财联社记者此前从业内获悉，今年下半年生猪行情或继续保持高位震荡趋势，相关猪企盈利将主要体现在下半年。此外，由于季节性因素影响，种子利润一般也在下半年体现，大北农业绩有望在H2得到种子与生猪的双赛道支撑。①The upward impact of the hog cycle, Beijing Dabeinong Technology Group achieved a significant reduction in losses in H1, and turned losses into profits in Q2 single quarter; ②Affected by the overall downturn in the fodder industry, the company's fodder sales volume decreased by 8.92% year-on-year during the reporting period; ③In the second half of the year, the hog market is expected to continue at a high level, and the seed profit of the company will also be realized in the second half of the year. The dual-track efforts will support the performance of H2.
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Caixin reported on August 22nd (Reporter Liu Jian Wang Ping'an) that influenced by the upward trend of the hog cycle, Beijing Dabeinong Technology Group (002385.SZ) achieved a significant reduction in losses in the first half of the year and realized a profit in the single quarter of Q2.
Caixin reporters previously learned from the industry that the hog market in the second half of this year may continue to maintain a high and fluctuating trend, and the profits of related hog enterprises will mainly be realized in the second half of the year. In addition, due to the seasonal factors, seed profits are generally realized in the second half of the year, and Beijing Dabeinong Technology Group's performance is expected to be supported by the dual-track of seeds and hogs in H2.
After the market closed today, Beijing Dabeinong Technology Group released the 2024 interim report, achieving operating income of 13.095 billion yuan during the reporting period, a decrease of 16.42% year-on-year; realizing a net loss of 0.156 billion yuan attributable to shareholders of the listed company, a decrease of 79.84% from the same period of the previous year; among them, the Q2 single quarter reversed the loss into profit, realizing a profit of 53.56 million yuan.
From the perspective of revenue, the overall downturn of the fodder industry in the first half of the year was the main factor leading to the decline in revenue. During the reporting period, the company achieved fodder sales revenue of 9.226 billion yuan, a decrease of 20.52% year-on-year. The fodder sales volume was 2.5335 million tons, a decrease of 8.92% year-on-year. Among them, the hog fodder sales volume was 2.0029 million tons, a decrease of 10.01% year-on-year; ruminant fodder sales volume was 0.2971 million tons, a decrease of 8.62% year-on-year.
In fact, in the first half of this year, affected by the continuous digestion of previous hog production capacity, the overall demand of the domestic fodder industry was relatively low. The total industrial fodder production in the country decreased by 4.1% year-on-year, with compound feed, concentrated feed, and additive premixed feed production volumes of 135.3 million tons, 6.05 million tons, and 3.3 million tons, respectively, down by 4.0%, 10.8%, and 0.7% year-on-year.
The recovery of hog farming was the main support for the reduction in losses in H1 and the realization of profits in Q2 for the company. From the sales briefing, the selling price of hogs from January to June showed a monthly increasing trend, reaching a high point of 18.11 yuan in June. The gross margin of hog farming during the reporting period increased by 19.48 percentage points compared to the same period last year.
It is worth mentioning that as the seed industry, which is the company's focus track, the proportion of revenue in the first half of this year increased by 0.6 percentage points compared to the same period last year. During the reporting period, seed sales volume reached 19.98 million kilograms, an 87.74% year-on-year increase. Seed sales revenue was approximately 0.3 billion yuan, a 13.48% year-on-year increase. Among them, rice seed sales revenue was 0.209 billion yuan, a 25.28% year-on-year increase; corn seed sales revenue was 0.013 billion yuan, a decrease of 82.1% year-on-year.
Looking ahead to the second half of the year, after entering August, the price of hogs has continued to hit new highs for the year. Many industry insiders interviewed by reporters believe that the second half of this year will be the main profit period for hog enterprises. The National Development and Reform Commission recently stated that considering the continued willingness of secondary fattening and breeding households to replenish stocks, coupled with the temporary difficulty in filling the gap in hog supply, hog prices are likely to continue rising. The average profit per head of hogs in the future piglet fattening model is 617.20 yuan.
In addition, the profits from seed sales are generally affected by seasonal factors in the second half of the year. The company stated in a recent investor event, 'Profit from the seed industry has not yet been realized due to seasonal factors. It is currently in the strengthening phase. It is expected that the planting area of corn and rice seeds in 2024 will increase compared to the previous year by 15-20%, with an overall increase in the seed production area of corn and rice.'
It is important to note that as of the end of the reporting period, the company's short-term borrowings were 8.167 billion yuan, accounts payable were 2.151 billion yuan, non-current liabilities due within one year were 2.188 billion yuan, and the cash on hand was only 3.114 billion yuan.
