京基智农(000048) - 京基智农调研活动信息

Group 1: Livestock and Production Capacity - As of the end of Q3 2021, the company has approximately 21,000 breeding sows and 77,000 pigs in total, with about 56,000 of them being foundational sows [2] - The company is currently investing in multiple pig farming projects, including Xuwen and Hezhou, which are expected to achieve an annual output scale exceeding 2 million pigs once fully operational [2] - The company aims for a complete cost target of 16.3 RMB/kg for the next year, focusing on ongoing project construction and cost reduction [2] Group 2: Market and Pricing Outlook - The pig cycle in the industry typically lasts about 3-5 years, with recent price increases due to seasonal demand; however, high production capacity and breeding sow inventory indicate a need for time to reduce capacity [3] - The company anticipates that the pig price will be influenced by market conditions and historical data trends [3] Group 3: Biosecurity and Disease Prevention - The company has implemented comprehensive biosecurity measures to prevent African swine fever, including closed management and air filtration systems [3] - Since the launch of its pig farming projects, the company has successfully maintained a zero occurrence of African swine fever [3] Group 4: Real Estate and Financial Performance - The company has ongoing real estate projects, with two phases of the Baonan Xixiang project already under construction; the fourth phase began pre-sales in July 2021 [3] - The company’s high asset-liability ratio is attributed to significant pre-sale receipts and ongoing investments in pig farming, which are expected to decrease as real estate revenue is recognized and pig output increases [3] - The company projects a decline in performance in Q3 2021, with future earnings dependent on market conditions and project delivery timelines [4]