京基智农(000048) - 京基智农调研活动信息

Group 1: Cost Structure and Production Efficiency - The average breeding cost for weaned piglets in May 2024 is 325 RMB/kg, while the average cost for fattening pigs is 13.35 RMB/kg, with a total cost of approximately 14.10 RMB/kg. There is potential for further cost reduction as the health and production metrics of the pig herd improve [1] - In May 2024, the average breeding cost breakdown shows that feed costs account for about 65%, depreciation (including fixed asset and breeding stock depreciation) accounts for approximately 13%-14%, labor costs account for about 8%, and veterinary and other costs account for around 13%-14% [1] Group 2: Sales Performance - In May 2024, the company sold 227,600 pigs (including 47,800 piglets), generating sales revenue of 372 million RMB, with an average selling price of 15.74 RMB/kg and an average weight of 123 kg [2] - From January to May 2024, the company sold a total of 880,000 pigs (including 112,200 piglets), with cumulative sales revenue reaching 1.345 billion RMB [2] Group 3: Business Profitability and Future Outlook - The pig farming business achieved profitability in 2022 after scaling up production, but faced losses in 2023 due to a downturn in the pig market. Recent price recoveries and declining costs have led to improved profitability [2] - For the代养 (contract farming) business, the pig output from January to May 2024 was 106,000 pigs, with a current stock of approximately 160,000 pigs from partner farmers. The progress of new stock has slowed due to rising piglet prices [2] Group 4: Financial Health and Business Composition - As of the end of Q1 2024, the company's inventory is approximately 2.9 billion RMB, including real estate projects worth about 1.6 billion RMB, consumable biological assets (pigs) valued at around 1 billion RMB, and other raw materials and inventory worth about 300 million RMB [2] - The company's debt-to-asset ratio as of Q1 2024 is 66%, a decrease from 68% at the end of 2023. This trend is expected to continue as real estate projects are liquidated and operational management of pig farming improves [2] - In Q1 2024, the revenue composition shows that real estate business accounts for about 32%, pig farming business contributes approximately 54%, and feed and poultry farming account for about 14%. The company plans to focus on the pig farming core business while continuing to advance sales of existing real estate projects [2]