When searching for "Shuanghui", the popular related words are "father-son war", "3.15 Nanchang Shuanghui" and "customer service mocking consumer education", and so on. It seems that the negative public opinion has already overshadowed a series of glorious titles such as "a brother with ham and sausage" and "king of slaughter".
At the party on March 15th, 211, Shuanghui was exposed to the "Clenbuterol" incident, and its market value evaporated by tens of billions, and its operating net profit decreased by 51% that year. On March 15th, 222, after the chaos in the Shuanghui workshop in Nanchang was exposed, the accumulated market value of Shuanghui Development and two "Shuanghui Department" companies in wan chau international evaporated by more than 15 billion yuan.
As a listed food enterprise, the fermentation speed of negative public opinion is much faster than the development speed of the enterprise. Aside from these negative public opinions, there is also a voice in the market: with the continuous development of big pig enterprises, Shuanghui's "slaughter king" throne is almost unstable.
In 221, the revenue from slaughtering business was 39.1 billion yuan
The revenue accounted for 58.6%
According to its annual report in 221, Shuanghui's operating income during the reporting period was 66.682 billion yuan, a year-on-year decrease of 9.72%; The net profit attributable to shareholders of listed companies was 4.866 billion yuan, a year-on-year decrease of 22.21%. In terms of revenue structure, in 221, the packaged meat products developed by Shuanghui achieved revenue of about 27.4 billion yuan, accounting for 41.1%; The revenue from slaughter was about 39.1 billion yuan, accounting for 58.6%; Others realized revenue of about 6.3 billion yuan, accounting for 9.46%. Slaughtering plate is still the industrial pillar of Shuanghui.
however, according to the data of the past five years, before the outbreak of non-plague, Shuanghui made efforts in the direction of meat products. In the two years when the market was short of pigs in 219-22, the proportion of Shuanghui's slaughter sector business increased, and in 221, at the bottom of the pig cycle, its slaughter sector business proportion decreased again.
The industry is highly dispersed
The slaughter leader accounts for only 2.35%
According to the data, in 221, Shuanghui developed more than 11 million pigs for slaughter. According to the calculation of 671 million pigs slaughtered in China in 221, the slaughter of Shuanghui only accounted for 1.6% of the national slaughter. In fact, China's slaughter industry is highly dispersed. The survey shows that in 22, the market share of Shuanghui, Longda Cuisine and Yurun will be 4.4%, 2.5% and 1.8% respectively. In addition, according to the research data of China Business Information Network, the domestic slaughter industry accounts for only about 5%, of which the leading slaughter industry accounts for only 2.35%, and the slaughter industry is still at a highly decentralized level.
As a leading slaughter enterprise, Shuanghui Development could have further stabilized its leading slaughter position in the current situation of scattered industry concentration. However, from the 221 annual report, it has made great efforts in the research and development of convenience foods, and the expansion of the slaughter plate has not been reflected too much. Of the nine major R&D projects listed in its annual report, only one is related to cold meat, and the others are convenience dishes, smoked foods and spicy research.
pig enterprises vigorously deploy slaughter capacity
Mu Yuan slaughter capacity may catch up with Shuanghui
Looking at the whole meat industry, with the rapid development of pig enterprises, the highly dispersed pattern of slaughter industry may be broken. Last year, there was a news that Mu Yuan, Wen's, New Hope, Tianbang and other pig giants made great strides in the slaughtering industry. Judging from the data, it is no exaggeration to use the word "making great strides".
Up to now, Mu Yuan has put into operation 8 slaughterhouses with a total slaughter capacity of 22 million heads; Three more slaughterhouses will be put into operation in the first half of the year. It is estimated that the total slaughter capacity will exceed 3 million heads by the end of June 222.
according to Wen's shares, in the future, 2% of the company's pigs will be sold as fresh products after slaughter. According to the target of 18 million slaughter in 222, 2% of fresh products will be slaughtered, that is, about 3.6 million pigs will be slaughtered. Wenshi will add about 4 million pigs to slaughter this year and next.
Tianbang Co., Ltd. said that it is estimated that the slaughter of pigs will reach 1.2-1.3 million this year.
Although New Hope did not give a specific slaughter amount, it also made it clear that it would develop landing slaughter projects according to the scale and market conditions.
With the rapid development of pig enterprises, the development of the whole industrial chain is bound to divide a part of the slaughter market.
Looking back at the data in recent five years, the annual slaughter capacity of Shuanghui is maintained at 1-17 million heads. According to the survey, the average capacity utilization rate of large-scale slaughterhouses in China is only about 3%. According to Mu Yuan's slaughter capacity of 3 million, its slaughter capacity should reach 9 million. Guided by the sharp increase in the scale of slaughter in Mu Yuan and the general direction of changing from pigs to meat, the estimated slaughter amount may be even higher.
Therefore, it is still a question mark whether Shuanghui's leading position can be maintained when the slaughter sector of other enterprises has developed to a certain extent.
Of course, some people will say that the current slaughter industry pattern is scattered, even if pig enterprises make a big push into the slaughter industry, it will not have much impact on Shuanghui. After all, the market cake is so big, Shuanghui only accounts for less than 5%, and nearly 95% of the space can be squeezed.