Yisheng shares (002458): The best profit period in history, good performance and great flexibility

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Yisheng shares (002458): The best profit period in history, good performance and great flexibility
Event: The company released its 2019 interim report and achieved revenue14.460,000 yuan, an increase of 188 in ten years.07%; net profit attributable to mother 9.40,000 yuan, an increase of 2688 in ten years.67%; At the same time, the company plans to pay 3 yuan (including tax) for every 10 shares.In the second quarter, it realized revenue of 7.9.5 billion, an increase of 183 in ten years.73%, net profit attributable to mother 5.2.2 billion, an increase of 2292 in ten years.45%.In the first half of 2019, the prosperity of the poultry chain rose, and the seedling prices continued to hit new highs, driving the company’s performance to exceed expectations. Comments: In the first half of the year, seedling prices continued to hit new highs, the best profit period in history, rather than the continuous introduction of ancestral white feather broiler chickens that continued to exceed 750,000 sets. In the first half of 2019, the industry’s supply contraction continued, and the price of poultry chains increased significantlyIn particular, Miao prices continue to break through historical highs.In the first half of 2019, the average price of Yantai chicken seedlings in Shandong was 7.83 yuan / feather, single feather profit 2.3 yuan.Especially in the second quarter, seedling prices hit a record high, reaching as high as 10.2 yuan / feather, the highest point in history.The company’s main products are parent and commodity chicken, and the prices of parent and commodity have risen, driving the company’s profits. It is expected that the short-term seedling price will rise again, and the medium- and long-term seedling price will be supported. With the arrival of the off-season, at the same time, the high seedling price will suppress the enthusiasm for filling up.Looking forward, we expect seed prices to remain firm: 1) In the short term, the peak consumer season is coming in the third quarter, and at the same time, downstream chicken 合肥夜网 stocks are gradually becoming more stable, and chicken seed prices continue to grow in the short term;The highest hog productivity has been improved. At present, the average national pork price is close to 20 yuan / kg; and the epidemic situation is still fermenting. It is expected that the pork supply gap will further expand.As the price of pigs rises, the alternative demand for chicken meat will further increase, thereby supporting the price of chicken fry. Upgrading profit forecast and maintaining “overweight” rating As the price of chicken seedlings rose more than expected in the first half of the year, and we expect the price of chicken seedlings to remain firm in the second half of the year, we raised the company’s net profit forecast for 19-21 to 15.85 billion, 14.100 million and 13.7 billion (previous profit forecast 武汉夜网论坛 was 9 respectively.7.7 billion, 7.01 billion and 6.5.7 billion), corresponding to earnings per share of 2.76 yuan, 2.46 yuan and 2.39 yuan.Keep optimistic about the company and maintain the “overweight” rating. Risk reminder: The seedling price is lower than the expected risk, and the epidemic risk occurs.