Tiankang Biological (002100) Interim Report Comments: Performance Meets Expectations, Hogs Stable Increased

Tiankang Biological (002100) Interim Report Comments: Performance Meets Expectations, Hogs Stable Increased

In 2019H1, the company’s net profit attributable to its mother decreased by 25 every year.

96%, in line with expectations. The company released the semi-annual report for 2019, and the company achieved operating income of 27.

14 ppm, an increase of 18 in ten years.

72%; net profit attributable to mother is 0.

80 ppm, a decrease of 25 per year.


In a single quarter, the company achieved operating income of 15 in 19Q2.

09 million yuan, an increase of 17 in ten years.

03%; net profit attributable to mother is 0.

5.1 billion, down 3 each year.

25%, in line with market expectations.

We expect that the company’s EPS will be 0 in 2019-21.



04 yuan, maintain “Buy” rating.

The price of pigs has entered a fast-rising channel, and the company’s profit has improved 19H1 quarter by quarter. The number of pigs produced by the company is 40.

790,000 heads, an increase of 28 in ten years.

76%, of which 21 in the first quarter.

08 thousand heads, 19 in the second quarter.

710,000 heads.

In 19Q1, the price of hogs rose, and the company’s hog breeding profitability was weak, exceeding 30 million.

With the rise of pig prices in the second quarter, the profitability of the company’s pig breeding business has gradually improved, and it is expected to achieve a profit of about 14 million.

Taken together, we predict that in 19H1, the company’s pig breeding business will replace a total of about 1,600 mm.

The impact of the epidemic situation is limited. In terms of actual development of the feed business, the company’s feed business maintained steady development against the background of the internal outbreak of “African swine fever”. In 19H1, the company’s feed sales increased by 62% and the growth rate was 24.

00%, realized sales income of 13.

09 million yuan, an increase of 13 in ten years.

twenty one%.

Our budget, 19H1, feed business contributed a net profit of about 4,300 million; in the pharmaceutical business, due to the impact of African swine fever, the company’s swine vaccine sales declined, but the vaccine has improved, the overall development remained stable, 19H1, the companyRealize operating income 2.

58 ppm, an increase of ten years.

81%, expected to contribute 74 million yuan in net profit.

In terms of other businesses, we predict that the profit of the 19H1 plant protein business will contribute about 22 million yuan, corn collection and storage expenses of about 22 million yuan, and headquarters expenses of about 20 million yuan.

Productive biological assets have steadily picked up, the company’s live pigs have steadily increased the reporting range, the epidemic situation has had a significant impact on the company, and various businesses have been steadily advancing.

At the same time, taking into account the deterministic growth of pig price growth, the company continued to increase the transfer of pig breeding business, and the number of slaughter pigs increased steadily.

As of the end of the reporting period, the company’s productive biological assets have reached zero.

580,000 yuan, a decrease of 19 from the beginning of the year.

70%, but an increase of 15 compared to the end of the first quarter.

At 45%, the stabilization of productive biological assets rebounded and laid a good foundation for the subsequent rapid hog production rhythm.

Our budget is that in 2019, the 杭州桑拿网 company will produce 1 million pigs. The number of slaughter steadily accelerated to expand to a booming pig price. The maintenance of the “Buy” rating was affected by African swine fever. The rate of pig production was much higher than the previous cycle. Farmers were nervous about recultivation, and the pig supply was insufficient to maintain the future 2-3. Annual pig prices remain high.

We estimate that the company’s EPS for 2019-21 will be 0.



04 yuan.

With reference to PE levels of 10X, 30X, and 7X in the feed industry, animal vaccine industry, and pig breeding industry in 2020, we will give the company’s three main sectors 9-9X, 29-30X, and 6-7X.

According to our breakdown of the company’s 2020 performance (feed sector contributed net profit of 0.

87 trillion, animal vaccine sector contributed 佛山桑拿网 net profit2.

5.6 billion and pig breeding sector contributed net profit8.

4.9 billion), the company’s market value range 133 in 2020.


920,000 yuan, corresponding to the target price of 13.


42 yuan, maintain “Buy” rating.

Risk reminder: pig price does not rise as expected, the amount of slaughter is less than expected, and the epidemic is at risk.