JOYVIO FOOD(SZ:300268)2022-11-21 15:48Financial Performance - Revenue for the first three quarters of 2021 reached 3.38 billion RMB, a year-on-year increase of 1.39% [4] - Net profit attributable to shareholders was -105.99 million RMB, a significant reduction in loss of 349 million RMB compared to the previous year [4] - Third-quarter net profit was 30.42 million RMB, achieving single-quarter profitability [4] - Chile subsidiary Australis achieved a cumulative net profit of 48.49 million RMB in the first three quarters, with a third-quarter net profit of 87.7 million RMB [4] - Gross margin of Australis improved from -8.3% in Q1 to 21.9% in Q3 [4] Market and Industry Analysis - China's salmon import volume reached 74,200 tons in 2019, with a three-year compound growth rate of 31% [5] - Global salmon industry maintains a tight supply-demand balance [5] - Salmon prices have shown a recovery trend, with US market fillet prices reaching around $6/kg and Brazilian whole fish prices at $7-8/kg [5] - Company's salmon production capacity increased from 70,000 tons in 2019 to 100,000 tons in 2020 [5] Subsidiary Australis Advantages - Possesses valuable aquaculture licenses with strict government regulations [6] - Demonstrates superior operational efficiency with feed conversion rate of 1.25 (industry average: 1.42) and mortality rate below 6.1% (industry average: 15.8%) [6] - Maintains strong quality control capabilities with multiple industry certifications [6] - Achieved $120 million gross profit and $66 million net profit in 2019 under normal operations [6] Business Strategy and Development - Launched new children's food brand "Chanxiong Tongxue" targeting maternal and infant market [4] - Expanded sales channels through major e-commerce platforms like Tmall and JD.com [4] - Implemented dual business models: To B (supplying large supermarkets, importers, and restaurants) and To C (operating online flagship stores) [7] - Planned investment of 70 million RMB in 3R food innovation center and 60 million RMB in brand and marketing channel construction [7] - Initiated intelligent upgrade projects for salmon farming systems and smart factory construction [7] Future Outlook - Continued focus on consolidating overseas markets (US, Europe, Asia-Pacific) while strengthening Chinese market channels [7] - Positive outlook for future gross margins with current upward trend [7] - Strategic development in 3R food sector for C-end business [7] - Expected profitability improvement with production capacity at 100,000-ton level [6]