The feed sales volume of Dabei agriculture in 2014 is expected to be 4.5 million tons

At the end of October, the three-quarter reports of the major listed feed enterprises came out one after another, of which the report of Dabei Nong attracted attention
Looking at the performance in the third quarter alone, the income and net profit of Dabei farmers increased by 7% and 21.31% yoY, respectively
From January to September, revenue increased by 18.4% year-on-year, while net profit fell 1.85% year-on-year
Overall, the performance of the Great North farmers is still encouraging
Most securities institutions give Dabei nong stocks a "recommended" level
Dabei farmers as pig feed sales for the main business of enterprises, its performance in accordance with the first half of the year to score, can be regarded as "four six" open
If you score on a quarterly note, the most critical should be the fourth quarter
Combining the performance of Dabei Farmers in the first three quarters, Jingshu estimates that the operating income of Dabei Farmers in 2014 was RMB19 billion, of which feed sales were about 4.5 million tons

Figure 1 The performance of The Great North Farmers in the 2011-2014 quarters .　　As the largest premix enterprise in China, Dabei Farmer's comprehensive gross margin is much higher than that of other enterprises in the same industry
According to the first-half report, the overall gross margin of the Great North Farmers was 20%
To some extent, it depends on the advantages of the agricultural structure of Great North
At the same time, Dabei Nong is also the industry's largest sales staff (16,000 people)
As can be seen from Figure 1, the sales and management costs of Dabei farmers have increased significantly since 2013
Sales expenses for 2013 were 1.576 billion yuan, up 70% from 927 million yuan in 2012
And the expansion of the sales force, in 2013 the Big North agricultural feed sales increased by 60% of the direct guarantee
In 2013, Dabei agricultural feed sales were 3.87 million tons, and operating income was 16.66 billion yuan, an increase of 57% over 2012
In 2013, under the influence of the slow macroeconomic development, the many disasters of the downstream aquaculture industry, and the micro-profitization of the feed industry, most feed enterprises chose the strategy of shrinking defense
Dabei Farmers chose to expand against the market in 2013, in terms of performance, or quite effective
But in 2014, the overall economic growth rate slowed, and the livestock industry suffered the most challenging year, the pace of expansion of the Great Northern Farmers against the market has slowed
The first is to increase the number of people in the sales team to the ability to improve the people themselves
Second, Dabei farmers have slowed down on new feed plant projects
Once again, the Great North farmers began to gradually control sales, management costs
as can be seen from Figure 1, in the third quarter of 2013-2014, the operating income of Dabei Farmers increased with the increase in sales expenses, but the increase in net profit attributable to listed shareholders was not very obvious
And in the third quarter of 2014, sales expenses were $485 million, down 1% from the second quarter of the previous year, the first decline in the third quarter of four years
At the same time, the management cost was $290 million, the lowest quarter-on-quarter increase in four years
the manuscript was launched at the end of October, and the fourth quarter was a third
As of October 29, the national pig out of the column price of 13.31 yuan / kg, continue to be in a weak consolidation
One of the important reasons for the current weak pig price is that the consumer terminal has not yet warmed up, and the enthusiasm of farmers is higher in the near future
Overall, the pig market will pick up in the fourth quarter, but prices are unlikely to be comparable to the peak season of previous years
Pig market performance will drag down the sales of agricultural pig feed in Dabei, Jingshu estimates that in 2014 the total sales of agricultural feed in The Great North will be about 4.5 million tons, with total operating income of 19 billion yuan
(Jingshu)
the end of October, the major listed feed enterprises in the third quarter of the report came out one after another, of which the report of Dabei Nong outside attention
Looking at the performance in the third quarter alone, the income and net profit of Dabei farmers increased by 7% and 21.31% yoY, respectively
From January to September, revenue increased by 18.4% year-on-year, while net profit fell 1.85% year-on-year
Overall, the performance of the Great North farmers is still encouraging
Most securities institutions give Dabei nong stocks a "recommended" level
Dabei farmers as pig feed sales for the main business of enterprises, its performance in accordance with the first half of the year to score, can be regarded as "four six" open
If you score on a quarterly note, the most critical should be the fourth quarter
Combining the performance of Dabei Farmers in the first three quarters, Jingshu estimates that the operating income of Dabei Farmers in 2014 was RMB19 billion, of which feed sales were about 4.5 million tons

Figure 1 The performance of The Great North Farmers in the 2011-2014 quarters .　　As the largest premix enterprise in China, Dabei Farmer's comprehensive gross margin is much higher than that of other enterprises in the same industry
According to the first-half report, the overall gross margin of the Great North Farmers was 20%
To some extent, it depends on the advantages of the agricultural structure of Great North
At the same time, Dabei Nong is also the industry's largest sales staff (16,000 people)
As can be seen from Figure 1, the sales and management costs of Dabei farmers have increased significantly since 2013
Sales expenses for 2013 were 1.576 billion yuan, up 70% from 927 million yuan in 2012
And the expansion of the sales force, in 2013 the Big North agricultural feed sales increased by 60% of the direct guarantee
In 2013, Dabei agricultural feed sales were 3.87 million tons, and operating income was 16.66 billion yuan, an increase of 57% over 2012
In 2013, under the influence of the slow macroeconomic development, the many disasters of the downstream aquaculture industry, and the micro-profitization of the feed industry, most feed enterprises chose the strategy of shrinking defense
Dabei Farmers chose to expand against the market in 2013, in terms of performance, or quite effective
But in 2014, the overall economic growth rate slowed, and the livestock industry suffered the most challenging year, the pace of expansion of the Great Northern Farmers against the market has slowed
The first is to increase the number of people in the sales team to the ability to improve the people themselves
Second, Dabei farmers have slowed down on new feed plant projects
Once again, the Great North farmers began to gradually control sales, management costs
as can be seen from Figure 1, in the third quarter of 2013-2014, the operating income of Dabei Farmers increased with the increase in sales expenses, but the increase in net profit attributable to listed shareholders was not very obvious
And in the third quarter of 2014, sales expenses were $485 million, down 1% from the second quarter of the previous year, the first decline in the third quarter of four years
At the same time, the management cost was $290 million, the lowest quarter-on-quarter increase in four years
the manuscript was launched at the end of October, and the fourth quarter was a third
As of October 29, the national pig out of the column price of 13.31 yuan / kg, continue to be in a weak consolidation
One of the important reasons for the current weak pig price is that the consumer terminal has not yet warmed up, and the enthusiasm of farmers is higher in the near future
Overall, the pig market will pick up in the fourth quarter, but prices are unlikely to be comparable to the peak season of previous years
Pig market performance will drag down the sales of agricultural pig feed in Dabei, Jingshu estimates that in 2014 the total sales of agricultural feed in The Great North will be about 4.5 million tons, with total operating income of 19 billion yuan
(Still Book)
and
"Dabei Nong, Feed Sales, Pig Feed, Pig"
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