According to CRI, five largest dairy producing countries and regions are the European Union, the U.S.A., India, China and Brazil. Due to differences in consumption and population, the European Union, the U.S.A., New Zealand and Australia are major dairy exporters while countries in Asia, Africa and Latin America are major importers. With limited production and poor quality of dairy products, China imports large quantities of dairy products every year.
In 2016, total production volume of dairy products in China was over 29.93 million tons, increasing by 7.5% YOY. Since 2012, China's dairy industry has been developing in stability. The dairy industry is going through rectifications. Since 2013, the Chinese government has issued a number of policies and regulations on the industry.
The industry chain of meat products is divided into three sectors: hog raising, slaughtering and meat products. The upstream is livestock breeding and the downstream is retail businesses and sales channels. In China, the major meat product is pork, the prices of which are heavily affected by hog prices.
CRI survey shows that in 2016, China produced over 80 million tons of meat. The annual growth of the revenue of the meat industry was over 20%.
The fast growth of the dairy industry and the meat processing industry will sustain given China's economic development and population increase.
In this report, CRI analyzes 16 dairy and meat producers listed in A-share market in China.
The report is composed of two parts: the first part is enterprise profiles and the second part is the operation status of these enterprises in the recent decade (presently 2006 to 2016, we will update it to the latest as time goes by).
The operation status is demonstrated from the following perspectives: (1)financial indexes, such as earnings per share, book value per share (BPS), sales per share, net cash flow per share, return on net worth and debt to asset ratio; (2) indexes on the income statement, such as revenue, operating profit, net profit and EBIT; (3) indexes on the income statement, such as revenue, operating profit, net profit and EBIT; (4) indexes on the balance sheet, such as liquid asset, fixed asset, current liability, non-current liability, capital reserve and shareholders' equity.
(1) Financial Indexes
- Earnings per Share
- Book Value per Share (BPS)
- Sales per Share (SPS)
- Net Cash Flow per Share from Operations
- Net Cash Flow per Share (CNY)
- Return on Net Worth
- Net Profit Margin on Total Assets
- Return on Invested Capital (ROIC) (%)
- Gross Profit Margin on Sales (%)
- Net Profit Margin on Sales (%)
- EBIT Margin (%)
- EBITDA Margin (%)
- Debt to Asset Ratio (%)
- Total Asset Turnover (times)
- Cash/Operating Income Received from Sales of Goods or Services
- YOY Growth Rate of Operating Revenue (%)
- YOY Growth Rate of Operating Profit (%)
- YOY Growth Rate of Net Profit Attributable to Shareholders of Parent Company (%)
(2) Summary of Income Statement
- Gross Revenue (CNY, million)
- Total Operating Costs (CNY, million)
- Revenue (CNY, million)
- Operating Profit (CNY, million)
- Total Profit (CNY, million)
- Net Profit (CNY, million)
- Net Profit Attributable to Shareholders of Parent Company (CNY, million)
- Non-recurring Items (CNY, million)
- Net Profit Deducting Non-recurring Items (CNY, million)
- R&D Costs (CNY, million)
- Earnings Before Interest and Tax (EBIT) (Based on iFind) (CNY, million)
- Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (Based on iFind) (CNY, million)
(3) Summary of Balance Sheet
- Liquid Asset (CNY, million)
- Fixed Asset (CNY, million)
- Long-term Equity Investment
- Total Assets (CNY, million)
- Liquid Liability (CNY, million)
- Non-current Liability (CNY, million)
- Total Liability (CNY, million)
- Capital Reserve (CNY, million)
- Surplus Reserve (CNY, million)
- Undistributed Profit (CNY, million)
- Shareholders' Equity (CNY, million)
- Equity Attributable to Shareholders of Parent Company (CNY, million)
(4) Summary of Cash Flow Statement
- Cash Received from Sales of Goods and Services (CNY, million)
- Cash Flow from Operations (CNY, million)
- Cash Paid to Purchase Fixed Assets, Intangible Assets and Other Long-term Assets (CNY, million)
- Cash Paid for Investments (CNY, million)
- Cash Flow from Investments (CNY, million)
- Cash Received from Investors (CNY, million)
- Cash Received from Borrowings (CNY, million)
- Cash Flow from Financing (CNY, million)
- Net Increase of Cash and Cash Equivalents (CNY, million)
- Cash and Cash Equivalents, End of Period (CNY, million)
- Depreciation and Amortization (CNY, million)
Companies in the report:
1 Henan Shuanghui Investment & Development Co., Ltd. (000895.SZ)
2 Shan Dong Delisi Food Co., Ltd. (002330.SZ)
3 Jinzi Ham Co., Ltd. (002515.SZ)
4 Jiangxi Huangshanghuang Group Food Co., Ltd. (002695.SZ)
5 Shandong Longda Meat Foodstuff Co., Ltd. (002726.SZ)
6 Zhejiang Huatong Meat Products Co., Ltd. (002840.SZ)
7 Xinjiang Tianrun Dairy Co., Ltd. (600419.SH)
8 Beijing Sanyuan Foods Co., Ltd. (600429.SH)
9 Bright Dairy & Food Co., Ltd. (600597.SH)
10 Shanghai Ground Food. Tech Co., Ltd. (600882.SH)
11 Inner Mongolia Yili Industrial Group Company Limited (600887.SH)
12 Royal Group Co., Ltd. (002329.SZ)
13 Beingmate Baby & Child Food Co., Ltd. (002570.SZ)
14 Maiquer Group Co., Ltd. (002719.SZ)
15 Guangdong Yantang Dairy Co., Ltd. (002732.SZ)
16 Henan Kedi Dairy Co., Ltd. (002770.SZ)
1 Henan Shuanghui Investment & Development Co., Ltd. (000895.SZ)
2 Shan Dong Delisi Food Co., Ltd. (002330.SZ)
3 Jinzi Ham Co., Ltd. (002515.SZ)
4 Jiangxi Huangshanghuang Group Food Co., Ltd. (002695.SZ)
5 Shandong Longda Meat Foodstuff Co., Ltd. (002726.SZ)
6 Zhejiang Huatong Meat Products Co., Ltd. (002840.SZ)
7 Xinjiang Tianrun Dairy Co., Ltd. (600419.SH)
8 Beijing Sanyuan Foods Co., Ltd. (600429.SH)
9 Bright Dairy & Food Co., Ltd. (600597.SH)
10 Shanghai Ground Food. Tech Co., Ltd. (600882.SH)
11 Inner Mongolia Yili Industrial Group Company Limited (600887.SH)
12 Royal Group Co., Ltd. (002329.SZ)
13 Beingmate Baby & Child Food Co., Ltd. (002570.SZ)
14 Maiquer Group Co., Ltd. (002719.SZ)
15 Guangdong Yantang Dairy Co., Ltd. (002732.SZ)
16 Henan Kedi Dairy Co., Ltd. (002770.SZ)
