At the party on March, 2065438 1 15, Shuanghui was exposed to the "Clenbuterol" incident, and its market value evaporated by tens of billions. Its operating net profit decreased by 5 1% in that year. On March 15, 2022, after the chaos in Nanchang Shuanghui Workshop was exposed, the accumulated market value of Shuanghui Development and two "Shuanghui Department" companies in wan chau international evaporated by over 654.38+0.5 billion yuan.
As a listed food enterprise, the fermentation speed of negative public opinion is much faster than the development speed of enterprises. Aside from these negative public opinions, there is still a voice in the market: with the continuous development of big pig enterprises, Shuanghui's "slaughter king" throne is almost unstable.
202 1 slaughter business income 39 1 100 million yuan.
Income accounted for 58.60%
Judging from its 20021annual report, Shuanghui's operating income during the reporting period was 66.682 billion yuan, down 9.72% year-on-year; The net profit attributable to shareholders of listed companies was 4.866 billion yuan, down 22.25438+0% year-on-year. In terms of revenue structure, the packaged meat products developed by Shuanghui in 202 1 realized revenue of about 27.4 billion yuan, accounting for 41.05438+0%; The slaughter income is about 3965438+ billion yuan, accounting for 58.60%; Others realized revenue of about 6.3 billion yuan, accounting for 9.46%. Slaughtering plate is still the industrial pillar of Shuanghui.
However, according to the data of the past five years, before the outbreak of non-plague, Shuanghui made great efforts in the direction of meat products. In the past two years when there was a shortage of pigs in the market of 20 19-2020, the proportion of Shuanghui's slaughter sector business increased, and that of 202 1 decreased again.
The industry is highly fragmented.
Slaughtering bibcock accounts for only 2.35%.
The data shows that in 20021year, Shuanghui developed more than 1 1 10,000 pigs. According to the national pig slaughter of 67 1 10,000 pigs in 20021year, the slaughter of Shuanghui only accounts for 1.6% of the national slaughter. In fact, the slaughtering industry in China is highly decentralized. The survey shows that in 2020, the market share of Shuanghui, Long Da Cuisine and Yurun will be 4.4%, 2.5% and 1.8% respectively. In addition, according to the research data of China Business Information Network, the domestic slaughter industry only accounts for about 5%, of which the leading slaughter industry only accounts for 2.35%, and the slaughter industry is still at a highly decentralized level.
Shuanghui Development, as a leading slaughter enterprise, could have further stabilized its leading slaughter position under the current situation of decentralized and centralized industries. However, from the 20021annual report, it has made great efforts in the research and development of convenience foods, and the expansion of the slaughter plate has not been reflected much. Of the nine R&D projects listed in its annual report, only one is related to cold meat, and the others are convenience dishes, smoked food and spicy research.
Pig enterprises vigorously deploy slaughter capacity
Mu Yuanzhai or chasing Shuanghui
Looking at the whole meat industry, with the rapid development of pig enterprises, the highly dispersed pattern of slaughter industry may be broken. Last year, there was news that pig giants such as Muyuan, Wen's, New Hope and Tianbang made great strides in the slaughter industry. Judging from the data, it is no exaggeration to use the word "striding forward".
Up to now, Muyuan has put into operation 8 slaughterhouses with a total slaughter capacity of 22 million heads. In the first half of this year, three slaughterhouses will be put into operation. It is estimated that the total slaughter will exceed 30 million by the end of June 2022.
Wen's shares said that in the future, 20% of the company's pigs will be sold as fresh products after slaughter. According to the target of slaughter of 0/8 million pigs in 2022/kloc, 20% of fresh products will be slaughtered, that is, about 3.6 million pigs will be slaughtered. Shi Wen will increase the slaughter of 4 million pigs this year and next.
Tianbang Co., Ltd. said that it is expected that the slaughter of live pigs will reach 6.5438+0.2 million-6.5438+0.3 million this year.
Although New Hope did not give a specific slaughter amount, it also made it clear that it would develop landing slaughter projects according to the scale and market conditions.
Nowadays, with the rapid development of pig enterprises, the development of the whole industrial chain is bound to carve up a part of the slaughter market.
Looking back on the data in recent five years, the annual slaughter amount of Shuanghui is maintained at1000-170,000 heads. According to the survey, the average capacity utilization rate of large slaughterhouses in China is only about 30%. According to Mu Yuan's output of 30 million, its output should reach 9 million. Under the guidance of the large-scale slaughter in Mu Yuan and the general direction of changing pigs into meat, it is estimated that the slaughter volume may be higher.
Therefore, when the slaughter sector of other enterprises develops to a certain extent, whether Shuanghui's leading position can be maintained is still a question mark.
Of course, some people will say that the current slaughter industry pattern is relatively scattered, even if pig enterprises enter the slaughter industry on a large scale, it will not have much impact on Shuanghui. After all, the market cake is so big, Shuanghui only accounts for less than 5%, and nearly 95% of the space can be squeezed.