China Securities Financial News Haida Group (002311) disclosed its 2021 annual report on April 12. In 2021, the company achieved a total operating income of 85.999 billion yuan, an increase of 42.56% year-on-year; a net profit attributable to the mother of 1.596 billion yuan, down 36.73% year-on-year; a non-net profit of 1.519 billion yuan, down 38.22% year-on-year; net cash flow from operating activities of 3.138 billion yuan, an increase of 546.65% year-on-year; during the reporting period, Haida Group's basic earnings per share was 0.96 yuan and a weighted average return on net assets was 11.46%. The company's 2021 annual distribution plan is: it is proposed to distribute 1.5 yuan (including tax) to all shareholders for every 10 shares.
Statistics show that the compound growth rate of Haida Group's total operating income in the past three years is 26.83%, ranking 4th among the 13 companies in the feed industry that have disclosed 2021 data. The compound annual growth rate of net profit in the past three years is 3.55%, ranking 2/13.
The annual report shows that the company has formed a relatively complete aquatic products industry chain to provide overall solutions around animal breeding, and the livestock and poultry industry chain is also gradually being built. The main products include high-quality animal seedlings, feed, animal protection, pig breeding. Business operations have covered all aspects of research and development, design, production, sales and service of various products. Specifically, the company's products include feed such as chickens, ducks, geese, pigs, fish, shrimp and crabs, breeding varieties such as pigs, shrimp fry, fish fry, chickens, etc., as well as biological products, veterinary drugs, vaccines and other products required in the process of livestock and poultry and aquaculture.
By product, in the company's main business in 2021, feed sales revenue was 69.826 billion yuan, an increase of 43.19% year-on-year, accounting for 81.19% of operating income; agricultural product sales revenue was 8.629 billion yuan, an increase of 35.51% year-on-year, accounting for 10.03% of operating income; trade business income was 6.390 billion yuan, an increase of 45.06% year-on-year, accounting for 7.43% of operating income.
In 2021, the company's gross profit margin was 8.49%, down 3.17 percentage points year-on-year; net profit margin was 2.11%, down 2.62 percentage points from the same period last year. It is worth noting that in recent years, the company's gross profit margin has been lower than the industry average for a long time.
By product, the gross profit margins of feed sales, agricultural product sales and trade business in 2021 will be 9.08%, 0.80% and 4.05% respectively.
During the reporting period, the total sales amount of the company's top five customers was 1.777 billion yuan, accounting for 2.07% of the total sales amount, and the total purchase amount of the company's top five suppliers was 9.774 billion yuan, accounting for 12.60% of the total annual procurement.
The data shows that the company's weighted average return on net assets in 2021 was 11.46%, down 12.41 percentage points from the same period last year, which was higher than the industry average for a long time; the company's return on invested capital in 2021 was 8.79%, down 8.60 percentage points from the same period last year.
As of the end of 2021, the company's net cash flow from operating activities was 3.138 billion yuan, an increase of 546.65% year-on-year, mainly due to the significant increase in inventory at the end of last year compared with the beginning of the period, resulting in a low net cash flow from operating activities last year; the net cash flow from financing activities was 779 million yuan, down 80.60% year-on-year, mainly due to the large cash inflow from the company's issuance of convertible bonds in the same period last year Net cash flow from investing activities was -$4,223 million, compared to -$4,321 million in the same period last year.
In 2021, the company's operating income cash ratio was 103.22%, and the net present ratio was 196.61%. Judging from the data in recent years, the growth rate of cash inflow from the company's operating activities is basically synchronized with the growth rate of operating income.
In terms of operating capacity, in 2021, the company's total asset turnover rate was 2.67 times, compared with 2.60 times in the same period last year (the industry average in 2020 was 1.32 times, and the company ranked 1/13 of the same industry); the fixed asset turnover rate was 7.63 times, compared with 8.62 times in the same period last year (the industry average in 2020 was 4.43 times, and the company ranked 2/13 of the same industry); the company's accounts receivable turnover rate and inventory turnover rate were 72.86 times and 9.73 times, respectively.
For the whole year of 2021, the company's expenses for the period were 5.093 billion yuan, an increase of 1.475 billion yuan over the previous year; but the expense ratio for the period was 5.92%, down 0.08 percentage points from the previous year.
In terms of major changes in assets, at the end of 2021, the company's accounts payable increased by 96.63% compared with the beginning of the period, accounting for 4.23 percentage points of the company's total assets, mainly due to the increase in payables caused by the purchase of raw materials; inventory increased by 22.98% from the beginning of the period, accounting for 0.10 percentage points of the company's total assets, mainly due to the increase in the stock of raw materials for trade and raw materials for production and the increase in expendable biological assets in stocks; short-term borrowings decreased by 20.14% compared with the beginning of the period. The proportion of the company's total assets decreased by 5.79 percentage points, mainly due to the adjustment of the company's debt structure; the advance payment increased by 36.36% from the beginning of the period, accounting for 0.68 percentage points of the company's total assets, mainly due to the rapid development of the company's business and the increase in the purchase of prepaid raw materials.
In the whole year of 2021, the company's R&D investment was 653 million yuan, an increase of 33.05% year-on-year; R&D investment accounted for 0.76% of operating income, down 0.05 percentage points from the same period last year. In addition, the capitalization rate of the company's R&D investment in the whole year was 2.23%.
In terms of solvency, the company's asset-liability ratio at the end of 2021 was 55.30%, an increase of 9.64 percentage points over the same period last year, and in recent years, the overall higher than the industry average; the interest-bearing asset-liability ratio was 24.72%, an increase of 3.10 percentage points over the same period last year.
According to the annual report, among the company's top ten circulating shareholders at the end of 2021, the new shareholders are the National Social Security Fund 104 Portfolio, the Suzaku Fund - Shaanxi Coal Industry Co., Ltd. - Shaanxi Coal Suzaku New Economy Industry Single Asset Management Plan. In terms of specific shareholding ratios, the shareholding of Guangzhou Haihao Investment Co., Ltd. and Hong Kong Securities Clearing Co., Ltd. has increased, while the shares of The Norwegian Central Bank - own funds, Abu Dhabi Investment Bureau, and Macao Monetary Authority - own funds have declined.
| Shareholder name | Number of shares held (10,000 shares) | Percentage of total share capital (%) | Proportion of change (%) |
|---|---|---|---|
| Guangzhou Haihao Investment Co., Ltd | 89762.76 | 54.036155 | 0.33 |
| Hong Kong Securities Clearing Company Limited | 6975.65 | 4.199264 | 1.03 |
| Invesco Great Wall Emerging Growth Hybrid Securities Investment Fund | 4299.99 | 2.588547 | Unchanged |
| Norges Bank - own funds | 1799.67 | 1.08338 | -0.06 |
| Bank of China Limited - Invesco Great Wall Dingyi Hybrid Securities Investment Fund (LOF) | 1599.99 | 0.963176 | Unchanged |
| Oriental Red Qi Heng three-year holding period hybrid securities investment fund | 1348.93 | 0.812038 | Unchanged |
| The National Social Security Fund 104 Combination | 852.91 | 0.513441 | New |
| Abu Dhabi Investment Authority | 848.12 | 0.510559 | -0.01 |
| Suzaku Fund - Shaanxi Coal Industry Co., Ltd. - Shaanxi Coal Suzaku New Economy Industry Single Asset Management Plan | 828.76 | 0.498906 | New |
| Monetary Authority of Macau - Own funds | 771.76 | 0.464591 | -0.13 |