, and the concentration is low.
Slaughter industry: Shuanghui, Yurun, Longda meat-eating pig slaughter together accounted for only about 4% of the national slaughter, of which the industry leader Shuanghui accounted for about 2.35%. Structural imbalance. The capacity utilization rate of the slaughter industry is only 30%-35%, and the capacity utilization rate is too low. 's profit is meager. The slaughter volume has increased, and the profit margin has increased.
This pattern, originates from the low concentration of pig breeding , there are many slaughter plants nationwide, and competition is extremely decentralized, making it difficult for large-scale slaughter companies to obtain a stable supply of pigs .
According to the live pig production development plan of the Ministry of Agriculture, it is estimated that by 2020, the proportion of large-scale breeding of more than 500 heads will reach 52%, and the concentration of pig breeding will further increase.
2 , consumption upgrade
With safety, health and convenience,The structure of my country's meat products is continuously adjusted, and the deep processing rate of meat products will also be further increased.
From the perspective of developed countries in the United States, Japan, and Europe, cold meat ( non-frozen meat) accounts for more than 90%. Subject to cold chain transportation and storage conditions, cold meat is still developing in my country. middle.
Cold fresh meat (commercial supermarket) is stronger than hot fresh meat (farmer's market) 9strong is safe and healthy, and has the characteristics of freshness and tenderness , the market share is gradually increasing. From 2008 to 2018, the market share increased from 7.9% to 32.5%.
Low-temperature meat products (such as sliced ham) are fresh, healthy and high-quality, significantly higher than high-temperature meat products (such as ham sausage).
Low temperature means that under a lower temperature (0-4℃) environment, it inhibits the growth of bacteria while maintaining the original nutrition and flavor of the meat.
Summary:
Shuanghui has the largest scale, good cost control, profit margin significantly higher than its peer , mature but strongest revenue growth , lacks growth , 's P/E ratio fluctuates mainly between 10-20 times
secondary space 2021.9.10 _span8pbr0 _span8pbr0 _span8pbr0.
