On the day Shuanghui Development (000895) was exposed by CCTV as "Clenbuterol", some investors keenly seized this once-in-a-lifetime opportunity and sold 53,000 shares by short selling. After Shuanghui resumed trading, brokers have been waiting to see and are not in a hurry to withdraw from the market. However, after the May Day holiday, the market stopped falling and stabilized. On Monday (May 9), Shuanghui's securities lenders finally couldn't hold back and began to buy Shuanghui and return it to brokers. Repay on Monday 1. 1, 000 shares.

In fact, since the resumption of trading of 19 in April, although the securities lender of 15 in March has been on hold, the securities lending transaction in Shuanghui's development has not stopped, and 1000 shares have been repeatedly sold-repaid-sold. On April 2 1 day, Shuanghui sold 1000 shares by short selling on the day of opening the daily limit; And repay on April 26.

The following day (April 27th), 65,438+0,000 shares were melted out and returned on May 4th, which happened to be the day when Shuanghui fell below the issue price of 56 yuan/share. On May 5th, Shuanghui sold 1000 shares by short selling again. As of last Friday's close, Shuanghui margin remained unchanged at 54,000 shares.

However, judging from the trend of the secondary market, the tender offer price of 56 yuan/share plays an obvious supporting role in the trend of Shuanghui. Since May 5th, with the rebound of the market, Shuanghui has pulled four positive lines. Based on yesterday's closing price, it has rebounded 12.9 1% from the lowest point on May 4, and the stock price has returned to the vicinity of the second daily limit on April 20.

Looking at Shuanghui's recent wave after wave of rebound, the "3 15" brokers finally couldn't hold back. According to the statistics of the Exchange, on Monday, Shuanghui had 1. 1 ,000 shares to be sold by short selling, and at the same time, there were 1. 1 ,000 shares to be sold by short selling. Once and for all, the margin for securities lending remains unchanged at 54,000 shares.

Despite the recent rebound of Shuanghui, short sellers of "3 15" Shuanghui still made a lot of money. Based on yesterday's closing price, the profit of the initial 53,000 shares is still about 800,000 yuan. The balance of financing has gradually increased.

A private equity source pointed out that there are two possibilities for Shuanghui's securities lending repayment on Monday:

1. Of which 65,438+0,000 shares were repurchased and repaid by the securities lender on May 5, and another 65,438+0,000 shares were repaid by the securities lender on March 65,438+05;

2. The 65,438+0.65,438+0,000 shares were all repaid by the "3,654,38+05" securities lender. However, judging from the fact that 1. 1 0,000 shares were immediately sold by securities lending, many investors are still not optimistic about the later trend of Shuanghui, because after all, the "Clenbuterol" incident has had a great negative impact on the company's sales and reputation.

It is worth mentioning that from the financing side, the financing balance is on the rise. Wind data shows that since the resumption of trading in April 19, Shuanghui Financing has generally shown a net inflow of funds. During the trading day of 14, a total of 54.8 million yuan was purchased through financing, and 26.49 million yuan was repaid through financing. As of Monday's close, the balance of Shuanghui financing rose from 6,543,802,640 yuan before the resumption of trading to 40.95 million yuan.

Shuanghui development stock analysis;

Its main products account for 92.96% of operating income, including packaged meat products of 28 1 100 million. Fresh food was originally 48.3 billion. The company's main products are sold in China, and the region is divided into the north of the Yangtze River and the south of the Yangtze River, of which the sales volume in the north of the Yangtze River is twice that in the south.

What stage is the industry in? It can be seen from the annual report or straight flush that Shuanghui development belongs to the meat processing industry of food processing manufacturing industry. At present, the concentration of the industry is increasing day by day. From high-speed development to high-quality development, the industry has entered a mature stage and the growth rate has slowed down.

Industry market scale: it will exceed 2,000 billion in 2020, and the total operating income of Shuanghui Development in 2020 will be 73.86 billion, with huge development space.

In terms of market share of slaughter market, Shuanghui Development ranks first, accounting for 2.4%, while Yurun, Luojin and Zhongpin foods are all1.65,438+0%.

Judging from the market share of meat products, Shuanghui Development still ranks first, with a market share of18.5438+0%; Followed by Luo Jin, accounting for 6.2%; The market shares of Zhongpin Food and Yurun are 3.3% and 1.3% respectively.

Industry competition pattern: Shuanghui, as the leader, has a market share of over 18%. With the improvement of industry concentration, it is more conducive to the development of leading enterprises, and the market share will increase year by year? .

Industry development trend: with the increasing demand for safety, health, nutrition and high-end meat products, the structure of meat products in China is constantly adjusted; With the accelerated pace of people's life, the requirements for convenience and safety of products are improved, and residents' consumption pays more attention to brands and quality, which is conducive to brand enterprises to play a competitive advantage. With the continuous improvement of industry concentration, dominant brand enterprises are facing greater development opportunities in the accelerated period of industry integration.

Business model:

The company's main business is slaughtering and meat processing, and its main products are fresh products and packaged meat products. The company has built 30 modern meat processing bases and supporting industries in 17 provinces (cities) nationwide, slaughtering more than 23 million pigs and processing more than 2 million tons of meat products every year. The company's products are mainly self-produced, and at the same time, in order to meet the development needs of meat product structure adjustment and new product development and promotion, some new products are commissioned to be processed and produced.

In 2020, due to the shortage of domestic pigs, the company imported some frozen pork from abroad, processed and sold it in China or used it as raw material for packaging meat products. The company's fresh products and packaged meat products are produced in the mode of "fixed production by sales".

The demand for live pigs of fresh products is determined according to the predicted quantity of market customers' orders, the purchasing department organizes procurement according to the demand quantity of live pigs, and each slaughterhouse organizes production and transportation according to customer orders; According to the sales plan and the production capacity of each meat factory, the packaged meat products are decomposed and distributed to the corresponding factories.