The cost of feed enterprises includes fixed costs and variable costs. The former mainly includes plant, equipment, and personnel wages. The latter is mainly raw material expenditure. At the same time, the feed is divided into premixes, concentrates and batches. The production costs of different feeds are also different. The basis for the analysis is to simplify the analysis with the final batch.
From the perspective of investment and construction, the higher the technical level of the feed production line, the higher the requirements for machine precision, the greater the investment, but relatively speaking, the production process of the feed production enterprise is mainly crushing, mixing, stirring, granulating and storing. , packaging, production process is relatively simple, so the amount of investment per unit of product is not large, and the employment of personnel is also less. By comparing the input data of several major listed companies' new projects, although the data is biased due to geographical differences, different planning requirements and product differences, it is basically able to have a general understanding of the relevant data. In summary, the depreciation expense and labor expenditure for fixed assets per ton of ingredients are about 27 yuan. If calculated at 70% higher capacity utilization rate, the fixed cost per ton of product is amortized by about 39 yuan. Compared with the price of the ingredients, the fixed cost is relatively small.
Raw material costs are a major component of feed costs. The premix is ​​mainly trace mineral elements, amino acids, vitamins and carriers, and generally accounts for about 4% of the batch. Concentrate is based on pre-mixed protein raw materials, mainly including soybean meal, cotton aphid, fish meal, etc., accounting for about 40% of the feed. The ingredients are added to the energy concentrate on the basis of the concentrated material, mainly corn, which accounts for about 50% of the feed. Therefore, in the raw material cost of feed, corn, soybean meal, fish meal, amino acids and various vitamins and minerals are the main factors affecting costs. Of course, each feed company uses a different formula, so the cost of feed produced by different companies varies, but it is affected by changes in the prices of major raw materials. From the cost structure point of view, the raw material cost per ton of batch material is about 3,410 yuan / ton, of which soybean meal accounted for the highest proportion, accounting for about 50% of the cost, followed by corn about 36%, premix about 5%. Others account for about 10%, and changes in the price of soybean meal and corn have a significant impact on changes in feed costs.
Cost analysis of feed enterprises
Feed companies face customers such as pig farms or scattered farmers, which have more scale farms. Therefore, their market development costs are relatively small, but they are also related to the market development model of different companies. Generally, the company's sales expenses are mainly personnel salaries, travel expenses and transportation expenses. The management expenses of enterprises are mainly personnel wages and research and development expenses. The two expenses account for about 10% of the company's income, depending on the operation of different enterprises. The level of strategy and management varies.
Income Analysis of Feed Enterprises
The income of feed enterprises is mainly affected by the structure, sales volume and sales price of feed products. The feed product structure of different feed enterprises is different. According to the current distribution of feed structure in the market, the national pig feed output in 2011 was 62.11 million tons, up 4% year-on-year; among them, the pig mix was 50.5 million tons, up 22.8% year-on-year. The concentrate was 14.43 million tons, down 3.6% year-on-year; the pig premix was 3.37 million tons, down 0.1% year-on-year. It can be seen that the proportion of the batch materials in the feed is getting larger and larger, accounting for more than 80% and showing a rapid growth trend, and the concentrated materials and premixes are down year-on-year. This trend is in line with the forecast of changes in the future development of the industry. With the continuous growth of scale farming and geographical changes, the ingredients will become the mainstream of pig feed.
From a quantitative point of view, with a higher feed to meat ratio of 3:1, if the pig breeding in China is all raised with industrial feed, the demand for pig feed is about 200 million tons; The proportion of live pigs is about 40%. Even if the number of live pigs is unchanged and the feed use ratio is increased by 1%, the feed demand will increase by 2 million tons. Overall, the market for feed growth is still large. However, due to the small amount of investment in the construction of feed capacity, the expansion of related companies is also faster, and the increase in volume is the main source of income growth.
From a price point of view, the price of feed is determined on the one hand by cost and on the other hand by the supply and demand situation of the market. The increase in feed costs has been slow and has continued to rise, which has led to a continuous upward trend in feed prices. The supply of feed has been growing at a relatively fast rate, while demand is affected by the economic conditions of the downstream farming industry. Overall, due to fierce competition in the feed market, sufficient supply and rapid capacity improvement, feed companies are less likely to raise gross profit margins by raising prices, so the increase in prices is not the main way for corporate income growth.
Profit factors of feed enterprises
Combined with the above analysis, it can be concluded that there are several main factors affecting the profit of feed enterprises: First, the degree of prosperity of the downstream aquaculture industry, which has a significant impact on the demand of the industry, changes in supply and demand will temporarily affect product prices; second, the product structure of the enterprise The change, due to the large difference in gross profit margin between different products, so different product structure will have a certain impact on the profitability of the enterprise, which is closely related to the company's research and development capabilities and marketing capabilities, and can track its sales expenses and The relevant items in the management expenses are analyzed; the third is the change of the production capacity of the enterprise, which is the basis of the enterprise's income growth; the fourth is the change of the raw material cost, especially the price fluctuation of bulk commodities such as corn and soybean meal has a significant impact on the production cost of the feed. , thus affecting the profitability of the company.
From the perspective of industrial chain profit, feed as the beginning of the industrial chain, the change of raw material cost has a relatively direct impact on the profit of the entire industrial chain, and its changes affect all enterprises and have nothing to do with the strategy or business mode adopted by the enterprise. Therefore, it is a project that needs to be focused on.
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