Core Viewpoint - Ningxia Xiaoming Agricultural and Animal Husbandry Co., Ltd. maintains a long-term credit rating of A with a stable outlook, reflecting its competitive position in the poultry industry and improved financial performance [1][3][4]. Company Overview - The company is the first A-share listed company in China focusing on egg-laying chickens, with a market share of over 20% in the national market for commodity layer chicks [3][22]. - As of 2024, the company sold 228 million commodity layer chicks, achieving total revenue of 971 million yuan, a year-on-year increase of 16.83% [5][15]. Financial Performance - In 2024, the company turned a profit with a total profit of 45 million yuan, compared to a loss of 155 million yuan in 2023 [11][15]. - The gross margin significantly increased due to rising sales prices and decreasing raw material costs, with the overall gross margin reaching 16.48% [5][26]. - As of March 2025, the company's total assets were 17.04 billion yuan, with owner’s equity of 8.59 billion yuan [11][15]. Industry Analysis - The poultry industry in China has seen increased concentration, with larger enterprises gaining market share as smaller farms exit the market due to regulatory pressures and disease outbreaks [18][21]. - The average price of layer chicks has risen, reflecting increased demand driven by improved industry conditions [19][22]. - The industry is expected to evolve towards automation, digitization, and branding, with non-cage farming practices providing growth opportunities [21][22]. Risk Factors - The company's financial health is impacted by the cyclical nature of the poultry industry, which is sensitive to national livestock policies and environmental regulations [5][18]. - The company faces challenges related to asset liquidity, with a high proportion of non-current assets [5][11].
晓鸣股份: 宁夏晓鸣农牧股份有限公司2025年跟踪评级报告