Tianma Technology (603668): Special aquatic feed leader migrating in the blue ocean of the industry

Tianma Technology (603668): Special aquatic feed leader migrating in the blue ocean of the 重庆耍耍网 industry

Tianma Technology is a national key leading enterprise in agricultural industrialization specializing in the research and development, production and sales of special aquatic compound feed.

The product covers all stages of artificial breeding from the seedling stage to the growing stage.

Among them, the production and sales of eel compound feed ranks among the top in the world. The production and sales of compound feed for big yellow croaker, grouper, and catfish are among the highest in the country.The production and sales of special aquatic compound feeds such as turtles, cormorants and California seabass rank among the top in the country.

From 1961 to 2016, the average annual growth rate of global consumption of food fish (3.

2%) faster than population growth (1.

6%), which is also higher than the growth rate of meat consumption of all terrestrial animals (2.

8%), as well as poultry meat (4.

9%) other animal meat.

At present, it has become the world’s largest consumer of aquatic products, with aquatic products accounting for more than 40% of total global output.

With the improvement of residents’ living standards, the consumption structure has been continuously optimized and improved, and the proportion of aquatic products in the alternative structure has continued to increase. The average annual consumption has increased at a rate of 3%.

The demand for aquatic products has shifted to “quality, health”, environmental protection restrictions, outstanding cost-effective advantages of aquatic compound feeds, and low expansion rates of special aquatic feeds have determined that the demand for special aquatic feeds is increasing and the development space is huge.

The company is one of the most complete types of special aquatic compound feed in China.

Beginning in 2017, the company actively builds a “ten fish” strategy and is committed to achieving ten species of special aquatic feed split products (eel, big yellow croaker, grouper, catfish, abalone, sea cucumber, catfish, shrimp, puffer fish) in the short term., Lanziyu, Turtle) production and sales of the country’s first.

At the end of 2018, the company has completed the construction of 22 subdivision business units, and expanded a comprehensive sales network covering the coastal areas of China from the north to the north of the Bohai Bay to the north. The expansion of the division of sales radiation is beneficial to the “ten fish”Completion of strategy.

The company’s feed product gross profit margin ranks first among aquatic listed companies. The continuous high R & D investment guarantees the company’s rapid introduction of new products and high profitability of its products.

It is estimated that the net profit attributable to mothers will be 1 in 2019 and 2020.

00, 1.

180,000 yuan, EPS is 0.


35 yuan, corresponding to the current total PE is 28.

72, 24.

43 times, give “overweight” rating.

Risk warning: raw material price fluctuations, natural disasters, aquatic diseases, environmental protection policies, etc.